Business
How President Buhari’s Minister of Interior, Abulrahman Dambazau allegedly acquired Property worth $3million in the US, Billions in Abuja
An investigation by SaharaReporters into the assets of Nigeria’s Minister of Interior, Lieutenant-General Abdulrahman Dambazau (ret.) has discovered that he and his wife own properties in the US whose total worth, in millions of dollars, raise questions about the source of the minister’s funds. Two real estate consultants told our correspondents that the properties traced to Mr. Dambazau have an estimated value in excess of three million dollars in the US alone.
Our investigators found that the minister’s real estate holdings include an impressive and expensive and huge seven-bedroom house he purchased in Winchester, Massachusetts, a few miles outside of Boston. The property cost $1.99 million. Mr. Dambazau’s massive 6,500 square feet home also boasts six bathrooms, an eat-in kitchen, an enclosed backyard, a front porch, central air conditioning, a spa bathtub in the master bedroom, a fireplace, and hardwood floors throughout. Descriptions of the property also state that the “master bedroom has a cathedral ceiling, double walk-in closet, linen closet, a spa-like tub, and a separate shower with three shower heads, and double sinks.”
Our investigation into Mr. Dambazau’s inexplicable real estate assets comes on the heels of public outrage that the minister’s name was removed from the list of serving, and retired military officers recommended for further investigation by a presidential panel that investigated arms and equipment procurement fraud in the Nigerian armed forces between 2007 and 2015.
An earlier report by SaharaReporters disclosed that Mr. Dambazau and other top military officers were in a panic as the investigation panel prepared its latest interim report. Several military and political sources in Abuja revealed that Mr. Dambazau, who served as Nigeria’s Chief of Army Staff (COAS) between 2008 and 2010, worked furiously behind the scenes to suppress aspects of the probe panel’s report that implicated him.
In response to public outrage, Nigeria’s Information and Culture Minister, Lai Mohammed, issued a statement denying that the report was influenced by figures outside the investigation panel.
SaharaReporters obtained documents stating that Mr. Dambazau purchased the Winchester property shortly after it was built in 2013. According to the deed of ownership he bought the property on August 29th, 2013 from the building firm for one million nine hundred and ninety thousand dollars ($1,990,000).
In addition to the deed of ownership, SaharaReporters also obtained the Declaration of Homestead form that clearly states, “We, Hadiza B. Dambazau and Abdulrahman Dambazau, are the owner(s) of the premises located at 109 Church Street Winchester, MA 01890, by virtue of a deed.”
Our investigation also revealed that Mr. Dambazau sold the property to new buyers for $2 million on May 28th, 2015—exactly one day before President Muhammadu Buhari was sworn in in Abuja. The property sale document includes Mr. Dambazau’s passport number A06275929 and is notarized by Amy Kornbluth, the Vice Consul of the US Embassy in Abuja.
In addition to the home in Winchester, Mr. Dambazau’s wife, Hadiza Dambazau, recently purchased a condominium in the city of Boston. The property is part of the Millennium Avery Condominium complex. Documents obtained by our investigators show that Mrs. Dambazau has had the property in her name since its purchase on May 19th, 2016. The deed states that the condominium was purchased for $892,000 and is Unit #410 located at 580 Washington Street, Boston MA, 02111.
Mr. Dambazau also owns other assets and properties in Nigeria’s capital, Abuja. The assets are hard to explain, given the relative modesty of the salary earned by Nigerian military officers. The minister’s properties include Hajjar Plaza, an impressive building along Ahmadu Bello Way that contains numerous offices, and Lebrex Plaza, located in Utako, along Ajose Adeogun Street, which also has many shops and businesses. SaharaReporters also found that the Interior Minister owns a huge real estate at 15 Dodoma Street, in Wuse Zone 6 in Abuja.
Our investigation discovered that Mr. Dambazau often used Mohammed Dauda as a front to purchase several of his real estate assets in Nigeria. Several sources told our correspondent that Mr. Dauda is the chairman of Labrex International Ltd.
Our correspondent asked President Buhari’s spokesman, Femi Adesina, to respond to Mr. Dambazau’s extensive acquisition of real estate assets, but he merely stated, “I have no information on this issue,” adding that he could not comment further. Garba Shehu, who also serves as Mr. Buhari’s media and publicity aide, pointed our correspondent to the president’s statement “issued two days ago that he would not cover up or hide corrupt conduct by those in his government.” Mr. Shehu stated that nothing had changed since Mr. Buhari issued that release.
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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