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Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand

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Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.

In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”

GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.

In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.

Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.

BIG STORY

Diezani Removed $70m From NNPC In 12 Bags —– Ex-NNPC GMD

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A Federal High Court sitting in Lagos heard on Thursday that in 2015, a former Petroleum Resources Minister Diezani Alison-Madueke ordered the removal of $70 million from the Nigerian National Petroleum Corporation (NNPC) in 12 padlocked bags.

A former NNPC Group General Manager told Justice Muslim Hassan that he delivered the bags to an Abuja-based banker on Mrs. Alison-Madueke’s instructions.

He testified that he and others “had a command-and-obey relationship and also took an oath of office to obey directives and authority”.

The former GGM appeared as a prosecution witness in the trial of a former Executive Director of a top commercial bank, Dauda Lawal.

Lawal is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering of N928,000,000

The commission accused him of handling $25 million out of $153 million, which the former minister allegedly doled out to influence the 2015 general elections.

The trial opened on Thursday with the ex-NNPC GGM appearing as the first prosecution witness.

Led in evidence by EFCC Prosecutor Rotimi Oyedepo, the witness narrated how he delivered the cash-laden bags to the Abuja banker, identified simply as Charles, in the front of Dume Supermarket in Abuja.

The witness said: “My lord, as I can remember, shortly before the 2015 elections, it was the norm for heads of subsidiaries (of the NNPC) to be invited for an undisclosed briefing of activities of their departments to the minister.

“At the end of such briefings, the then Minister of Petroleum Resources, Mrs. Alison-Madueke, gave me a GSM number in respect of one Charles, whom I had never met, with a clear instruction that I should convey 12 padlocked bags to the said Charles.

“My lord, the source, the content, and the purpose of the bags were not disclosed to me.

“Thereafter, I called the said Charles, who equally confirmed to me that he had been briefed about the message. I delivered the bags to Charles.

“Much later, my lord, the EFCC invited me for interrogation on the issue and I made a statement to that effect.

“Charles equally confirmed at the EFCC that he received the 12 padlocked bags and the bags contained $70 million.”

Under cross-examination by the defense counsel, Patrick Ikwueto (SAN), the witness said he had never met Lawal before.

Justice Hassan adjourned till July 21, 22, and 23 for the continuation of trial.

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Afenifere Demands Sack Of Education Minister For Stopping School Resumption

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The pan-Yoruba socio-political organization, Afenifere has condemned the decision of the Federal Government that schools should remain closed in the country until further notice.

The group called on the President, Major General Muhammadu Buhari (red.), to sack the minister of education for planning to ground education for a year.

The Secretary-General of the association, Bashorun Sehinde Arogbofa, said the Federal Government should have allowed pupils to resume and find means of protecting them against coronavirus disease.

He said, “Adamu Adamu should be sacked, he cannot bring our school system back to the stone age. They had about six months to plan for these children what did the Federal Government do?

“It means the two of them (Adamu and the Minister of State for Education) don’t know what they are doing, so they should go. I think the two ministers in the ministry should go. Why would one say the pupils should resume taking their paper in August and the other minister would come and reverse the order?”

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Magu Quizzed Over 380 Houses, 7 Crude Oil-Laden Ships, N37bn Assets

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The embattled Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, was on Wednesday confronted with more allegations.

The Justice Ayo Salami-led Presidential panel asked him to account for 380 houses and seven vessels loaded with crude oil.

The probe panel also grilled on him on the disposal of assets worth N37 billion.

Magu is being grilled, following allegations raised against him by Attorney-General of the Federation and Minister of Justice, Abubakar Malami(SAN).

The panel started quizzing Magu on Monday after his arrest by detectives in Abuja. On Tuesday, he was grilled on cash discrepancies said to be N539 billion realized from the sale of seized assets and N504 billion declared by the commission.

Both issues are part of the over 20 allegations leveled against the anti-graft agency chairman by the AGF.

It was also gathered, on Wednesday, that on the ground floor of the Federal Criminal Investigation Department, FCID, Area 10, Abuja, where the EFCC boss is being held, his family members are allowed to visit him.

A Presidency source had said, on Tuesday, that the probe was an affirmation that nobody under the present administration was above scrutiny.

The source had also explained that the interrogation of the anti-graft boss was being done to give him the opportunity to clear himself of the weighty allegations.

It was gathered that Magu was brought to the venue at about 11:14 am from the Force Criminal Investigation Department, FCID, building where he had been held since Monday. He was also joined by his lawyer at the panel for interrogation.

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