Business

Embattled Acting EFCC Chairman, Ibrahim Magu in fresh trouble over ownership of Multi-million naira Mansions in Abuja

Published

9 years ago

March 25, 2017

Acting EFCC Chairman, Ibrahim Magu is in for another fresh trouble after being rejected by the senate as the EFCC Chairman. The Embattled Acting chairman, according to reports is currently being probed over two mansions in Abuja

It was learnt that ongoing discreet investigation is being carried out on the true ownership of two mansions on different streets in high brow Maitama area of Abuja. The buildings are allegedly linked to his wife. A highly placed source told Saturday Sun that the houses being investigated are located in Danube Street, Maitama and Missouri Street, off Colorado Close, Ministers Hill, also in Maitama. The two properties were said to have been bought last year.

It could not confirm the veracity of the claims being investigated. It was also not clear whether it was the Department of State Services, DSS that was carrying out the probe or a team of private investigators hired by forces opposed to Magu. It is however, an open secret that the DSS had launched series of clandestine investigations into Magu’s activities in a bid to provide the Senate, a security report on him.

The source who declined to provide further details about the probe was however, certain that the investigation may lead to Magu’s arrest, a claim that suggests an official footprint. “The fresh probe of Magu’s alleged hidden assets was largely responsible for the latest DSS letter to the Senate reaffirming its earlier indictment that the EFCC boss lacks integrity”, the source added. The EFCC boss has been having running battles with powerful forces opposed to his leadership of the foremost anti-graft agency, especially the DSS, which twice indicted him for failure to pass integrity test in two security reports. The Senate also had on two occasions rejected his nomination as the substantive Chairman of the Commission.

Magu however, has consistently maintained his innocence in the series of allegations against him, calling them cheap blackmail by those desperate to slow down the tempo of the nation’s anti-corruption war.
His denial of wrongdoing notwithstanding, the EFCC Chairman has another issue to contend with in the Senate. This has to do with the refusal of the Senate Committee on Foreign and Local Debts to approve a $200 million World Bank loan for the anti-graft agency and about six other MDAs under the Economic Reforms and Governance Project, ERGP. The Committee, headed by Senator Shehu Sanni, it was gathered, has since the approval of the loan last year by the Federal Government, been tossing officials of the Commission up and down. The development, it was also learnt, may further hamper the work of the agency, which relies more on such funds for trainings, ICT projects and similar expenditures that have direct bearing on the mandate of the Commission.

When contacted, Wilson Uwujaren, EFCC spokesman said he was not aware if any security agency was investigating Magu. “I don’t know what you are talking about. I don’t know the motive behind this question and I can’t say anything because I don’t know what you are talking about, please spare me because I don’t know,” he quipped.

A source in the EFCC however said that any fresh allegation over ownership of property, against Magu is just a blackmail. The official said, “Magu has no hidden property anywhere, they are just going on a wild goose chase, which will fail just like the DSS had gone round but couldn’t bring out any concrete thing against the Chairman (Magu).”

Magu had in response to the query President Muhammadu Buhari ordered to be served him over allegations in the DSS report, queried the sincerity and motive of the Secret Service, which accused him of integrity deficiency and professional misconduct.

The DSS allegations blocked Magu’s confirmation as the substantive chairman of the EFCC, twice, as the agency repeatedly advised the Senate to reject his nomination because; “he has failed the integrity test and will eventually constitute a liability to the anti-corruption drive of the present administration.”

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

3 days ago

February 19, 2026

Sahara Weekly

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.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

4 days ago

February 18, 2026

Sahara Weekly

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.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

5 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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