Business
ETI Disowns Statement Against Reps Deputy Spokesperson Agbese, Accuses Ex-Members of Impersonation
…Says sack of NNPCL, NMDPRA leadership long overdue
The Energy Transparency Initiative (ETI) has disowned a statement made by individuals claiming to be its representatives, criticizing Hon. Philip Agbese, the Deputy Spokesperson of the Federal House of Representatives.
The group’s President and Secretary, Francis Nedu and Ismaila Bello in a joint statement, revealed that the persons were expelled long ago due to fraudulent activities and other abuses that contravened the group’s objectives.
“We are shocked and dismayed that these individuals would continue to impersonate ETI and make statements that do not reflect our values and mission,” the statement read.
“Their actions are a clear attempt to blackmail and extort money from innocent parties, and we condemn their behaviour in the strongest terms.
“The leadership of ETI is aware that some government agencies have released as huge as $500,000 to the impostors to blackmail Hon. Philip Agbese and other National Assembly members who want sanity in the oil and gas sector.”
The statement expressed support for Hon. Agbese’s claims of deliberate attempts by the Nigerian Petroleum Company Limited (NNPCL) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to discredit Dangote Refinery company.
The group said Agbese demonstrated exceptional leadership and courage in “exposing the truth” and applauded his efforts to protect Nigerian entrepreneurs and promote indigenous businesses.
“Agbese’s dedication to serving the people and upholding the principles of fairness and transparency is exemplary,” the statement added.
“He has shown that he is a true representative of the people, and his actions have earned him the respect and admiration of many. We are proud to support him and stand by him in this matter.
“NNPCL and NMDPRA have shown a clear bias towards International Oil Companies (IOCs) and have consistently frustrated the efforts of Nigerian entrepreneurs.
“Their actions are a disservice to the nation and undermine the government’s efforts to promote indigenous businesses.”
The ETI, therefore, expressed support for the House of Reps call for the Chief Executive Officer of NMDPRA, Farouk Ahmed to resign.
“Agbese’s reiteration of the House’s earlier call for the NMDPRA boss to be sacked is the position of many Nigerians who mean well for President Bola Ahmed Tinubu,” the statement said.
“We believe that the dismissal of the NNPC Group CEO Mele Kyari is long overdue as well. The ETI calls on President Tinubu to take immediate action to address this issue and ensure that these regulatory agencies serve the interests of the nation, not just a select few.”
ETI, however, said that it had taken legal action against the imposters and already involved law enforcement agencies to ensure that they were brought to justice.
“We will not tolerate any attempts to impersonate our organization or make false statements that damage our reputation,” the statement noted.
“We urge all stakeholders to remain vigilant and uphold the principles of fairness and transparency. We will continue to monitor developments and ensure that all actions and policies are aligned with the national interest, free from undue influence or partisan agendas.”
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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