Business
‘I want to face my trial in Nigeria’ – Former Petroleum Minister, Diezani
FORMER Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, has expressed her intention to be joined in a charge before a Federal High Court sitting in Lagos, involving Mr Dele Belgore, SAN. Belgore is standing trial before Justice Mohammed Aikawa alongside a former Minister of National Planning, Prof. Abubakar Suleiman, over allegations of receiving N450 million from Diezani, who was named in the charge but is described as “being at large.”
Economic and Financial Crimes Commission, EFCC, which is prosecuting them, had also accused them of handling the said sum in cash without going through any financial institution, an offence which contravened the provisions of sections 1(a), 15(2)(d) and18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012. The accused had, however, pleaded not guilty to the charges. At the resumed hearing in the case, yesterday, Mr Obinna Onya, a lawyer from Abuja, appeared before Justice Aikawa with an application seeking to join Diezani as one of the accused in the charge. The application, brought pursuant to the Administration of Criminal Justice Act, sought an amendment to the charges against Belgore and Suleiman, so as to join Diezani.
The lawyer contended that contrary to the declaration by the EFCC that Diezani was at large, the former minister was in the United Kingdom and was willing to return to Nigeria to defend the charges. The lawyer argued that since Diezani’s name had been mentioned in the charge, it will be against her right to fair hearing for the case to proceed without affording her the opportunity of defending herself. He prayed for an order mandating the Attorney-General of the Federation to facilitate the prompt appearance of the applicant in court on the next adjourned date, to take her plea and to defend the allegations made against her.
The allegations are contained in counts 1, 2, 3 and 4 of the charge, numbered FHC/L/35c/2017. Onya urged Justice Aikawa to hear and determine the application before proceeding with the case. But the prosecutor, Mr Rotimi Oyedepo, opposed the application, saying the application was not ripe for hearing as he had yet to be served. However, Onya told the court that he had attempted to serve Oyedepo yesterday morning in court but that the prosecutor had declined service. In his decision, Justice Aikawa said the court could not entertain the application until all the parties had been properly served. Meanwhile, the trial proceeded with the second witness for the EFCC, Usman Zakari, continuing his testimony. Through the witness, Oyedepo tendered two letters written to the EFCC.
The court admitted the two letters as exhibits in evidence against the accused. However, Oyedepo’s attempt to tender a trail of electronic mail communication between Diezani and some bank managers, was resisted by the defence counsels, Mr Ebun Shofunde, SAN and Olatunji Ayanlaja, SAN. They contended that the document was not admissible as, according to them, it did not meet the requirement of the Evidence Act. Oyedepo sought an adjournment to counter the objection by the defence. Justice Aikawa adjourned until October 4, 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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