Business
Red Star Express Records N7.3b Turnover, Declares Dividend
One of Nigeria’s leading logistics company, Red Star Express Plc, has posted a turnover of N7.3billion in the year under review which is ten percent (10%) higher than the preceding year. The profit before tax increased from N572million to N653million, while profit after tax also increased from N334.4million to N426.8million.
This was declared at the recently organized 24th Annual General Meeting (AGM) of the company held in Lagos. At the AGM, Reports and Financial statements of the year ended march 31st 2017 were tabled down while reviewing the company’s performance during the financial year.
On dividend, the company maintained its commitment to the creation of wealth for shareholders in appreciation of their support at all times. To this end, the Board of directors declared a gross cash dividend of 40 kobo for every 50 kobo share totaling N236million which will be paid on September 7th 2017 subject to the deduction of appropriate withholding tax.
According to the Chairman, Dr. Mohammed .H. Koguna, the company is happy to have posted a profit from its preceding year inspite of challenges. “I am happy to inform you that despite the challenges posed by the environment during the financial year under review, our staff and management worked assiduously to ensure that our company posted a satisfactory result. Lower oil revenues, tight capital controls, increased inflationary pressure and exchange rate volatility combined to make 2016 a challenging year for Nigeria. By June 2016, the country had slipped into recession, facing its first full year contraction for almost three decades, with a negative annual GDP growth rate of -1.73 percent compared to about 2.8 percent growth rate recorded in 2015 as reported by the Nigeria Bureau of Statistics (NBS). Most of the hitherto solid conglomerates had to resort to several cost cutting measures, including the most inevitable of downsizing, in order to remain active in the economy. Despite being a global phenomenon, unemployment has been a major challenge successive administrations contend with yearly. The national Bureau of statistics (NBS) says the country’s unemployment rate rose from 13.3 percent in the 2nd quarter to 13.9 percent in the 3rd quarter of 2016. The crisis in the nation’s aviation industry escalated from occasional crashes to perpetual flight delays and cancellations. The acute shortage of aviation fuel also worsened the situation with airfares rising by as much as 3005. However, we are aware of government’s multi-faceted efforts in confronting and resolving the economic challenges and we can attest to the fact that they are already yielding positive efforts. We are glad our company made profits despite all”.
Red Star Express remained steadfast in her policy of making sure that the social and economic welfare of its stakeholders are preserved and sustained through the Red Star Foundation. However, to show commitment on this, during the year under review, the company awarded 20 additional scholarships to secondary school students from the Eastern, Western and Northern parts of Nigeria.
The company praised the team of the new GMD/CEO, Mr Obabori and the Group Executive Committee comprising of the Executive Directors and Divisional Managing Directors of the subsidiaries who had worked hard in the year under review to create growth platforms and expansions into related opportunity areas. The company is of the opinion that the present management will further improve the fortunes of their company in the coming years. The former GMD/CEO, Mr Sule Bichi who was appointed as a Non-Executive Director with effect from October 27th 2016, was also appreciated amongst others.
In the course of the year, the company opened a branch office in the Niger Republic and is gradually building capacity in pick up and delivery of mails and packages.
Nevertheless, the company looks forward to restructuring the company as a Holding Company from its current Group Structure which the company has run for over seven years. This according to her, became necessary in view of the various initiatives the company seeks to explore and the need to have a more structured accounting system.
Red Star Express is a licensee of FedEx (Federal Express), and one of the most reputable companies in the Nigeria logistics industry. Incorporated in October 1992, the company provides a portfolio of logistics solution which includes domestic and international deliveries, freight forwarding, integrated warehousing and haulage services, information and document management, e-Commerce order fulfillment services. Red Star became an Associate of TNT following the acquisition of TNT by FedEx in 2016.
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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