Business
‘Lagos state isn’t part of Yoruba Land’ – Oba Of Lagos, Rilwan Akiolu drops bombshell
Barely one week after he reportedly snubbed Ooni of Ife, Oba Adeyeye Ogunwusi when they met at a function, the Oba of Lagos, Oba Rilwan Akiolu, has allegedly released a bombshell, saying Lagos is not part of Yoruba land.
We gathered that a statement reportedly emanated from Akiolu’s palace, detailed the historical background of Lagos and why it should not be regarded as part of Yoruba land.
The purported statement read: “Coming from the palace, with what I was told by my late paternal grandmother who is a descendant of Oba Ovonramwen Nogbaisi and also reading from factual Historical books, let me share this Knowledge with you all on Eko/Lagos.
“Modern day Lagos was founded by Prince Ado, the son of the Oba of Benin, Prince Ado was the first Oba of Lagos, the son of the Bini King, Prince Ado, named the town Eko until the Portuguese explorer Ruy de Segueira changed the Maritime town to Lagos, which at that time from 1942 was Portuguese expedition center down the African Coast.
“It was a major centre of the slave trade until 1851. Lagos was annexed by Britain via the Lagos treaty of cession in 1861, ending the consular period and starting the British Colonial Period. The remainder of modern day Nigeria was seized in 1886 when the Colony and Protectorate of Nigeria was established in 1914 Lagos was declared its capital due to the struggle of the Bini King.
“Lagos experienced growth prior to the British Colonial rule and even more rapid growth during the Colonial rule throughout the 1960s, 70s, continued through the 80s and 90s till date. Thanks to the Awori’s, Bini’s, Yoruba’s, migrants across the nation and world at large, as no particular group of people can take the glory alone.
“Lagos is made up of Lagoons and creeks. The Lagos lagoon, Lagos Harbour, five cowne creeks, Ebute-Metta creeks, Porto-Novo creeks, New canal, Badagry creeks, Kuramo waters and Light house creeks.
“The Awori’s and Bini’s are known to be the first settlers of the Eko land. The Awori’s are speakers of a distinct dialect close to that of the Yoruba language with a rich Bini mixture. Traditionally, Awori’s were found in Ile-Ife, they were known to be the Bini’s who followed their self-exiled Prince, the first son of the Ogiso (now called Oba) of Benin Kingdom, whose step-mother was after his head.
“The exiled Benin Prince Izoduwa known to the Yorubas as Ooduwa (Oduduwa) was made ruler of the Ife people due to his powers and followers from the Great Benin-Kingdom.
“Izoduwa (Ooduwa) was made the first King of Ile-Ife in 1230 AD. His followers from his father’s Kingdom in Benin are the today’s Awori people who settled in Eko now called Lagos.
“In the 1300, the King of Benin-Empire heard from one of his traders who was a settler in Eko on how the Bini’s were treated by the Awori’s who lived in their area. Upon hearing this, the King of Benin commanded the assembling of a war expedition, led by his son, Prince Ado, which headed the settlement of the Awori’s and demanded explanation.
“On arriving Eko, Prince Ado and his Army were more than received. The Aworis asked the Bini Prince to stay and become their leader. Ado agreed on the condition that they surrender their sovereignty to the Oba of Benin, to which the people agreed. Hearing this, the King of Benin gave his permission for Prince Ado and the expedition to remain in Eko.
“The Oba of Benin sent some of his chiefs including the Eletu, Odibo, Obanikoro and others to assist his son, Oba Ado in the running of Eko.
“From the crowing of Prince Ado as the first Oba of Lagos (then called Eko), Lagos served as a major center for slave trade from which the Aworis, the Oba of Benin and his son the Oba of Lagos and all the children/descendants who took over as his successors for over four centuries supported the trade.
“The Oba of Benin was the head of the Benin Empire which are the present day Western, Southern and Eastern modern day Nigeria. The King never obliged anyone to speak the Bini language as he believed everyone was entitled to their own choice of language.
“The name Eko was given to it by the first king of Lagos, Oba Ado, the young and vibrant Prince from Benin. Eko was the land now known as Lagos Island, where the king palace was built.
“The palace is called Idugaran meaning “palace built on pepper farm” Oba Ado and the warriors from Benin together with the early Bini’s settlers in Eko and the Awori people settled in the southern part of Eko called “Isale Eko”. “Isale literally means bottom “. Must have been used to indicate downtown (as in down town Lagos)
The statement further states that: “Until the coming in of the Benin’s 1300AD , Lagos geographical boundary was Lagos mainland, Lagos Island, the seat of the Oba of Lagos then consisted of a pepper farm and fishing post. No one was living there.
“About 1450 AD some Yorubas who hailed from Isheri in Ogun-state and Ekiti were allowed by the King to settle in Eko during a war, they came in a very large numbers thereby surpassing the numbers of the Awori’s and Bini’s. (Hence Yorubas claim to own Eko due to their numbers).
“Oba Ado fell in love with a beautiful woman whose father was Awori and mother a daughter to one of the chief; they had two sons and also a daughter Erelu Kuti, who begot Ologun Kutere who later became King.
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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