Business
Ex-NSA, Dasuki fails to appear in court over N32 billion fraud
Alleged refusal by the erstwhile National Security Adviser, NSA, Col. Sambo Dasuki, retd, to appear in court on Wednesday, stalled hearing on the 19-count money laundering charge the Economic and Financial Crimes Commission, EFCC, preferred against him and four others. The anti-graft agency had in the charge it filed before an Abuja High Court sitting at Maitama, alleged that Dasuki connived with the erstwhile Director of Finance in the Office of the NSA, Mr. Shuaibu Salisu and a former Executive Director of the Nigerian National Petroleum Corporation, NNPC, Aminu Baba-Kusa, and diverted public funds to the tune of N32billion. Two companies- Acacia Holding Limited and Reliance Referal Hospital Limited, which allegedly served as conduit pipes through which the fund was allegedly siphoned from accounts the office of the NSA operated with both the Central Bank of Nigeria and other financial institutions, were also joined as defendants to the charge. Former NSA, Sambo Dasuki. The prosecution insisted that the N32bn was distributed to delegates that attended the Presidential Primary Election the Peoples Democratic Party, PDP, held in Abuja, a process that saw the emergence of ex-President Goodluck Jonathan as the sole candidate of the party.
Trial Justice Hussein Baba Yusuf had on February 8, okayed full-blown hearing to commence on the matter, even as he gave EFCC the nod to produce its witnesses. Meanwhile, at the resumed sitting on Wednesday, EFCC lawyer, Mr. Rotimi Jacobs, SAN, told the court that the former NSA who has been in detention since November 3, 2015, refused to be brought to court. “My lord, yesterday (Tuesday) the 1st defendant was notified that this matter will come up today (Wednesday) for hearing and that he should prepare. “However, this morning, the 1st defendant refused to come to court on the ground that his lead counsels Mr. J. B. Daudu, SAN, and Ahmed Raji, SAN, will not be in court. “We persuaded him to at least come to court first but he refused and insisted that he cannot be abducted. He said that nobody can ad but and bring him to court”, Rotimi added. He argued that section 267(2) of the Administration of Criminal Justice Act, ACJA, 2015, allows the court to commence hearing on a case against a defendant who is in custody, so far such person is permitted to have unfettered access to his lawyers. “I asked the DSS whether any of his counsels ever made any attempt to see him and they said none of his lawyers ever did. My lord I submit that it is not the law that once a defendant is in custody his trial cannot go on. That is the misconception that the defendant has been given out. “This recent action is a deliberate game-plan by the defendant and his counsel to ensure that this trial does not go on today. My witnesses are here and ready to testify. The blatant refusal by the defendant to appear in court amounts to misconduct”, Jacobs insisted. Nevertheless, the lawyer who announced appearance for Dasuki, Mr. Wale Balogun, told the court that he was not aware of any of the allegations the prosecution raised against his client. He contended that the onus was on the prosecution to produce the defendant who has been in its custody, in court for trial. ”We are not in custody of the 1st defendant, they are the ones that have him in custody. We are not ordinarily allowed to see him, so there is no way we can confirm all the allegations. “It is elementary requirement of law that the defendant must be present during his trial, the prosecution has not made any application for his presence to be excused. The allegation the prosecution raised are very serious. He said someone told him, that DSS officer ought to have deposed an affidavit. “The learned silk cannot give evidence from the bar. His allegations should have been supported by an affidavit duly deposed before this court”, Balogun argued. Similarly, counsel to the other defendants agreed with Dasuki’s lawyer that EFCC ought to have backed the allegations with an affidavit evidence.
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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