Business
KEYSTONE BANK IN FRESH TROUBLE: TO PAY CHINESE FIRM $778,118.72 OVER BREACH OF CONTRACT
A Federal high court sitting in Lagos south west Nigeria has ordered Keystone Bank Limited to pay a Chinese company Hexing Electrical company damages in the sum of $778,118.72 over a breach of contract. The judgement of the court was sequel to a suit filed before the court against Keystone Bank Limited, Chris International Agencies company and Central bank of Nigeria as defendants, claiming the sum of $778,118.72 being the total outstanding sum of the money due and payable under the irrevocable letter of credit issued by the bank sometime in September, 2015. to the Chinese company. Keystone bank on 16th of September, 2015 issued letter of credit in favour of Hexing Electrical company limited, a company registered under the laws of the Peoples Republic of China in the sum of $1,134,545, subject to the provisions of uniform custom and practice for documentary credit. The bank paid $336,421.28 in varying installments to the company, however despite all demands for the payment of the balance of $798,108.70 the bank refused, the bank only paid additional $20,000, Consequently the company petitioned Central bank of Nigeria,thereafter the company instituted this suit against the bank and two others. The case of the third defendant Chris International Agencies was that by memorandum of understanding with Hexing Electrical, they form a consortium known as Chris Ejike Hexing consortium for the purpose of carrying on the business of production, supply and installation of meters in Nigeria, the company entered into a supply and installation agreement with the Enugu Electricity Distribution company, for the supply and installation of indoor, ring type meters with sealable terminal cover. According to Chris International Agencies company the total value of the contract was N485,587,958.10, that the Hexing Electrical company was to manufacture the meters and in accordance with the specification agreed with Enugu Electrical Distribution Company, that it was for this purpose that the Chris international Agencies took letter of credit with Keystone bank in favour of Hexing Electrical Company, which Keystone bank had paid part of the sum $356,421.28 that Hexing Electrical company did not manufacture the meters according to specification and the contract was subsequently terminated by Enugu Electrical Distribution Company. Chris International Agencies alleged that Hexing Electrical company perpetrated fraud deliberately and as a such not entitled to further payment on the letter of credit. At the hearing of the case Keystone bank did not file any counter affidavit, its lawyer said the bank will abide by whatever decision the court takes. In his judgement the presiding Judge Nicholas Oweibo ,said the bank did not deny the existence of contract between it and the Hexing Electrical company, the company has through its affidavit in support shown that the bank failed to completely honour its own part of the contract. The evidence has indeed established that Keystone bank is in breach of its contract with the company. “Considering the above I am of the view that Keystone is in breach of the contract it had with Hexing Electrical company. It has been established that the bank had kept in its custody the sum claimed contrary to the terms of the letter of Credit even after the company had accepted to receive naira equivalent. In the circumstances the company is entitled to 10% interest per annum on the judgement sum of $778,118.72 from the day of judgement until liquidation of the judgement sum. The complaint of fraud in this case is not in respect of the documentation of the letter of credit. The fraud complaint of is with respect to the goods:that the plaintiff did not meet the specification. In the light of the above I enter judgment for the plaintiff and grant its prayers by ordering that Keystone bank pay damages to Hexing Electrical company limited in the sum of $778,118.72 being the money due and payable under the irrevocable letter of credit, an order that the bank pay the company interest at the rate of 10% per annum from the date of judgement until the liquidation of the judgement debt.”
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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