Business
REVEALED!!! How Chief of Army staff, Gen. Tukur Buratai, his two wives allegedly acquired Multi-million naira Dubai property fraudulently
Nigeria’s Chief of Army Staff (COAS), General Tukur Buratai, and his two wives are joint owners of a Dubai property that was paid for in one transaction. Investigations by SaharaReporters indicated that the money for the purchase of the property may have come from a vehicle contract scam while Mr. Buratai was the Director of Procurement at the Army HQ. Our correspondents discovered that the Nigerian Army had awarded an apparently bogus contract for the supply of vehicles and motorcycles for the use of troops involved in an anti-terrorism offensive in Nigeria’s beleaguered northeastern zone.
The allegation that General Buratai might have pilfered funds meant for the purchase of military vehicles has sparked outrage among soldiers and officers, especially those from the northeast part of the country. Two military sources disclosed that irate officers had petitioned President Muhammadu Buhari, urging him to order an investigation into the contract scam.
In the petition, exclusively obtained by us, the aggrieved soldiers and officers, under the umbrella of Concerned Soldiers and Officers From the North East, accused the COAS of executing the contract through a proxy of his. According to the petitioners, the proxy’s name is Usman Gamawa, founder of Baggash Investment Limited.
The petition stated that, rather than supply new vehicles as the contract demanded, Mr. Baggash purchased second-hand vehicles and motorcycles from Niger Republic. On arrival in Nigeria, the vehicles were then refurbished at Mogadishu Cantonment under the supervision of Staff Sergeant Dadan Garba. SaharaReporters learned that some of the vehicles and motorcycles had since broken down.
“If President Buhari can give service chiefs enough money to buy equipment, why are they buying old ones?” asked the petitioners, who added that General Buratai was exposing troops to grave danger and undermining the war against Boko Haram terrorists.
The disaffected soldiers and officers alleged that the property the COAS and his wives acquired in Dubai was bought from a company, SIGMA 111 Limited. They attached a document showing the purchase agreement. According to the document, General Buratai and his wives had, on January 13, 2013, reached an agreement with the seller for the purchase of the property, Proj
ect TFG Marina Hotel, Unit 2711. The asking price was AED 1,542,000.00 (or $419,826.06 or N120m). They alleged that General Buratai paid a total sum of AED 1,498, 534.00 (N115.6m) because the sellers gave concessions of AED 43,466, made up of “incentives, promotions, and early payment bonus.”
The agreement indicating full payment for the house and the handing over of ownership to the Buratais was signed on January 13, 2014. The document identified the COAS as “Mr. Tukur Yusuf Buratai, holder of passport No. A04250623.” The general’s wives were identified as Mrs. Aishatu Tukur Buratai, holder of passport No. A03400260, and Mrs. Umar Kalsum Tukur Buratai, holder of passport No. A03239920.
The petitioners further claimed that, since his appointment as COAS last July, General Buratai had been making numerous hefty deposits in his various bank accounts. For example, his Skye Bank account (1770380452) received a deposit of N10 million on July 24, 2015. On August 7, 2015, another N10 million was paid into the same account. Three days later, the account was credited with yet another sum of N10 million. On August 11 and 17, N4 million and N3, 270,000 were credited to the account respectively.
Us contacted the owner of the phone number on the Skye Bank Lodgement Voucher which was found to belong to a Major Adegbola, according to TrueCaller. Mr. Adegbola confirmed to our correspondent that he was “Major Adegbola” by saying “correct” but denied knowing Mr. Buratai and later said that his name was actually Joshua. Sources speaking to SaharaReporter said that the number on the voucher was of Mr. Buratai’s middleman.
Contacted by our correspondent, an aide of General Buratai admitted that the general owned a house in Dubai, but denied the allegation that the COAS and his wives had purchased a home in Dubai by making a single payment. “Please know that the allegation on the Chief of Army Staff and members of his family owning a property in Dubai is an old one. It is a fact that the family bought such property through personal savings and [it] was paid for instalmentally since 2013. It may interest you to know that this petition is not new because there was [a] similar allegation in March this year, [but] it could not see the light of the day because there was no substance in it,” said the source.
General Buratai’s spokesman added that some human rights organizations and well-meaning individuals confirmed that information about his property in Dubai was in the general’s assets declaration form. “The mentioned assets were always declared in his asset declaration forms as Commander MNJTF and the most recent one was when he was appointed Chief of Army Staff in July 2015,” the aide stated.
He added: “As regards to the contractor, the Chief of Army Staff has nothing to do with it. But when it came to his knowledge, he instituted a commission of inquiry, which investigated it and made far-reaching recommendations which were being implemented.” He said the inquiry found out that the vehicles were not refurbished.
Culled from saharareporters
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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