Business
Police arrests three suspects over Lagos college kidnap
Three persons have been arrested over last Thursday’s kidnap of six pupils of Lagos State Model College in Igbonla, Epe, The Nation learnt yesterday.
The pupils – Yusuf Farouk, Ramon Isiaka, Pelumi Phillips, Peter Jonas, Adebanjo George and Judah Agbaosi – were snatched away from their school premises.
The kidnappers contacted some of the parents, demanding N400 million ransom.
They had also threatened to relocate the children to the South south creeks should the parents fail to pay the ransom.
The suspects are believed to be members of a gang that is behind kidnappings in Epe and its environs.
The gang is believed to have been involved in the kidnapping of the Oniba of Iba and pupils and workers of the Turkish International School in Isheri North of Ogun State.
Egelu Endurance, 25, aka Jubby, Stanley Yomi Irabomini (Powei), 25, and Bentel Endurance, 24— all from Ovia South Local Government Area of Edo State — were arrested on Tuesday in Benin City by the Inspector General of Police (IGP) Intelligence Response Team (IRT).
The IRT operatives, led by Abba Kyari, an Assistant Commissioner of Police (ACP), arrested the suspects when they (the suspects) visited an injured colleague.
He was said to have been injured during a gun battle with the police. It could not be ascertained where the gun battle took place.
The suspects, according to sources, had confessed to participating in several high profile kidnappings in the South.
They may have told detectives where the kidnapped pupils are held.
A source said: “They confessed to having participated in various kidnappings of prominent personalities in Lagos and Ogun states, including the Oniba of Iba, the Turkish School pupils, the Isheri landlords and the Epe school children.
“The suspects claimed they came to Benin to see their injured colleague and also to relax for a while before going back to the creeks. Serious efforts to arrest the remaining gang members and rescue the school children are in progress.”
Also yesterday, the pupils’ parents said they had not heard from the kidnappers again. According to them, the telephone number they used to contact them was no longer going through.
Yesterday at the House of Representatives, members commended the police for the swift response to the abduction of the kids. This was sequel to a motion by Hon. Tasir Olawale Raji from Lagos.
The lawmakers also called on Inspector General of Police Ibrahim Idris to spare no effort towards the rescue of the kidnaped pupils as soon as possible and to put measures in place to prevent its reoccurrence.
Also yesterday, a member of the Lagos State House of Assembly Segun Olulade, appealed to the kidnappers to release the pupils.
Olulade (Epe Constituency II), said the pupils were innocent and should not be going through such ordeal.
“It is a sad incident that we have not been able to recover from. We have been talking with the affected parents. We share the pains of the parents and their concerns; we know it is not easy. We want to appeal to those involved in this nefarious act to please release these innocent children. The kidnappers should consider the pains of the victims’ parents and relations.
“We call on all parents, especially mothers, to join us to pray for the safety of these children. The government and the security agencies are frantically working to ensure their release,” he said.
Olulade urged the security operatives to do more to stamp out criminality in the state, saying: “We appreciate the efforts of the security agencies and we know they can still do more; we want them to continue to protect lives and property according to their mandate. We believe that they have all it takes to do the needful.
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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