Business
How Justice Ademola kept me in prison for refusing to pay him N25Million bribe – Witness reveals
A former Director of Pension Accounts in the Office of the Accountant General of the Federation, Sani Teidi, on Tuesday told a High Court of the Federal Capital Territory, FCT, how a serving judge of the Federal High Court, Abuja, Justice Adeniyi Ademola kept him in prison custody for over a year due to his inability to pay a N25m bribe.
Taidi, a prosecution witness told the court that the judge who is standing trial alongside two others for charges bordering on gratification approached his wife through an agent simply identified as Kingsley O., who gave his wife two different account numbers where the N25m should be paid into.
The former Director was on trial before Justice Ademola between 2013 and 2014 over his alleged complicity in the illegal diversion of over N4.6billion pension fund.
Testifying as the sixth prosecution witness, the former Director said his ordeal started when he discovered that about N36m meant for payment of pension and gratuity was diverted into different personal accounts.
He said, “After we made the discovery I sent a petition to the EFCC and ONSA. Committee was set-up which verified my claim.”
Following the discovery, the witness said a committee set up by the Senate also directed that the matter be investigated and the funds recovered.
Stressing that he was surprised when he being a prinicipal witness at the Senate hearing on the missing pension funds was charged to court over the fraud he discovered.
Taidi said, “After the Senate report, I was charged to court. EFCC invited me and asked me to explain what happened to N4.5b and N7.5bn. I submitted to the EFCC the account that was used to remove the money and the mandate.
“One Charles Bonet, a Permanent Secretary (Establishment), was a signatory to one of the accounts. The money was moved from UBA to Union Bank where it disappeared.
“After the investigation, I was charged to court before Justice Adamu Bello of the Federal High Court in Abuja. The charges involved unlawful removal of pension funds totalling about N4.5bn.
“I was charged with others and I was granted bail with one surety in the sum of N10m who must be resident within FCT.
“I fulfilled the bail term by providing one surety that owned property worth N10m and submitted the C of O, as well as surrendered my international passport.
“The case started in 2011. By 2012, EFCC came in with an application of what they called proper case management and the case was withdrawn. The prosecutor in that case was Godwin Obla, SAN.
“While the case lasted, I never jumped bail neither was my bail revoked. The case was later transferred to Justice Adeniyi Ademola.
“We were two of us that were charged. Myself and one Omoefe Odugese. In April 2013, the investigator phoned me at about 9:30pm that the case was coming up before Justice Ademola the following day”.
According to the Director, he told the investigator that it would be impossible for him to make it to the court as scheduled because he was not resident in Abuja and the investigator promised to convey the situation to the court.
He added, “The next thing I knew, Justice Ademola issued a bench warrant for my arrest. There was no summon issued against me before then.
“When I discovered a bench warrant was issued against me, I went to the EFCC and challenged the investigator. He told me that he duly informed the court that he was aware of my movement.
“After I left EFCC, I went home and told my wife that a bench warrant has been issued on me and that I was going to honour it.
“I then took myself to the court and I was remanded. Later, we were arraigned and I was denied bail. After that, somebody pressurised my wife that unless she is able to pay the sum of N25m, that I will die in prison. That I was going to be remanded in prison forever.
“I now petitioned to the Chief Judge, Justice Auta, for transfer of my case to any other court.
“I came back to the court and his lordship, Justice Ademola, brought out the petition and asked if I was the author and I told him yes and he said whether I like it or not he was going to handle the case. He then sent me back to the prison and adjourned the matter sine-die (indefinitely).
“After pressure from my lawyer, he then granted me bail to the tune of N500m with two sureties. He said with the two of them the bail sum would amount to N1bn.
“I met the bail conditions. One of my sureties was Chief Oke and the second was Igbelimeta Farm Projects Ltd. Before then, the person that was acting for his lordship told my wife that unless she paid that money, that even if I perfect the conditions, I would not be released.
“After I perfected my bail, my counsel, Mr. S. I. Ameh, SAN, reminded Justice Ademola that we had an application before him and that the bail conditions have been met.
“Justice Ademola said he was aware. That my case is like that of Boko Haram, kidnapping and terrorism. Therefore he would take his time to study the file before appending his signature. Then the case was adjourned and I was taken back to the prison.
“The next time we met in court, he said sorry that rain fell on my file that there is no way he could look at it until the file dries up. I was taken back to prison custody.
“I was arraigned April 2013. I got to know why my bail was not approved around November. I heard that I would not be allowed to go out until I pay the money to Justice Ademola’s agent, one Kingsley O. who supplied an account number.
“I was told I would not go out because the account submitted by Kingsley O. was not credited. The agent always had foreknowledge of what will happen in court even before sitting. He would tell me that the case would be adjourned maybe from November to December, and when we got to court things usually happened exactly the way he said it would.
“The bail was never approved even when my surety Mr. Okey brought the C of O of his property. Justice Ademola gave him back his file. The surety came to meet me in the prison and told me the judge said he should take back his documents.
“Even when we applied for variation of the bail conditions he never approved it. We applied for variation after Okey withdrew his documents and we were left with only one surety who could not meet up with the N1bn condition.
“The appeal court ordered that the case should be heard by any other Judge of the Federal High Court apart from Justice Ademola”.
Business
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.
Bank
Alpha Morgan to Host 19th Economic Review Webinar
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.
Business
GTBank Launches Quick Airtime Loan at 2.95%
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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