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Abacha’s loot was spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria – Okonjo-Iweala
The Socio-Economic Rights and Accountability Project (SERAP) has “received several documents from the World Bank totalling over 700 pages on information on the spending of recovered assets stolen by the late General Abacha, with some of the documents suggesting that Abacha loot was spent on roads, electricity, education, health and water.”
This information was disclosed by SERAP executive director, Adetokunbo Mumuni, in a statement dated November 29, 2015.
The organisation said, “SERAP can confirm that last week we received several documents from Ann May of the Access to Information Team of the World Bank following our Access to Information Request to the Bank. We also received a letter dated 24 November 2015 from Mr. Rachid Benmessaoud, Director of the World Bank in Africa.”
“In total, SERAP has received over 700 pages of documents, which we are now closely studying and scrutinising with a view to discovering whether the documents contain details that Nigerians would like to see and whether the information correspond to the facts on the ground. After this analysis, we will respond to the Bank and consider our options, including filing an appeal before the Bank’s Access to Information Appeals Board and taking other appropriate legal actions nationally and internationally to discover what exactly happened to Abacha recovered loot,” the organisation said.
The organisation said that “In the meantime our preliminary review of some of the documents and the letter from Mr Rachid Benmessaoud have revealed certain facts which raise more questions about what exactly happened to Abacha loot: First, that Mrs. Ngozi Okonjo-Iweala as Minister of Finance in a letter dated 9 January 2005 explained to the Bank that around $500m (N65bn) of Abacha loot received from Switzerland was programmed into and spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria.”
“Second, Mrs. Okonjo-Iweala explained to the Bank that N18.60bn was spent on roads; N10.83bn spent on health; N7bn spent on education; N6.20bn spent on water; and N21.70bn spent on electricity. She also said that part of the funds were spent on new and ongoing investment projects. Mrs. Okonjo-Iweala said that relevant federal ministries have the full details on the spending of repatriated Abacha loot. The Bank noted that there was no funds monitoring and tracking mechanism in place to trace the spending of Abacha loot,” the organisation also disclosed.
“Third, Mr Rachid Benmessaoud confirmed that the World Bank played a monitoring role in a return of assets by Switzerland but that the Bank is not currently involved in the monitoring of spending of Abacha loot that have been returned to Nigeria in recent years. He said that the Bank would be prepared to set up a mechanism to monitor the use of Abacha loot if the Nigerian government requests the Bank’s assistance in this respect.”
“Given Mrs. Okonjo-Iweala’s involvement in the spending of Abacha loot, SERAP calls on President Muhammadu Buhari to urgently probe the role of the Ministry of Finance and relevant federal ministries at the time in the spending of Abacha loot particularly given the strong allegations of mismanagement that characterised the use of the funds,” the organisation said.
“Although Mrs said that Abacha loot was spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria, there is no evidence of such projects as millions of Nigerians continue to travel on dead roads, while they continue to lack access to adequate electricity supply, water, health and quality education. Therefore, President Buhari can no longer continue to remain silent on this issue of public interest if Nigerians are to continue to trust him in his fight against corruption,” the organisation also said.
It would be recalled that in a letter dated October 15, 2015 and signed by Ann May of the Access to Information Team, the Bank said that “In response to your request under AI3982, we would like to inform you that we are still considering your request and need additional time to provide you with a more comprehensive response.”
The letter reads in part “In most cases, we will be able to respond within twenty (20) working days from receipt of a request for information. However, we may need additional time in special circumstances, for example, if the request is complex or voluminous or if it requires further review by or consultation with internal World Bank units, external parties, the Access to Information Committee, or the World Bank’s Board of Executive Directors.”
Earlier, SERAP had on September 21, 2015 sent an access to information request to Jim Yong Kim, President, World Bank Group urging him to “exercise the Bank’s prerogative to release documents relating to spending of recovered assets stolen by Late General Sani Abacha”.
The group also asked Mr. Yong Kim to “disclose information about the Bank’s role in the implementation of any projects funded by the recovered assets and any other on-going repatriation initiatives on Nigeria with which the Bank is engaged.”
The request was “pursuant to the World Bank’s Access to Information Policy (The Policy), approved by the Board on June 30 205. SERAP notes that one of the Policy’s guiding principles is to maximize access to information. There is also clear public interest in Nigerians knowing about the Bank’s supervisory role and specifically its involvement in the implementation of projects on which repatriated funds were spent.”
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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