Business
Court freezes N3.5b, properties of Ex-NAMA managers
A Federal High Court in Lagos has ordered the temporary forfeiture of N3.5 billion and 68,000 dollars belonging to the top managers of the Nigerian Airspace Management Agency (NAMA) and its managing director Mr. Ibrahim Abdulsalam.
Justice Oluremi Oguntoyibo made the interim forfeiture order based on an ex-parte originating summons filed by the EFCC.
Apart from Abdulsalam, the former managers of NAMA affected by the order are Olumuyiwa Adegorite, a former General Manager of Procurement of NAMA, and Segun Agbolade, a former General Manager, Finance.
Others are a former acting General Manager, Information and Communication Technology (ICT) Bolaniran Akinribido, Adegorite’s wife, Joy and Abiodun Sessebor.
The rest are Randville Investment Ltd, Multeng Travels and Tours, Delosa Ltd, Airsea Delivery Ltd and Sea Schedule Systems Ltd as well as their affiliate companies.
The Economic and Financial Crimes Commission, which is prosecuting them asked that the properties, buildings, parcels of land and premises belonging to them be temporarily vested in the EFCC.
In a supporting affidavit, an EFCC investigating officer, Mr Nurudeen Bello said that the commission received a petition on Jan. 13, 2016 alleging that some management staff of NAMA stole government funds running into billions of naira.
He averred that the sums were derived through fictitious procurement contracts, fake container clearing contracts and fraudulent cash advances to some members of staff.
Bello said that the funds in the bank accounts were some of the laundered proceeds of the alleged crime for which they were being prosecuted.
The deponent averred that while the prosecutions were on-going, the commission got wind of plans by the respondents to transfer funds out of their various accounts.
He said that the properties, buildings, parcels of land and premises belonging to the respondents were also some of the laundered proceeds of the crimes for which they were being prosecuted.
He also averred that an order of court, attaching the aforementioned funds therein to the commission, was imperative to prevent further dissipation of the respondents’ funds and assets.
He emphasised that it was in the interest of justice to grant the commission’s application.
Justice Oguntoyibo granted the application as prayed after it was moved by the EFCC counsel
Seized were the N30.1million in Adegorite’s account, N8.7million and N120million in Randville Investment’s account and 42,000 dollars in Adegorite’s account.
Others were N2.8million in Delosas account, N1.2billion in the account of Avesta Ventures Electronics Nigeria Ltd, N985.6million, N281million, N681million and N47million in accounts of Merry Aviation Communication Electrical Ltd, among others.
A residential building at 5 Sobo Arobiodu Street, GRA, Ikeja, a petrol station on Egbeda-Idimu Road, by Faith Bus Stop, a filling station in Mushin, Idi-Oro, and a petrol station in Alakuko were among the assets temporarily forfeited.
The Economic and Financial Crimes Commission (EFCC) said that the ownership of the listed properties was yet to be determined.
Abdulsalam and others are also on trial for N2.8billion fraud before Justice Babs Kuewumi of the same court.
They pleaded not guilty.
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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