Business
”We didn’t Divert N1.2bn subsidy fund, EFCC never shut our our tank farm” – Obat Oil&Petroleum speaks
Just yesterday, there were reports going round that Obat Oil and Petroleum limited owned by a Monarch,Oba Frederick Akinrutan, was shut down by EFCC over diversion of N1.2bn subsidy funds sometime ago.
Obat Oil has however released a statement through it’s Head, Legal Seun Bakare, stating the company’s side of the story.
‘’Our attention has been drawn to a series of viral newspaper publications on an alleged N1.2b subsidy diversion claimed by the Managing Director of Petrocam Trading Nig. Ltd, Mr. Patrick Ilo against us, Obat Oil & Petroleum Ltd.
We hereby state categorically that there was no time Obat Oil diverted any N1.2b as claimed by Petrocam and It is pertinent to state clearly at this point that there was never a time that our tank farm was shut down as we are fully in operation; we were only invited by the EFCC based on the petition Mr. Patrick Ilo wrote to the commission through his Solicitors. The transactions which gave rise to the false reports and the spurious claims from which they have sprung have already been submitted to the Court’s consideration and ordinarily should not be the subject of discourse or advertorials.
However, Petrocam Trading has gone out of its way to lodge false complaints against us and set in motion a sequence of events that have been widely reported. We are therefore constrained to protect our professional goodwill, integrity and reputation by putting out this publication. Sometime in 2014, PetrocamTrading approached Obat Oil & Petroleum Ltd for a business transaction with Petrocam making an offer to finance the Importation of PMS through its bank, Sterling Bank, for Obat Oil. Both parties signed a service agreement to commence the transaction and Petrocam did undertake the Importation of 15,000Metric Tons of PMS in lots either by its own resources or through its Bank. During the course of the business transaction and at conclusion, Petrocam failed to fulfill its obligations under the service agreement.For instance, Petrocampaid N3 per litre of the allocation as opposed to the agreed sum of N5 per litre. This was the first act of breach displayed by Petrocam Trading. Despite our best efforts at attempting to get the issue of the outstanding payment resolved while and the same time hoping that business could still be done with Petrocam, the business relationship broke down. We invited Mr. Patrick Ilo for reconciliation on several occasions to enable parties reconcile their accounts based on the transactions and resolve issues but he declined. Rather than agree to our invitation for joint account reconciliation, Mr. Patrick and Petrocam Trading curiously obtained and published our UBA statement of account without our consent, permission or authorization. It became obvious that Petrocam was shying away from facts because he had skeletons in his cupboard. While Petrocam thrived in its default of the Service Agreement by failing to make full payment for the petroleum products it loaded, it instituted an action on the 19thof November, 2015 before the Lagos State High Court in suit No. LD /1411CMW/2015 seeking sundry reliefs including injunctions. In that suit, Petrocam lay claims to the Subsidy, Forex differentials and accrued interest being expected from the Federal Government as payments for seventeen (17) transactions/importations belonging to Obat Oil, of which Petrocam participated only in six (6).Needless to say, Petrocam’s attempt to appropriate to itself payments, accrued interest and forex differentials meant for several other bank transactions/importationsis completely illogical, factually incredulous and legally unfounded.We take the view that Petrocam is not entitled to any sum at all. The money paid to AMCON belongs to Obat and not Petrocam and is entirely unconnected to the Service Agreement executed by Obat and Petrocam. Thus, until the Court determines who owns what, Petrocam cannot claim any sums standing to our credit or compulsorily take over assets belonging to us. Further exposing the falsity of Petrocam’s public claims as reported in the publications is the fact that in its processes filed before the Court, Petrocam concedes that it has completely received the alleged N1.2b subsidy claim in question.
eThe report in the papers as well as the false reports on which they are based not only amount to speaking from both sides of the mouth but also underscore a possible intention by Petrocam to obtain from us what is not due to it. Surprisingly, while Obat Oil were to compare books with Petrocam for reconciliation and to determine the position of the account on the transaction, Mr. Patrick Ilo maliciously wrote a petition to EFCC and DSS claiming that his money was diverted by Obat, without stating the true facts as narrated herein before the agencies. This move was not only surprising, it was unlawful as the position of the law, as we have been made aware, is that the EFCC (and indeed, law enforcement agencies in general) are prohibited from acting as agents of debt collection with respect to transactions of a purely civil nature, such as the Service Agreement business transaction between two firms for a matter that is still a subject of litigation. We therefore denounce the invasion of our premises by agents of the state acting on lopsided reports presented by a party that has some interest to serve. We state categorically that Obat Oil did not divert N1.2b or any sums whatsoever accruable to Petrocam or Sterling Bank. We restate our invitation to Petrocam for amicable discussions to determine what is accruable to both parties. We reject and will not capitulate to any attempts by Petrocam to harass Obat Oil with the press or government agencies as we are fully aware of the remedies available to us under the law- and will fully explore them. In conclusion, we take exception to any malicious publication and slander orchestrated by certain people in a bid to disrupt our business. For the avoidance of doubt, EFCC did not close our depot facility. We were only invited because of the petition and lies being spread by Mr Patrick Ilo and Petrocam. We urge the public to disregard the misinformation peddled in the false and malicious publications as well as desist from propagating same, in their best interests’’
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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