Business
Giving Women a Voice…The Tony Elumelu Modus Operandi
By Lanre Alfred
It is often more convenient to possess the ashes of great men than to possess the men themselves in their lifetime. But in Tony Elumelu’s case, the reality is remarkably different; Nigeria is extremely lucky to possess Elumelu. This is because the maverick banker elevates fiscal management and entrepreneurship to an art form, for the benefit of the country.
The excellence of his art however, lies in its intensity; Elumelu is specially gifted at taming the odds and making all disagreeable evaporate like mountain dew on grains of sand. And he does not have to force it; he simply faces challenges with courage, matchless equanimity and devotion to beauty and truth.
Predictably, his ascent to the top was never a walk in the park. It required paying his dues and shunning the frivolous. Hence you would never find Elumelu concentrating on anything beyond business and philanthropy.
Yes, frequently likened to a champion and oftentimes, a business genius, Tony Elumelu effortlessly depicts the image of a modern day General of Commerce. Tony, among other things, projects a benevolent culture of industry and humanity. Through unparalleled modesty and hard work, he dispels the notion that entrepreneurial success constantly conflicts with excellent citizenship of humanity.
Mr. Chairman, as he is respectably called, also understands that to be a man of honour and substance requires indeterminate exploits at dawn through dusk in honest industry. He knows that honour and longevity, like celery, flourishes in the dark shade – far from the blaze of disconcerting neon lights.
However, being a symbol of African enterprising spirit of passion, unadulterated commitment, resilience and hardwork has not been without commensurate accolades.
No doubt, the recent appointment of four women into top executive and non-executive directorship positions in Transcorp underscores the predilection of Elumelu, Chairman, Heirs Holdings, the parent company of Transcorp, for identifying excellent female leaders and promoting them to important leadership positions.
Being the father of five beautiful girls is enough reason for Tony Elumelu, chairman of the UBA Group, to have a soft spot for women. But for one of Africa’s most successful entrepreneurs, it goes beyond that. In an era when companies are being forced to redress inequality within their teams, Elumelu has proved to be sensitive and serious about gender equality. And he is leading the charge of the few men giving women a shot at leadership positions.
Recently, the Transnational Corporation of Nigeria Plc, where Elumelu is also chairman, announced significant appointments to its board and executive management. Owen Omogiafo was appointed as President/Group Chief Executive Officer with effect from March 25, 2020. She will succeed Valentine Ozigbo, who is retiring to pursue a career in public service. Omogiafo is currently the MD/CEO of Transcorp Hotels Plc and has over two decades of corporate experience in organisational development, human capital management, banking, change management and hospitality.
Also appointed is Dupe Olusola as the MD/CEO of Transcorp Hotels Plc. Olusola is currently the Group Head, Marketing, at United Bank for Africa Plc and has over 21 years of corporate experience including being the former MD/CEO of Teragro Juice Concentrate Plant. Helen Iwuchukwu, currently the Group Company Secretary of Transcorp Plc, has been appointed as an Executive Director/Chief Operating Officer of the company.
Other appointments are; Christopher Ezeafulukwe, hitherto the Executive Director, Business Development and Legal, Transcorp Plc, as the MD/CEO of Transcorp Power Plant, Ughelli; and Okaima Ohizua as Executive Director/Chief Operating Officer of Transcorp Power Ltd. Elumelu was quoted as saying that he was confident that the newly appointed chief executives and non-executive directors would further strengthen Transcorp’s mission of improving lives across Nigeria.
However, these gender-sensitive appointments are not peculiar to just Transcorp. In UBA and other companies that Elumelu has controlling or considerable stakes, the story is the same. In UBA, women like Foluke K. Abdul-Razaq, Owanari Duke, Erelu Angela Adebayo and Angela Aneke serve as non-executive directors while Noellie Tiendrebeogo, Sarata Kone, Chioma Mang, Nkechi Arizor and Adesola Yomi-Ajayi serve as chief executive officer, UBA in Burkina Faso, Cote D’Ivoire, Gabon, Liberia and New York respectively.
Amie Ndiaye Sow and Abiola Bawuah are the Regional CEO 1 and 2, West Africa. Back home, Bola Atta, Dupe Olusola and Patricia Aderibigbe are Group Heads, Corporate Communication, Marketing and Human Resources respectively. Emem Usoro is the Directorate Head Abuja & North Central Bank.
At Africa Prudential, Mrs Eniola Fadayomi, MFR, serves as Chairman while Uzoamaka Oshogwe, is the Managing Director/CEO, Afriland Properties. Likewise, at Avon Healthcare Limited, Dr Awele Vivien Elumelu is the chairperson while Adesimbo Ukiri is the Chief Executive Officer. At the Tony Elumelu Foundation, the leading African philanthropy committed to empowering African entrepreneurs, Ifeyinwa Ugochukwu serves as CEO. Appointed in 2018, Ugochukwu is the first African to become the Chief Executive Officer of the Foundation.
According to Elumelu, “These appointments demonstrate our commitment to nurturing talent and rewarding success. We have a deep pool of highly qualified and dedicated employees, who can be challenged with more responsibility in attaining our corporate vision.
“We remain committed to diversity and inclusion; are delighted by the depth and quality of experience that this leadership team brings to our group. These appointments further indicate our internal succession capacity and strong corporate governance practices.”
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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