Business
Lagos State Responds To Muiz Banire , Says Planning Permit Request Is Routine, Affects Several Other Houses
…No 48-Hour Demolition Notice Served
The attention of Lagos State Government has been drawn to a statement credited to Mr. Muiz Banire over a routine contravention notice served on a property sited at No. 24A, Remi Fani-Kayode Street, Ikeja GRA, in which Mr. Banire alleged a deliberate target on his newly acquired property.
The State Government wishes to state without equivocation that not only is Mr. Banire trying to be clever by half, but is being childish in whipping up sentiments that his dear aged mother is the target of the said demand for development permit and that the said property might be demolished in 48hours.
In a statement signed on Wednesday by the State’s Commissioner for Physical Planning and Urban Development, Tpl. Anifowose Wasiu Abiola, the Government said neither allegation is a sincere reading of the notice served on the property.
The Commissioner clarified that the contravention notices that went out on Wednesday November 15, 2017 were a routine exercise served on properties identified by the state agents as operating without due permits. He said 27 properties were indeed served on that same day, 13 out of which are located on the same Remi Fani-Kayode Street in GRA, Ikeja, where Banire admitted his property was located.
“There is no way Lagos State would have had a pre-knowledge of the owners of the properties in question let alone targeted the one that Banire has identified to be his own”, Anifowose said. He added that aside the 13 houses affected on Fani-Kayode Street, there were a few others in Ikeja GRA and the rest in Ikoyi and Yaba. “The 27 properties served across the state are just the first set of an ongoing exercise embarked upon by the Ministry of Physical Planning and Urban Development to validate the records and permits of properties that have undergone ownership transfer processes. This is a routine and lawful exercise that ought not to be confusing to a supposedly learned gentleman who has had the privilege of serving in the Lagos State Cabinet for a dozen years”.
The statement said by his admission, Banire agrees that a transfer of ownership on the property he has acquired is indeed taking place and what the Lagos State law demands is a validation of this claim so that the requisite permit on the existing property; an alteration to it or a new construction, as the case may be, may be sought and obtained.
“To suggest that because the transfer of ownership from the federal government to Mr. Banire is yet to be finalized makes him a mere tenant on the property he has acquired is not only disingenuous but is an attempt that is subtly fraudulent. While it is true that every government property sold to individuals or corporate entities is released to the owner on a 99-year lease, no new owner who has bought a property from government deceives the public that he is a mere tenant to the government on an acquired property. Or is Mr. Banire a tenant to the government on the other properties in Ikeja GRA he owns in the state?”
Anifowose also described as deliberate mischief, Banire’s claim that the said property would be demolished within 24hours if the permit was not produced.
The Commissioner said according to the Lagos State Urban and Regional Planning and Development Law 2010, what a contravention notice demands is evidence of planning permit on the existing structure in order to avoid demolition of what would be deemed a contravention if such a permit is not produced within the stipulated time as required by law.
“The law indeed demands that the property owner in question produces all documents in support of his/her case within 24 hours of the service of the Notice after which any contravention is expected to be removed by the owner within 48hours”
Anifowose clarified that if the owner still refuses to honour such notices; a quit notice will then be issued to the owners of any of such property identified to have contravened Lagos State building plans or failed to provide the necessary documents to back his claims. He added that even after the expiration of the seven-day quit notice, no demolition of such properties can happen till the Governor grants approval. “So, it is patently false that any house has been marked for demolition within 48hours. This is the law that has been in existence since 2010 when Mr. Banire was still a cabinet member in the Lagos State government.”
The statement added that while it was within Banire’s right to identify with any set of cohorts that may be struggling with wanning influence and political relevance, it is a pathetic case of scaremongering to equate his untidy record keeping with political witch-hunting. It is not a sign of maturity to be crying wolf where there is none. Lagos is working excellently well for others to copy because it has stayed faithful to governance guided by the rule of law. Mr. Banire should comply with the rules and not create cheap distractions that are unhelpful”, he stated.
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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