Business
‘You lack common sense’ – Ex-President, Olusegun Obasanjo blasts Awujale of Ijebuland over Telecommunication Mogul, Mike Adenuga
Few weeks ago, the Awujale of Ijebuland, Oba Sikiru Adetona, released his autobiography titled “Awujale: The Autobiography of Alaiyeluwa, Oba S. K. Adetona, Ogbagba II”.
In the book, the monarch alleged that former President Olusegun Obasanjo used the Economic and Financial Crimes Commission EFCC to blackmail and extort money from some wealthy Nigerians, particularly his cousin, Mike Adenuga, who had a running with the Antigraft agency in 2006.
Although the monarch’s autobiography was published in 2010, extracts from the book was circulated by some unknown individuals recently.
In his response, Obasanjo wrote a letter dated December 30th 2016 to the monarch, countering his allegations and addressed him as a serial liar who lacked common sense. According to Obasanjo, common sense suggests that rumor mongering should not be associated with a monarch of the caliber of the Oba of Ijebuland. Full text of Obasanjo’s letter to the monarch after the cut
December 30, 2016
His Royal Highness,
Oba Alaiyeluwa S. K. Adetona,
The Awujale & Paramount Ruler of Ijebuland,
Oba Adetona Road,
P. O. Box 263, Ijebu Ode.
The extract from your Autobiography “Awujale: The Autobiography of Alaiyeluwa Oba S. K. Adetona, Ogbagba II”, published by Mosuro Publishers 2010, pp. 187-195, which I attach to this letter was presented to me for my attention.
Your assertion in the publication was a tissue of lies and untruths. Olopade is one of my best friends and yes, I would be at his birthday celebration but I would not have invited Mike, your cousin, to meet me anywhere other than my office or official residence as President of Nigeria. Kabiyesi, do you think I would set the press up to capture me and Mike in a photograph for the newspapers? That would be puerile of me as President. Of course, I could not say that Mike could not do that. That you think that I, as President of Nigeria, would descend to such depravity makes me think of you much less than I thought of you, until now.
The invitation to Mike to contribute to the building of the Library block of Bells University was issued to him by the then Vice-Chancellor, Professor Julius Okogie, who never told me about inviting Mike to so contribute until Mike pulled out. And that I have not and I will not talk to Mike about it should convince you that I know nothing about its genesis.
Under my watch, Economic and Financial Crimes Commission, EFCC, was free to do its job as it saw fit. Common sense would suggest that wild rumours should not be perpetrated by an Oba of your calibre. Kabiyesi, your cousin did not tell you that My Chief of Staff, Abdul Mohammed, put his reputation on line by assuring EFCC that Mike would go nowhere and they should trust him to give him his passport. I did not even know that Abdul had done that until the Chairman of EFCC, Nuhu Ribadu, reported the case of my Chief of Staff seemingly colluding with Mike to run out of the country. But I had implicit confidence in my Chief of Staff and I was to resolve the issue. Should your cousin not have mentioned to Abdul who guaranteed the release of his passport his fears and intention to go on exile?
On several occasions, Nuhu Ribadu has asserted that, under my watch, he was a free agent to do his work as he deemed fit. Where it was necessary, he reported the outcome of his work to me and the subsequent or follow-up actions he intended to take. On no occasion did I guide, lead or direct him on what to do.
Mike did not need to send anything to me to satisfy me, he needed to satisfy EFCC and so your sending any documents to me was insinuating that I am the one to be satisfied rather than the EFCC. So, such documents were not paid any attention by me. You, as the cousin and part beneficiary from Mike as you have told me in the past, would not be able to see the tree from the forest as far as the mode of operation of Nuhu Ribadu was concerned viz-a-viz Mike. If the EFCC was investigating anybody, I did not consider it right for me as the President of Nigeria to be undermining EFCC by hobnobbing with that person. EFCC must be given free hand to do its work. Even if such a person was my child, the best I could do would be to secure a good lawyer to handle the matter before the EFCC for that child.
It is not only in the case of Obajana Cement that you were rumour-mongering about me. You have done that repeatedly on many occasions. The latest one you did in 2016 was you telling me that you heard that I had gone to Rasak Okoya to seek to marry her daughter, Abiola, when it was the girl that came to appeal to me to intervene to placate and appeal to her father to forgive her for all her misbehaviour to her father. I did and the father and daughter were reconciled. I told you even then that it was unbecoming of an Oba. Of course, I am used to such rumours, slandering and insinuations since my days as a Unit Commander in the Army and I have developed thick skin. If ten per cent of the rumours ascribing businesses and properties I know nothing about were true, I would be the richest man on earth.
But recently, when Aliko, yourself and myself were together, Aliko assured you that I never ever had a single share in any of Aliko’s business interests but whenever he has called on me to help within and without to promote his business interest, I have always helped and I will always do because that is part of my job as a Nigerian leader – to help Nigerians grow their businesses or interests – and I have done that for other Nigerians and indeed for non-Nigerians, Africans and non-Africans who have requested me for help.
It was revealing to me on that occasion when Aliko made the point that one of his directors on his cement company is somebody very close to you.
I owed nobody any apologies in the course of doing my work as I believe I should do it or in the course of defending the interest of Nigeria and defending my integrity. As I could not open the treasury for S. O. Bakare for your so-called political support to me, I did not regard that as an offence. To the extent that I believed and regarded as proper, I instructed Tony Anenih as Minister of Works to patronize S. O. Bakare as a Peugeot car dealer. I will not comment on Atiku issue that you touched upon in your book because I have dealt with that elsewhere and you were only dabbling into an area where and thing you are absolutely ignorant about.
All that you wanted me to do in respect of Mike was improper whether when I was President or when I was out of office. I must not be seen to be in the way of allowing law to take its natural course. All I should do is to help the course of the law and help secure a good lawyer to help the process.
It is of interest to me that Mike did not tell you that when he wanted national honour, he came to me and I did not react until Babangida recommended him and said, “Of all those I have helped, Mike is one of the most appreciative.”
Kabiyesi, if I have squandered all the goodwill I had, you would not have contacted me on behalf of All Progressive Party, APC, to receive them in 2014 and you would not have been personally present when I received them as I demanded. I probably have greater goodwill today internally and externally than I had in office.
Kabiyesi, the total sum of what you have put down in those pages of your book is that I dislike Mike. Maybe I need to remind you that if there was any iota of truth in such a position or mindset, Mike would not have been granted the mobile telephone licence which made him a billionaire. It was my prerogative as the President so to do. You may also be reminded that in the first round of the auction which Mike did not make, the country earned US$285 million for each licence. The country earned only US$200 million from the licence transaction with Mike and in the subsequent transaction with Etisalat, the country earned US$400 million. It was a deliberate action on my part that a Nigerian should own one of the licences. Anybody else but Mike could have been that Nigerian.
Kabiyesi, the type of hate propaganda you have tried to project in that section of your book against my person is grossly unbecoming of an Oba let alone an Oba of your status and stature.
However, I still accord you the respect which I believe an Oba should be accorded and one for that matter who I presume to be a friend. In spite of your unfortunate projection, my position remains the same – respect for you as an Oba and a friend.
Kabiyesi, I believe that I should set the record straight for posterity and to caution you from engaging in unedifying rumour-mongering and untruth. Accept the assurances of my highest consideration.
OLUSEGUN OBASANJO
Business
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.
Bank
Alpha Morgan to Host 19th Economic Review Webinar
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.
Business
GTBank Launches Quick Airtime Loan at 2.95%
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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