Business
Lekki Free Trade Zone Land Dispute Sparks Outrage: Beneficiaries Demand Justice
Lekki Free Trade Zone Land Dispute Sparks Outrage: Beneficiaries Demand Justice
The Association of Free Trade Zone Parcel B Government Resettlement Families & Communities Beneficiaries, tagged Parapo of Abomiti, Yegunda, and Eyin-Osa, at a mega press conference held on Wednesday at Epe Local Government Secretariat, Lagos State has addressed the several controversies and dispute involving allegations of land grabbing and fraudulent land sales which continues to escalate on their resettlement land.
The association also expressed unwavering support for Hon. Saheed Mosadoluwa Abdullah Ibile and his company, Harmony Gardens & Estate Development Ltd., asserting that he had legitimately acquired a significant portion of the resettlement land. They categorically refuted allegations suggesting otherwise, terming them as misleading and deceptive.
The press statement made available to our reporter expressed profound concerns regarding the involvement of individuals like Murphy Adebare, the chairman of Topaz Garden and Nola Adetola, better known as Itunu, in alleged land grabbing. It was claimed that these individuals had gone to the extent of engaging hired assassins and recruiting certain police officers to forcefully take possession of the land.
The Association called upon CSP Ishola Jejeloye, the Chairman of the Lagos Task Force, to carefully consider his association with individuals alleged to be involved in land grabbing. They emphasized that the land in question was designated as government resettlement land, and any unlawful actions were against the interests of the Lagos State Government.
The press release raised questions about the directives given by CP Idowu, particularly concerning the alleged forcible takeover of the land by Topaz and Itunu. Citing two separate police investigation reports and legal advice from the Attorney General of Lagos State, the Association challenged the propriety of these actions.
The beneficiaries asserted that they had never sold land to Murphy Adebare (Topaz Garden), Babatunde Olalere Gbadamosi, or Dotun Hassan. They also disassociated themselves from land transactions involving Nola Adetola (Itunu/Veritasi), condemning such transactions as fraudulent and conducted under false pretenses.
The Association further expressed deep concerns about the involvement of certain parties, including Yahaya Ayodele, Araba Shoye, Oba Ganiyu Awokoya, Muraina Banjoko (Threeco), and Oba Olusegun Awokoya, in alleged alienation of their resettlement beneficiaries without consent. These actions were claimed to have facilitated fraudulent real estate transactions that endangered unsuspecting buyers.
However, Urgent action was requested from the Epe Local Government to intervene by petitioning relevant agencies. The beneficiaries alleged that certain individuals had forged agreements with landgrabbers disguised as police officers, colluding with Murphy Adebare of Topaz Garden and Nola Adetola in their unlawful activities.
The press release clarified that the tenure of the Central Working Committee (CWC) as an ad hoc committee had expired. While initially empowered to represent their interests, the CWC was alleged to have acted against their interests, including selling land without consent and diverting compensation funds for personal gain. The beneficiaries distanced themselves from these actions.
The beneficiaries reaffirmed their support for Hon. Saheed Mosadoluwa Abdullah Ibile and his company, Harmony Gardens & Estate Development Ltd., emphasizing his commitment to their welfare and security.
The Association addressed allegations made by certain individuals, including Dotun Hassan, Babatunde Olalere Gbadamosi, and Adeyinka Igbinoba, which had been published in various media outlets. They asserted that these allegations were unfounded and propagated to tarnish Mr. Saheed Mosadoluwa Ibile’s reputation.
The Resettlement Families & Communities Beneficiaries underlined their commitment to protecting the rights and interests of genuine resettlement beneficiaries and landowners despite ongoing disputes.
The call was made for relevant authorities to conduct thorough investigations into the matter and take appropriate actions to ensure justice prevails. The Association highlighted the collective responsibility to preserve the rule of law and safeguard the rights of legitimate landowners and investors.
This contentious land dispute remains a developing situation, with further investigations anticipated as authorities delve into the claims and allegations made by all involved parties.
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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