Business
Fresh trouble for Patience Jonathan as EFCC freezes her personal bank account
The Economic and Financial Crimes Commission has frozen Patience Jonathan’s personal account, titled ‘Patience Ibifaka Jonathan’, which is domiciled in Skye Bank Plc.
Impeccable sources within the agency told our correspondent on Wednesday that the move had become necessary due to the prima facie case established against the former President Goodluck Jonathan’s wife.
As part of investigations into alleged diversion against a former Special Adviser to ex-President Jonathan on Domestic Affairs, Waripamowei Dudafa, the anti-graft agency had frozen four companies’ accounts in Skye Bank with a balance of $15,591,700.
However, before the EFCC could arraign the four companies in court, Jonathan’s wife deposed to an affidavit, claiming that the money belonged to her.
Despite Patience’s claims, however, the EFCC arraigned the four companies –Pluto Property and Investment Company Limited; Seagate Property Development and Investment Company Limited; Trans Ocean Property and Investment Company Limited; and Globus Integrated Service Limited.
The companies pleaded guilty and the EFCC had already begun moves to ensure that the money is forfeited permanently to the Federal Government.
A detective at the EFCC told The PUNCH, “Recall that we had frozen the four companies’ accounts, which Patience Jonathan later laid claim to. We have been able to establish that the money was part of proceeds of crime.
“She had no evidence that the money in the four accounts belonged to her. All she had were platinum debit cards, which she was using to withdraw money and the cards are not evidence of ownership.
“Initially, we had traced $5m to her personal account, which we did not touch but I can confirm to you now that the $5m account, bearing Patience Jonathan’s name, has also been seized since she claimed that the monies in the company accounts and the one in her personal name all emanated from the same source.
“We are tracing other accounts belonging to Patience. It will interest you to know that despite all the letters she has written, she has never stated where she got the money from. She claimed to be a housewife and yet she has $20m.”
Patience had recently written a letter to the acting Chairman of the EFCC, Mr. Ibrahim Magu, where she claimed that she needed the money for her medical treatment abroad.
She had also sued Skye Bank for N200m, accusing the bank of freezing her accounts unjustly.
In a letter written by her lawyers, Granville Abibo (SAN) and Co, Patience said, “It is noteworthy to emphasise that the said accounts, which were in US dollar denomination, were card-based accounts and our client is the sole signatory of these accounts.
“The said bank officials also assured our client that they will change the account names accordingly and issue to our client new credit cards for the said accounts which was not done despite repeated demands.
“However, our client has been operating the said accounts using the cards for her medical bill payments and purchases for her private purposes without any let or hindrance.
“Our client was therefore surprised when the said cards stopped functioning on July 7, 2016 or thereabout. Our client immediately thereupon contacted Skye Bank Plc through our solicitors. It was only then that the bank officials informed our client that the said accounts were placed on a ‘No Debit Order’ following investigations and instructions from your commission and this is without notice to our client by either the bank or the commission.
“It is in the light of the foregoing that we urge you to use your good offices to vacate the ‘No Debit/Freezing Order’ placed on the said accounts.”
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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