Business
EXPOSED!! How Jonathan govt. trickishly carted away N67.2bn cash from CBN
Former President Goodluck Jonathan authorised the withdrawal of a whopping N67.2 billion in cash money from the Central Bank of Nigeria between November 2014 and February 2015 for “special services,” according to a report by PREMIUM TIMES
The two cash withdrawals were made in the build up to the 2015 general elections.
Our sources said even more ‘curious’ large withdrawals were made from the bank during the period but we were unable to obtain documents to authenticate the claims.
But highly classified documents obtained by this newspaper, Friday, showed that at least N67.2 billion were withdrawn in cash from the banks in two tranches.
Insiders at the CBN said the huge cash were carted away in bullion vans.
One of the withdrawals was made through a memo which originated from the office of the former National Security Adviser, Sambo Dasuki, allegedly based on Mr. Jonathan’s instruction.
The second memo was generated by the National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.
NAPIMS is in charge of the Federal Government’s investments in the petroleum industry.
The first memo, dated November 2014, contained a request for the withdrawal of $47 million cash out of N10 billion earmarked for release for an unbudgeted “special services”.
In the memo with reference number: NSA/366/S and titled: “Request for Funds for Special Services,” an official from Mr. Dasuki’s office had drawn the CBN governor’s attention to a previous discussion and requested the release of the said funds by the bank.
The balance from the N10 billion, the memo directed, was to be paid out in Euro, while a certain Director of Finance and Administration with the name S.A Salisu, was authorised to sign and receive the haul of U.S dollars and Euro in cash, on behalf of the NSA’s office.
“Further to our discussion, you are pleased requested to provide the sum of forty seven million United States Dollars (USD47, 000,000.00) cash out of the Ten Billion Naira (N10, 000,000,000.00) and the balance in Euro to this office for special services,” the memo read in part.
“Mr. S. A. Salisu, director finance and administration is, hereby authorised to sign and collect the amount. Please accept, Your Excellency, the assurances of my highest esteem,” the memo said.
It remains unknown what the “special services”, for which the funds were removed, are.
Our sources claim they were spent on “electioneering-related” matters. But that could not be independently verified Saturday.
The second memo, raised by NAPIMS, and dated February 25, 2015 conveyed an instruction to the director, Banking and Payment System Department of the CBN to urgently pay in cash, the sum of $289,202,382 (N57.2 billion) to the National Intelligence Agency, NIA.
“Upon receipt of this mandate, please pay urgently the under-listed beneficiary the cash amount indicated,” the memo said.
“Please debit CBN/JVCC Foreign Account No. 000000011658360 with the JP Morgan Chase, New York… and advise (sic) as soon as the payment is made.”.
The payment instruction in favour of the NIA was signed by one Okonkwo Godwin, General Manager, Finance, NAPIMS, with staff No. 18526, on February 25, 2015.
But sources from the CBN, who cannot be named because they were not authorised to speak on the issue said the funds were taken away at night with bullion vans under heavy security cover.
When contacted, CBN’s Director, Corporate Communications, Ibrahim Mu’azu, declined comment on the report.
Mr. Mu’azu said he did not have authority to speak to the media about the status of the bank customers’ transaction details.
However, a senior official, who asked not to be named, as he had no permission to speak on the issue in his official capacity, said the bank has details of the transaction.
“My brother, the report is true,” he told PREMIUM TIMES. “Every detail is on point. But, since they claimed the withdrawal was for security services, anything could have been referred to as such. Nobody knows.”
Mr. Jonathan could not be reached for comments. One of his former spokespersons said he no longer speak for the former President. Another said he was busy and could not speak on the matter.
They all requested anonymity, saying they don’t want to be associated with issues they know nothing about.
Violating the law
The withdrawals of the huge cash is a violation of Nigeria’s Money Laundering (Prohibition) Act, 2011, which Mr. Jonathan personally assented to.
According to Part 1, Section 1 of the law, “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding- (a) N5,000,000.00 or its equivalent, in the case of an individual; or (b)N10,000,000.00 or its equivalent in the case of a body corporate.”
Section 16 (d) of the Acts says anyone who makes or accepts cash payments exceeding the amount authorized under this Act shall upon conviction be liable to a forfeiture of 25% of the excess above the limits placed in section 1 of the Act.
Source : Premium times
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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