Business

‘We love James Ibori’ – Delta State Government

Published

9 years ago

December 22, 2016

The Nigerian political actors from 1999 to date sees politics and participatory governance as a means of acquiring humongous wealth while totally ignoring the real essence of serving the impoverished Nigerian people essentially starved of basic amenities of life in our various communities that make up the 774 local government structures created to empower Nigerians at the grassroots. It's on record that most of our crooked political actors just simply cook up the books when it comes to budget padding and wall-eye vision of implementation of their ideas of governance projects. The result is the mind bogling craze for material acquisition by our politicians. Conducting forensic analysis of our serial budgets in the country, it won't be a strange development to find budgets showing up in subsequent annual budgets of states or the federal government. Under the ex president, Olusegun Obasanjo, Goodluck Jonathan and the present government, corruption has worked on 4 legs with regard to some dare davil acts of some State governors literily playing out James Bond motion pictures in their states. In Bayelsa, Plateau and Delta under the crooked leadership late so called Governor General of Nigeria, late Diepreye Alamieyesiegha, Joshua Dariye and James Ibori of Bayelsa, Plateau and Delta states respectively corruption stuck like a sour thumb. Late governor alamiesiegha was arrested at Heathrow airport in September 2005 and had his passport confiscated. He faced three money-laundering charges after police found £1m in cash at his London address and property in his name worth £10m. Having dramatically returned to Nigeria incognito, he forfeited a £1.25m bail bond he posted with the courts knowing that he is expected to be immune from legal action until the end of his term as governor in 2007. Mr Alamieyeseigha was coy and comical when asked how he evaded British controls to make it back to his village in the Niger delta. "I don't know myself. I just woke up and found myself in Amassoma." Nigerian newspapers quoted unnamed aides who described a journey in drag. Dressed as a woman, the governor is said to have taken a Eurostar train from London to Paris and then flown to Douala, a port city in Cameroon neighbouring Nigeria, where a speedboat took him home under cover of darkness. The disguise was helped by the fugitive's weight loss during his stay in Europe, which included a tummy tuck operation in Germany..Thousands lined the streets to cheer his cavalcade through the province but elsewhere several thousand people marched in protest at his return. Ibori, in 2012, had pleaded guilty to money laundering and other charges in a UK court and was consequently sentenced to 13 years imprisonment. Some of his associates were also convicted and sentenced to prison over similar charges. The UK is now set to return the first tranche of £4.2 million recovered from associates of Ibori to Nigeria.The UK and Nigeria signed a Memorandum of Understanding (MoU) in Abuja recently to kick-start the process. Malami, who signed on behalf of the federal government, said in consonance with existing framework engaged in the management of previous recoveries, the Federal Executive Council had directed that the repatriated funds should be spent on completing the Second Niger Bridge, Abuja-Kano Expressway and the Lagos-Ibadan Expressway under the coordination of the NSIA. The crystal matter of fact here is that there's hardly any precedent here from the assertions of our revered Attorney General, Abubakar to support his quest to use a coy legal mumbo Jumbo to "acquire" this £4.2millions on behalf of the FEC. This refund by the British Government is a proceed of crime committed basically against Delta State. You can't work in Delta State and receive your salaries in Abuja. It has never worked that way in any clime. The funds confiscated from ex Governor of Plateau State, Joshua Dariye in the UK was indeed recovered by the agents of the federal government, repatriated to Nigeria and remitted back to the coffers of plateau State without a fuss. The funds seized from the late Diepreye Alamieyesiegha in the UK was recovered by the federal government and remitted in strict compliance with section 42 of Nigeria's oft battered constitution. As a matter equity, all states of Nigeria are entitled to equal rights and opportunities. I am not from Delta State. I really don't have to come from the state to defend a noble cause. Malami can not rule on this matter or the FEC allowed to speak from both sides of their mouths on a matter that affects the goose and the gander. Unless this cross-fire between Malami and Delta State government, another tranche of £20 million that maybe repatriated soon will be a matter of another round of cross fire between Malami and Delta state. Malami's claim that the FEC authorised the disbursement of this £4.2 million on different ongoing projects in the country sounds like tragic comedy. You can't spend the money you don't have. The mention of the 2nd Niger bridge that's been the subject of serial budget allocations since 2015 is also a political gimmick and emotional blackmail to the Southeast region. The Lagos-Ibadan highway project has also been on from the ex president Jonathan era. Beyond the politics of funds repatriation, our lawmakers need to effectively collaborate with the new Czar of the efcc, 40 years old Abdulrasheed Bawa to review the Nigerian constitution that offers sitting governors and presidents immunity to illegally acquire stupendous wealth in office. A system that allows a holes in our banking and financial systems that allowed the likes of james Ibori the window to illegally acquire the following before he was arrested, jailed and released: a house in exclusive and reclusive house in Hampstead, North London worth £2.2 million, a property in Shaftsbury, Dorset worth £311,000,.a fleet of adored Range Rovers worth £600,000, a £120,000 Continental Bentley GT, a £3.2 million mansion in Sancton, near Johannesburg, a Mercedes benz Mayback bought for £407,000. The anti corruption fight needs to be reinvigorated in having a holistic second look at our Justice administration systems in Nigeria.

The Delta State Government said that it had no case with former Governor, James Ibori and as such was very happy for his release from the London prison.

The State Commissioner for Information, Mr. Patrick Ukah, stated this in Asaba while responding to questions after briefing newsmen on some of the decisions at the last State Executive Council meeting for the year.

It would be recalled that Ibori was on Dec. 21 released from prison after completing his sentence for fraud in a London prison.

According to Ukah, the close associate of the former governor and all those who knew him and loved him expressed joy at his release.

He said, “We are all very happy that our son, our brother, former governor has been released. So, it is a thing of joy and the only expression as a state is that we are happy.

“I think for everybody, who has a personal relationship with him, will be very happy and I think that as a state we don’t have issues with our former governor and he is somebody that everybody loved.”

He said that in the last meeting, the state government had approved the award of more roads contracts and assured that ongoing roads construction would get a boost in April next year.

He said the roads approved for constructions and repairs include the construction of Abraka Township road in Ethiope East Local Government Area of the state and Owa Alero-Ute Okpu road in Ika North East LGA.

Other are the construction of Agrarian community roads cutting across Issele-Uku, Onicha-Uku, Ugbodo, Okumnzu, Obumkpa-Idumogo Road in Aniocha LGA and the rehabilitation of Ozoro-Oleh Road in Isoko North and South LGAs.

Also, the construction of Burutu Township road in Burutu LGA, rehabilitation of Charles Street in Agbor, Ika South LGA among others.

The commissioner said that the Ughelli-Afizere roads construction about 8.5 kilometres road would be completed by April next year.

“Also on the roads construction in Okpanam, the contractor had gone on break and to resume work Jan. 5, and with the mandate to connect the drains. Work will run and receive appreciable impact before April, 2017,’’ he said.

(NAN)

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

2 days ago

February 19, 2026

Sahara Weekly

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.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

4 days ago

February 18, 2026

Sahara Weekly

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.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

4 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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