Business
‘Why we killed Dangote’s Human resources Manager’ – Kidnappers confess
The three men alleged to have kidnapped and killed the human resources manager of the Dangote Industries Limited, Istifanus Bello, have said he was murdered for bringing incomplete ransom.
The suspects – Abdullahi Saliu, Babuga Adamu and Abubakar Gide – told PUNCH Metro that Bello got them angry after bringing N5.6m instead of the N10m agreed for the release of four expatriates earlier kidnapped by their gang.
They said Bello was killed after he had been held for three days because he allegedly refused to call his employer to pay the balance of N4.4m.
PUNCH Metro had reported that Bello had gone to the Ijebu-Igbo area of Ogun State with N5.6m as ransom payment for the four expatriates.
While the foreigners were released, he was abducted and later killed.
His corpse was reportedly recovered from a river by the police.
Investigations by the Abba Kyari-led Inspector-General of Police Intelligence Response Team resulted in the arrest of Saliu, Adamu and Gide in Lagos, Kwara and Ogun states.
The men, who were Fulani herdsmen, were on Tuesday transferred from the Force headquarters in Abuja to the Special Anti-Robbery Squad, Ikeja, Lagos, pending the conclusion of investigation.
In an exclusive chat with our correspondent, the suspects, who spoke in Yoruba, said 10 of them carried out the operation.
Twenty-year-old Saliu, an indigene of Kano State, said they were led by one Alti, who fired the shot that killed Bello.
He said, “We were 10 that carried out the operation and we were all fully armed. We had attacked and abducted the four expatriates while they worked in a quarry located in a forest in Ijebu-Igbo; they were guarded by two policemen who had an AK-47 rifle and a pump-action rifle. We surrounded the quarry, overpowered the policemen and took one of their rifles. We didn’t touch them.
“We then moved the expatriates into the forest where we fed them with bread and soft drinks. We made contact with their families and the company and demanded N30m ransom. We later reduced the money to N20m and then N10m.
“Some days later, the man (Bello) brought N5.6m. Our leader, Alti, was angry and after releasing the four expatriates, he seized the man. He said he must call his family members or the firm to pay up the remaining N4.4m or else he would be killed in three days. But the man said he does not have any number to give us and he does not have any money. After the three days elapsed and nobody came for him, he was shot dead.”
Saliu said he was paid N150,000 from the ransom after which he left the group.
PUNCH Metro learnt that the suspects dumped the victim’s corpse in a river and tied it to a log to prevent the corpse from floating.
Another suspect, Adamu, 25, said he had persuaded Alti against killing the victim, adding that the leader rebuked him.
“I was given N190,000 for my role. I still have the bulk of the money. When the man brought the ransom, I was the one that led the group to take the money. I was able to do this because I have lived in Ijebu-Igbo for over 10 years; I was brought up here. When Alti insisted on killing the man, I told him to take the man far from where our cows graze; I said it was none of my business if he killed him,” he added.
The third suspect, 24-year-old Gide, from the Gumi Local Government Area of Sokoto State, said Adamu made him to join the group.
He said his role was to buy food for the expatriates.
A source told PUNCH Metro that the police and some vigilance group members had first apprehended Saliu and transferred him to the Ogun State Special Anti-Robbery Squad, adding that when they didn’t have a breakthrough, the IGP team was invited.
He said, “After we intervened, Saliu confessed to us and took us to where the man’s corpse was. It was already decomposing when we found it. Fish had even picked out his eyes. We contacted some council officials, who removed the corpse and deposited it in a mortuary from where some employees of the Dangote company picked it.
“From the information we gathered, we arrested Adamu’s brother, who gave us his address in a forest in Epe, Lagos. We got him arrested around 2am while he was fast asleep with other herdsmen in an open space.
“We later moved to Kwara State to arrest the last suspect, Gide. A policeman had pretended that he had a special assignment and he needed a woman and a hotel to stay in, and since Gide was very familiar with the area, he believed he could help out. After dribbling us for three days, he finally showed up and we arrested him.
“We are still searching for the remaining seven suspects, including the one with the police gun which they took at the quarry; and we will get them.”
The Force Public Relations Officer, Donald Awunnah, said investigations were ongoing.
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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