Business
Exposed!!! How Dasuki asked me to pay N400m into Olisa Metuh’s Account – Banker
PDP National secretary, Olisa Metuh is currently remanded in prison for receiving N400m from Ex-NSA, Sambo Dasuki,which was meant for arms procurement.
In the course of his court hearings, witnesses have emerged against him and have confirmed that he received the said amount from Dasuki.
During the last hearing, a witness testified before the Federal High Court in Abuja revealing that the spokesman of the Peoples Democratic Party, Olisa Metuh, had N400 million paid into his account on November 24, 2014 by the office of a former National Security Adviser, Sambo Dasuki.
The Economic and Financial Crimes Commission is prosecuting Mr. Metuh for allegedly receiving N400 million from Mr. Dasuki.
The money is believed to be part of an alleged $2.1 billion Mr. Dasuki is accused of diverting while he was NSA.
The witness, Eno Mfon Effiong, a staff of Diamond Bank, is the fourth Prosecution Witness ((PW4) to testify before Justice Okon Abang on the case involving Mr. Metuh.
She is a customer relations manager at the bank, with the responsibility of attending to customer requests, packaging credits facilities, and managing customers’ accounts.
Ms Effiong informed the court that she managed Dextra Investment Limited account since Feb 10,2014 when the company opened the account at her bank.
She also told the court that on November 24, 2014, the sum of N400m was paid into the account of Dextra investment’s Limited from the office of the NSA.
She said the company operated five accounts and that Mr. Metuh once demanded statements of his account, which was delivered to him in his residence.
At that point, Mr. Metuh’s lawyer, Emeka Etiaba, objected to the presentation of some documents by the witness.
Mr. Itiaba told the court that one of the documents, a letter, did not relate to the statement of the witness.
He further argued that the witness is not the originator of the documents presented and should therefore not testify regarding it.
Mr. Itiaba prayed the court to discountenance the documents tendered by the witness, saying most of them did not comply with section 84 of the Evidence Act.
Responding, however, the prosecution counsel, Sylvanus Tahir, urged the court to dismiss the objection for lack of merit, stating that its aim was to mislead the court.
Mr. Tahir’s prayer was upheld by Justice Abang.
Earlier, the judge turned down the request of Mr. Itiaba who prayed the court to stay proceedings on Mr. Metuh’s substantive suit, following the absence of the defendant’s lead counsel, Onyeachi Ikpeazu.
Mr. Itiaba had told the court that Mr. Ikpeazu could not make it to the session, as he was attending to an election matter, which was time bound at the Supreme Court.
But in his submission, Mr. Abang held that Mr. Ikpeazu failed to inform the court in writing about his absence.
The Judge said Mr. Itiaba cannot be allowed to make such an appeal through the backdoor for Mr. Ikpeazu.
He therefore ruled that the hearing continue after the ruling on Mr. Metuh’s application for the variation of the terms of his (Mr Metuh’s) bail condition.
As part of his ruling on the application for the variation, Mr. Abang adjusted an earlier decision he made on the expected location of assets belonging to Mr. Metuh’s sureties.
Mr. Abang, who had earlier ruled that the sureties must have assets only in Maitama area of Abuja, said the sureties could now have assets from any part of the Federal Capital.
He however added that no further appeals would be considered on the variation of bail terms, stressing that the defendants had the prerogative of appealing the decision of the court in a higher court if they were not satisfied by it.
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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