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Experts, Stakeholders Association React To Baseless and Unfounded Allegations Against GTCO

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Stakeholders and financial industry experts have reacted to the series of allegations against Guaranty Trust Holding Company (GTCO) Plc. A civic organization, Global Integrity Crusade Network (GICN), had on Friday, September 4, 2024, released a Private Investigative Report signed by its President, Edwin Omaga, alleging a series of “unscrupulous, unethical and criminal activities” against Guaranty Trust Bank Limited, the flagship subsidiary of the GTCO group.

The report, which has been actively circulating in the social media showing the leadership of GICN in a prolonged press conference on the subject matter, highlighted damning allegations of corporate misconduct which many social media followers have strongly commented on.

However, GTCO has refuted the allegations and described the report as false. In a statement made available to THEWILL by the group’s head of corporate communications, Charles Eremi, the foremost financial services group said GICN set out to create a false narrative about the GTCO brand and its management.

“Being a responsible corporate citizen and a first-class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports,” the statement read, adding “We will continue to use the full extent of the rule of law available to safeguard our reputation.”

“Based on the incessant release of false news reports on GTCO’s business activities, Results, and its Management Team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management.

“The false news articles which are being sponsored using the media, center around baseless allegations against the Group’s business activities and its Executive Management.

“We urge all our Customers, Shareholders, and Stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles. All of our Executive Management team continue to operate in their full capacities as appointed, and are not under any financial or regulatory scrutiny as alleged,” the statement reads.

An investment expert and chairman, Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar condemned the development as a calculated attempt by the GICN group to pull down one of Nigeria’s major financial services institutions.

In a telephone chat with THEWILL Mukhtar lamented over the deliberate efforts of some people to pull down an institution like GT Bank without considering the consequences – loss of employment, negative impact on investors’ assets and depositors’ funds as well as the support to the economy through granting loans and advances to customers.

“GT Bank is one of the strongest new generation banks. It has been making profits over the years and paying dividends to the shareholders, providing employment to Nigerians and giving value to investors. Much as I would not condone wrongdoing, I do not believe that a reputable institution would descend so low to dabble in such wrongdoings it is being accused of,” he said.

He added: “There are better ways of approaching a matter like this, such as petitioning the various regulatory bodies instead of coming to the media to malign a reputable institution like GT Bank.”

National Co-ordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, lambasted the accusing group for wrongfully playing the role of the regulator. He noted that banking is a highly regulated sector and that no such misdemeanor could happen in a financial services institution without being detected.

“I watched the press conference online. I do not believe the allegations. Who is the group making the allegation? Are they the regulators of the industry? You don’t call a press conference to malign an institution. It is uncalled for; I do not believe in the rumours being spread by those people and I urge the public not to believe them, either.

“The CBN is there, the NDIC, the Financial Reporting Council – are all there. If a customer has a complaint, he knows where to take it to. And that will be resolved. GT Bank is a strategic and important institution in the financial services industry and should not be maligned for any reason,” Okezie told THEWILL by telephone.

In his reaction, Dr Paul Uzum, a stockbroker and investment expert urged Nigerians to dispel the rumour being spread against GT Bank. He told THEWILL via telephone that GT Bank is a very strong and strategic bank that cannot be associated with the allegations being peddled by the accusing group.

He said, ‘GT Bank is one of the strategically cut-out banks. If anything happens to GT Bank, the market is gone because we do not have many of its kind in the industry. How many companies do we have like that? They are one of the flagships in the market and cannot be pushed over in terms of performance and corporate governance. The story must have been sponsored by an aggrieved party, but that is not the right way to go about it.”

Sam Ndata, an investment expert and Doyen of the Stockbrokers urged Nigerians and others not to rush into believing the allegations without proof because that would be injurious to the corporate image of GT Bank

GTCO reported an impressive result in its H1 2024 performance. It posted a profit before tax of N1.004 trillion, becoming the first Nigerian financial institution to cross the N1trillion mark in profit. This milestone figure represents an increase of 206.6% over N327.4billion recorded in the corresponding period ended June 2023.

The Group’s loan book (net) Increased by 25.5% from N8trillion recorded as at December 2023 to N3.11trillion in June 2024, while deposit liabilities grew by 39.8% from N7.55trillion in December 2023 to N10.55trillion in June 2024.

 

Credit: The Will News

BIG STORY

The Villa’s Chief Of Staff

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The office of the Chief of Staff to the President of the Federal Republic of Nigeria, has suddenly acquired a larger than life aura. The powers believed to be domicile in that office are now synonymous with that of the president himself.

The progression of that office, through the window of time, started in recent years.
Rising from the backwaters of official obscurity, akin to the civil service rule of “being seen but not heard”, the office of the chief of staff to the president is now one that many people would do anything – indeed go to any length – to occupy.

