Business
LAUTECH Vice-chancellor begs lecturers to resume work after 8-Months strike
Prof. Adeniyi Gbadegesin, the Vice-Chancellor, Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, on Monday appealed to the striking lecturers of the institution to return to work.
Gbadegesin told journalists in Ogbomoso that the problem facing the university, jointly owned by Oyo and Osun, was “almost over as the owner state governments had pledged more commitment to fund it’’.
The News Agency of Nigeria (NAN) reports that the institution was closed barely eight months ago as a result of industrial action by the academic staff of the institution.
NAN also reports that management of the institution had earlier announced that the university would re-open on Jan. 27 after eight months of closure, but the Academic Staff Union of Universities (ASUU), LAUTECH Chapter, refused to resume academic activities.
Gbadegesin said that the institution was being owed subvention arrears amounting to N7.1 billion by the owner state governments, with Oyo owing N1.8 billion, and Osun owing N5.3 billion.
“The N5.3 billion owed by Osun was from 2014 till date, while the N1.8 billion owed by Oyo was between 2015 and 2016.
“N296 million is our monthly subvention, Oyo pays from January to June, while Osun pays subvention from July to December every year,” he said.
The vice-chancellor commended Gov. Abiola Ajimobi of Oyo State for initiating a meeting with the management and the university unions, which led to the payment of two months salaries.
“The union agreed with the governor at the meeting that the N250 million each to be paid by the owner states will not be enough for the payment of two months.
“They requested for additional N84 million which Gov. Ajimobi approved immediately.
“Oyo State Government has paid its N292 million, while the remaining N42 million from Osun will be paid any moment from now,” he said.
Gbadegesin said that the monthly wage bill of the institution on the average was N360 million, adding that they had been augmenting the payment with not less than N80 million.
Speaking on resumption, he said that many students had resumed and trying to settle their accommodation, while others were busy with the registration.
Gbadegesin said that in spite of the current economic challenge, Ajimobi had assured at the meeting that the agreement was tentative.
“The governor also promised to set aside some amount for the institution as soon as the state receives its share of the Paris Club excess fund,” the vice-chancellor said.
He said the institution could not be self-sustaining as a public university, adding that it needed regular subvention to function effectively.
Gbadegesin said the institution had set up a board for LAUTECH Ventures to boost its revenue, adding that the council has also agreed to establish an Institute of Software Engineering with Google Engineering.
The vice-chancellor, while acknowledging that the current hardship was due to the nation’s economic recession, said that he was yet to receive any directive on tuition fee increment.
“We are appealing to the owner state governments to continue funding the institution to achieve the dream of the founding fathers. We thank all our unions for their cooperation so far.
“I will like our striking lecturers to consider the interest of the students and return to work.
“The management and staff are determined to ensure the students get the best from the institution,” he said.
Gbadegesin also thanked parents for their concern and patience during the eight months strike. (NAN)
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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