Business
Court orders ex-gov Nnamani’s arrest for alleged N5.3bn fraud
The Federal High Court in Lagos, on Monday, issued a bench warrant against a former governor of Enugu State, Chimaroke Nnamani, and his ex-aide, Sunday Anyaogu, with whom he was charged with an alleged fraud of N5.3bn.
Justice Chuka Obiozor ordered the arrest of the ex-governor and Anyaogu for failing to appear in court on Monday for their scheduled re-arraignment.
The judge rejected the explanation by Nnamani’s lawyer, Mr. Abubakar Shamsudeen, from the chambers of Mr. Rickey Tarfa (SAN), that his client was at the moment in a hospital in the United States, reportedly recuperating after a heart surgery.
He declined the lawyer’s request for an adjournment till January next year, expressing displeasure with the former governor’s appearance, noting that the case had lasted for 10 years.
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The judge stated that the judiciary had always been blamed for the delay in such cases.
Justice Obiozor added, “This matter was slated for re-arraignment today; and I have not found any justification for the absence of the accused persons before this court to take their pleas.
“There must be an end to litigation. The charge before me was filed in 2007 and it is now 10 years.
“In the peculiar circumstances of this case, and particularly in the absence of any convincing explanation on the absence of the defendants before this court today, it is hereby ordered that a bench warrant be issued against the first and second defendants as well as a summon for the sureties to show cause.
“Consequently, this case is adjourned until December 14 for further proceedings.”
When the case was called for hearing on Monday, the prosecuting counsel for the Economic and Financial Crimes Commission, Mr. Kelvin Uzozie, had noted that the matter was scheduled for the re-arraignment of Nnamani and Anyaogu but explained that they were absent.
He then applied that the judge should issue a bench warrant against them.
“I humbly apply that bench warrants be issued against the first and second defendants and their sureties,” Uzozie pleaded.
But Shamsudeen urged the judge to decline the application for the bench warrants, saying his office had been unable to reach Nnamani in the US or his family since last Thursday that the matter came up afresh in court.
“I was reliably informed that the defendant had a heart surgery last month, and we wanted to get a medical report but unfortunately, we could not,” Shamsudeen added.
He argued that the defendants’ absence in court was not deliberate, stating that they had regularly attended their trial before Justice Mohammed Yunusa, who was handling the case earlier.
But the judge, who noted that the case came up last in 2015, asked the lawyer why Nnamani stopped attending trial even before his heart surgery last month.
Shamsudeen told the judge that some of the companies, charged alongside Nnamani and Anyaogu, had entered into a plea bargain with the Federal Government.
He said though Nnamani and Anyaogu pleaded not guilty, Nnamani had interest in the companies that entered into a plea bargain and forfeited their assets, adding that Nnamani’s ill health was part of the reasons for the plea bargain.
Justice Obiozor however said since Nnamani was being tried in his personal capacity and was not affected by the plea bargain entered into by the companies, there was no justification for his absence in court.
He stated, “A defendant may be guilty or not guilty but the law requires such a defendant to appear and stand his trial, and the sole duty of the court is to do justice.
“You are asking for an adjournment till January when this case has lingered on since 2007 which is almost 10 years.
“Justice, as we all know, is a three-way traffic and once it is lagging, you blame the judiciary.
“This is not a case of more haste and less speed; no, I won’t allow that in my court. This is a 2007 charge and up till now, we are still talking of plea.”
The EFCC lawyer, Uzozie, also countered Shamsudeen, saying the photograph he brought to court, to prove that Nnamani was bedridden in a US hospital, had been in circulation since 2014.
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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