Business
PHOTOS: Aregbesola Brokers Peace Between Fayose, Ekiti Oil Marketers
The Governor of Osun, Ogbeni Rauf Aregbesola on Sunday succeeded in breaking the ice of hostilities between his Ekiti State counterpart, Ayo Fayose and oil marketers who had been at loggerheads over the siting of some filling stations in the state.
The Ekiti State Governor commended the swift intervention of the Governor of Osun in resolving the lingering crisis which had led to acute scarcity of oil products in the state.
The truce reached on the intervention of Aregbesola led to the end of the three week old industrial action embarked upon by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
NUPENG suspended the strike with immediate effect.
Fayose, in his remarks shortly after the communique was read and signed by parties involved, said the purpose of coming down to Osun to resolve the matter was to let the world know that the Yoruba nation can take care of its affairs.
He said the existing unity among the Yoruba has got to the extent that issues can be resolved in any part of the region be it Osun, Ekiti, Oyo, Ogun, Ondo and Lagos states.
Fayose said the idea was to further strengthen the existing unity and love among the leadership of the region regardless of political ideology.
According to him, resolving the matter in Osun was a clear demonstration that Yoruba people are one.
“I appreciate Governor Rauf Aregbesola of Osun for this peace process that we have been able to achieve.
“The government and the people of Ekiti state highly appreciate the swift intervention of Osun state government led by Governor Aregbesola.
“This is a manifestation of the spirit of togetherness, love, unity and harmony among the people of this region.
“This is done in the spirit of understanding of Yoruba nation as being demonstrated today that we are one nation and indivisible entity.
“What happened today shows that we have the capacity to resolve issues as states in the region without any external intervention.
“Some people will ask why the Ekiti state government has come to Osun to resolve the matter. But whether is Osun or Ekiti, what is important is that we have resolved the matter and reached a common ground.
“It shows that Yoruba people are one and as well remain indivisible.
“All parties involved have signed a communique and we are going to respect all what is in the communique and we will by the communique just as the committee will be given free hands to work to give a lasting solution to forestall such crisis in the future,” He said.
While reading the communique, the General Secretary, NUPENG Mr. Joseph Ogbebor said the union agreed to suspend the three week strike having reached a common ground with the state government.
Ogbebor reiterated that the two parties have agreed to set up an ad-hoc committee which will after the suspension of the strike oversee the need to find a lasting solution to the crisis.
The communique reads in part: “An ad hoc committee be constituted to fashion out in clear terms the conditions and guidelines for the establishment and operations of filling stations in Ekiti State.
“The committee comprising representatives of Ekiti State Government and oil and gas stakeholders shall commence work on Wednesday 7th June, 2017
“In the spirit of reconciliation, Ekiti State Government agreed to pleas for reversal of the revocation of some Certificates of Occupancy of landed properties on which filling stations are built, except the ones on waterways, canals and where there is no justification for such revocation;
“In that same spirit, the government agreed to stop further demolitions pending the outcome of the committee’s report.
“Consequently, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), Independent Petroleum Marketers Association of Nigeria (IPMAN) and other related oil and gas unions hereby suspend the industrial action embarked upon by their members, with immediate effect.
The communique was Signed by: Ekiti State Governor, Dr. Peter Ayodele Fayose, his Osun State counterparts, Ogbeni Rauf Aregbesola,
NUPENG General Secretary, Joseph Ogbebor, IPMAN Zonal Chairman, Alhaji Debo Ahmed PTD NUPENG, National Vice Chairman, Comrade Solomon Kilanko
In his remarks, Governor of Osun, Ogbeni Rauf Aregbesola commended the maturity of the leadership of NUPENG and IPMAN exhibited in resolving the crisis between them and the government of Ekiti state.
He expressed profound gratitude and high sense of understanding displayed by the leadership of the Ekiti state oil marketers, saying it has shown that dialogue remains the best method of resolving conflict.
Aregbesola added, “Since this matter has been resolved, I am happy that this brings a permanent peaceful coexistence between the two parties in the state.
“It is believed that this resolution will bring an everlasting and evergreen cordial relationship between and the unions.”
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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