Business
Businessman demands EFCC apology for declaring him wanted
A UK-based businessman has demanded retraction and apology from the Economic and Financial Crimes Commission for declaring him wanted over allegations of obtaining money under false pretences.
Chris Akinyemi, the director of Swift Transfers Limited, who was declared wanted on November 30, said he would institute legal action against the EFCC if it fails to withdraw its “offensive publication” within seven days.
The Commission had, in a newspaper advertorial, said Mr. Abayomi, posing as a licensed foreign exchange banker, allegedly defrauded Nigerian companies of millions of naira on the pretext of sourcing foreign exchange for them.
“Dark complexioned Akinyomi is 40 years old and possesses a dual citizenship (Nigeria and UK). He is resident in London but frequently visits Nigeria,” the EFCC stated in the advertorial published in the November 30 edition of The Nation Newspaper.
“Anybody having useful information as to his whereabouts should contact the Commission in its Enugu, Kano, Lagos, Gombe, Port Harcourt, and Abuja offices….”
But in a letter addressed to the anti-graft agency, Mr. Akinyomi described the publication as ill-motivated, malicious and a calculated to embarrass him.
“First, It is common knowledge that before any person can be declared wanted by the Commission or any other law enforcement agency, the person must have been invited by the law enforcement agency or must have jumped bail granted to him by the Commission,” Mr. Akinyomi said in the letter filed through his lawyer, Olalekan Ojo.
“The EFCC willfully and mischievously breached this well-established procedure in that our client had never been invited by the EFCC nor has he jumped bail before the said publication.
“Secondly, declaring any person wanted when neither of the above listed conditions existed is the gravest abuse of power.
“Thirdly, the Commission willfully concealed from the public the most crucial fact that there is a pending case before the Federal High Court, Lagos in Suit No:-FHC/L/CS/493/15 to wit: Fige Chelsea Nigeria Limited Vs. Economic and Financial Crimes Commission & two others of which our client is the Chief Executive Officer of the Plaintiff in the suit, has requested the Federal High Court to declare amongst other things that the transaction between it and the 3rd Defendant (Complainant) are purely civil in nature and devoid of any criminality.”
On the claims by the EFCC that he duped Nigerian companies by pretending to be a licensed foreign exchange banker, Mr. Akinyomi said his company had been licensed by the United Kingdom’s Financial Conduct Authority (FCA) to carry on the business of forex trading and exchange for over 10 years.
He also debunked the EFCC’s claims that he frequently visits Nigeria saying he had not been in the country for seven years.
Mr. Akinyomi admitted that his forex business suffered losses running into US$1.7 million “due to the vagaries in the forex business,” adding that he had already approached his clients with promises to repay the debts.
He said that as at November, he had paid over 50 percent of the debts to his various clients.
“From the above, it is crystal clear that the said publication by the Commission was the product of malice, mischief and malevolence crafted by some misguided EFCC
officials who have allowed themselves to be used by some unscrupulous persons,” Mr. Akinyomi said.
When contacted, Wilson Uwujaren, the EFCC Spokesperson, said he was not aware Mr. Akinyomi’s letter.
“I cannot speak on what I have not seen,” Mr. Uwujaren said.
Source: Premium Times
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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