Business
SERIOUS QUESTIONS TO BE ANSWERED BY DR MAIKANTI BARU, GROUP MANAGING DIRECTOR, NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)
The Group Managing Director of NNPC, Dr. Maikanti Baru should be made to answer certain questions on the issues surrounding contracts relating to the Nigerian National Petroleum Corporation, Minister of State for Petroleum Dr. Ibe Kachikwu’s allegations that presidential approval was sought and obtained in respect of these contracts sometimes in July, 2017. A logical inference that could be made from that line of response is that, President Buhari signed the Multibillion dollars contracts in question, when he was on his sick bed in London. This is because, we were all aware that President Buhari transmitted a letter to the National Assembly at that time for sick leave and making the Vice President, Prof. Yemi Osinbjo the Acting President.
So one wonders the possibility of the President signing those contracts not the president at that material time? Isn’t that unconstitutional? Does it mean that President Buhari never did hand over power to the Vice President in actual sense?
According to the leaked memo, Dr Kachikwu said;
The following major contracts were never reviewed by or discussed with me Board of NNPC:
The Crude Term contracts- value at over $10bn
The DSDP contracts- value over $5bn
The AKK pipeline contract- value approximately $3bn
Various financing allocation funding contracts with the NOCs – value over $3bn
Various NPDC production service contracts – value at over $3bn–$4bn
After Dr Baru has said Presidential approval was sought and obtained, in response to Dr Ibe Kachukwu’s allegations, Prof. Osinbajo subsequently was reported to have said the contracts were approved by him. Isn’t that an afterthought? Assuming but not conceding Prof Osinbajo did approve the contracts, I also dare to ask whether such contracts can be approved unilaterally without the NNPC Tender Board’s input or consideration. Was it also tabled before the FEC before such approval or they can be approved without recourse any Board or FEC? These are questions left unanswered.
Further to the above, it could be observed further that, if any government can contradict itself this much like the present administration, then it shows how incompetent that government is. Few days ago, Dr Baru claimed the contracts of about $26Billion dollars were approved by the *President* and just the following day, Prof Osinbajo admitted approving such contracts as the Acting President when the President Buhari was away.
The first question that came to my mind was why ADMITTING if nothing went wrong in the first place? My contextual understanding of admission is when something went wrong and you concede to a fault.. But later yesterday, the Vice President released a press statement to the effect that what he approved were loans and not contracts. What does this tend to achieve?
Assuming but not conceding that he indeed approved loans and not contracts, who then approved the $26Billion contracts in question? But what was the vice president thinking when he admitted approving some contract? Was he misquoted by the media? If not, who then approved the said contracts? What is the value of the loans approved by the V.P? I am also aware that NNPC in his defence to Kachukwu allegations said that certain contracts have no specified or fixed values/amount as opposed to the Minister’s claims and allegations. What about those contracts? Who approved them? The Board? The President or Vice President while Acting?
What is more surprising over this issue is that fact that the presidency has disowned the existence of any $26Billion contracts let alone the approval. The question now is, was Dr Kachikwu not aware of the activities of NNPC when he listed those contracts? Moreover, he is the Board Chairman of NNPC. Can the Presidency know more about the affairs of NNPC than the Board Chairman and State Minister of Petroleum? Why hasn’t the GMD of NNPC responded on the non-existence of these contracts? At least the allegations were made against the GMD of NNPC not the presidency. Why is it the defence coming from the Presidency? Are there certain things happening within NNPC and the Presidency over this matter that we do not need to know as citizen? As a matter of fact, there can be no smoke without fire.
There are still so many questions hovering around the integrity of Prof Osinbajo, President Buhari, and Dr Maikanti Baru on this matter. It is only these personalities that can exculpate themselves with logical and clear explanations. Then this government should do well in putting their thoughts together and ruminate over them before going to the press. The government must learn to clearly and unambiguously communicate their intention to Nigerians. More so, this administration is perceived a composition of technocrats.
I know our love for our President does not make us see anything wrong in his actions and that of his subordinates. But then, we shouldn’t allow the love to blur our sense of objectivity in addressing these issues that concern national integrity and treasury. You and I do have certain curiosities to be satisfied as tax payers.
Muhammed Ndakudu Adam
Lagos Based Human Rights and Constitutional Lawyer.
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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