Business
Mixed feelings as EFCC invades The Sun, owned by Former Governor, Orji Uzor Kalu
Economic and Financial Crimes Commission (EFCC), heavily armed operatives on Monday 12th June, 2017 raided the premises of The Sun Publishing Limited, publishers of The Sun Newspapers.
The media firm owned by a former governor of Abia State, Dr. Orji Uzor Kalu, had been the subject of a forfeiture order, obtained by the EFCC in a suit against Kalu.
The Newspaper said it had filed an appeal, which was still pending in court and was shocked that its premises would be invaded by the Commission.
The Sun has issued a statement: “Law-abiding staff of The Sun Publishing Limited resumed work this morning, June 12, 2017, to behold heavily armed EFCC operatives in our company. They claimed to have “orders from above” to seal up the premises of The Sun Publishing Limited.”
“At gunpoint, they ordered our security personnel to take them around the company premises, after which they proceeded to prevent staff from either entering or leaving the premises, and disrupted our circulation process.”
“For one grueling hour, the EFCC operatives subjected our staff to crude intimidation, psychological and emotional trauma, even as some of the men accused our organisation of publishing pro-Biafra, Boko Haram, and Niger Delta militant stories, as they surveyed our premises.”
“We recall that in 2007, (10 years ago) the EFCC had obtained an interim forfeiture order in respect of some assets of The Sun, attached to a suit against our Publisher, Dr. Orji Uzor Kalu, for which we have filed an appeal, which is still pending in court.”
“We also recall that the Acting Chairman of the EFCC, Mr. Ibrahim Magu, had written a letter personally signed by him dated 23rd of May and received on the 7th of June, asking The Sun management to report to the Commission on 5th of June, detailing our operations in the last 10 years, on account of an interim order of forfeiture under appeal.”
“As a law-abiding corporate citizen, our lawyer, Chief Chris Uche SAN, wrote the Commission to intimate the Agency that the issue was pending before the Court of Appeal. The receipt of our correspondence was duly acknowledged. We were therefore shocked that our premises would be invaded by the Commission under whatever guise. This is condemnable and reprehensible. No one, Agency or authority should be above the laws of our country. An abuse of the law is a recipe for chaos.”
“Magu had in an earlier letter threatened to sue The Sun over a report published by one of our titles, pertaining to a report on investigation of a property allegedly traced to his wife. But up till now, we are yet to receive any court process.”
“In the light of the above, we strongly view this onslaught against The Sun as a personal vendetta by the leadership of the Commission, and by extension a declaration of war against the media.”
“In this invasion of our premises, it is crystal clear that what Magu and his Commission are after is not only to intimidate and muzzle us, but a furious attempt to call a dog a bad name in order to hang it.”
“On the issue of the interim order, which he purportedly based his invasion, Magu knows the matter has been on appeal since 2007 for which hearing comes up this week. But rather than wait for the court process, thecCommission under the leadership of Magu, typically resorted to self-help.”
“We want the general public to take note of this authoritarianism and high-handedness, which has been the hallmark of Magu’s leadership of the EFCC.”
“The other charge of publishing Biafra, Boko Haram, and Niger Delta militant stories is very ridiculous, baseless and anti-Press freedom.”
“We like to state that we are neither an ethnic, political nor religious newspaper, but we are the Voice of the Nation, reflecting all sides, all views and all shades of opinion in line with the ethics of our profession.”
“We challenge Magu and his Commission to show where The Sun’s stories have been different from other papers in the country.”
“We call on well-meaning citizens and relevant authorities to restrain Magu and his Commission from taking the laws into their hands.”
While reacting to the invasion, the National President of the NUJ, Abdulwaheed Odusile said that the union was truly worried that at a time when the Nigerian security forces need the support and cooperation of the media in fighting terrorism, corruption and other criminal activities in the country, the media is now being attacked by the same security operatives.
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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