Business
How Former DG of NIMASA stole N754Million – Witness Reveals
Chukwudi Orji, an EFCC investigator, on Monday at an Ikeja High Court revealed in graphic details how a former Director-General of NIMASA and five other staff members allegedly stole N754 million belonging to the agency.
Mr. Orji made the revelations while testifying at the ongoing trial of Patrick Akpobolokemi, the ex-DG of the Nigerian Maritime Administration and Safety Agency, NIMASA and six others on a 13-count charge bordering on stealing and fraud.
Mr. Akpobolokemi’s co-defendants are Ezekiel Agaba, Ekene Nwakuche, Governor Juan, Vincent Udoye, Adegboyega Olopoenia and a company — Gama Marine Nigeria Ltd.
Mr. Orji told the court: “Vimsat Committee, a committee of NIMASA had opened an account in Zenith Bank, this account only had two inflows.
“On August 29, 2015, N498.4 million was paid into that account by NIMASA and on May 20, 2015, N318 million was also paid into that account by NIMASA.
“This gave the account a total inflow of N816.2 million. On September 29, 2015, there was a transfer of N11 million into the account of one Lakewood Garden Ventures Ltd from the Vimsat Committee account.
“The money was never used for research work as it was mandated to be, this money was part of the sharing formula of the defendants.”
Mr. Orji, explaining the role of Vincent Udoye, one of the defendants in the alleged scam, said: “On March 6, 2015 N7.8 million was transferred from Vimsat account into the Diamond Bank account with number -0020802815 of the fifth defendant (Udoye).
“On June 4, 2015, he transferred N5 million from that account into another Diamond Bank account with number 006567038 which was also operated by him.
“The N5 million transferred was fixed on the same day and was liquidated on September 2, 2014 and he was paid an interest of N24,000.
“The N5 million is still in his account as at the time the EFCC asked for his statement.
“He also transferred N2.5million into the bank account of Adegboyega Olopoenia (the sixth defendant).
“The N7.8 million disbursed by the defendants was part of funds gotten from Gama Marine Nigeria Ltd but the funds were originally from the account of the Vimsat Committee in Zenith Bank.
“All these transfers were done in a bid to conceal the source of the funds.”
Throwing more light on the role of Gama Marine Nigeria Ltd in the alleged fraud, Mr. Orji said Adegboyega Olopoenia (the sixth defendant) was a signatory to the account of Gama Marine.
According to him, N10 million was transferred to Vincent Udoye in six tranches from that account by Olopoenia totalling N60 million.
“It was conceived to be used under the guise of award of contract to Gama Marine but there was no contract.”
The investigator also told the court how another fake company called Arrow World Consulting Ltd was used to transfer money from NIMASA by the defendants.
“In relation to Arrow World Consulting, the third (Ekene Nwakuche) and fourth (Governor Juan) defendants were the signatories to the account.
“Our findings were that the accounts of Arrow World Consulting received the bulk sum from the Vimsat Committee account on Feb. 12, 2015.
“They received N230 million and they received another N17 million from the account on May 6, 2015.
“Nwakuche and Juan used fictitious names while operating the Arrow World Consulting account; Nwakuche operated as Philip Emesike and Juan operated as Udoh Emakop.
“When we invited Nwakuche to our office, he confessed to be using the alias Philip Emesike saying he used the name in bank documents.
“He explained to me and my team embers that he used to sign as Emesike and he demonstrated to us how he used to sign the signature.
“N70 million was sent by Nwakuche into the bank account of Dorcas Nwakuche and N70 million was paid into the bank account of Kadice Oil and Gas Ltd.
“The third and fourth defendants also made various transfers to different accounts from the Arrow World Consulting account,” he said.
Orji explained to the court how the EFCC uncovered the forged documents used to carry out bank transactions by Arrow World Consulting.
“Arrow World Consulting did not do any work for NIMASA, I personally led the team to visit the company’s address at 1004 Housing Estate, Victoria Island.
“I met the younger brother of the original owner of the company who was residing at the premises, I was told that the owner of the company had travelled out of the country.
“Shakespeare Solicitors, the lawyers to the real owner of Arrow World Consulting came to the EFCC office with a power of attorney and made a statement.
“The lawyers commenced an action at the Ikeja High Court against Zenith Bank in which judgment was given in favour of the real owner of Arrow World Consulting.
“The real owner of Arrow World was awarded N10million damages by Justice F. Bankole-Oki against Zenith Bank for opening the account without the consent of the owners — the number of that suit is LD/1872/CMW/2016,” Orji said.
Mr. Oyedepo, the EFCC prosecutor, sought to tender as evidence, a letter written by Shakespeare Solicitors on the alleged fraud to the EFCC in which a copy of the judgment was attached.
Seni Adio, lawyer to Mr. Nwakuche, however, objected to the tendering of the letter as evidence, saying the letter is irrelevant to the charge of the defendants and also not part of the original proof of evidence.
Justice Raliatu Adebiyi, in her ruling, held that the letter was relevant to proceedings and was, therefore, admissible as evidence.
She adjourned the case until July 11 for continuation of trial.
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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