Business
Stop deceiving the world with your anti-corruption posture, you are the father of corruption – Fayose blasts Obasanjo
Ekiti State Governor, Mr Ayodele Fayose has told former President Olusegun Obasanjo stop deceiving the world with his anti-corruption posture, saying; “the former president is the father of corruption in Nigeria, who sits on stolen wealth.
He lacks moral rights to accuse anyone of corruption and I challenge him to explain to Nigerians the source of his stupendous wealth.”
Governor Fayose, who was reacting to comment credited to Obasanjo that African leaders should ensure that treasury looters are exposed and his warning of former Attorney-General of the Federation (AGF) and Minister of Justice Mohammed Adoke to stop mentioning his name in the controversial $1.09 billion Malabu Oil deal, said the former President should rather explain to Nigerians the source of his stupendous wealth.
In a release issued on Thursday, by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said it smacked of the highest level of hypocrisy for someone like Obasanjo to be sermonising about corruption, having superintended over a corrupt government himself.
He said the former President must come out clean on his roles in the controversial $1.09 billion Malabu Oil deal, instead of warning former Attorney-General of the Federation (AGF) and Minister of Justice Mohammed Adoke to stop mentioning his name in the deal, adding that; “It is on record that the out-of-court settlement on the controversial Malabu Oil Block was initiated in 2006 during Obasanjo’s administration.”
Governor Fayose, who maintained that Obasanjo’s accusing anyone of corruption was like “Oyenusi accusing Shina Rambo of armed robbery”, challenged the former President to explain to Nigerians the source of his stupendous wealth, saying; “We saw how Obasanjo was when he became president and the magnitude of both direct and indirect investments that he has now. Can he in all honesty tell Nigerians that he acquired his wealth through legitimate means?”
Describing Obasanjo as the fathers of corruption in the present day Nigeria, Governor Fayose said; “Even the National Assembly affirmed him (Obasanjo) as the grandfather of corruption in Nigeria and it is on record that it was this same Obasanjo, who is always claiming holier than thou that introduced politics of ghana-must-go bags to the National Assembly.
“Has Obasanjo forgotten how many billions of naira was deployed to lobby National Assembly members to support his third term agenda?”
“Has he forgotten so soon that it was during his tenure that sacks of money were displayed on the floor of the House of Representatives, as bribe money given to some Reps members to impeach the then Speaker, Ghali N’abba?
While reiterating his demand that the former President should refund with interest, the N10 million that he was forced alongside other governors to donate to his Presidential Library project, Governor Fayose said; “Someone like Obasanjo, who used his position as President to extort money from governors, businessmen and contractors to build his presidential library lacked more rights to accuse anyone of corruption.”
He said “other Nigerians who left offices as President are still relevant to their people, but can the same be said about Obasanjo? Was he useful to the Yoruba race as President and now as former President? The bad state that he left major roads linking the Southwest to other zones in Nigeria, especially the Lagos-Ibadan expressway remains a pointer to this.
Yet, he goes about postulating as if he is the only honest Nigerians who can make things right in the country.”
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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