Business
EFCC quizzes, detains Musiliu Obanikoro
A former Minister of State for Defence, Senator Musiliu Obanikoro, was on Monday grilled for several hours by the Economic and Financial Crimes Commission and where he was confronted with evidence by detectives.
Obanikoro, who had remained in the United States of America since mid-2015, went straight to the Abuja office of the EFCC immediately after his arrival in Nigeria on Monday from the US.
An aide to the former minister told one of our correspondents on the telephone that Obanikoro, who reported to the commission by 1.20pm on Monday, had not been released by 8.59pm.
A company, Sylvan McNamara, allegedly owned by Obanikoro’s sons, was said to have received N4.7bn from the Office of the National Security Adviser under Col. Sambo Dasuki (retd.) in June, 2014.
Sources at the anti-graft agency said after Obanikoro allegedly handed over N1.219bn to Governor Ayodele Fayose of Ekiti State and N1.3bn to Senator Iyiola Omisore, the then Osun State governorship candidate of the Peoples Democratic Party, he directed that about N759,384,300 should be transferred into the accounts of about six bureau de change operators.
The two bureau de change operators that received the bulk of the funds were A.A.G.B.S. Oil and Gas and North Line Limited.
While A.A.G.B.S. received N168m on June 16, 2014, North Line Limited received N835, 000 on July 14; N83,750,000 on June 17; N1,680,000 on September 3, 2014; about N2,325, 300 on September 9; N5,932, 500 on September 17 and N842,500 on July 30.
An aide to Obanikoro, who accompanied the ex-minister to the EFCC, told the commission that he visited a bureau de change operator on the instruction of Obanikoro and collected over $1m on behalf of the ex-minister and handed it over to him (ex-minister).
Obanikoro could not deny the statement when confronted with the evidence including receipts.
Sources at the EFCC told The PUNCH that Obanikoro informed them that he was ill and was on medication. He pleaded with the commission to let him go home.
He specifically told them that he had recently had a spinal cord surgery and was still recuperating.
Obanikoro was said to have arrived at the commission with a bag containing drugs, toiletries and other items.
“He has been cooperating with us. He has made useful statements but we still need him to shed more light on the main issues.
“He came with a bag load of drugs and told us that he was treating himself. We will keep him here for now,” a source in the EFCC said.
Detectives were said to have assured the ex-minister that the EFCC had a clinic and an ambulance in case of emergency.
Obanikoro was said to have insisted that the money he received was not part of the $15bn arms scam but from the imprest account, a special account belonging to the ONSA.
When contacted on the telephone, Obanikoro’s lawyer, Mr. James Onoja (SAN), told one of our correspondents that his client was cooperating with the EFCC.
Onoja said his priority was to get Obanikoro out on bail.
When asked about Obanikoro’s health, he said, “I am not a medical doctor; so, I cannot give any expert opinion on his health. He is cooperating with the EFCC now and he surrendered himself willingly to them, which shows that he has nothing to hide. Hopefully, we will be able to get him out on bail tomorrow (today).”
In a statement by his media aide, Jonathan Eze, Obanikoro commended the EFCC for its professionalism and pledged that he would continue to cooperate with the commission.
The statement read partly, “Senator Musiliu Obanikoro arrived in Abuja this morning and headed straight to the office of the EFCC. This is consequent upon an invitation sent to him by the anti-graft body, which was received on June 15, 2016, coincidentally, at a time he was pursuing a postgraduate degree in the United States.”
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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