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Senators attack Acting President, Yemi Osinbajo over appointment of Ibrahim Magu

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Yemi Osinbajo

 

The Senate on Tuesday called out Nigeria’s Acting President Yemi Osinbajo to a constitutional fight over Ibrahim Magu, the acting chairman of the Economic and Financial Crimes Commission.

The Senators unanimously resolved today  to suspend all confirmation requests from the executive until decisions of the legislature are respected by Acting President Yemi Osinbajo.

One of the decisions was the non-confirmation  of Magu twice by the senate. Senators now wanted Magu sacked immediately.

In a four-prayer motion unanimously adopted by the lawmakers, the Senate frowned at a statement credited to the Acting President Prof. Yemi Osinbajo that the Senate had no power to confirm the chairman of the EFCC.

The decision of the Senate arose from a motion raised by Senator Ahmed Sani following a letter requesting the confirmation of Mr Lanre Gbajabiamila as Director General of the National Lottery Commission.

With particular reference to the rejection of the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, the Senate insisted that the Executive must respect the constitution of the Federal Republic of Nigeria or go to court to seek a redress.

The upper legislative chamber stressed that it was an illegality for Magu to still be parading himself of the chairman of the Commission after being rejected by the body constitutionally empowered to approve or reject his appointment.

The Acting President Prof. Yemi Osinbajo was credited as saying that the Senate does not have power to reject the appointment of Magu as Chairman of EFCC.

The Senate therefore frowned at the comment credited to the acting president and approved the following prayers:

“That the Senate suspends all issues relating to confirmation of nominees from the executive until all issues of confirmation as contained in the constitution and laws of the Federation are adhered to.

“The Acting President must respect the constitution and laws as it relates to confirmation of appointments.

“The Acting President should immediately respect rejection of nominees by the senate yes.

“The Acting President should withdraw the statement credited to him that the Senate does not have the power to confirm certain nominees,” the Senate approved.

This is the second time the senate is taking a resolution against the executive for its refusal to adhere to the rejection of Magu and the Chairman of the EFCC.

In March, the Senate suspended the confirmation of INEC Resident Electoral Commissioners to protest  the refusal of the executive to implement the legislature’s rejection of Magu as EFCC boss.

The President of the Senate Bukola Saraki who commended Sen. Sani for the motion stressed that the Senate could not continue to make laws and resolutions that would be flagrantly disobeyed.

He urged the Acting President to take appropriate actions on all resolutions and laws of the Senate.

“Distinguished colleagues, let me thank Senator Yerima for coming under Privileges. I think this matter is a very important matter but I think we need to address it once and for all and put it behind us.

“As a society, we can’t pass laws and see these laws  not being obeyed. It is very clear these resolutions as passed must be acted upon by the Acting President and ensure that we continue to respect our democracy, our laws and constitution.

“It is not for us to choose which laws we obey and which laws we don’t obey. That is not the way any civilised, modern society works.

“We hope that the Acting President will take appropriate action in line with these resolutions,” he said.

While contributing to the motion, Deputy President of the Senate Ike Ekweremadu  said that the constitutional provision upon which Osinbajo made his comment only applied to personal staff of the President.

Ekweremadu therefore stressed that the Senate is adequately empowered by law to confirm or reject any appointment by the President.

Sen. George Thomson Sekibo said that it appeared like there was a calculated action to quieten the National Assembly.

He however stressed that there was a clear constitutional provision that empowered the Senate to confirm all appointees of the President.

“If the Acting President says we do not have power to return any nomination I wonder if he is in touch with the EFCC Act: The EFCC Act states that the President shall nominate and Senate will confirm.

“If you reject one law, you have will reject the constitution. The Constitution did not give room for acting appointment after a nominee has been rejected by the Senate.

“If the Acting President says we do not have the power to confirm and then turns around to send us a nomination, which one do we now take?

“I think Senate should put a suspension on this nomination until this issue is resolved so that we know if we have the power to confirm or not,” he said.

For  Sen. Isah Hamman Misau,  sending a candidate to the senate for confirmation amounted to double standards by the Acting President Osinbajo.

He said that the senate must stand and face the challenges against the institution.

“If the executive was not ready for democracy then they should tell us and propose another system of government,” he said.

Senator Sam Anyanwu in his view said that the Senate should not even be accepting nomination letters from the executive,  let alone considering them on the floor of the Senate.

He said that the comment of the Acting President had given impetus for more comments,  adding that a report this morning was calling for the senate to be scrapped.

“We must try to stand our ground. If the leadership doesn’t do anything about this matter within 48 hours,  we would move against this leadership,” he said.

Senator Dino Melaye,  who is currently facing threat of recall,  also added that the senate must not accept the comment of Prof. Osinbajo.

Melaye said that the National Assembly which is a mark of democracy,  must not be allowed to be destroyed.

It is time for the Senate to tell the executive arm of government  that it must stop approbating and reprobating.

“Magu came for a job interview and failed and he was rejected. As we speak,  Magu is still parading himself as the chairman of EFCC.

“The integrity of the Senate is at stake. This senate cannot be disregarded and insulted: our authority to confirm cannot be eroded.

“I am moving a motion that it becomes abominable to read any other confirmation report in this chamber until they act on our position.

“Those who have failed should go back.  Magu is not the last Nigerian Angel. He can serve this country in another capacity,” Melaye said.

Senator Olusola Adeyeye,  the Chief Whip of the Senate reminded the executive that the difference between Military rule and Democracy was the existence of the legislature.

“Whether you serve in the executive, legislature or judiciary, everyone is called to obey the laws of the republic.

“If there is any law passed by NASS, signed by the President and gazetted, no one has the permission to dance around that law.

“Whoever has a problem with any law should go to court. Until a court declares it null and void,  it remains the law of the land. Anyone who does not respect it is breaking the law of the land.

“I want to say here that I voted yes for Magu, but this is not about my view.  The Senate of the Federal Republic of Nigeria voted no and I stand with the Senate.

 

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Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

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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.

 

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

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Alpha Morgan to Host 19th Economic Review Webinar

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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.

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GTBank Launches Quick Airtime Loan at 2.95%

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GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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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