Business
Kidnappers of Igbonla College students demand N1Billion as ransom
Kidnappers of six students of Igbonla Model College, Epe, Lagos State, have contacted some parents of the victims, demanding N1bn ransom to release them.
SUNDAY PUNCH reports that the parents were contacted on Saturday and allowed to briefly speak with their children. While two of them were asked to pay N400m each, another two were told to raise N100m per child.
They were reportedly told to meet with the school authorities and the state government to raise the money.
However, details of ransoms demanded from the remaining parents had yet to be ascertained by our correspondent as of the time of filing this report.
The gunmen had gained entry into the school premises at about 6am on Thursday through the creek at the back of the college and headed for the boys’ hostel after breaking the school fence.
They broke the hostel doors, seized 10 senior secondary school pupils and led them to the shore where their boat was parked.
After profiling their family backgrounds, four pupils were released, while the assailants whisked away the remaining six pupils identified as Peter Jonah, Isiaq Rahmon, Adebayo George, Judah Agbausi, Pelumi Philips and Farouq Yusuf.
It was reported that the gunmen had written the school authorities three days before the incident, informing them of the attack.
They made good their threat in the dawn after policemen and soldiers, who repelled an attack around 8pm on Wednesday, left the school.
The fence broken by the kidnappers to take the students
In the wake of the abduction, parents and guardians thronged the college to pick their children and wards, blaming the incident on the poor security in the school.
Some parents of the abducted school children, who spoke to our correspondent on condition of anonymity, said the kidnappers called between 3pm and 5pm on Saturday.
A parent said, “They allowed me to speak with my son. I asked him if he was fine and he said yes. They asked me to meet with the school authorities to raise N400m for my child to be released.”
Another parent of one of the pupils said they begged the kidnappers that they had only menial jobs when they demanded the same amount.
“I said N400m was much, but one of them told me not to worry myself. He said I should meet with the school authorities and the government. I was also allowed to speak with my child. I spoke with two other parents and they said they were asked to pay N100m each,” the parent said.
When contacted on the telephone, the school Vice Principal, Academic, who did not disclose his name, said, “I’m sorry. I cannot volunteer information for you. I’m not permitted to speak to you. Thank you.”
The Lagos State Police Public Relations Officer, ASP Olarinde Famous-Cole, said the police had yet to be informed about the ransoms, adding that investigations were ongoing.
Meanwhile, a resident of Epe, who spoke on condition of anonymity, said security had also been beefed up around the college, following a clash between the security agents and the suspects.
He explained that the clash forced some residents of Ode village, a riverine community in Ogun State which shares border with Epe, to desert the area.
The resident added, “I have been to the school twice today (Saturday) and I saw many security men at the roundabout leading to the school. At the school gate, there were armed policemen and soldiers. I also saw some members of vigilance group around the school premises.”
SUNDAY PUNCH
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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