Business
PDP faults Buhari, demands immediate suspension of NNPC GMD, Baru over Kachukwu’s allegations
The Peoples Democratic Party has expressed outrage at “the loud silence of President Muhammadu Buhari on the humongous corruption scandal” rocking the Nigerian National Petroleum Corporation and called for the immediate suspension of its Group Managing Director, Maikanti Baru.
The party said the scandal involving “two of the president’s henchmen”, the Minister of State for Petroleum, Ibe Kachikwu, and Mr. Baru shows the bias of President Buhari’s anti-corruption war.
In a statement on Thursday by its spokesperson, Dayo Adeyeye, PDP said it expected the president to have reacted and also prove himself as a corruption fighter by allowing one of his own to be investigated.
President Buhari is yet to speak on the allegations of abuse of contract process at the NNPC, although he is scheduled to meet Mr. Kachikwu on Friday at the State House.
The minister, in an August 30 letter to the president, had said Mr. Baru circumvented extant procurement regulations in awarding a series of contracts up to $25 billion, or N9 trillion at prevailing exchange rate of N360 to a dollar, warning of grave consequences the decisions could wreak if allowed to stand.
The letter appeared on the Internet on Tuesday, but no one has claimed credits for its leakage.
Speaking on the scandal, the PDP commended the Senate for indicating interest in the case and setting up a committee to investigate the allegations levelled by Mr. Kachikwu against the NNPC Chief.
“As a political party, we expect that the President, who prides himself as an indefatigable corruption fighter, would for once try to live above board, by genuinely allowing one of his own, accused of corruption, get properly investigated and prosecuted as a show of his impartiality in the war against corruption,” the party stated
“He should do this to correct the open impression Nigerians have about his so called anti-corruption war; that it’s just a tool of persecution of perceived enemies.
“We view the allegations levelled against Baru by Kachikwu as too grave to be swept under the carpet and we insist that the NNPC GMD must be treated like an accused who should not have the opportunity to influence investigation into his alleged misdeeds.
“In this light, we demand an immediate suspension of the NNPC GMD so that proper investigation can be carried out by the relevant anti-corruption agencies.
“Ordinarily if there was sincerity in the anti-corruption war, President Muhammadu Buhari should not have waited for any prompting before he takes a decisive action on this matter. But as customary with his administration, we suspect that he’s trying to shield Baru as he did for Babachir Lawal, the Secretary to the Government of the Federation (SGF) whom he merely suspended to allow the hullabaloo generated by the fraud perpetrated in the management of the emergency fund for the IDPs, die down. Also up till now we have never heard anything again about the millions of dollars and billions of naira discovered at an Ikoyi apartment.”
“Nigerians have not forgotten the acts of illegality and double standard perpetrated by the president in refusing to hand over Babachir Lawal to the EFCC for proper investigation and possible prosecution for graft, but rather, preferring to give the task of investigation of the open sleaze to the Vice President, in a move not known to any law of this nation.
“Even at that, the report of the Vice President Yemi Osinbajo-led committee is gathering dust on the shelf of the President because he probably could not bear to see one of his closest allies punished by the laws of the land, even when all facts show that blatant and unbridled theft was perpetrated by the president’s man.
“The sum involved in the NNPC scandal is $25 Billion. Less than 10% per cent of that ($2 billion) is involved in the so-called arms fund allegedly converted by the former NSA for which hundreds of Nigerians have been arrested and hounded.
“Nigerians can now see the hypocrisy in the so called anti-corruption fight. We may as well say that the privileged class of APC members enjoys total immunity from the anti-corruption campaign.”
“Tired of this double-faced corruptions fight and cover ups, we demand an immediate commencement of investigation into this latest exposed sleaze by another of President Buhari’s men.
“We have been saying this for months that the looting of the nation’s resources under this administration is record setting in the history of this nation and we are being proven right on daily basis by the little revelations that are being made by even those working under the administration.
“We wonder what the stench will be when the real and hidden atrocities being perpetrated under the watch of President Buhari are finally exposed when Nigerians throw the APC government out of power in 2019.
“The sum of $25 Billion said to have been the subject of the latest controversy, when converted to Naira is about N9 trillion, a sum that is bigger than the nation’s annual budget.
“This we find, is one of the very many reasons, the nation’s economy has nosedived under the inept administration of the APC.”
“The allegations raised by the Minister of State for Petroleum Resources is a confirmation of our earlier stance that the APC administration is in tatters, an administration without coordination, but one planted firmly in the hands of a few cabal who are stealing the nation dry while the President continues to feign ignorance of the sickening stench.
“If not, how on earth can President Muhammadu Buhari justify a situation where a minister he appointed to serve under him, presiding over an important sector like the oil sector be turned to a mere house-help who must get clearance from some “outsiders ” before accessing the president?
“How on earth will a mere MD of a corporation have the temerity to sideline a minister under whom he works and take decisions without consultation with the appropriate authority. How on earth could the NNPC GMD have been bold enough to sideline the entire board of NNPC and take such far reaching decisions that have grave implications on the nation’s economy alone?
“We suspect and our suspicion is reinforced by the unfolding events that powerful people at the corridors of power are tacitly involved in this. If the President’s powerful Chief of Staff, Abba Kyari, could sit on the NNPC board and such a calamity is taking place without an eyelid being blinked, we are forced to believe that the stealing is being done to the advantage of the president who has shown by his body language that the only thing that matter most to him for now, is his second term ambition.
“Will it be considered a “hate speech” if we say the money being stolen by President Buhari’s men are being kept aside into a special pool for the prosecution of his second term ambition?
“We challenge the president to prove us wrong by allowing his allies being caught up in acts of brazen stealing of our commonwealth, get punished in accordance with the laws of the land. Anything aside this, we will take as confirmation of our suspicion that the rottenness is from the very top.”
“We demand as bonafide Nigerians, an express order from President Muhammadu Buhari to the NNPC GMD asking him to go on compulsory leave so that investigation into the matter at stake can be conducted without interference.
“We also demand an order from the President to the Economic and Financial Crimes Commission (EFCC) and other anti-graft agencies to immediately commence investigation into all issues of corruption levelled against Baru, as well as other persons who might have overtly or covertly participated in the illegal act.
“Much as we commend the National Assembly for indicating interest in probing the allegations against the NNPC GMD as approved in the adoption of the motion moved by Senator Samuel Anyanwu at the Wednesday plenary, we wish to appeal to the leadership of the Senate to prevail on the Ad-hoc committee set up for the purpose of the investigation, to make their sitting open to all Nigerians so that nothing will be surreptitiously swept under the carpet.
The PDP said it supports the drive to eliminate corruption from the workings of the Nigerian government, “but hold firmly to our stance that the APC Government under president Buhari must lead and live by example.”
The party said there should be “no soft landing to corruption, corrupt members of the APC government, and to double standard in the fight against corruption.”
Business
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.
Bank
Alpha Morgan to Host 19th Economic Review Webinar
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.
Business
GTBank Launches Quick Airtime Loan at 2.95%
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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