Business
REVEALED!!! How Fani Kayode, Olu Falae, Nenadi Usman, two others diverted N3.145billion
Investigators at the Economic and Financial Crimes Commission said Monday they had uncovered evidence showing how prominent politicians, mostly from the opposition Peoples Democratic Party, allegedly shared N3.145billion in the build up to the 2015 presidential election.
Named in the alleged bazaar are a former aviation minister and director of media for the Goodluck Jonathan Campaign organization, Femi Fani-kayode; former Secretary to the Government of the Federation and leader of the Social Democratic Party, Olu Falae; a former finance minister, Nenadi Usman; a former Imo state governor, Achike Udenwa; former minister of state for foreign affairs, Viola Onwuliri and politician Okey Ezenwa
A source at the anti-graft agency, who pleaded not to be named because he was not authorized to speak on the matter, told PREMIUM TIMES the money was paid by the Central Bank Nigeria into the account of the Ministry of External Affairs’ Library, from where it was moved into the account of a private firm, Joint Trust Dimension Nigeria Limited.
“It was from the Joint Dimension’s account with Zenith Bank that the money was shared to various individuals and organizations for purposes that are not stated,” the source said.
The source described Mr. Fani-Kayode as the chief beneficiary of the disbursement, allegedly receiving a N840million, paid in three tranches into his Zenith Bank, Maitama branch, with number 1004735721.
The first tranche of payment involving N350million reportedly hit the account on February 19, 2015.
Another N250milion was also said to have been paid into the account on February 19, 2015 while N240million moved into the account a month later, precisely on March 19, 2015.
The source disclosed that the balance on this account as at December 31, 2015 was N189, 402.72.
Next to Mr. Fani-Kayode in the pecking order of alleged beneficiaries was Goodluck Support Group which allegedly received N320million. The group was headed by Rufai Alkali, a professor and then special adviser on political matters to Mr. Jonathan
Mr Falae, investigators said, received N100m through Marreco Limited, a company which board he chairs.
The fund was credited into the company’s United Bank for Africa Plc account No. 1000627022 on March 25, 2014.
Both former Governor Udenwa and ex-Minister Onwuliri got N350million in two tranches. The first tranche of N150million was paid into their joint account with Zenith bank on January 13, 2015.
The second tranche of N200miilion was paid into their account with Diamond bank.
Nenadi Usman allegedly received N36.9million through her Zenith Bank account no. 1000158311. Her branch of Zenith Bank is located at 7 Kachia Road, Kaduna, investigators said.
The coordinator of the Jonathan/ Sambo 2015 presidential campaign in Anambra state, Okey Ezenwa, is said to have received N100million.
The sources disclosed that detectives were working to determine the real motive for the distribution of the funds.
“But as things stand, the fact that most of the payments were made in the weeks preceding the last presidential election leaves very little to the imagination,” an investigator said.
When contacted by PREMIUM TIMES, Mr. Fani-Kayode said the funds were paid into his account by Nenadi Usman, who was director of finance of the Goodluck Jonathan campaign.
“The campaign asked me to open an account for my campaign directorate, which I did,” Mr. Fani-Kayode said. “They then paid the money in for the assignment I was given. I asked them where the money came from. They said it was from private contribution for the Jonathan campaign. I believed them, and I had no way of knowing exactly where the money came from.
“As far as I’m concerned, it was campaign funds, and the money was used for the purpose for which it was meant. And we accounted for it to the man who gave us a job to do, President Jonathan.”
Mrs Usman could not be reached for comments. Her telephone was switched off the several times our reporter called.
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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