Business
How Justice Sylvester Ngwuta moved N27Million, three exotic cars from home
The Federal Government alleged on Monday that a Justice of the Supreme Court, Justice Sylvester Ngwuta, on October 9, 2016, tampered with evidence likely to incriminate him while on bail – following his arrest by the operatives of the Department of State Service on corruption allegations between October 7 and 8.
The Federal Government, in opposing the bail application which Ngwuta’s lawyer, Chief Kanu Agabi (SAN), argued after his client’s arraignment before the Federal High Court in Abuja on Monday, stated that the evidence the accused allegedly tampered with were a cash sum of N27m and three exotic cars.
The prosecution alleged that after Ngwuta was granted administrative bail by the DSS in Abuja on November 9, 2016, he made a call to someone in Abakaliki, Ebonyi State, to move the sum of N27m cash and three exotic cars to some other locations in order to conceal them.
The cars, which were said to have been recovered by the DSS from where they were moved to, were a Hummer Jeep, a Wrangler Jeep, and a BMW 5 Series sedan.
The government, however, stated that the N27m cash along with some vital documents moved in bags from the bathroom of the Abakaliki home of the justice of the apex court was not recovered because it had been “dissipated”.
Ngwuta, who appeared before a Federal High Court in Abuja, sporting a grey suit with a blue shirt and a red tie, was arraigned before Justice John Tsoho on 16 counts, including money laundering and offences relating to obtaining of multiple passports.
The justice of the apex court was allowed to sit in the dock.
But he stood up to plead not guilty when the charges were read to him at about 10.41am on Monday.
Following his arraignment, his lawyer moved his bail application which was opposed by Federal Government’s lawyer, Mr. Charles Adeogun-Philips.
Despite the prosecution’s opposition to the bail, the judge returned from about two-hour break to grant bail to the Justice of the Supreme Court in the sum of N100m to be guaranteed by his own recognisance.
The defendant, who only had to sign a bail bond worth N100m and guaranteed by his status as a Justice of the Supreme Court, was seen being driven out of the court premises in his official Mercedes Benz E350 at about 3.30pm on Monday.
The judge, after dismissing the fear expressed by the prosecution about the possibility of the defendant interfering with evidence and evading trial as baseless, fixed December 7 and 8 for commencement of trial.
However, while opposing the bail application earlier, Adeogun-Philips referred to the counter-affidavit which was filed on Monday narrating how Ngwuta allegedly committed more offences by trying to conceal the origin of the N27m and the exotic cars by instructing Chukwuebuka to move them from his Abakaliki house to other locations.
The counter-affidavit deposed to by Mr. Ganau Wando, an official of the Office of the Director of Public Prosecutions of the Federation, read in part, “That whilst on administrative bail between October 9 and 21, 2016, the defendant/applicant committed further offences.
“That, in particular, following his arrest on October 7, 2016, and subsequent release on administrative bail on October 9, 2016, the defendant/applicant sought to obstruct the proper administration of justice, having tampered with the evidence likely to incriminate him in criminal acts by engaging one Mr. Nwamba Linus Chukwuebuka through a telephone call on October 10, 2016, to remove the properties from his private residence located at Engineering Close, Off Onwe Road, Abakaliki, Ebonyi State. The properties are as follows:
“A bag located in the defendant/applicant’s bathroom containing some vital documents which was initially concealed by Mr. Chukwuebuka at the residence of one Abraham Ezeani in Abakaliki, Ebonyi State, on or about October 9, 2016, and subsequently recovered from there by investigators from the DSS in November 2016.
“A bag located in the defendant/applicant’s bathroom containing the sum of N27m in cash which was initially concealed by Mr. Chukwuebuka at the residence of one Abraham Ezeani in Abakaliki, Ebonyi State, on or about October 9, 2016, following which it was subsequently dissipated by Mr. Chukwuebuka on the direct instructions of the defendant/applicant.”
The counter-affidavit added that the Hummer Jeep Sports Utility Vehicle, Wrangler Jeep Sports Utility Vehicle and BMW 5 Series Vehicle were “previously located in the compound of the defendant/applicant’s private home in Abakaliki and initially concealed by Mr. Chukwuebuka at the residence of an aunt to Chukwuebuka in Abakaliki, Ebonyi State, on or about October 9, 2016, and subsequently recovered from there by investigators from the DSS in November 2016.
The prosecuting counsel, while arguing the government’s objection, said the prosecution “regrettably” had to oppose the defendant’s bail application because of his (Ngwuta’s) acts of dishonesty which he had demonstrated by also obtaining multiple valid passports.
“There must be consequences for wrongful conduct. So many times, things have been done in our society with disregard to consequences,” the prosecutor said.
He added, “In counts 10 to 16 of the charges, the defendant is alleged to have maintained multiple identities.
“My lord, in any jurisdiction in the world, I cannot but reject him being released on his own recognisance or being released at all.
“On October 8, a day before the call was made to Abakaliki, the defendant was found with four valid passports. Two of those passports were diplomatic passports and two were standard. He didn’t stop there, investigation showed that earlier this year the defendant had declared two of those passports lost.
“Now we have this problem–we are confronted with such acts of dishonesty. We are confronted with offences that were committed while still on administrative bail.
“The objection is an outright objection. But I have also realistically identified that if your lordship is minded to grant bail, it should be on stringent conditions.
Replying on the point of law, Agabi, however, said the prosecuting counsel was merely repeating the content of the charges and urged the trial judge not to reach conclusions before trial commenced.
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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