Business
EFCC arrests Gov. Fayose’s Bestfriend over involvement in N4.7bn fraud + Why Fayose might be arrested soon
The Economic and Financial Crimes Commission has arrested a man, whom it described as the best friend of Governor Ayodele Fayose of Ekiti State.
The suspect, Mr. Abiodun Agbele, it was learnt, allegedly helped Fayose to handle over N1.219bn during the Ekiti State governorship election in 2014.
The money was said to have been part of the N4.7bn that was siphoned from the imprest account of the Office of the National Security Adviser and deposited into the bank account of a company belonging to the sons of a former Minister of State for Defence, Musiliu Obanikoro.
The PUNCH had reported last week that the EFCC alleged that Obanikoro conveyed about N1.219bn on an aircraft and handed it over to Agbele for onward delivery to Zenith Bank.
Agbele was said to have collected the money on behalf of Fayose and paid the money into the account of Fayose, who was the governorship candidate of the Peoples Democratic Party at the time.
According to five Zenith Bank deposit slips made available to our correspondent, Agbele made deposits of over N900m into his own company account and Fayose’s own.
On June 26, 2014, Agbele made a deposit of N137m into a Zenith Bank account, with Account Number 1003126654, belonging to Ayodele Fayose with teller number 0556814.
One of the bank tellers used in paying money into Fayose’s account by his best friend, Abiodun Agbele.
On June 17, 2014, Agbele also deposited N100m into Account Number 1010170969 belonging to Spotless Investment Limited, a company owned by Fayose and his wife, Feyisetan.
On June 18, 2014, Agbele also made a deposit of N219, 490, 000 into the account of De Privateer Limited with Account Number 1013835889 and teller number 0505890. The company allegedly belongs to Agbele. On June 19, 2014, he also made a deposit of N300m into the same account while a third deposit of N200m was made into the same account on June 23, 2014.
“Agbele is an associate of Fayose. We are currently looking for him because he has a lot of explanations to make. He held some of the money in trust for Fayose,” the EFCC source said.
In his reaction, Fayose admitted that Agbele was a trusted friend who paid money into his account.
He, however, maintained that the money came from the management of Zenith Bank and private donations.
He said, “The management of Zenith Bank, which majorly funded my election, called me to a meeting where I was assured that the fund would be provided for my election. I was asked to nominate a trusted ally to be related with and I nominated Mr. Abiodun Agbele.
“All the payments into Abiodun Agbele’s account domiciled in Zenith Bank were directly from Zenith Bank. In actual fact, the account was opened by Zenith Bank hurriedly at that time and Abiodun Agbele’s identity card, which ought to have been collected before the account, was opened, was only collected last week in the bank’s desperation to perfect the account obviously after submitting to the intimidation and harassment of the EFCC.
“Most of the funds posted into Agbele’s account were through the Ibadan, Akure and Lagos branches of the Zenith Bank and sometimes, they brought cash.”
Agbele’s account with Zenith Bank has since been frozen by the EFCC as well as those of Fayose and his company.
In a statement on Monday by Fayose’s Special Adviser, Public Communications and New Media, Mr. Lere Olayinka, the governor condemned the arrest of his friend.
Fayose maintained that his campaign was funded by Zenith Bank and not the ONSA.
The statement read in part, “Our attention has been drawn to the arrest of Mr. Abiodun Agbele by the EFCC and we wish to say that we encourage the EFCC to carry out its investigations without politics, as it is being done now.
“It must be pointed out that at no time was Mr. Abiodun Agbele invited by the EFCC, and if he had been invited, he would have honoured the invitation. Therefore, there is nothing to celebrate in his arrest if it is not political.
“As already pointed out, Governor Ayodele Fayose does not have anything to do with any fund from the ONSA. He has stated how his election was funded and Zenith Bank that he said funded his election has not denied doing so.
“Also, the person said to have been arrested is an adult and will defend himself when the time comes. Subjecting him to media trial, as the EFCC has been doing since the inception of this government, will only give our adversaries momentary sense of joy.
“We await reports of the EFCC investigations and we hope that the anti-corruption agency will be civil enough to allow an open and transparent trial in a competent court of law and not media trial just to get at Governor Fayose because of his uncompromising stance against the misrule of the All Progressives Congress/Buhari-led Federal Government.”
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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