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Governor Fayose’s accounts remain frozen, case adjourned to September 30
The Federal High Court sitting in Ado-Ekiti on Monday, failed to order the unfreezing of two accounts belonging and operated by Governor Ayodele Fayose of Ekiti State with Zenith Bank, adjourning hearing in the case involving the governor and the Economic and Financial Crimes Commission, EFCC till September 30, 2016.
Justice Taiwo Taiwo adjourned the case till September 30 on the request of Fayose’s counsel, Chief Mike Ozekhome (SAN), who sought for adjournment to be able to respond to issues raised by the EFCC in its reply to a motion on notice dated 23rd June, 2016 wherein the applicant sought an order lifting the restriction placed on Fayose’s accounts with Zenith bank .
The EFCC’s counter position was supported with 10-paragraph affidavits and a lone exhibit by the EFCC counsel, Mr Rotimi Oyedepo.
Oyedepo argued further that the EFCC had on the 29th of June received an order of the court directing the commission to appear and show cause why a mandatory order being craved by Fayose should not be granted to unfreeze the two accounts already restricted with the bank.
This was supported with 10-paragraph affidavit and nine exhibits marked EFCC 01 to 09, adding that the plaintiff and the 2nd respondent had been duly served.
The Court had on June 28 ordered the EFCC to appear before it and show cause why Fayose’s restricted accounts in Zenith bank should not be lifted.
Fayose had in an ex parte motion deposed to by Bimpe Olatemiju prayed the court to grant a mandatory order lifting the ban placed on the said accounts, describing the EFCC’s action as an infraction and brazen infringement on absolute immunity conferred on Fayose by Section 308 of the 1999 constitution.
While opening his defence at Monday’s proceeding, Oyedepo said : “We received the order of the court on the 29th of June, 2016 at our office in Lagos directing us to appear before your lordship for freezing of the accounts of the applicant in the custody of the 2nd respondent .
“We have complied with your order as a law abiding agency by filing all necessary papers and the plaintiff and the second respondent have been duly served”, he said.
Ozekhome, who confirmed the service of the papers, pointed out that he was served three minutes to the start of the hearing, which he said had foreclosed his readiness to argue the case on point of law.
“My lord, I was served three minutes to the start of today’s hearing . But glancing through this bulky document, virtually all the issues raised were issues we never touched upon.
“We don’t want to be caught by the cul de sac of the Supreme Court’s averment that evidence not denied are deemed admitted, because it is a trite law.
“It is only reasonable and proper that we have given the opportunity to traverse everything they have raised and argue and with this, they have foisted an adjournment on us”, he said.
Adjourning the suit till September 30, 2016, Justice Taiwo assured that all the pending applications and the substantive suit will be
taken together expeditiously.
The Judge, who broke the news of his vacation, which he said will make it difficult for short adjournment , suggested to the parties that the matter could be transferred to a vacation Judge in Abuja and Port Harcourt to handle, if the adjourned date seems afar, which the plaintiff’s lawyer had vehemently rejected.
Ozekhome said: “My lord, the vacation Judge may find it difficult to understand the background of the issue. You are aware of everything and we are not in a hurry. We will wait till you come back”, he said.
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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