Business
I was given $281 for designing Nigerian flag – Taiwo Akinkunmi
Sixty-two years after a British journalist first suggested the name “Nigeria”, a 23-year-old Ibadan-born student gave the new country its national flag.
Michael Taiwo Akinkunmi was studying engineering at Norwood Technical College in London when he saw a newspaper advert calling on people to enter a competition to design the Nigerian flag.
Michael Taiwo Akinkunmi was 23 years old and a student in London when, in 1959, he entered a competition to design the Nigerian flag.
He mailed his submission to Lagos a short time later, and in October of the following year received a letter inviting him to the London office of the Commissioner for Nigeria in the United Kingdom, where he was told that his green and white design had been selected.
He had won 100 pounds ($281 in 1959) as well as a place in Nigeria’s history books.
It was October 1959, exactly a year before Nigeria’s independence.
Akinkunmi is now a retired civil servant who resides in one of the poorer areas of Ibadan, in a green and white house that can only be reached on foot.
Separated from his wife for about two decades, his only live-in companion is his 28-year-old son.
He does not have a phone and last owned a car in the early 1990s. But he enjoys walking through the neighbourhood and further afield to visit two friends from his school days. These excursions add colour to his days.
The furthest he recently travelled was a visit to Abuja in 2014, where he received a national honour from then-president Goodluck Jonathan.
He was also given a lifetime’s salary of a presidential special assistant – around 800,000 naira (roughly $4,000) is now paid into his account every month.
Akinkunmi is effusive as he remembers that day, but he cannot recall what Jonathan said to him. He also has trouble remembering the names of his two oldest friends.
“Seventy-five,” Akinkunmi says when asked about his age, but after his son corrects him, he agrees, “I’m 79.” His son insists his memory is fine.
Yet Akinkunmi gives the wrong name for the college he attended in London, doesn’t remember why he underwent surgery within days of winning the competition and cannot give a single detail about what he was doing on October 1, 1960,
when Nigeria raised its national flag for the first time.
“Well, I was just pleased,” he says about his feelings on that day.
Sunday Olawale Olaniran was an undergraduate at the University of Ibadan when he got to know Akinkunmi , or, as he later dubbed him, the “hero without honour”.
“When I met him in 2006, he would never say anything negative,” Olaniran remembers. “He would say ‘God bless Nigeria,’ or ‘Nigeria is moving forward and will keep moving forward.’ Even when you could see around him that he was not well taken care of.”
At the time, Olaniran was compiling a pamphlet on Nigeria’s history. It was during his research for that history that he learned who the designer of the Nigerian flag was and decided to track him down.
“People said he was dead, that I should forget about looking for him and just write about the flag,” he says. But Olaniran kept searching until he found him in Ibadan. Akinkunmi was living alone, left to the care of his neighbours.
On the first day they met, Olaniran says the older man was incoherent and kept talking to himself. His state drove Olaniran to tears. “So I got in touch with a journalist and we went back two days before Independence Day,” he says. “Even the journalist couldn’t believe the man was still alive.”
The resulting story was published in a newspaper on October 1, 2006, and Olaniran says it was only after it appeared that most Nigerians became aware of Akinkunmi ‘s condition.
Akinkunmi was a pensioner when Olaniran found him, but his pension payments were so irregular that he could not even depend on them to feed himself. “Some Nigerians went to him and donated foodstuff, clothes,” Olaniran says.
Then, in 2008, Olaniran was contacted through his blog by a representative of the Nigerian edition of Who Wants to be a Millionaire, asking to be put in touch with Akinkunmi .
For his appearance on a special edition of the TV show, Akinkunmi was given a cheque for two million naira (around $10,000). This was the money his son says was used to complete the green and white building they now live in.
Following that second bout of nationwide publicity, Olaniran and other supporters began writing to the Nigerian government about Akinkunmi .
The then minister of information, Dora Akunyili, came to hear of it, and went to Ibadan to meet him. “I think it was because of her that he was selected for the 50 distinguished Nigerians honour,” Olaniran says.
During Nigeria’s golden jubilee celebrations in October 2010, Akinkunmi received a presidential award for being a distinguished Nigerian, the first time the federal government had publicly honoured him.
Four years after he first discovered Akinkunmi ‘s role in Nigerian history, Olaniran’s cause celebre had finally caught the attention of the country’s leaders.
Akinkunmi doesn’t remember much about the official ceremonies in his honour, but he does recall how he returned from the UK with his degree in 1964, and 29 years later, left government service.
In 1993, he was advised by his superiors to go into early retirement because of illness.
His son does not know what the illness was, and Akinkunmi cannot remember what the doctors diagnosed. The only symptoms he can describe are a relapsing fever and “thinking too much”.
He has been on medication for many years, but three months ago the doctors took him off the pills whose names he cannot remember.
One memory that has not forsaken him, however, is the admiration and support he received from ordinary Nigerians upon coming back to the country after the Union Jack had been replaced by his green-white-green flag.
“I was well-known all over the place,” he says. “Everybody was calling me Mr Flag Man.”
Source: Aljazeera
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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