Business
Kenny Ogungbe quits as MD of Raypower FM as Ambrose Somide replaces him
The Board of Directors of DAAR Communications Plc at its 73rd Board Meeting held on Friday confirmed Dr. Ambrose Olutayo Somide as the new Managing Director of the Radio Services-Strategic Business Unit of DAAR Communications Plc conglomerate, which includes both RayPower FM and FAAJI FM.
Somide’s appointment is sequel to the voluntary retirement by the erstwhile Managing Director, Dr. Kenny Ogungbe, who is now the Managing Director/CEO of KENNIS FM, the new radio station that has been granted operational licence by the National Broadcasting Commission.
Somide before his appointment, which takes affect from April 1, 2017, was the Director, Radio Services.
He was the Coordinating Officer for FAAJI 106.5FM amongst several other duties.
Somide is an alumnus of the University of Ife, now Obafemi Awolowo University, where he studied Urban and Regional Planning and graduated in 1991.
He started his broadcasting career in 1983 with the then Radio Nigeria, Abeokuta as a News Assistant.
In 1984, he joined the Ogun State Property Development Corporation, where he worked as a Survey Assistant-in-Training before proceeding to the University.
Upon graduation and after the National Youth Service, he joined the Ogun State Broadcasting Corporation (OGBC 2) as a Programme Presenter.
Upon the deregulation of the broadcasting sector, he joined DAAR Communications Plc radio station, RayPower FM, in 1993 as one of the pioneer staff as the first Head of Presentation and rose through the ranks to the position of the Assistant General Manger – Programme Services.
In 1988, he midwived the establishment of RayPower 2 106.5FM, an all talk radio station, which was a broadcast partnership between DAAR Communications Plc and the BBC, London.
In 2000, he rose to the position of the General Manager of Radio Services.
Between 2000 and 2008, he was into private practice as the Chief Executive Officer of a Broadcast Media Consultancy Firm – ATSOM Media.
The firm specialized in content management, content production, radio and television jingles and commercial (TVC) production, capacity development, content provider trainer and events compeering.
In 2008, he rejoined DAAR Communications Plc to again establish the first fully indigenous television station – FAAJI TV (Yoruba Language Channel) on Daarsat, the satellite television station.
In 2012, Somide once again midwived the establishment of FAAJI FM a Yoruba/Pidgin Language Radio Station as the Director of Radio Services, with the responsibility of Content Development, Programming and Presentation format for the new station, FAAJI FM, including other presentation and administrative duties on RayPower FM.
Somide has attended several courses and training programmes in broadcasting – FRCN Training School – Lagos in 1983; Tomson Foundation London’s Investigative Journalism Training in IITA, Ibadan in 1996; Advanced Management Techniques in BBC, London in 1998; Voice of America/USIS Basic Managers Training in 2000; Advanced Media Managers Training in the University of Tennesse, USA in 2000 and Rotary Club Exchange Programme in Norway in 2000.
To his credit are some award winning programmes that he presented/produced: Kileroyin (Radio Nigeria 1983), E ma Bubble (OGBC2), Minijojo (RayPower since 1994 to Date) and AIT Network (1996 to Date), Bournvita Breakfast Special (RayPower), Souls of Jazz (OGBC/RayPower), Guinness Power Jazz (OGBC/RayPower), Ultimate Morning Show (RayPower), Factfile (RayPower), Soul Serenade (RayPower), Brosumers Smooth Lounge (Rock City FM), Oskedemi (Radio Lagos/LTV), Koleladun (OGBC 2), Oro to nlo (FAAJI, Daarsat/Africa Independent Television)Ultimate Morning Show (RayPower Network) Factfile (Ray Power Network)
For his outstanding contributions to the broadcast media, he has been decorated with some awards: AMEN Award for Best Duo on Radio in 1988, Merit Award, Jaycee Club, Abeokuta in 1988, Most Popular on Air Personality (TV) 2012, Celebrity Media Award, Best Radio Presenter National (Male)2013, Nigeria Broadcasters Awards, Special Recognition Award City People Award 2013, Award of Excellence 2013 by the Institute of Certified Communications 2013, Honoured as the Ekerin Atoloye, Oke-Odo, Asero, Abeokuta.
Somide in 2013 was awarded Honorary Doctorate Degree in Electronic Media Administration and Management by the Institute of Graphoanalysts of Nigeria, Onigraffiks-OPEN University.
He was one time the Chairman of the Lagos Branch of Freelance and Independent Broadcasters Association of Nigeria and the National President from 2008 to 2012.
He is a lover of Jazz, traditional African music.
He loves reading and travelling.
He is happily married and blessed with three boys.
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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