Although not a constitutional creation, its functions are largely at the discretion of the president, with direct supervision of his activities, personal staff, and security details.

Since 1999, when former President Olusegun Obasanjo introduced the idea patterned after the US presidency, Aso Rock Villa, has played host to a few persons as chief of staff to successive presidents. Each of them lived their time and left their marks in the sand of time.

From General Abdullahi Mohammed under Olusegun Obasanjo to Gbolade Osinowo under Umaru Musa Yar’Adua, Mike Oghiadomhe and Jones Arogbofa under Goodluck Jonathan, Abba Kyari and Ibrahim Gambari under Muhammadu Buhari and now Femi Gbajabiamila, under the current president, Bola Tinubu, that office has been shaped largely by the content of the characters of the individual appointees.

Unfortunately, apart from the late Mallam Abba Kyari, who was considered “too powerful” under Buhari and thus, received constant knocks and criticisms for doing his job and taking the flaks for his principal, none other comes close to Gbajabiamila in terms of attacks and constant machination of antics designed exclusively to get rid of him

Today, Gbajabiamila is one of the most popular persons in the country – holding office or not. This, sadly, is not on account of the fact that he was not doing his job well. But essentially, because he has in his hands what several other people desperately covet.

Perhaps, it comes with the job and the territory. But the recent interpretations accorded an otherwise innocuous statement by the presidency, which last week hinted at possible cabinet reshuffle was rather discrediting.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, while addressing State House correspondents in Abuja, said Tinubu would be aided in his decision by public opinions that have been empirically extracted.

In company with another Senior Special Assistant to the President on Digital and New Media, O’tega Ogra, Onanuga said there was no timeline to when Tinubu would reshuffle his cabinet, which he inaugurated in August, 2023.

“I don’t have any timeline. The president has expressed his desire to reshuffle his cabinet, and he will do it. I don’t know whether he’s going to do it before October 1, but he will surely do it.

“So that’s what I will say. He has not given us any timeline he’ll do it, but he will do it. He has expressed his plan he wants to do it,” he said.
Ogra would further shed more light on the planned exercise.

He explained that the president would be guided by an empirical process, making reference to the performance indicator of everyone.

This, of course, was being coordinated by none other than the Special Adviser to the President on Policy Coordination and head of the Central Delivery Coordination Unit, Ms. Hadiza Bala Usman.

He added: “We also need to realise that the president’s decision to reshuffle is also based on empirical evidence. He said it during the retreat for the ministers that they were going to have periodic reviews, and the decisions that are extracted from these reviews will be used to make that final decision.

“I know he’s got a couple of reports, and as Mr. Onanuga said, when he’s ready to do that, I believe he will,” he said, adding that the president has also instructed his ministers to actively promote the accomplishments of his administration.

“The president has given an order to all his ministers at the last Federal Executive Council (FEC) meeting to go out there and speak about the activities of his administration.

“Some of them have been media shy, television shy, radio shy, and he wants them to overcome all that and go out there and speak about what they have been doing.
“Because the feeling out there is that government is not doing enough and the government has been doing a lot.

It is up to them to go out there and blow their own trumpet. They should go out there and talk about what their ministries have been doing,” he added.

Nothing in the statement above suggested that the president had hinted at the possibility of dropping any of his appointees.

At best, the statement was big on the word “reshuffle” and not “shake-up” even though they both mean changes to the cabinet.
However, while the former presupposes moving people around to improve the effectiveness of the government, the latter indicates a more chaotic situation, which suggests dropping some appointees outright, albeit for the same purpose.

Still, it would not be out of place if he drops anyone as he deems fit.
But the brazen misinterpretation of facts in some of the reports, insinuating that Gbajabiamila was top on the list of those who had been penciled in to be relieved of their duties, was not only curious, but further exposed the reality of the forces that seemed to have piled up against the chief of staff since he assumed office.

For context, the expanded work of the chief of staff varies from president to president. Aside from the ability to exercise discretion, in addition to the rudimentary responsibilities of the office, he functions majorly at the whims of his principal.
In the case of Gbajabiamila, he had so earned his principal’s confidence that the president once deemed it expedient to come out to defend and as well reiterate his confidence in him, at the peak of the attacks against him.

This happened at one of the Federal Executive Council (FEC) meetings in October 2023, during which Tinubu also set the ground rules for those eligible to attend the meeting.
“Let me reiterate that a lot of stories are going around about what is happening.

I’ve told everyone that I can make mistakes. They’re bound to air them out and correct them.
“Perfection is of God. I have confidence in the integrity of my chief of staff.

All campaigns of calumny and insinuations should stop. The buck stops here.
“If I make a mistake, I’m ready to own up to it. We’re all joining hands to fight corruption, and we want to enforce the law with you,” he explained.

