Business
”$15Million in my account was a gift from Friends, well-wishers for 15 years’ – Ex-First Lady, Patience Jonathan reveals
Wife of ex-President Goodluck Jonathan, Patience, has urged a Federal High Court in Lagos to restrain a human rights organisation, Socio-Economic Rights and Accountability Project, from coercing the Attorney General of the Federation to prosecute her over “unfounded and malicious allegations that she stole $15m.”
Patience claimed that the $15m over which SERAP allegedly asked the AGF to prosecute her was a gift she received over the last 15 years from friends and well-wishers.
The Executive Director of SERAP, Adetokunbo Mumuni, said in a statement on Thursday that the organisation had been served with court papers in Patience’s suit marked, FHC/L/CS/1349/2016.
According to Mumuni, the suit was filed by members of the Union of Niger Delta Youth Organisation for Equity, Justice and Good Governance on behalf of themselves and Patience.
The plaintiffs sought a court order of interim injunction restraining SERAP from using any judicial process to coerce the Attorney General of the Federation and Minister of Justice to prosecute Patience for “owning legitimate private property.”
The plaintiffs also urged the court to restrain SERAP from “taking any further steps in further vilification, condemnation and conviction of the former First Lady, Dame Patience Jonathan, in all public media.”
In the affidavit filed in support of the suit, the plaintiffs accused SERAP of engaging in a campaign of calumny against Patience.
The plaintiffs averred, “There has been a running battle between the Economic and Financial Crimes Commission and Mrs. Jonathan with respect to the release of her legitimately earned funds, which were deposited in accounts opened in the names of certain companies by one of her husband’s aides without her authorisation.
“The funds in question were legitimate gifts from her friends and well-wishers over the last 15 years which she had been saving in order to utilise to upgrade family businesses and concerns which had been somewhat dormant by reasons of the long period of her husband service as a public officer in Nigeria.
“The gifts were given in small contributions by several persons, some of whom she cannot even now recall over this period of 15 years sometimes in as small a gift as N250,000.
“In order to preserve the value of these funds, which she did not require for any purpose at the time, she changed them into foreign exchange and kept them as cash for a long period in her home safe in Port Harcourt and Abuja.
“It was when the family home in Otuoke was burnt down by hoodlums under the instigation of political adversaries in 2010 that she began to think about banking these gifts, which had now grown to large sums in the United States dollars.
“In 2010 she therefore summoned one of her husband’s domestic aids, Waripamo-Owei Emmanuel Dudafa, to assist her in opening bank accounts into which the funds could be deposited.
“Unknown to her, the said Dudafa, in a bid to be discreet about the owner of the funds, decided to bank the funds in the names of companies owned by him.
“When she discovered this, she was constrained to continue with the names of the companies when she was advised that it did not make any difference as to the ownership of the funds since the director of the company would appoint her as sole signatory to the accounts in question.”
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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