Business
‘I once rejected N1Billion bribe from a contractor’ – Minister of Transport, Rotimi Amaechi
A former governor of Rivers State and Nigeria’s Minister of Transport, Rotimi Amaechi, on Tuesday said he once rejected N1 billion bribe when he served as governor of the oil rich state.
Mr. Amaechi, who spoke in Lagos at a forum convened to discuss the place of social media in Nigeria’s political and socio-economic development, said the social media contributed to the erroneous perception Nigerians have about him.
The minister, who said he rejected the bribe because of his principled stance on corruption, said Nigeria needed to go back to its value system.
“My first confrontation with bribe was with a big contractor in Rivers State. After awarding the contract, he brought a billion naira. I screamed.
“I asked, ‘where did you get the money?’ and he said from what he got (from the contract) and I said ‘look, that means you overquoted the contract’.
“I said ‘the only reason you are giving me N1 billion was because if the contract was N32 billion, you made it N37 billion’.
“I have been special assistant to the governor for two years; speaker, eight years; governor, eight years; minister nearly two years…that’s nearly twenty years.
“So I know Nigerian politics well. Very, very well,” he said.
Mr. Amaechi argued that in spite of its positive uses, the social media is capable of destroying Nigeria if not checked.
He said, “Social media can destroy this country, true or false? Just look at Biafra; and that’s why Nnamdi Kanu can say all he is saying and still get a forum.
“Most politicians pay young men to post all sorts on social media.”
While commenting on attacks launched against him on social media, the minister said falsehood spreads online because Nigerians do not verify information.
“I was governor for eight years, for about seven years people used to say ‘this man is arrogant’, how did they suddenly say this man is corrupt?,” he said.
“PDP used to say ‘Amaechi is our response to Fashola’. So when did they suddenly say ‘Oh, he didn’t do anything.
“And I say to people, because somebody just went to pay AIT money and, on social media too, there’s no rule. AIT came to put some things on their television, then social media came to write nonsense.
“The first time they attacked us we came out with document. But they (social media users) don’t verify.
On the controversial $43 million Ikoyi fund, Mr. Amaechi said people claiming that he owned the money were peddlers of false information.
“When they said that I owned $43 million Ikoyi money… I made just a one-page reply: ‘I don’t even own a house in Lagos’.
“I thought people would have said, ‘Ah, eight years as governor, he should be a very rich thief, so he should be able to get a property in Lagos and use it as a form of investment’. Nobody!
“Many people started celebrating, ‘It’s Amaechi’s money, it’s Amaechi’s money’. But people who know me know (that) if I have money, you will know.
“When people meet me and I am not able to spend, it is just basically because I don’t have money… The important thing is, money doesn’t govern me.
“But social media twist it the other way; so the problem with social media (users) is that they misinform…they don’t verify their information, they have no rules. Only decent ones.”
Mr. Amaechi said he was principled and Nigerians do not value principled people.
“Nigerians say I am stubborn, am I stubborn?”, he asked.
His question generated echoes of “Yes!” from the audience.
“Stop there,” he continued, “Let me tell you why you are wrong: once you are a principled man, then you are stubborn.
“Nigeria doesn’t have any word called principle,” Mr. Amaechi said.
“It just shows that we need to go back to our value system, so that we can put a place where we can add principle…where they can give you money and you look at the man and tell the man, ‘keep the money’.”
Commenting further, Mr. Amaechi said the removal of Goodluck Jonathan as Nigeria’s president, was a bigger threat than Biafra.
“The removal of President Jonathan was a bigger threat than Biafra. Nigeria was inching towards the civil war. So, forget the talk about secession; Nigeria cannot breakup,” Amaechi said.
He also said that the social media would play an important role in the 2019 general elections.
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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