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Fayemi, Fayose in thug of war over ban from holding Public office for 10years by Ekiti state Government
The Ekiti State Government has banned the Minister of Mines and Steel Development, Kayode Fayemi, from holding public office in the state for 10 years.
The ban followed the indictment of Mr. Fayemi by a judicial commission of inquiry which probed his tenure as governor of Ekiti State between 2010 and 2014.
A white paper stipulating the ban was released Monday.
The state also banned Dapo Kolawole, who served as Commissioner for Finance under Mr. Fayemi.
In a reaction, Mr. Fayemi dismissed the verdict of the white paper as “a joke taken too far”. He said it was “perhaps a joke of the century” that “shall not stand”.
He restated his position that the inquiry by the Ayo Fayose-led government was a “witch-hunt and victimisation”.
In the white paper, received by Mr. Fayose, the government also chided Messrs Fayemi and Kolawole for their refusal to appear before the commission even after the case filed at the High Court, challenging the setting of the commission, was decided in favour of the commission.
The report had accused Mr. Fayemi of diverting funds meant for the construction of various projects, for which the state is now indebted.
ThebCommissioner for Information, Lanre Ogunsuyi, while addressing journalists after the State executive council meeting on Monday, where the white paper was officially approved, said Messrs. Fayemi and Kolawole exhibited disrespect for a constituted authority, in spite of their “undignified” roles in administering the state during their tenure.
“They are banned from holding public office in Ekiti and any part of Nigeria,” he declared.
“Government views accountability and probity as hallmark of good governance. Therefore, the government decided to set up the Judicial Panel of Inquiry in line with its law enacted in 2012.
“The government viewed seriously the report and it intend to carry out all the recommendations in the report,” he said.
Other aspects of the white paper as read out by Mr. Ogunsuyi include urging Messrs. Fayemi and Kolawole to refund N2.7 billion they allegedly allocated for the execution of the contract for ultra-modern market, which was never executed.
The government further directed the Ministry of Justice to institute appropriate legal actions to effect the refund and follow up on necessary legal processes.
“His Excellency, Dr Kayode Fayemi and the Commissioner for Finance, Mr. Dapo Kolawole should be made to account for the difference of N340 million from the N1.5 billion earmarked from the bond proceeds for the upgrade of infrastructure at ikogosi warm spring which could not be accounted for,” the report stated.
Mr. Fayose, while responding to the recommendations of the white paper, justified the adoption of the recommendations of the report.
“We are doing what is right within the ambit of the law by appointing competent people for the assignment. We must be seen to be doing the right thing and it is not wrong to ask how the finances of the state have been appropriated within a given time and we are following due process,” he said.
“The APC government could probe this and that, even if you say they are biased, what can anyone do? I am not part of the panel that sat for the inquiry, they submitted the report to me and I presented it to appropriate organ and I will do the same with this document. This is not personal in anyway, we are only doing the right thing and following due process.
“The Presidency appointed Ibrahim Magu, and Professor Mamoud and these people are doing their work. The Federal Government also appointed judges, does this mean that these appointees would not do the right things?”
Mr. Fayemi dismissed the ban, saying, “The entire process and the character personae involved are discredited and since it is impossible to build something on nothing, legally speaking, their recommendation is not only null and void, it is ultra vires.”
“The attention of the Media Office of the Minister of Mines and Steel Development, Dr Kayode Fayemi, has been drawn to the pre-meditated verdict of the Ekiti State Government, as contained in the white paper submitted by the panel set up by Governor Ayo Fayose to investigate the finances of the state between 2010 and 2014,” the statement signed by his media aide, Yinka Oyebode, said.
“While we believe it is part of the responsibilities of the state administration to look into the finances of the state at any point in time, we are also of the belief that such must be done in a very responsible manner devoid of prejudice, witch hunting and a calculated attempt to victimise a citizen.
“In this particular case, the entire process is discredited right from the beginning, as the only agenda of the panel was to rubbish Dr. Kayode Fayemi’s public service record.
“One is therefore not surprised at the recommendations of the White Paper: It only goes to confirm our initial position that the panel was compromised right from inception and targeted against Dr. Fayemi.
“In his desperation, Governor Fayose chose the crude and ignoble path towards hitting a perceived political foe.
“In the process, they ignored the rule of law and behaved as if the court does not matter. Thus making their actions subjudice to the court.
“Fayose was however misguided into believing that he could pass a death sentence on Dr Fayemi’s public service with the white paper. This is not only laughable, but ridiculous, as neither Governor Fayose nor his paid agents has the power to bar anyone from political participation.”
Mr. Fayemi urged his supporters, the people of Ekiti State and the general public not to be disturbed by the development, adding that it was another act of illegality, from an administration that had “elevated political debauchery to state craft”.
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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