Business
Governor Fayose aides arrested for stealing Over N15Million from Government house
Two aides of the governor of Ekiti state, Ayo Fayose, and another man were arraigned at the magistrates’ court by Ekiti state police for allegedly stealing from the Government House.
The alleged thieves are Temitope Bamidele, Sunday Afolabi and Shuaibu Amidu. Bamidele and Afolabi are domestic aides of Governor Ayo Fayose.
The men were arraigned for the alleged theft of $50,000 purportedly belonging to Fayose’s personal assistant Sunday Omosilade.
In a two-count charge of stealing and conspiracy, the police said that on December 29, Bamidele and Afolabi conspired to steal $50,000 in the Government House “belonging to Omosilade”.
The police prosecutor, Sergeant Caleb Leranmo, told the court that the accused committed the offence on December 29, 2016, at the Ekiti state Government House Lodge in Ado-Ekiti.
Leranmo alleged that the defendants conspired to commit felony by stealing: “Thereby committing an offence punishable under Section 516 of the Criminal Code, Cap C16, Law of Ekiti state, 2012.”
The prosecutor accused the trio of stealing $50,000 belonging to Omosilade.
The prosecutor also alleged that among the accused, Amidu, on December 30, 2016, at the Mugbagba area of Ado Ekiti, became an accessory to one Sunday when he changed $20,000 to naira denomination for him.
The Chief Magistrate, Adesoji Adegboye, ordered the trio to be remanded in prison custody till their bail application will be heard. He adjourned the case till January 16, 2017.
According to a report by The Nation, unconfirmed reports said a woman suspected to have links with a senior Government House official allegedly stole N75 million from the Government House.
The allegation has been denied by the governor’s Special Assistant on Public Communications and New Media, Lere Olayinka.
Olayinka accused All Progressives Congress (APC) members of fabricating the story to discredit the governor.
An anonymous source allegedly said: “Despite denials by government officials that the mistress did not steal N75 million, we can tell you that some domestic staff in the Government House, including a steward, cook and gardener, are in police custody.
“The governor’s personal assistant on Domestic Matters, Sunday Omosilade, was demoted over the matter.
“The Afao-born PA narrowly escaped being sacked. He was redeployed to the office of the wife of the governor as a lesser officer.
“With this, more facts have emerged about the stolen N75 million. The money was actually in British Pound Sterling.
“The total amount was £1,100,000. Of this amount, £150,000 equivalent of N90 million was stolen by the woman together with a steward, cook and gardener.
“Of this amount, the woman made away with £125,000 equivalent of N75 million, leaving the balance of £25,000 for the steward, gardener and others to share.
“It was part of this £25,000 that was later found, hidden in a flower bed in the garden of the chalet where she stayed.
“It was the steward who was caught at a bureau de change where he was trying to change his own share to naira.
“When he was nabbed, the steward took security operatives to where the balance was kept.
“He also mentioned all those involved in the deal who are in police custody.
“The young lady in question has reportedly relocated.
“The senior Government House official ordered her house and those of her parents to be vandalised by thugs.
“The poor parents said they don’t know the whereabouts of their daughter and that the last they heard about her through her friends was that she had relocated outside the country.”
Meanwhile, some civil society organizations have called on the federal government to arrest the Ekiti state governor Ayodele Fayose for his alleged role in the arms deal scandal.
The CSOs – a coalition of five anti-corruption organizations under the aegis of Corruption and Democracy Watchers in Nigeria – said the governor must first be impeached and then arrested.
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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