Business
Real reasons we imposed huge fine on MTN + How we discovered MTN aided Boko haram – Buhari reveals
President Muhammadu Buhari has stated that the Nigerian government was forced to impose a hefty fine on South African owned telecoms firm, MTN, after it was discovered that the sale of unregistered SIM cards by the company aided the terrorist group, Boko Haram, to continue to kill Nigerians.
Mr. Buhari made the disclosure Tuesday during a press conference he held with the visiting South African president, Jacob Zuma, at the State House presidential villa in Abuja.
Mr. Buhari was responding to a question on the matter by a South African journalist who said the hefty fine imposed on MTN may likely scare the firm away from the country and hurt ongoing bilateral agreements regarding trade between the two nations.
“The concern of the Federal Government was basically on the security and not the fine imposed on MTN,” he said.
Mr. Buhari also said Boko Haram has killed over 10,000 Nigerians since 2009 and the use of unregistered SIM cards aided them.
“You know how the unregistered GSM are being used by terrorists and between 2009 and today, at least 10,000 Nigerians were killed by Boko Haram.
“That was why NCC asked MTN, Glo and the rest of them to register GSM.
“Unfortunately, MTN was very slow and contributed to the casualties. And NCC looked at its regulations and imposed the fine on them,” he said.
The president added that the Nigerian government decided to allow the security agencies, as well as the NCC and MTN to “deal with the issue”.
He however said “unfortunately for MTN, they went to court and once you go to court, you virtually disarm the government, because if the Federal government refuses to listen to the judiciary, it is going against its own constitution.
“Therefore, the government has to wait and I think MTN has seen that and decided to withdraw the case and try to go back and negotiate with government agencies on what they consider a very stiff fine can be reduced or may be given time to pay gradually.”
On his part, the visiting South African president was asked about Nigerian funds which were seized by the South African government during the administration of former President Goodluck Jonathan as well as the xenophobic attacks in South Africa by citizens of the country against other African nationals.
Mr. Zuma said Nigeria and South Africa are currently working the issue of confiscated funds.
“Relevant structures are working on it and there are some that have been discovered and recovered, but there are some that the necessary departments are doing investigation. We would certainly appreciate if we succeed in recovering all other issues so that they would be returned back,” he said.
On Xenophobia, Mr. Zuma said it was an unfortunate experience because, as he said “all Africans are the same. It is the colonialists through borders that make us to think we are different from one another”.
He said as far as the South Africa government is concerned, all Africans are the same and that view is what is being used to address the unfortunate incidence of xenophobia adding, “we believe we have dealt with these issues and we need this kind of inter action among countries.
“We like our people in both countries and other countries to realize that we are the same. We have the same objectives and the same interest and we have the same kind of destination as Africans,” he said.
Mr. Zuma had also earlier informed the gathering that the discussion held with President Buhari centred on reviewing various bilateral and multilateral issues.
He said the two leaders have noted with satisfaction the ever growing cooperation in many sectors including trade and investment; defence and security; immigration matters; energy; mineral resources, and others.
He also said they have recognised the important role played by the South Africa-Nigeria Binational Commission since its inception in 1999.
“As we forge a strategic partnership between the two sister nations, we have decided to elevate the Bi-National Commission to the level of Heads of State.
“In this way my Brother and I will be able to lead as well as monitor progress in various areas of cooperation,” he said.
Mr. Zuma said Nigeria and South Africa have signed over 30 bilateral agreements and memoranda of understanding.
These agreements, he said, cover a wide range of cooperation areas including trade and industry, transport, energy, defence and security and immigration among others.
“We have directed the relevant Ministers to move with speed in implementing all signed agreements.
“We have also directed our Ministers to identify joint projects in the key high impact strategic development areas, which will have socio-economic benefits such as employment creation to our peoples,” he said.
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
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login