Business
More trouble for Saraki as TMG calls for his Resignation over Panama Papers revelations
Call for the resignation of Nigeria’s Senate president, Bukola Saraki, is gathering steam after #PanamaPapers exposed his secret offshore assets shortly after his false assets declaration trial began at the Code of Conduct Tribunal.
The Transition Monitoring Group (TMG), a coalition of over 400 civic organisations working for the entrenchment of democracy and good governance in Nigeria, has added its voice to the growing calls for the embattled Senate president to step down from office.
The group said the revelations by the #PanamaPapers and the prosecution team are too lurid for Nigerians to ignore, adding that Mr. Saraki had lost all moral grounds to continue to occupy such office in the land.
The TMG said the details contained in the evidence tendered by the prosecution against Mr. Saraki were startling.
It said the only option for the politician is to follow in the footsteps of Icelandic Prime Minister who stepped aside on Wednesday after the #PanamaPapers revealed his offshore business interests.
The call is coming barely a day after other public affairs analysts and citizens expressed their outrage over the same developments and called for the impeachment of Mr. Saraki from office.
In a statement by Ibrahim Zikirullahi, the group’s chairman, TMG said the funds allegedly “pilfered or diverted” by Mr. Saraki could have gone into developmental causes in Kwara State.
“TMG has been keeping a close watch on the trial of Senate president, Dr. Bukola Saraki at the Code of Conduct Tribunal (CCT).
“To say the least, the lurid details that have emerged so far about how monies belonging to the people of Kwara State were either pilfered or diverted to Saraki’s personal accounts, remind all well-meaning citizens about the urgent need to stamp out elite corruption.
“In just two days of trial, the dirty secrets that have emerged are startling.
“Before the very eyes of the people of Kwara and by extension Nigeria, we are seeing how the criminal alliance between Saraki and his current minion in the Kwara State Government House resulted in the continued payment of Saraki’s salary as governor, four clear years after he ceased to occupy office as governor.
“As if what has been coming out of the CCT is just a tip of the iceberg, Saraki’s name again showed up prominently on the infamous global list of tax dodgers and those hiding suspicious assets in offshore havens as revealed in the leaked Panama Papers.
“It stands in stark contrast that while the Prime Minister of Iceland who was mentioned in the Panama leaks has since resigned, Saraki and his fellow primitive accumulators in the Senate are waiting for the Nigerian people to forget and move on.”
“These looted monies are the funds that would have paid the salaries of teachers, doctors and other workers in the state. These are the funds that should have built schools, hospitals, roads and provide education for the children of the ordinary man and woman in Kwara State.
“While it is tragic that Saraki and his co-travelers have shortchanged the people of Kwara, and set them back in their quest for good governance, the bigger tragedy is the criminal silence in the Senate,” Mr. Zikirullahi said.
The group therefore commended the anti-graft agencies responsible for the arraignment of Mr. Saraki.
“TMG commends the resolve shown by the institutions prosecuting the Saraki case. In the face of blackmail, intimidation and other forms of rigmarole aimed at derailing the trial, the relevant agencies have diligently stayed the course.
“Specifically, we commend the CCT chair to refusing to succumb to the raft of inane technicalities employed by the defense to frustrate the cause of justice.
“TMG also commends the Economic and Financial Crimes Commission (EFCC) for the meticulous investigations that have unearthed these crimes against the people of Kwara,” the TMG chairman added.
Mr. Saraki’s spokesman, Yusuph Olaniyonu, declined to comment for this story.
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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