Business
Alleged N2.9bn fraud: Eunisell boss explains how Kenneth Amadi defrauded his coy
Alleged N2.9bn fraud: Eunisell boss explains how Kenneth Amadi defrauded his coy
The Group Managing Director of Eunisell Limited, Mr Chika Ikenga, on Friday, reaffirmed before a Lagos Federal High Court, how his company was defrauded of the sum of N2.9 billion, by former employee, Kenneth Ndubuisi Amadi.
Kenneth Amadi is facing a five-count charge of conspiracy and fraud to the tune of the said amount.
At the last hearing of the charge against the defendant, Ikenga, while being led in evidence by the prosecutor, Aderonke Imana, had told the court how the defendant defrauded him of the N2.9 billion.
He also told the court how the defendant fraudulently diverted and used his company’s funds to establish a firm.
At the resumed trial of the defendant on Friday, Ikenga while being cross-examined by the defendant’s counsel, Emeka Etiaba (SAN), narrated how the defendant was employed after his National Youth Service Corps (NYSC) as a Sales Representative.
Ikenga told the court that despite making the defendant the Company’s CEO, “his responsibility does not include diverting the company’s monies, collecting monies from customers.”
He also told the court how the defendant failed to respond to a query issued to him when it was discovered that he had established ABD Energy, while still working with Eunisell Limited, saying: “Information from CAC upon enquiry in 2016 revealed that Kenneth Amadi was the owner and Director of ABD Energy”.
When asked to confirm if the $4,000 Eunisell claimed to have paid the defendant was a bonus for hard work, the witness said it was the defendant’s salary, but added that the Human Resources Department has the records.
He also denied the defendant’s claim that the medical bill was a ‘one-off thing’, saying that the defendant benefitted from the medical scheme of his company while he remained with Eunisell Limited.
Asked how the N2.9 billion allegedly defrauded Eunisell Limited was added up, Ikenga said: “Eunisell supplied products to our customers with Eunisell waybill. The defendant directed the companies to pay funds belonging to Eunisell into his own personal account and the account of second defendant (IDID Nig. Ltd), which he owns, while still working with us”.
Asked if he knows that the defendant had a close relationship with Ammassco and AZ Companies? Ikenga responded by saying: “I do not know. We started business with these companies in 1997 and he was employed in 2000. So, he cannot claim to have had a relationship with them outside us. As for Ammassco, we employed him to promote our business with them.”
When asked if he has any document to show that the defendant defrauded his company. Ikenga replied: “The documents are in the court papers which were filled by the Attorney General but he was not authorized to receive monies on our behalf”.
When probed if the defendant was part of the audit when the books of the company were audited, he responded and said: “He was not. The book was audited after he committed the crime and resigned.”
Asked to produce the report of the IGP that the matter be reinvestigated, Ikenga said that he has given it to the prosecution adding that: “The defendant received our payment by using an uttered document to do so.”
Meanwhile, further hearing of the criminal charge against the defendant and his company, IDID Nigeria Limited has been adjourned till December 9 and 10.
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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