Business
N64.4m: Court Jails Cashier Five Years
N64.4m: Court Jails Cashier Five Years
The Lagos State High Court sitting in Ikeja has sentenced cashier, Tunde Abdulramon, to five years imprisonment for stealing his employer’s N64,420,900 to marry a new wife and also for opening the same kind of his employer’s business for his new wife.
Justice Raliat Adebiyi who handed down the sentence also ordered the convict to make restitution by returning all the properties he bought while in his employer’s establishment and also the money that he stole.
The convict was arraigned on August 19, 2013, on 11 counts which bordered on stealing and fraudulent false accounting, preferred against him by the Economic and Financial Crimes Commission.
The offences committed contravened Sections 390 and 335 (d) of the criminal laws of Lagos State 2003.
Abdulramon’s duty as the cashier of Prime Grocers International Limited, a company selling wholesale and retail consumer goods located in the Oke Arin area of Lagos State, was to collect payments for invoices raised by sales representatives from customers, document them in his cash register and then lodge monies collected into the company’s designated bank account.
The convict, instead, was accused of deleting the invoices and diverting large sums of money paid by customers and lodgers until the company’s managing director discovered the fraud in 2012 after an audit of the computer software was collected following a tip-off that the convict had been deleting invoices.
Abdulramon committed the offences between January 2009 and 2012, when he was discovered to be defrauding his employer.
During the trial, the prosecution called six witnesses, including the complainant, Constance Obi, who told the court that she met the convict in 2002 when the company started importing goods for distribution.
She told Justice Adebiyi that Abdulramon was one of the casual labourers who discharged goods from the container, but that in 2004, he approached her for assistance and then he was permanently employed at the company.
The witness testified that the convict’s duty in 2004 included picking and packing goods for customers before he was promoted to a cashier.
Obi further testified that she received an anonymous call in November 2012, telling her to check the cashier in her store, Tunde Abdulrahmon, as he is a criminal because of some properties that he recently acquired, vehicles, and a new wife.
She also told the court that three days after she received the call, the convict came to her office to tender a resignation letter, which she refused to collect.
The complainant stated that it was thereafter that she checked the computer’s audit trail that filtered the convict’s identification and printed out a report that showed that he had been deleting invoices.
But the convict in his defence denied the allegations against him. Delivering her judgment, Justice Adebiyi found the convict guilty.
She held that the evidence was that the complainant was unshaken and the prosecution was able to prove beyond reasonable doubt that the convict altered the company’s record.
The judge held that the convict was the mastermind in the deleting of all the invoices and diverting payments made by customers to both his personal and business accounts.
“Abdulramon took advantage of the level of the trust reposed by the chief executive officer of the company (complainant), the offence was also committed continuously and repeatedly for over a period of four years.
“The court finds the level of culpability of the convict to be high; as regards the harm caused, the court finds that the acts of the convict ought to have caused a degree of significant economic loss to his employer although the employer appeared not to have realised this for four years.
“The amount stolen was of significant value and the convict was also involved in conducting a similar kind of business to that of his employer, whilst still in employment therefore creating a conflict of interest,” the judge held.
“Tunde Abdulramon is hereby sentenced on counts one to nine, to two and half years and counts 10 and 11 two and half years, to run concurrently,“The court hereby orders the disposal of properties acquired by the convict that was acquired with proceeds of the offence and payment of proceeds to the complainant,” Justice Adebiyi held.
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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