Business
Oba Frederick Akinrutan in Messy Scandal as EFCC Shuts Obat Oil’s Tank Farm Over N1.2b Subsidy Cash Diversion
Oba Frederick Akinrutan is allegedly swimming in a messy scandal as the Economic and Financial Crimes Commission (EFCC) shut down a tank farm belonging to Obat Oil and Petroleum Limited at Kirikiri, Lagos, for alleged diversion of subsidy payment.
Petrocam Trading Nigeria Limited had reported Obat Oil to EFCC for allegedly diverting N1.2 billion, which it secured as loan from Sterling Bank on behalf of Obat Oil under a Joint Venture Transaction Memorandum of Understanding (MoU) to finance the importation of 15,000 metric tonnes of petrol for Obat under the Petroleum Products Pricing and Regulatory Agency (PPPRA) import permit for Q2, Q3 and Q4 of 2014.
Rather than pay back the loan, the oil marketer alleged that the money was diverted into the personal account of Obat’s Chairman, Oba Frederick Akinrutan.
Petrocam said in a document that it jointly signed an agreement with Obat to secure a loan to finance the business, whether by its own resources or through its bank, a condition Obat allegedly agreed to.
While the marketer advances to finance the business from Sterling Bank Plc, a collection account no. 0020560534 was opened in the name of Obat Oil and Petroleum Limited with the bank to take receivables from the transaction for the purpose of repaying the loans.
However, it was later discovered that Obat Oil allegedly diverted the N1.2 billion meant for Petrocam to Asset Management Corporation of Nigeria’s (AMCON) account to clear a debt.
Managing Director of Petrocam Mr. Patrick Ilo, in a statement dated November 13, 2015, said: “Based on the agreement, Petrocam established six Letters of Credits with our facility at Sterling Bank, bearing the total risk of the transactions. It was further agreed that Petrocam will make an advance payment of the sum liable to Obat up front before subsequent transactions after the first two transactions were concluded, an obligation which Petrocam carried out to the letter by making payments in tranches to Obat account details.
“But because of the devaluation, the government agreed to pay oil marketers affected the Foreign Exchange differential, as well as the accrued interest. This led us to signing an addendum to the initially executed MoU stating that all accrued interest on these transactions will be paid to the account of Petrocam Trading Nigeria Ltd.”
Ilo claimed that Obat diverted the funds into a personal account.
“We were surprised when we found out that Obat Oil & Petroleum Ltd diverted the funds meant to cushion the effect of the accumulated bank interest on these transactions into their personal account with UBA to the tune of N239, 479,947.85, thereby violating the agreement of the signed MoU and the addendum.”
Meanwhile, in a letter written to Obat Oil by Sterling Bank Plc, signed by its General Manager Corporate, Mr. Adegboyega Adegun and Assistant General Manager, Corporate, Mr. Abiodun Odutola, the bank said: “We write to advise that we are aware that the Sovereign Debt Note serial number FGN/2014/01/Q14/1673 and FGN/2014/01/R14/1694 due on the joint venture transactions between Petrocam Trading Oil Limited and Obat Oil and Petroleum Limited, which were financed by Sterling Bank, are part of the subsidy payment approved and paid by government.
“As banker of these transactions, we write to demand that all subsidy proceeds accruing to the transaction, including exchange rate differentials and other relevant claims from government must be remitted to Obat Oil and Petroleum Limited account number 0020560534 in Sterling Bank Plc for the purpose of liquidating outstanding loan obligations in line with the terms and conditions of the facility under which the transactions were financed.”
The Head of Legal/Corporate Affairs, Obat Oil & Petroleum, Mr. Seun Bakare, did not pick his call for comment on the organisation’s side of the matter.
culled from the Nation
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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