Business
Governor Fayose closes down Access Bank Over Detention of Femi-Fani Kayode’s Girlfriend in Ekiti
Governor Ayo Fayose of Ekiti State today forces Access Bank to shut down its operations in the state. Mr. Fayose’s extraordinary action came after bank officials prevented the girlfriend of former Aviation Minister, Femi Fani-Kayode, from drawing funds from the flagged account.
SaharaReporters learned that Mr. Fani-Kayode’s girlfriend arrived in Ekiti and attempted to withdraw funds from an account linked to slush provided by detained former National Security Adviser, Dasuki. The account is part of the subject of the former Aviation minister’s ongoing prosecution for fraud at a Federal High Court in Lagos.
Saharareporters learned that security officials concluded that an account opened at Access Bank by one “Sonia Chikwendu Precious,” with account number 0024425113, was linked to money laundering. The account was flagged after security and anti-corruption agents determined that it was one of the several accounts into which another former minister, Esther Usman Nenadi, paid illicit funds.
When Fani-Kayode’s girlfriend arrived at Access Bank in Ekiti to withdraw funds, bank officials contacted agents of the Economic and Financial Crimes Commission (EFCC). The EFCC had earlier instructed the bank to alert security agents whenever anybody showed up to carry out transactions the account.
Our correspondent learned that Ms. Precious was with her eight-month-old baby at the time of her arrest. Our source said EFCC officials in Lagos asked the Divisional Police Officer in charge of a police station near the Ajilosun branch of the bank in Ado Ekiti to release her on bail as EFCC agents in Lagos were unable to get to Ekiti on time to take a statement from the nursing mother.
Our source said the DPO contacted Governor Fayose instead of going to the bank who then rushed to the bank to free Mr. Fani-Kayode’s girlfriend. After freeing her from the bank, Mr. Fayose then marched back to the bank premises to close down the bank, swearing that the bank would never operate in Ekiti during the remainder of his tenure as governor.
Several months ago, Mr. Fayose also humiliated Zenith Bank officials in the state, demanding that one of the bank managers go on his knees to apologize for exposing his laundering of slush funds provided for gubernatorial campaign purposes by former President Goodluck Jonathan in 2014.
In an apparent effort to gain public sympathy and whitewash Mr. Fayose’s action as well as the attempt by Mr. Fani-Kayode’s girlfriend to withdraw funds from a flagged, both the governor and the former Aviation minister issued statements claiming that the EFCC detained Fani-Kayode’s mistress along with an 8-month old baby.
EFCC sources told SaharaReporters that Ms. Precious Chikwendu was used as a front to open two fake bank accounts at Diamond Bank and 15 bank accounts at Guaranty Trust Bank to launder funds for Mr. Fani-Kayode during a time the ex-minister waxed strong as the chief propagandist for Mr. Jonathan’s re-election bid in 2015.
Mr. Fani-Kayode is currently on trial for multi-billion naira money laundering before a Federal High Court in Lagos.
Precious Chikwendu, a key player in the former minister’s money laundering operations, had used the Zenith bank account linked to Fani -Kayode to apply for her BVN. Security agents said BVN checks showed that the woman had been employed by Mr. Fani-Kayode to execute several fraudulent transactions.
In 2015, Mr. Fani-Kayode purchased a Range Rover Sports SUV for the mother of his baby. An EFCC source said the car was a likely appreciation for the woman’s role in laundering funds for him.
Mr. Fani-Kayode has a history of using females for money laundering, in 2007 he used a girlfriend of his Chioma Anasoh to launder money, specifically on June 27th, 2007 Chioma was arrested with $240,000 said to be cash belonging to Fani-Kayode.
She was arrested after boarding a plane to travel on a British Airways flight to London from the Nnamdi Azikiwe International Airport in Abuja.
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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