Business
Workers Praise Fashola over Gov. Ambode as he absents self from May day rally in Lagos
The absence of the Lagos State governor, Akinwunmi Ambode, at Onikan Stadium on Sunday annoyed workers who had turned out in their hundreds for the May Day rally.
Dozens of affiliates of the Nigeria Labour Congress and the Trade Union Congress marched round the stadium before Olabowale Ademola, the Lagos State Head of Service, who stood in for Mr. Ambode.
Idowu Adelakun, the NLC Chairman, Lagos State, said he felt “very bad” at the governor’s absence.
“This government promised us a government of inclusiveness, but for the governor not to be here today, I don’t think it’s inclusive,” Mr. Adelakun told journalists after reading from his prepared speech.
It was to be Mr. Ambode’s first May Day rally since he was sworn in as governor on May 29 last year. He was also absent at last year’s Independence Day rally.
In contrast, Mr. Ambode’s predecessor, Babatunde Fashola, never failed to attend the workers’ rally during his eight year rule, even when it coincided with his wedding anniversary.
“So it’s unfortunate and it’s unexpected of a person of Akinwunmi Ambode,” Mr. Adelakun said.
“The relationship (between the governor and the workers) has been very cordial. As you are aware, the governor too had been a worker, he’s the former Accountant General of Lagos State.
“So we have been working together. He’s not a new man to us. For him not to come here today, he did that for the best reason known to him, which is not the best for him.”
The workers, however, admitted that Mr. Ambode had not defaulted in the payment of salaries as well as other workers’ entitlements.
In his address, Mr. Adelakun said the labour movement reject any planned privatization of water supply in Lagos State.
“Past experience has shown that all public corporations and enterprises purportedly privatized by the federal government had not yielded any positive fruit,” said Mr. Adelakun.
“Consequently, we as labour movement say an unequivocal No to privatization of water in Lagos.”
Mr. Adelakun commended the state government for the payment of pension from 2009 – 2013 to “the mainstream of the civil service” and urged the payment of gratuities of parastatals and agency workers from 2005 – 2010.
“In addition, we also demand that the government look into the payment of pensions of retired workers of agencies and parastatals from 2009 to date. This will serve as motivation to serving officials who will be sure that their livelihood will be secured after retirement.”
The theme for the 2016 Workers’ Day is ‘The Working Class and The Quest for Socio-Economic Revival.’
Akeem Kazeem, the Chairman of Trade Union Congress of Nigeria, Lagos State Council, said Lagos is among the states that show “visible signs of development.”
“Without mincing words, I am saying this authoritatively that most of the linkages to (siphon) money in Lagos State have been blocked simply because we have a governor who was once an effective and efficient public servant,” said Mr. Kazeem.
“Before now, we are talking of multiple taxation in Lagos State; but now if you pay your Land Use Charge in time, you are entitled to 15 per cent rebate.
“The then palliative inner roads are now witnessing tremendous changes even with street lights, almost 140 roads every three months.”
Mr. Ambode said the Lagos “success story” has been due to dedication and commitment of its workforce.
“All over the world, the worker is recognized as the most important factor of production,” said the governor, whose speech was read by Mrs. Ademola.
“As a government, we appreciate workers and make bold to declare that they are the makers of history. Every day we say Lagos is working but I am here to tell you that Lagos is working because the workers are doing the right things at the right time.”
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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