Business
‘I have over 52 boys who steal for me, they give me 38 clean phones every week to sell’ – Arrested NURTW Chairman confesses
A man arrested by the operatives of the Rapid Response Squad (RRS) of the Lagos State Police Command for being a major buyer of stolen mobile phones in Lagos, has confessed to have bought over 4,256 mobile phones from robbers, pickpockets and one – chance gangs operating in the state .
The suspect, Kazeem Bamidele, 42, who is the Second Vice Chairman of the National Union of Road and Transport Workers’ (NURTW), Ajegunle Unit, equally confessed to the RRS Intelligence Team that he has over 52 boys in Lagos State, who steal and sell “clean phones” to him constantly.
Kazeem, popularly known as Elewure in the social circle, was arrested when the RRS Intelligence Team quizzed two stolen phones users in Kogi State in connection with abduction and robbery cases in Lagos State.
The operatives had upon returning from a week-long investigation to Port Harcourt, Enugu and Kogi State, swung into actions by arresting Elewure from his shop in Boundary Market, Ajegunle, after he was fingered to have been the seller of two Blackberry Z10 phones and a CAT phone collected from victims of robbery and abduction incidences in the metropolis.
Kazeem said,
“I have over 52 boys who sell clean stolen mobile phones to me. On the average, I receive 38 ‘clean’ phones in a week. I have been in the business for more than two years. Boundary Market in Ajegunle, where I have office and shop, is where they sell the phones. I know they are stolen phones. Nearly every guy in Ajegunle is involved in this kind of runs. It is what they do to survive.
“I was pushed into the business by family pressure. I have so many dependants, including two wives and seven children. My mother gave birth to 13 children for my father. Though both of them are no more, only three of us are left and I am the breadwinner of the family.
“I started out in life as ‘elubo’, pepper and maize grinder. I know that most of these phones were gotten from pick pocketing, one chance and robbery. My second wife has mounted so much pressure on me to quit the business long ago but the financial pressure was much.”
He revealed that
“I buy Infinix Hot 2 at N10,000 and sell N12,000; Blackberry Z30 at N20,000 and sell at N22,000; buy Infinix Hot Note at N15,000 and sell at N17,000 and Samsung Galaxy X3 at N11,000 and sell at N14,000. I don’t buy iPhone because of its locking system.”
Lagos Metro gathered that as of the time of his arrest, five stolen mobile phones were found on him. He is presently helping the police to pick up his boys from their hideouts, bus stops and routes of operations. Two commercial buses “danfo” used for robbery and one chance operations are presently at RRS Headquarters in Alausa.
“Some of the phones traced to Elewure were that of high profile members of the society as well as celebrities,” a police source said.
The image maker in charge of the state police command, Dolapo Badmos confirmed the arrest of the suspect and added that he had been transferred to the Federal Special Anti Robbery Squad, Ikeja for further investigations.
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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