Business
Civil rights group calls for investigation of Matrix Oil over importation of blended crude, violation of sanctions on Russian oil
*Civil rights group calls for investigation of Matrix Oil over importation of blended crude, violation of sanctions on Russian oil
The Centre for Accountability and Transparency (CAAT) has called for an investigation into Matrix Oil’s importation of blended crude oil, alleging violation of international sanctions on Russian oil.
Speaking at a press conference, convener Okwa Dan claims Matrix Oil’s actions have caused economic sabotage, environmental pollution, and health risks to Nigerians.
The group alleges that Matrix Oil imported adulterated petroleum products from Malta, resulting in a $2.8 billion bill for Nigeria in 2023 alone.
Dan adds that the company’s actions violate international sanctions on Russian crude oil, which could lead to diplomatic crises for Nigeria.
“The oil products imported from Malta by this company are also dirty on the ethical level because it is the product of the violation of international sanctions imposed on Russia to deter it from waging an unjust war on a sovereign nation, Ukraine, which it invaded,” the statement said.
“The sanctions capped the purchase of Russian crude at $60 per barrel but the landing cost claimed by Matrix Energy Limited is confirmation that they are paying higher than the capped price for Russian crude that they blend and refine in Malta. This exposes Nigeria to diplomatic crises that could further compound all that we are going through.
“But what we are now seeing is that the quarry is now hunting the hunter. The company indicted in the importation of the dirty petrol, Matrix Energy Limited, is now using the judiciary to hound media organisations that publish stories of its economic sabotage against Nigeria.
“Matrix Energy Limited its chief executive officer, Abdulkadir Adisa Aliu, has asked a Federal Capital Territory High Court to stop media houses from publishing stories about its tainted oil importation.
“This futile effort on the part of Matrix Energy Limited flies in the face of Section 22 of the Constitution of the Federal Republic of Nigeria (as amended) as it stipulates that ‘The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this Chapter and uphold the responsibility and accountability of the Government to the people’.
“Had the indicted company conducted its damaging deal alone perhaps it would have had recourse to the court stopping citizens from asking questions. But to the extent that it allegedly ran this racket in collusion with the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC) Limited, Mallam Mele Kyari, government business is involved. Since the government is involved media houses have the responsibility to report and hold the government accountable.
“Section 39 of the 1999 Constitution also declared that “every person shall be entitled to freedom of expression, including freedom to hold opinions and to receive and impart information without interference”. As Nigerians, we will do all that we have to do to get information about things that affect us as humans and contaminated petrol that causes us economic ruin, and environmental damage and destroys our health is of interest to us to the extent that Matrix Energy Limited cannot curtail.”
CAAT urged the Economic Financial Crimes Commission (EFCC) to arrest and prosecute those involved in the alleged economic sabotage.
The group also called on the Federal Competition and Consumer Protection Commission (FCCPC) to investigate Matrix Oil for causing harm to consumers and the National Environmental Standards and Regulations Enforcement Agency (NESREA) to assess the environmental impact of the tainted oil products.
Furthermore, CAAT requested that the Price Cap Coalition, comprising the G7, the European Union, and Australia, impose targeted sanctions on Matrix Oil and its officials for violating sanctions against Russia.
The statement added: “There are reports that it instituted this suit to shield accomplices in NNPCL and other members of its cabal. We at the Centre for Accountability and Transparency (CAaT) urge Matrix Energy Limited and its CEO to toe the path of honour and give up the detailed list of its collaborators and their modus operandi instead of bluffing with litigation and trying to gag the press. Not even the military junta of yore were able to repress the ever-vibrant Nigerian media.
“Since we have seen that Matix Energy Limited and its accomplices, including those in the NNPCL are recalcitrant and unwilling to stop their economic sabotage, the CaaT is calling on the Economic Financial Crimes Commission (EFCC) to arrest and prosecute every one of those that have committed the acts of economic sabotage and violated the international sanctions imposed on crude oil of Russian origin.
“We further invite the Federal Competition and Consumer Protection Commission (FCCPC) to investigate Matrix Energy Limited since the dirty fuel it distributed in the country has caused harm to consumers in different forms including economic losses occasioned by damaged automobiles and generators.
“The National Environmental Standards and Regulations Enforcement Agency (NESREA) must similarly look into the impact of these tainted oil products on the environment to cause the cessation of further importation of such and to make the culprits behind it pay the relevant fines.”
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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