Business
How $1million cash was recovered from Ex-Chief of Defence staff , Alex Badeh’s wardrobe
A Prosecution witness in the ongoing trial of ex- Chief of Defence Staff, Alex Badeh on Tuesday told the Federal High Court, Abuja that his team recovered one million dollar cash from Badeh’s house.
Mr Goji Mohammed, the 15th witness to testify in Badeh’s trial, said he was part of the EFCC team, led by Mr Isyaku Sharu, that conducted the search in Badeh’s house in Asokoro, Abuja.
The News Agency of Nigeria (NAN) reports that the ex-Chief of Defence Staff is standing trial on money laundering offence he allegedly committed while serving as Chief of Air Staff.
The witness also said the team recovered some bank documents, land documents, tax documents and few other instruments.
Mohammed further said the commission received intelligence report on another property located at No. 6 Ogun River Street Maitama, which was found to be Badeh’s property.
He said they accessed the building through the balcony by climbing, adding that they invited the security man of the neigbouring house to witness the search.
“When we climbed in, we were in the living area upstairs so we used the stairs and went to the living area downstairs and started our search from there.
“ When we got to the biggest room in the house, we saw a wardrobe, on opening it, we saw a bag and on opening it contained foreign currency.
“We saw 16 bundles of 50 US dollars notes and two sealed bundles containing 100,000 US dollars which we estimated to amount one million US dollars.
“On further counting the money in our office we discovered it was exactly one million dollars,’’ he said.
He said they also found a red box which he could not precisely remember what was inside, adding that they also found two way bills of furniture supplied to the building.
When the prosecution sought to tender the search warrant, the red box and the way bill as evidence, the move was objected to by the defence team.
Mr Lasun Sanusi (SAN), counsel for the defendant objected to the admissibility of the items, saying they were purportedly obtained from an illegal search.
Sanusi cited Section 115 of Administration of Criminal Justice Act (ACJA) 2015, which states that the occupant of a place searched or a relation shall be at the house and see the items seized.
He said no provisions of law permitted state security agents to conduct search by looking for strangers on the street to witness it.
Sanusi said the law gave the owner of the property the impetus to nominate a representative to witness such search if he or she could not be present.
“My Lord, the witness had earlier confirmed that when they were to conduct search on the defendant’s house at Asokoro, they took him along to witness the search, why was this other one different.
“It is on record that the defendant was still in detention when the purported search was done in his house at Maitama which is a clear violation of the law.
“My Lord, we are not against the court admitting the search warrant as evidence but we vehemently oppose to the admissibility of the other items,’’ he said.
On his part, the Prosecution Counsel, Mr Rotimi Jacobs (SAN), argued that Section 149 and 150 of ACJA which deals with house search warrant permitted the presence of two witnesses.
“This permission covers the person to whom the warrant is addressed and a neighbour within the neighbourhood the property is located,’’ he said.
According to him, the provision allows the person to whom warrant is addressed to look for a witness in the neighbourhood.
He, therefore, argued that no provision of the law compelled the property owner to be present before a search warrant can be executed.
Justice Okon Abang, however, adjourned the matter till Feb. 22 for continuation.(NAN)
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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