Business
FACT AND FIGURES : The Untold Stories about Innoson CEO Arrest, details of transaction with Gtbank
So much is being said of the arrest of Innoson Boss, Innocent Chukwuma, yet there has been very little or no solid information on the matter. As a result, a lot of what is being spread in the news and on social media, are more false than fiction. Here, for example, are 4 myths about the Innoson saga.
1 700 Million Naira Excess Charges.
Many on social media and elsewhere have been quick to spread the story that GTB stole 700 million from Innoson. Research shows this to be wholly false. In fact, nowhere is the sum of 700 million Naira even mentioned in the Innoson case. What is actually the case is that after being found culpable of forgery and other fraudulent crimes by the police, Innoson approached the Bank and pleaded for debt forgiveness. The bank, out of goodwill, accepted his plea and agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account. Innoson also promised to pay back, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Instead of honoring this agreement, Innoson filed a new case at the Federal High Court, Awka claiming that the bank had debited his account with N559,374,072.09, the exact sum that the bag had forgiven him in default charges. He has continued ever since, to claim falsely that the bank owes him.
2 Tribe is Involved
Many are also spreading rumours that the case against Innoson is tribalistic. This is a dangerously false narrative. The case against Innoson has nothing to do with where he comes from; it is simply a case of a debtor, in this case, Innoson, trying to avoid repaying the money he borrowed and trying to evade the case of forgery against him (See Story Here). It’s begs common sense to assume that a bank, in this case GTB, which was not be accused of tribalism when it gave Innoson the loan, would now be accused of such now that it is trying to recover funds. These funds, by the way, are owned by customers, many of who undoubtedly are of the same tribe as Innoson.
If GTBank is tribal how come they and not Fidelity or Diamond Bank gave innoson money when he needed help. If they played the tribal card, they probably wont be facing all this mess.
The Saga is Political
Some have tried to link the Innoson Saga to politics, but the fact of the matter is that it is entirely about business and breach of trust. It is important to note that the case between GTB and Innoson began more than seven years ago, that is, before the ruling APC was even formed as a political party.
To give a little background on the matter, GTB loaned Innoson N2.4bn in 2009 to import spare parts for his company. Under the loan terms, GTBank was the exclusive owner of the Imported Goods. The condition in the agreement between the Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson, was the payment of 25% of the value of each Letter of Credit transaction by Innoson. Later, Innoson approached the Bank requesting the release of the shipping documents without payment of the agreed 25%. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions. Innoson then fraudulently cleared all the imported Goods by forging the signatures of 4 (four) staff of the Bank as well as the Bank’s stamp on all the shipping documents. The Bank reported the matter to the Nigeria Police, and the police confirmed that Innoson deliberately set out to defraud, steal from the Bank. And this brings us to the fourth myth of the saga, which is that the case is a civil matter.
It is Civil Case
Another claim out there is that the Innoson case is a civil matter which neither the EFCC nor the Police should get involved. Again, this is false. The Innoson saga is a criminal matter because he has been found culpable by the police of deliberately setting out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. On October 12, 2017, the Police through its Charge No. FHC/L/565C/2015- filed an application for the issuance of bench warrant against Innocent Chukwuma; Charles Chukwuma and Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to Decemeber 8, 2017 for arraignment/or hearing of motion.
To further stall the criminal proceedings against him and the Bank’s bid to recover its funds, Innoson has been trying to distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt. This includes propagating false and inciteful stories against the bank through frivolous and outrageous claims
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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