Business
First Bank of Nigeria GMD gets replacement
First Bank of Nigeria Limited on Monday announced that its Chief Financial Officer and Executive Director, Dr. Adesola Adeduntan, would replace Mr. Bisi Onasanya as the Group Managing Director and Chief Executive Officer.
The announcement came on the heels of an earlier notice of Onasanya’s retirement as the GMD/CEO of the lender.
The development came along with major leadership changes at the bank’s parent company, FBN Holdings Plc.
In a statement, the group said the pioneer Group CEO of FBN Holdings, Mr. Bello Maccido, would be leaving his position to become the Chairman of the newly-licensed FBN Merchant Bank Limited.
The current Executive Director, South, First Bank of Nigeria, Mr. UK Eke, will replace Maccido as the Group Managing Director-designate, FBN Holdings Plc.
The bank noted that the leadership changes would become effective on January 1, 2016.
Other changes will see the current Chairman, First Bank of Nigeria, Prince Ajibola Afonja, retire and be succeeded by Mrs. Ibukun Awosika.
Announcing the other changes, the bank said in the statement, “Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged as the Managing Director-designate, First Bank of Nigeria Limited, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged the Deputy Managing Director-designate.
“This comes on the heels of the group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.”
As pioneer Group CEO of the FBN Holdings Group in very critical times, the statement said that Bello birthed the process of establishing the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory.
It added, “He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished retail, corporate and investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Limited.
“The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.
“Sola, the Managing Director-designate, has garnered diverse expertise in treasury and financial management, risk management, accounting, corporate governance and strategy development, advisory and compliance.”
The new DMD-designate, Gbenga, has a banking career spanning over 25 years with experience in corporate banking, institutional banking, commercial banking, retail banking and treasury, according to the statement.
In announcing the appointments, the Group Chairman, FBN Holdings, Dr. Oba Otudeko, said, “We are proud to announce these appointments. In reaching these decisions, we are mindful of the imperatives for a more efficient group structure that will benefit the group’s need to deploy systems, which deepen efficiency, while expanding revenue and returns on investment.
“We are confident that we have made the right choices in these appointees. In selecting our MD and DMD, we were particularly mindful to identify outstanding and top-notch professionals with complementary and mutually reinforcing skill set.
“These appointments are a testament to the strength of our succession planning mechanisms and the calibre of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the group, customers and employees, even as we strive to return greater value to shareholders.”
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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