Business
How Heritage Bank, MTN Officials defrauded customers of N150 million
For one of the newest entrants into the Nigeria’s banking industry, Heritage Bank Plc and embattled telecommunications firm, MTN Nigeria , these are not the best of times as the duo has continued to swim in the sea of controversies. And as it stands, the bank and the telecoms outfit are fast becoming safe havens for fraudulent officials.
Reports available to TheIcon indicate that officials of Heritage Bank, which came into existence under a new name just a few years ago, is currently on the top watch of the Economic and Financial Crimes Commission, EFCC.
In a stunning development after nearly three months of investigation, the Police Special Fraud Unit (PSFU) on Monday July 10, 2017 arrested 11 suspected fraudsters, including three Heritage Bank officials and two MTN employees over N150 million fraud.
This newspaper gathered that they were allegedly siphoning money from bank accounts using phone numbers linked to customers account obtained from shady MTN workers. Police said the gang was working across the country.
Communications giant, MTN, has been rocked by revelations about the improprieties of staff who help criminals to swap SIM cards of targeted bank customers.
The unit’s spokesman, ASP Lawal Audu confirmed the arrest at the unit’s office in Ikoyi, Lagos disclosing that staff of Heritage Bank and the MTN have secretly run an information sharing business robbing unsuspecting bank customers of millions of naira.
The fraud unit describes how scores of unknowing victims from the bank have been snookered by the bank and communications outfit.
The suspected bankers are Oyelade Shola-Isaac, 32, Osuolale Hammid, 40, and Akeem Adesina, 33, while the network service provider’s employees include Okpetu John, 29, Chukwumnoso Ifeanyi, 30 and Salako Abdulsalam, (ICT specialist), 30.
Other suspects were Ismaeel Salami, 49, Akinola Oghuan, 34, Sarumi Abubakar, 32, James Idagu, 56, and Sunday Okeke, 33. The unit spokesman stressed that they were all arrested in Lagos, Ibadan and Ilorin.
Audu noted that the job of the banker’s suspects was to provide the syndicates with information of the bank customers with funded accounts that were not into internet banking.
He said that the network provider’s suspects assist to swap the SIM cards (GSM numbers) of the targeted bank customers so that they will be unable to receive alert of any transactions on their accounts within the period that their accounts were being siphoned.
The spokesman said the suspects transferred the money siphoned into about 40 other accounts with ATMs in different other banks. Audu said that the suspects usually carry out their operations during the weekends and public holidays to evade being detected by the bank monitoring mechanisms or the owners of targeted funded accounts.
“The effort of the police team eventually paid off when the same group was holding their final meeting at eateries along Bode Thomas Street, Surulere, Lagos on the concluded plan to unleash another monumental fraud on unsuspecting customers.
“Their plan was to defraud other new generation banks between May 26 and 29, 2017. Detectives stormed the venue during which one of the major kingpins claimed to be Alhaji Ismaeel Salami and four members of the syndicate were arrested.
“Thirty-five ATM cards affixed with account numbers and passwords were immediately recovered from them.
“It was, however, revealed that this criminal syndicate usually sourced these bank ATM cards from their owners, especially among the vulnerable youths deceiving them to release their ATM cards, account numbers and passwords for eventual monetary rewards based on the amount their card receive,” he said.
The spokesman, therefore, advised members of the public to be careful of fraudster’s activities, warning them against giving out bank detains to strangers.
Audu said that the suspects will be charged to court as soon as investigation is concluded.
A police investigator said details emerged of astonishing levels of malfeasance at the MTN as regards to diverting customers calls. Speaking under the condition of anonymity she said the South African-owned telecoms company has become synonymous with fraud on the most massive (and global) of scales.
“The extent of MTN staff crimes, chronicled in detailed investigation in this case is breathtaking,” she concluded.
All attempts to speak with the spokesperson for
Heritage Bank, Mr. Fela Ibidapo proved futile as his mobile line was not reachable, while MTN Funso Aina neither picked his calls nor responded to text message sent to his mobile phone.
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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