Business

Zenith writes FG after Global Fund, others withheld over N67m contract fee

Published

5 years ago

March 14, 2021

An indigenous logistics company, Zenith Carex, has written to the Federal Government, requesting the government’s intervention to recover over N67 million contract funds allegedly withheld by a United States organization, Chemonics International, and its associates over the past two years.

The others alleged to be involved in the contract were Global Fund, an international organisation financing AIDS, Tuberculosis, and Malaria prevention, and the United States Agency for International Development (USAID).

The company argued that the fund was outstanding of a contract executed for Chemonics, who were said to have been contracted Global Fund and USAID to execute and managed an integrated supply chain within Nigeria between 2017 and 2019.

Zenith added that after the completion of the contract, which indicated Chemonics must in every 30 days pay for logistics carried out by their contractor, the United States organisation had allegedly refused to pay even after several requests were made.

Worried by the alleged refusal, the logistics company in a letter wrote to the government through Minister of Health, Dr. Osagie Ehanire and was titled: ‘Imminent International Intimidation And Bilateral Blackmail Of A Business Relationship/Partnership By Chemonics International INC SAII And Its Associates: An urgent request/application for your intervention, advice/guidance and amongst others.

In the letter signed by Chief Executive Office (CEO) of the company, Adelana Olamilekan, and obtained by Vanguard, the company stressed that the withheld balance of their contract fee was affecting their operation.

The company stated categorically that during the period, all transactions were documented and consignments were delivered at the appropriate locations, and all paper works signed between both parties even when the international organisation was not fulfilling its own side of the bargain.

It reads: “To intervene, investigate and interrogate the process with a view to unraveling the course of action after three years of successful hitch-free delivery without any form of query from their Nigeria office since inception of the contract.

“To guide and assist our company to recover the sum of over N67 million which was the sum of money owed us by Chemonics International Inc. Sall & Associates, which they seek to avoid paying by using antics. Falsehood and deception to evade payment.

“To also direct Chemonic and Sail to issue a letter of apology to us for embarrassment and inconveniences suffered as a result of their actions”, the company added.

Earlier, it was learnt that trouble started after Global Fund Nigeria Country team, in April 2019, received a request for additional funds from Chemonics International to complete their task, citing some exigencies during the execution of the project.

The trouble was said to have become obvious when Zenith Carex demanded the balance of the projects it executed as stipulated in the contract agreement signed earlier in 2017, but rather than pay, Global fund wrote a petition to the OIG and alleged that the Nigeria logistic company allegedly defrauded its supported programs of US$3 million.

Global Fund in the petition added that Zenith systematically inflated invoices for the distribution of health commodities to warehouses and health facilities throughout Nigeria.

Rather than pay, the Global Fund went ahead to engage Local Fund Agent (LFA) to examine potential causes of the overspend and it was alleged that there were numerous unsupported sub-contractor expenditures made.

For Global Fund not to further pay, the Chemonics’ Office of Business Conduct (OBC) in synergy with the OIG embarked on another joint field mission to Abuja in February 2020 which Zenith described as not necessary considering the documents presented.

In the investigation report, Global Fund alleged that the Nigerian logistic company inflated distribution invoices up to ten-fold and held tenaciously to its pre-investigation believe, a claim Zenith argued was a clear misrepresentation of services executed.

According to Global Fund, Chemonics’ controls were ineffective in identifying the fraudulent invoices. Staff were negligent in reviewing the invoices and supporting documentation as well as approved inflated invoices that were not in line with the contracts, for over two years.

They also alleged that Chemonics’ inadequate financial monitoring in the local office and Headquarters led to retrospective identification of cost overruns, making it more difficult for Chemonics and the Global Fund Secretariat to identify the fraud thereby asking for a refund of US$712,588, or 93 percent of the total charges, by invoicing for truck tonnage supplied by Zenith.

The Nigerian company, reacting to the outcome claimed that it does not have any business relationship with Global Fund since they are not their direct contact.

“Chemonics were the company that contracted us and they are the one owing us. We do not know how that should be an issue with Global Funds. OIG/GF report was a misrepresentation of facts filled with distorted information and it is biased”.

Related Topics:Featured GLOBAL FUND Lifestyle ZENITH CAREX

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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