Business
REVEALED! LETTER OF LOAN AGREEMENT BETWEEN GTB/INNOSON…….THE STORY OF N559 EXCESS CHARGES
In-depth investigation into the claim by Chief Innocent Chukwuma, the owner of Innoson Nigeria Limited, that the sum of N559,374,072.09 was withdrawn from his account by GTB is appearing to be a far exagerattion of the truth as documents emerging from the court and law enforcement agents is proving otherwise
It would be recalled that Chief Innocent Chukwuma had claimed that GTB withdrew from his account the sum of N559,374,072.09 in excess charges. It was on the basis of this claim that Innoson acquired judgment to the tune of N4.7bn from the Federal High Court Awka. At first glance, one could assume the bank debited funds in Innosons account but in the real sense, the N559m represent the interest portion of the N2.4bn loan that he took from the Bank.
Below is the actual fact of the matter:
The History of the N559 Million Excessive Charge Claim by Innoson
In December 31, 2011, Innoson’s account with the bank was in debit of N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only). This means that rather than having money in his account, Innoson was owing the bank this amount as debt for loan which he had collected. However, the EFCC tried to broker a settlement between the Innoson and GTB, which would involve the settlement of Innoson’s indebtedness to the Bank, in view of the fact that Innoson had fraudulently acquired Imported Goods bought solely in the bank’s name.
During the criminal investigation, EFCC got an independent party to reconcile the accounts of Innoson with the Bank. Upon conclusion of the reconciliation, the independent third party’s view was that the indebtedness of Innoson was N1.09billion and that the sum of … were default interest accrued on the loan. However, in the spirit of resolving the issues amicably, the Bank agreed to forgive Innoson of the default accrued interest, so long as Innoson paid, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Innoson agreed and requested for a letter to that effect. Here is the letter GTB sent to Mr Innocent Chukwuma, owner of Innoson, in September 2012:
“Dear Sir,
INDEBTEDNESS OF INNOSON NIGERIA LIMITED
We refer to the indebtedness of Innoson Nigeria Limited (“the Customer”) to Guaranty Trust Bank plc (“the Bank”), secured by your Personal Guarantee which by our records was N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only) as at December 31, 2011. In addition, we refer to the reconciliation that has been conducted between representatives of the Customer and the Bank, further to which the sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) was agreed as the reconciled indebtedness of the Customer to the Bank, having deducted alleged excess charges.
As you are aware, the above sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) is the reconciled indebtedness of the Customer to the Bank as at December 31, 2011, and the Bank is entitled to charge interest in accordance with terms indicated in the underlying facility agreements from January 2012 to date.
However, the Bank has decided, in the spirit of amicable resolution, to accept from the Customer, or from you in pursuance of your Personal Guarantee, the said sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) in full and final payment of the Customer’s indebtedness to the Bank, provided that same shall be fully paid not later than thirty (30) days from the date of this letter.
Please note that in the event of failure by the Customer and you, in pursuance of your Personal Guarantee, to fully pay as herein advised, the Bank will be constrained, to reverse the concession herein granted, and charge interest appropriately on the said conceded indebtedness of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) from January 2012, until same is fully paid. The Bank shall thereafter be constrained to commence recovery steps against you as Guarantor, to ensure the recovery of the said indebtedness without further recourse to you”
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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