Business
Confusion On Emefiele’s Trials
Confusion On Emefiele’s Trials
The suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele is likely to face charges of illegal possession of guns and live ammunition, Channels Television reported last night.
His trial is scheduled for Lagos next week.
The Department of State Services (DSS) had said on Thursday that it had charged Emefiele to court but gave no details of the charges.
However, a Federal Capital Territory (FCT) High Court, sitting at Apo, Abuja, yesterday voided his arrest and detention.
This came 24 hours after a separate FCT High Court sitting in Maitama, Abuja had ordered the DSS to charge Emefiele to court within seven days or release him.
Emefiele, according to Channels TV, will face a two-count charge of possessing one single barrel shotgun (JOJEFF MAGNUM 8371) without licence, thus committing an offence contrary to Section 4 of the Firearms Cap F28 Laws of the Federation 2004 and punishable under Section 27 (1) (b) (i) of the same act.
He is also accused of having in his possession 123 rounds of live ammunition (catridges) without licence.
The offences were allegedly committed at No.3B Iru Close, Ikoyi, Lagos “on or about the 15th June, 2023”
Emefiele was arrested on June 10, 2023, the day after he was suspended by President Bola Tinubu.
Spokesman of DSS, Dr. Peter Afunanya, said on Thursday that the decision to charge Emefiele was in compliance with the court order.
The service had previously sought to arraign Emefiele for offences bordering on terrorism.
In February, it said preliminary investigation revealed various acts of terrorism financing, fraudulent activities perpetrated by Emefiele and his involvement in economic crimes of national security dimension.
The DSS had attempted to arrest Emefiele but a Federal High Court in Maitama, Federal Capital Territory (FCT), Abuja issued an order restraining the Service from arresting him.
This ruling, delivered by Justice M.A. Hassan, also applied to the Inspector-General of Police (IGP), the Attorney-General of the Federation (AGF), the Economic and Financial Crimes Commission (EFCC) who were listed as defendants.
The Nation gathered yesterday that Emefiele is likely to be formally charged at the Federal High Court in Lagos next week.
Multiple sources said the DSS filed the charge yesterday and it now awaits the assignment of the case to a judge for hearing.
Suits at the Federal High Court are assigned by the Administrative Judge for each division of the court.
“The Admin Judge in Lagos will probably assign the case to a judge on Monday,” one of the sources said.
Again, Court voids Emefiele’s arrest, detention, orders immediate release
In voiding Emefiele’s arrest yesterday, the Apo, Abuja FCT High Court declared that his arrest, detention and interrogation violated the subsisting judgment and orders of Justice M. A. Hassan in Suit No. FCT/HC/GAR/CV/41/2022.
Justice Bello Kawu also granted Emefiele’s prayer that the Court make an order setting aside, voiding, quashing, invalidating, and nullifying any warrant of arrest obtained or procured by the respondents, especially the DSS for his arrest, detention, and/or interrogation in connection with the allegations of terrorism financing, fraudulent practices, money laundering, round tripping, threat to national security before or from any court since the date of the judgment of Justice M. A. Hassan.
In addition, the Court granted an injunction restraining the respondents, particularly the DSS, from arresting, detaining, further detaining or proceeding against, breaching, or interfering with his personal liberty and freedom of movement or taking any other steps against him in connection with any allegations of terrorism financing, fraudulent practices, money laundering, round tripping, threat to national security before or from any court since the date of the judgment of Justice M. A. Hassan.
Also granted by the presiding judge was an order of injunction directing and mandating the respondents, particularly the DSS, to forthwith release and unfetter Emefiele from any arrest, detention, custody, interrogation concerning allegations of terrorism financing, fraudulent practices, money laundering, round-tripping, the threat to national security before or from any court because of the subsisting judgment of Justice M. A. Hassan.
Emefiele had in an Originating Motion on Notice against Incorporated Trustees of Forum for Accountability and Good Leadership, the Attorney General of the Federation, the Economic and Financial Crimes Commission, the Inspector General of Police, the DSS, and the Central Bank of Nigeria, asked the court to set aside, quash, invalidate, and nullify his arrest and detention is illegal and a nullity given the subsisting judgment of Justice M. A. Hassan delivered on 29th December 2022.
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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