Business
FirstBank To Explore COVID-19 Opportunities — Adeduntan
First Bank of Nigeria Limited has promised its stakeholders that it will optimally maximise the opportunities from the disruptions occasioned by the Coronavirus (COVID-19) pandemic on the economy to their advantage.
Dr Adesola Adeduntan, FirstBank Chief Executive Officer, gave the assurance on Thursday at the bank’s Virtual Corporate Customers forum webinar.
The forum had the theme: Navigating the Financial Impact of COVID-19 – Business Leaders’ Role in Finding a ‘New Normal’. Adeduntan said that the bank would continue to leverage the changes to reduce cost of doing business.
“COVID-19 is giving business leaders an opportunity to rethink on an established wisdom.
“It is a major crisis that we need to deal with and we must change it from a bad to good crisis. It offers an opportunity to reinvent our business. We have to think without the box,”Adeduntan said.
According to him, the bank is looking at several opportunities to do things differently to achieve desired result.
Speaking on the topic “Impact of the COVID-19 Crisis on the Nigeria Financial Sector,”the FirstBank CEO said the pandemic had put significant pressure on revenue and profits of commercial banks.
He said that the banking industry was witnessing more stringent interest rates, higher foreign exchange funding cost and concerns on level of foreign reserves, among others.
The bank chief said that the pandemic had led to uptick in the level of non-performing assets and increase in the level of cyber attacks due to migration to digital channels.
Adeduntan assured customers that the bank would overcome the pandemic, having been in existence for the past 126 years.
He said that FirstBank was already in existence when the first pandemic of 1918 occurred.
“It weathered it and would still shake off COVID-19 pandemic.
“Our customers are right in there at the centre of our business,” Adeduntan
He said that the bank had unveiled enhanced palliative measures to help its customers and Nigerians through the times of COVID-19 lockdown.
According to him, the bank has introduced moratorium to give customers more time to repay their loans.
Mr Ini Ebong, FirstBank Group Executive, Treasury & Financial Institutions, said that collapse of oil price, oil price war, COVID-19 pandemic and global lockdown affected the foreign exchange market.
Ebong said the foreign exchange market was under immense pressure due to exit of portfolio investors.
He said that demand for dollars was heightened due to collapse of oil price and Coronavirus pandemic.
Ebong explained that steps taken so far by the Federal Government and the Central Bank of Nigeria (CBN) to support the economy would bring back liquidity.
“If we create a good conducive environment, portfolio managers will still come back to our market,” he said.
Mr Wole Obayomi, Partner, KPMG, said tax was part of life, while noting that no country had cancelled tax payment because of COVID-19.
Speaking on the topic, “Tax Advisory: Market Disruptions,” Obayomi advised corporates to ensure payment of tax as and when due, to reduce tax bills in form of penalties.
He said that corporates could engage tax authorities for payment extension if they forsee late payment due to the global pandemic.
Obayomi, however, called on the Federal Government to suspend the new Value Added Tax increase to 7.5 per cent till 2021 due to COVID-19 pandemic.
Also speaking, Ms Bunmi Bajomo, FirstBank Group Head, Corporate Banking Group (Manufacturing), noted that fundamental change requires fundamental actions by corporates, governments, customers and consumers.
Speaking on the topic: “Impact of the COVID-19 Crisis on the Manufacturing Sector”, Bajomo, said, ”there is always an opportunity in any crisis.”
She said that companies with strong balance sheet would come out stronger and marginal players would struggle.
According to her, corporates should be careful and smarter with operational expenses.
Bajomo said that actions corporates take would determine where they would be post-COVID-19.
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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