Business

Federal Government sacks 20 FAAN Directors, demotes Managers

Published

9 years ago

October 13, 2016

About 21 senior officials of the Federal Airports Authority of Nigeria were on Wednesday sacked in a major shake-up.

Those affected, including directors, general managers and deputy general managers, were reportedly handed their termination of appointment letters.

Sources at the head office of FAAN in Lagos told our correspondent that no fewer than 10 general managers were reportedly demoted. They were said to have earlier been improperly promoted.

It was learnt from an official of the Ministry of Aviation that the sacking was the first batch of the shake-up planned by the government to reposition FAAN.

Stakeholders said the Federal Government had been concerned about certain issues at FAAN such as the engagement of about 40 general managers, the creation of many directorates that brought about duplication of duties and raised the authority’s monthly overhead to an estimated N800m.

Sources said the government planned to reduce the number of workers by way of restructuring in order to cushion the effects of the current economic crisis.

Some of the general managers were said not to have the requisite qualifications for the sensitive positions they held, as many of them, including deputy general managers, had reportedly left the university about 10 years ago and could not have qualified for the office they held.

Almost all the directors were said to have been affected, while an acting director of finance was said to have been demoted to Grade Level 10 and redeployed to the Department of Information Communications and Technology.

Many of the affected officers were moved from Grade Levels 17 and 16 down to 10, 12 and 14.

Some of the demoted workers were said to have received their letters, authorising them to report to their superiors, who were their subordinates before the exercise.

Meanwhile, new directors of finance and accounts, as well as commercial and business development, have been appointed.

The Federal Government is also reportedly planning to reduce the number of directorates in the aviation agencies as part of the restructuring exercise.

This, it was learnt, would affect the Nigerian Civil Aviation Authority and the Nigerian Airspace Management Agency.

The restructuring at the airports is said to be the fallout of a panel’s report headed by the Head of Service, Mrs. Winifred Oyo-Ita, which recommended the need for a proper placement in FAAN.

The NAMA may get a new managing director before December as its acting Managing Director, Emmanuel Anasi, is expected to proceed on terminal leave by the end of the year.

Meanwhile, the House of Representatives Committee on Aviation has said it will hold a public hearing with stakeholders to discuss the proposed concession of some airport terminals by the Federal Government.

The Chairman of the committee, Nkeiruka Onyejeocha, stated this in Lagos during the oversight visit by the committee members to the aviation agencies on Wednesday.

He said the public hearing would give stakeholders the opportunity to make their input.

Onyejeocha said, “I do not believe in the concession of the four major airports that we have because I know those four airports are funding the other 18 international airports. And of course, you have to look at the issue of workers and the Nigerian people as a whole.

“We are going to conduct a public hearing where we will take all the issues together; where we will be able to ask Nigerians and of course the key players in the aviation industry, including the workers, and even journalists, to tell us what they think.”

The 18-member delegation said it was in Lagos to see how the sector was faring amid the current economic recession.

Onyejeocha expressed disappointment at the slow pace of work at the new international terminal being constructed by the Chinese Civil Engineering Construction Company.

According to her, with the current pace of work, the project may not be delivered by December as projected.

“We have three other terminals that we are hopeful will be delivered by December; so what it simply means is that Lagos is lagging behind and we will take it seriously,” she said.

The committee also visited the Nigerian Civil Aviation Authority, where the regulatory body was asked to do everything necessary to keep domestic carriers in business.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

6 days ago

February 19, 2026

Sahara Weekly

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.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

1 week ago

February 18, 2026

Sahara Weekly

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.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

1 week ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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