Business
Pandemonium as fashion designer dies after threat in Lagos
There was chaos on Sunday on Orobiyi Street, in the Alagbado area of Lagos State after a 22-year-old fashion designer, Lukmon Shotunde, slumped and died.
Community youths were said to have attacked one Taofeek Sodiq, who had a disagreement with the victim earlier that day. The youths were about lynching the suspect when policemen from the Alagbado division rescued him.
Punch Metro gathered that the suspect had sent his son on an errand with N500. The 10-year-old was said to have been defrauded by a man who sat in the front of Shotunde’s locked shop.
The boy’s father reportedly accused Shotunde of colluding with the fraudster, insisting on getting back the N500. Sodiq, in the heat of argument, allegedly told the deceased, “You will not live to open your shop tomorrow, if my money is not returned.”
A resident, Owolabi Daod, explained that within three hours, the victim slumped and died.
He said, “Around 10am on Sunday, a man sat in the front of Lukmon’s shop. Another man, who lives in the community, sent his 10-year-old son on an errand with N500.
“But the man in the front of Lukmon’s shop called the boy and asked him to bring the N500 that he would double it for him. The boy foolishly gave him the money and the man absconded.
“A resident, who saw the boy sitting in front of the shop, asked him what he was waiting for. It was at that point the boy knew he had been scammed.” Daod said the boy’s father, upon learning the news, confronted Shotunde and accused him of colluding with the fraudster.
The 22-year-old, who denied the allegation, reportedly asked for a description of the fraudster. He was said to have called one of his friends who fitted the boy’s description; but the boy said he was not the one.
The boy’s father reportedly resorted to threats, insisting that he must recover the money.
“The man came out with a friend and said if he didn’t get his money back, Lukmon will not live to open his shop the next day. We thought it was all over.
“Lukmon was walking back to his shop when he suddenly collapsed. We rushed him to a private hospital where he was confirmed dead,” Daod added.
Punch Metro gathered that residents trooped to the suspect’s house and dragged him out. They were said to have beaten him and were about lynching him when the matter was reported at the police station.
“The police prevented jungle justice on Sunday. A police team had to stay in the community for more than six hours,” a source said. It was learnt that the victim’s father fought off efforts by the police to recover his corpse.
One of Shotunde’s friends, Ayeni Tosin, said he was buried at his father’s residence in Ijoko, Sango, around 11pm on Sunday, Tosin who described his friend as easy-going and gentle, said he was not sick prior to the incident.
Police Public Relations Officer, SP Dolapo Badmos, said it was a case of sudden and unnatural death.
She said, “The victim’s father reported that the suspect threatened his son that he would not live to open his shop the next day. After three hours, the deceased slumped and died.
“A joint team of patrol vehicles moved to the scene to remove the body to suppress further tension, but the victim’s father resisted the action of the police on the ground that he wanted to bury his son according to Islamic rites. Investigation is ongoing.”
Source: Punch
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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