Business
EXPOSED!!! LAGOS STATE SPEAKER, MUDA OBASA AT WAR WITH ‘GODFATHER’, HON. BAYO ‘PEPPER’ OSINOWO +THE SECRET PLOTS TO IMPEACH THE SPEAKER
A friend in power is a lost friend’. These immortal words of American historian, Henry Adams, are presently playing out between the Lagos State House of Assembly Speaker, Rt. Hon. Mudashiru Obasa, and his erstwhile godfather, Hon. Bayo Osinowo, popularly known as ‘Pepper’. Urban Life was reliably informed that the cold war between the two former allies has now escalated, and may soon turn the House upside down, if urgent care is not taken by the party elders to whittle down the messy development that may not augur well for the Speaker at the end of the whole debacle. Many are now wondering aloud what might have been the cause of the rift between the former close associates. But those in the know are crying foul that the matter may not be unconnected with the money-sharing formula within the House, of which the Speaker is believed to be at the helm. The crack in the House has become so glaring that it is now being discussed in hush tones within the Assembly complex in Alausa and even the entire Lagos political landscape. We gathered that what finally blew the lead is a recent largesse that was said to have been given to the Assembly by the Governor, which Obasa, as the Speaker, refused to share equitably among the rest members of the House. Urban Life also gathered that, even at his Agege Constituency1, the constituents are not exactly happy with him, as he has not brought any tangible development project to the area. He is alleged to be acquiring properties here and there within his Agege enclave, especially in GreenHill Estate and even outside that domain. As the heat steams up, we hear Pepper and his gang within the House, may very soon square up to impeach the Speaker if the feud does not abate in good time.
The unwholesome development is now taking on the shape of dividing the house into caucuses between loyal members of the Speaker and those of the five-term member of the hitherto vibrant LSHA, Hon. Pepper, who was believed to have been very instrumental to Obasa’s emergence as the Speaker. Expectedly, in the raging face-off, most members of the House cued up behind Pepper in the great divide in the LSHA, because of Pepper’s long standing in the House. And as if these were not enough, insiders also alleged that most of Obasa’s aides are severally grumbling over the Speaker’s uncaring attitude to them on financial matters. A case in hand was the huge amount allegedly allocated to them for sundry allowances and perks, which has not been given to them to date; even as most of them are not happy about the ‘akagum’ attitude of their boss, who on the other side, has acquired wealth with his office, leaving those working with him and their family members in abject poverty. Another twist to Obasa’s current travails is that, the embattled Speaker is touted to be involved in several diabolical adventures which he uses to oil his ego in his plum office, and which many say has been working for him since he became the numero uno member of the House. Obasa is also allegedly believed to be investing heavily in moves to install the next Agege LGand Orile-Agege LCDA bosses in the forthcoming council elections.
A move, elders of APC in these two councils are also not happy with Obasa’s flagrant attempt to impose his protégés on them as their next LG bosses in the coming elections. Another interesting dimension to the travails of Rt. Hon. Obasa, is his alleged stay-tight at home approach in recent times, apparently because he doesn’t want to leave any vacuum for the alleged plots by his opposing fellow members to impeach him. He now rarely moves out of Lagos, or even the country, in order not to allow any yawning gap to be cashed in on by his traducers, as it were. The more reason he opted not to perform the last Umrah in Saudi Arabia, a trip he has rarely missed, since he became a lawmaker over a decade ago.
SOURCE : URBAN LIFE
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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