Business
SPECIAL REPORT: Documents Implicate Osita Okechukwu In High Level Fraud, Massive Money Laundering At Voice Of Nigeria
Documents obtained by SIMON ATEBA NEWS, WASHINGTON DC, have implicated the Director General of Voice of Nigeria (VON), Mr. Osita Okechukwu, in a high level fraud and massive money laundering.
The radio station, established by Decree 15 of 1991, is the external radio broadcast arm of the Nigerian government. It is, in effect, the voice of Nigeria in the world.
The outright fraud and daylight theft of public assets are coming at a time Nigeria is struggling to come out of recession and efforts are being made by President Muhammadu Buhari and Acting President Yemi Osinbajo to fight graft. They are also coming at the same time Voice of Nigeria Lagos has been off air for almost a year due to lack of funding.
Documents obtained by this newspaper show that the 2016 capital budget of VON made provision for the repair and maintenance of the transmitter and rotatable antenna at the transmitting station in Lugbe, Abuja.
Instead, Mr. Okechukwu, without any legal backing, decided to divert the funds to the ‘completion of works and services’ as well as the furnishing of a nonexistent corporate headquarters of Voice of Nigeria in Wuse 2, Abuja. The illegal virement is a criminal offence under the Nigerian law, lawyers told SIMON ATEBA NEWS.
The diversion of funds to the non-existent second corporate headquarters of VON in Abuja was all a scam, as there is no evidence of any acquired or built VON Corporate Headquarters at Plot 1386 Oda Crescent Wuse II, Abuja, as claimed by VON boss.
Worse, Mr. Okechukwu’s criminal acts extended to money laundering, the act of paying for things that do not exist in order to enrich oneself.
Documents show N149,684,293.30 was paid to Bowa Engineering Services Ltd “for completion of works and services of the newly acquired VON Corporate HQ at Plot 1386 Oda Crescent Wuse II, Abuja”.
However, SIMON ATEBA NEWS established that there is no acquired corporate HQ in existence and no work was executed by the company and the money was paid 100% to the company’s account.
Worse, N 60,036,973.76 was paid to Interior Woodworks Ltd for the supply of office furniture at the nonexistent HQ office. The company was paid 100% and no supply was made as the contract location is nonexistent.
Also, N 47,625,000.00 was paid to ECR Technologies Ltd for the provision of ICT Centre.
This contract seems to have been completely cooked up as it was not even in the letter sent to BPP and the money paid 100%.
With nothing like ICT Centre in VON, the money was simply laundered.
Beyond the above payments, there were several other payments made for jobs not done or not in existence as exposed by the Accountant General’s team, which has been investigating the finances in the company.
Government officials who spoke with SIMON ATEBA NEWS, condemned the fragrant abuse of public office, adding that it must be checked immediately. They implored the ICPC and EFCC to recover these looted funds for the government and save VON from imminent collapse.
The organization, which has been operating at great difficulty due to poor funding from the government over the years, seems to have witnessed its worst period ever since the appointment of Mr. Okechukwu as the Director General, staff in Abuja and Lagos, who spoke on condition that their identities would remain secret, told this newspaper.
Staff said apart from theft and abuse of office, Mr. Okechukwu was not qualified in the first place to head VON.
They pointed to Article 6(3) of Act 15 of 1991, which states that the person to be appointed as ‘’The Director General shall be a person with wide knowledge and experience in broadcasting’’.
They said, Mr Osita Okechukwu has never come close to any broadcast organization and does not have any experience in broadcasting.
“He did not even possess any knowledge of corporate governance. He therefore, is not qualified to be the DG of VON thus his appointment at the onset is a breach of the law,” a staff told this newspaper.
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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