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$87m Theft Case: AAS Investors Storm FCT High Court To Demand Justice As Jesam, Legal Team Clear The Air At Abayomi’s Hearing (Video)
$87m Theft Case: AAS Investors Storm FCT High Court To Demand Justice As Jesam, Legal Team Clear The Air At Abayomi’s Hearing (Video)
The FCT High Court sitting in Jabi, Abuja has adjourned the arraignment of Abayomi Oluwasesan till May 2nd, 2024.
Although the matter was mentioned for hearing, the trial could not go on because of the absence of the Defendant (Abayomi). The prosecutor reported to the court that the prison officers couldn’t bring him because of the recent prison break at the Suleja correctional centre. He further submitted that proper arrangements are serious ongoing to secure his presence in court in the next adjourned date…
The Defendant Counsel moved a motion for the review of Abayomi bail application, which is subject to the discretion of the court that must be exercised judiciously.
Abayomi Segun Oluwasesan who allegedly committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System has been Re-arrested alongside his wife and arraigned in FCT High court, Jabi in Abuja on March 28th, 2024.
Abayomi and his wife were tracked to an estate in Lagos and brought back to Abuja on Sunday, March 24th, 2024 over the lingering financial scam to the tune of 87 million dollar and criminal activities he perpetrated against AAS and the CEO, Jesam Micheal.
The arraignment of Abayomi by the IG of police at the Federal High Court in Abuja witnessed a significant development on Thursday, March 28th, 2024, as the case involving the alleged theft of 87 million dollar by Abayomi OluwaSesan charged by the Inspector General of Police, Kayode Egbetokun, proceeded with significant deliberations.
The accused individuals were charged for purportedly accessing millions of subscribers’ investments at the Afriq Arbitrage Company’s online trading platform until October 9th, 2023.
In the courtroom presided over by Justice Ms. Idris, both parties, including the defendants’ lawyer and the complainant lawyer Sidi Abdulrasheed, were present alongside individuals whose investments were affected by the alleged fraud at the Afriq Arbitrage Company.
During the session today, the defendants’ lawyer appealed for leniency on the stringent bail condition on behalf of Abayomi OluwaSesan citing their prolonged detention and promising their availability for trial if granted bail. However, the complainant lawyer, Sidi Abdulrasheed, opposed the bail request, highlighting previous instances where the defendants had allegedly fled after being granted bail.
Upon hearing arguments from both sides, Justice Ms. Idris adjourned the case until May 2nd, 2024.
It would be recalled that the conditions initially given included provision of two sureties each with 500 million Naira, owning property in Maitama, and also two directors in the federal civil service. Additionally, the sureties must deposit the title documents of their properties in court.
Speaking to Jesam Micheal the CEO of Afriq Arbitrage Company’s (AAC) after the court proceedings, he clarified the wrong narratives by a session of the media propagated by one human rights group. He narrated how Abayomi who was entrusted with the platform while he went for liver transplant tempered with the systems and defrauded the community of the staggering sum of $87m. He said even the defendant’s counsel admitted he stole the money when he said some properties have been returned to the company.
Also, the complainant’s counsel, Barrister Obeten revealed that justice will be served at the court as the suspect has allegedly admitted to committing the crime and speaking too much on the issue is tantamount to contempt of the court.
Meanwhile, several investors in their hundreds stormed the court to show solidarity to the company and its board of directors. They affirmed that the Afriq Arbitrage System is legit as they benefited immensely from it before the unfortunate saga involving Abayomi. They all chanted their demands for justice.
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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