Business
Former Footballer, John Fashanu allegedly In Jail over Land fraud
John Fashanu was left in a Nigerian jail pen with 200 others after being held over an alleged dodgy land deal, police have revealed.
The former Wimbledon and England star spent two days locked up as officers investigated claims he acted as a fixer in a scam to sell plots that were not for sale.
He was arrested at his home on the Sun City Estate, in the capital Abuja, and taken in on suspicion of “criminal conspiracy”, detectives said.
It is alleged that earlier this year the former I’m a Celeb favourite acted for a friend looking to buy land.
The pal claims he was told by Fashanu, 54, of two contacts who would help with buying “forgotten lands” – plots owned by chiefs that the state were unaware of.
He was allegedly given £23,000 in cash to fix the deal with his “boys”. But when the new “owner” went to claim his land, it is alleged he found it not for sale and not in the hands of local chiefs.
Fash, who once fronted Nigeria’s version of Deal or No Deal, was taken before a superintendent last week to explain himself before being left in a packed pen, police sources said.
Officers are now looking for the other two men said to be involved. It is believed they are still in Nigeria, where the average yearly wage is £1,600 (660,000 Nairi).
Fashanu has agreed to pay the money back, although he denies wrongdoing.
A source close to the former Gladiators presenter said last night: “This is a business deal between friends that has gone south and the police were asked to basically mediate.
“It will all be sorted very quickly. It was just a business deal.”
It is understood Fashanu was released after surrendering his British passport and agreeing to pay back a first instalment of the money.
Sources said he looked to sell some of his cars to raise the cash as he waited for funds from his numerous business interests to clear in his bank account.
The London-born celebrity’s Nigerian barrister Hyp Egbune confirmed he had this week paid a second instalment of the money owed.
He said: “The matter is being resolved. He won’t be charged to court is my understanding.
“We are repaying the money and that should settle this matter.
“The person who made the complaint has been a mutual friend for quite a number of years and we are more interested in keeping that relationship so we are making amends. We hope to do that as soon as we can. It is quite a lot of money so we hope to do it as soon as we can. We want to have this resolved.”
Nigerian police Deputy Inspector General Hyacinth Dagala said: “John Fashanu was arrested on July 17 in connection with an allegation of criminal conspiracy and obtaining the sum of N9,550,000 [Nigerian Naira] under false pretence.
“He was granted administrative bail on July 18 but because of his inability to produce the requisite surety on that day, he remained in detention until July 19 when he was released.”
Fashanu is a respected businessman and philanthropist, who now has the grand title of Ambassador in his adopted nation. Once said to be worth upwards of £6million, he spends his days in Nigeria cutting business deals, hanging out with politicians and fighting to stop people trafficking.
He and third wife, TV personality Rachel Bakam, are regulars on the social scene at glitzy parties.
Last year, the couple were given chieftaincy titles. Fashanu became Ofia-Afulu-Agu of Okwe Kingdom (meaning The Forest that Contains the Lion) and his wife Ugo-Di-Namba of Okwe Kingdom (Beautiful Eagle Queen from Another Kingdom).
Fash has been a UN ambassador for Nigeria, a Unicef goodwill ambassador for 53 African countries and a former board member of the Nigeria Football Association.
During his playing days, in 1997, he was acquitted in a high-profile match-fixing trial along with goalkeepers Bruce Grobbelaar and Hans Segers. In 2015 he was arrested over an unlicensed gun found in his Nigerian house during a police raid. He ended up paying a fine.
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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