Even if it was a façade (which it didn’t really seem like), the fact that the president came out to stoutly defend his chief of staff was enough to douse insinuations and quell the vacuous struggle for that office, intended to viciously pull down the current occupant, Gbajabiamila.

The office of the chief of staff is not elective, and therefore, the struggle to acquire it is not just unsightly but also dishonourable.

This insatiable lust for power accentuated by poverty of ambition, has peaked in this case, sadly, with disturbing consequences on the polity and governance.

Isn’t it strange, therefore, that a chief of staff has many jobs on his hands and yet, in the same stroke, has none? Even worse, it is such a thankless call to service that earns the individual a legion of enemies as against medals.

So, what about the vain struggle?
In fact, at the state level, many governors had long adopted the idea of abandoning their chief of staff to make very good use of their deputy chief of staff, for personal reasons, instead.

If the chief of staff was indispensable, why would they travel that route in the first place?
It is, therefore, interesting to note how some people arrogate so much power to this office and rustle up huge imaginations about the identity of the occupant, sometimes beyond his own grasp.

For instance, how in anyone’s wildest imagination is the chief of staff responsible for the state of economy or the rising costs of living? In what capacity, beyond advisory, would a chief of staff give instructions or directive to ministers, the CBN governor, heads of parastatals and agencies outside of the personal staff of the president?
Yet, the impression created out there by the political hawks is that the chief of staff is the alternate president, a dip that could equally create a needless friction between the principal and his staff, where maturity and trust are lacking.

This battle for space could even be extended to the vice-president, who might think he’d been shoved aside for the chief of staff to thrive.

It’s a dangerous power gambit!
For Gbajabiamila, there’s no gainsaying that the last 17 months must be the longest in his over two decades of public service and career.

He has waltzed through some of the most demeaning allegations of corruption to being tagged the most powerful man in the country, in obvious moves to pit him against his boss.

These ungodly orchestrations by the vermin in the corridors of power are enough to mess with his mental health and emotional stability, especially for a man with grownup kids, whose friends also read some of the “devastating lies” and are wont to ask relevant questions.

Unfortunately, for both his real and perceived enemies, while Gbajabiamila does not appear desperate, his fate is clearly not in their hands either, but his principal, who once publicly stood for him, based on convictions.

It also doesn’t mean they would back off if they failed in their current adventure. It is just characteristic of the filthy power play in a black society, where every approach is considered fair, so long the end justifies the means. They are likely to moot and sculpt other more devastating plots in no time.

Until the president decides what he ultimately does with his appointees, some of whom are being reportedly considered for reshuffling in the coming days, the political jobbers currently strutting the turf and fretting their hours on dead wishes, should, at least, let Gbajabiamila breathe?

 

 

As published today in Thisday Newspaper https://www.thisdaylive.com/index.php/2024/10/08/the-villas-chief-of-staff/

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BIG STORY

JUST IN: Soldiers Attack KAI Officials For Demolishing Their Building In Yaba [VIDEO]

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Men of the Nigerian army attacked officers of the Lagos State Environmental Sanitation Corps while they were carrying out their duty in Yaba.

According to the Commissioner for Environment, Tokunbo Wahab, the officers were attacked for demolishing a structure built by soldiers near the perimeter fence of Yaba College of Technology.

Wahab stated, ‘’Earlier today, officers of the Lagos State Environmental Sanitation Corps (KAI), lawfully engaged in their duties in Yaba, were subjected to an unprovoked attack by personnel of the Nigerian Army under the directive of Major Adebiyi and Captain Gowon.’’

He also extended gratitude to the Chief of Army Staff, Lieutenant General T. Lagbaja, and the Director of Chaplain Services, Lt. Col. T.E. Ogbonyomi, for their swift intervention, which allowed KAI officers to continue their responsibilities without further disruption.

Wahab condemned the assault, stating, ‘’We strongly condemn this unwarranted and unacceptable assault on officers executing their lawful duties.’’ He also emphasized that such acts would not be tolerated in the future and reaffirmed the state’s commitment to ensuring a #CleanerLagos by upholding safety and sanitation standards.

 

See video below (viewers discretion advised)

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BIG STORY

CBN Weighs In: Responds To Attempts To Misinform The Banking Public And Reasserts Its Role As Apex Banking Authority

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In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management by faceless and unqualified entities using the media, the Central Bank of Nigeria (CBN), issued a Press Release today reassuring the public that their deposits with Nigerian Banks are safe.

The Statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds” and signed by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.), begins with a firm assurance: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” It further stated, “The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

On how the Monetary Authority fulfills its oversight responsibility, ensuring system-wide monitoring of licensed Banks in Nigeria as well as their offshore operations, the Statement says, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues. The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located. This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.”

In closing, the Ag. Director said, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.

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