Business
Mixed feelings trail arrest of Judges as DSS release them on bail
The seven judges, who were arrested on Friday and Saturday by the Department of State Services, have been released on bail.
A source in the DSS, who confided in The PUNCH on Monday evening, said the judges were released on own recognisance on Sunday.
The DSS source said, “They were all released on bail yesterday (Sunday) on own recognisance. They reported this morning (Monday) and they have all gone back home. They will be coming back tomorrow (Tuesday); and everything went very procedurally well and civil.
“They were released on bail on own recognisance based on the fact that given their standing in the society, they cannot run away. They were instructed that they should come back today (Monday) by 10am. They did report for investigation this morning (Monday morning) and they have gone back home.
“The investigation continues and preparation to charge them to court.
“Also, the action was sequel to the lack of cooperation by the National Judicial Council such as the refusal by the NJC to allow the affected persons to be questioned by the DSS. Investigation started some seven months ago, precisely in April 2016.”
A top judiciary officer in Abuja, who spoke on condition of anonymity, confirmed that the judges had been released.
But calls to the mobile of one of the judges did not go through.
The DSS had, in what it called a sting operation, arrested Sylvester Ngwuta and Inyang Okoro, both of the Supreme Court; the suspended Presiding Justice of the Court of Appeal, Ilorin Division, Justice Mohammed Tsamiya; Justice Kabiru Auta of the Kano State High Court and Justice Adeniyi Ademola of the Federal High Court, Abuja.
Others arrested were the sacked Chief Judge of Enugu State, Justice I. A. Umezulike, and Muazu Pindiga of the Federal High Court, Gombe Division.
However, the DSS on Monday, intensified its ongoing investigation of two Justices of the Supreme Court and other judges arrested over the weekend after simultaneous raids on their homes.
Top sources in the Federal Ministry of Justice confided in one of our correspondents on Monday that the DSS had extended its ongoing probe of the arrested judiciary chiefs to the asset declaration forms they submitted to the Code of Conduct Bureau.
The DSS had said it was getting the cooperation of the Federal Ministry of Justice in its ongoing probe of the judges.
Credible sources in the ministry, who spoke on condition of anonymity because they were not authorised to speak on the probe, confirmed to The PUNCH that the office of the Attorney-General of the Federation was involved in the ongoing investigation.
The sources, one of whom visited the DSS office in Abuja on Monday, said the Service had placed requests for the asset declaration forms submitted by the judges to the CCB.
The source added, “As of today, the ministry is still obtaining statements from the judiciary officers.
“You will recall that apart from the raw cash recovered from the judges, documents relating to the assets linked to some of the Justices were also recovered from their houses.
“So, since it has to do with assets, the DSS thought it wise to place request to the CCB for their asset declaration forms.
“We should be able to compare the forms they submitted to the CCB and the evidence of the ownership of the assets linked to them.”
The Head of Protocol and Publicity Unit of the CCB, Mr. Muhammed Idris, could not be reached for his comment on the DSS request to the bureau on Monday.
The Chief Justice of Nigeria, Justices of the Supreme Court and those of the Court of Appeal as well as other judicial officers are, under Paragraph II of the Fifth Schedule of the Constitution, expected to declare their assets and liabilities to the CCB periodically.
Paragraph 11 of the Part II of the Fifth Schedule to the Constitution reads, “11.—(1) Subject to the provisions of this Constitution, every public officer shall within three months after the coming into force of this Code of Conduct or immediately after taking office and thereafter— (a) at the end of every four years ; and (b) at the end of his term of office, submit to the Code of Conduct Bureau a written declaration of all his properties, assets, and liabilities and those of his unmarried children under the age of eighteen years.
“(2) Any statement in such declaration that is found to be false by any authority or person authorised on that behalf to verify it shall be deemed to be a breach of this code.
“(3) Any property or assets acquired by a public officer after any declaration required under this Constitution and which is not fairly attributable to income, gift or loan approved by this code shall be deemed to have been acquired in breach of this code unless the contrary is proved.”
One of our correspondents, on Monday, obtained a copy of the petition sent to the AGF’s office linking Justice Okoro of the Supreme Court to some suspicious properties in his home state of Akwa Ibom.
The petition was forwarded by the AGF to the DSS in August.
A letter from the AGF’s office to the DSS stated, “Investigation privately carried out by Akwa Ibom activist and legal practitioner, and which he generously availed me, shows that Honourable Justice Okoro has suddenly acquired stupendous wealth, which he has used to develop massive estates in Calabar, Cross River State, and Uyo in Akwa Ibom State, which is inconsistent with his status as a Justice of the Supreme Court.
“These estates, which Honourable Justice Okoro recently acquired are as follows:
“A maisonette at Plot 6, Unit S-G, Ewet Housing Estate, Uyo, Akwa Ibom State.
“Block of flats at Fanama Street, Off Ategong Drive, Calabar, Cross River State, built by Marilyn and Costa, and
“A maisonette at Shelter Afrique, Uyo, Akwa Ibom State, to mention but a few.”
Meanwhile, there were indications on Monday that the judges might be arraigned before a Magistrate’s Court, Life Camp, Abuja, any moment from now.
Journalists and some lawyers, who had anticipated that the detained judges might be arraigned on Monday, converged on the premises of the court at about 11am.
But they later dispersed at about 5pm after it was evident that the arraignment would no longer take place.
Judges of the Federal High Court in Abuja, whose colleague, Justice Adeniyi Ademola, was among the judges arrested during the weekend, did not sit on Monday.
One of the judges confirmed to The PUNCH that they could not sit because they were in bad mood due to the weekend incident.
The trial of a former Governor of Imo State, Ikedi Ohakim, that was supposed to come up before Justice Ademola on Monday was stalled.
Also, the ongoing trial of the immediate past Chief of Air Staff, Alex Badeh, for money laundering was part of a number of cases that ought to come up before Justice Okon Abang, but could not proceed.
However, since the case came up, it has been trailed with mixed feelings with some in support of the invasion and many against it describing it as a threat to democracy.
- Punch
Business
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.
Bank
Alpha Morgan to Host 19th Economic Review Webinar
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.
Business
GTBank Launches Quick Airtime Loan at 2.95%
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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