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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

We Will Get It Right With Security —- Obasa

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Speaker of the Lagos State House of Assembly, Rt. Hon Mudashiru Obasa has affirmed that with the support of all Nigerians, President Bola Ahmed Tinubu would get it right with his concerted reengineering of the nation’s security architecture.

Speaking at the APC Stakeholders and Progressives Governors Forum meeting held Saturday, December 6, at the Eko Hotel and Suites, Victoria Island, Lagos, Obasa said he did not doubt that President Tinubu and the All Progressives Congress, APC-led federal government, would do all that they can to ensure that they secure the life and property of every Nigerian.

According to Obasa, “We have seen the president in action and how he is innovating and working hard to resolve our many challenges, especially insecurity, and we believe he will get it done. He’s still the man who can do it. That is why we must do everything within our powers to ensure that he is returned in 2027.”

Speaker Obasa teed off with robust commendations for the governors for their shared dedication and commitment to helping President Tinubu resolve Nigeria’s insecurity problem.

He urged them to galvanise their people when they return to their various states to be a part of the solution to Nigeria’s security challenge, and not stay aloof.

Speaker Obasa added that security is not just about the governors, “It is about everybody. We must all be involved in fighting this problem. We must give the President all the support that we can so that he will succeed in his attempts to redirect the trajectory of Nigeria.”

The PGF had converged on Lagos between December 5 and 6 for a meeting convened by the Chairman of the Forum, Senator Hope Uzodimma, Governor of Imo State, and hosted by Governor Babajide Sanwo-Olu of Lagos State.

In a communique read by Governor Uzodinma, the governors passed a vote of confidence on President Tinubu’s administration, and pledged support for his Renewed Hope Agenda and re-election in 2027.

The Forum, according to Governor Uzodinma, reviewed the security situation across the country and expressed appreciation for the improved coordination between federal, state, and local security structures, as well as the courage and sacrifices of security agencies and community volunteers. They also resolved to strengthen local security architecture in all the states.

Governor Uzodinma said that their two-day engagement provided an opportunity to review the nation’s current trajectory, deepen coordination among the governors, and reaffirm their firm support for the Renewed Hope Agenda of President Tinubu. “The PGF commended President Bola Ahmed Tinubu for his steadfast commitment to stabilizing the economy, strengthening national security, and laying the foundations of sustainable growth through the Renewed Hope Agenda,” he said.

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Nigerian Army Suspends Officer Retirements Amid National Security Emergency

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The Nigerian Army has suspended all statutory and voluntary retirements for certain categories of officers following the nationwide security emergency declared by President Bola Tinubu.

An internal memo dated December 3, signed by Maj. Gen. E. I. Okoro on behalf of the Chief of Army Staff, and sighted by our correspondent, stated that the suspension of retirements is aimed at retaining manpower, experience, and operational capacity as the Armed Forces expand in response to rising insecurity.

The document, referencing the Harmonized Terms and Conditions of Service Officers (HTACOS) 2024, noted that although officers are ordinarily expected to retire upon reaching their age limit, completing 35 years of service, or after repeated promotion or conversion failures, service extension is permissible under Paragraph 3.10(e) in the interest of the military.

The memo partly read: “Military service of a commissioned officer entails a period of unbroken service in the AFN from the date of enlistment or commissioning to the date of retirement. The period of service is determined by conditions enshrined in the HTACOS Officers 2024. These include attainment of age ceilings on various ranks, a maximum length of service of 35 years, and other criteria provided in Paragraphs 11.02(d) and 17.15, among extant regulations.

“Notwithstanding these provisions, Chapter 3.10(e) of HTACOS Officers 2024 allows for the extension of service to officers in the interest of the service.

“The President and Commander-in-Chief declared a nationwide security emergency on November 26, mandating the expansion of the AFN and other security agencies. In line with this, and to rapidly expand manpower, it has become expedient to temporarily suspend all statutory and voluntary retirements from the Nigerian Army with immediate effect.”

According to the circular, the temporary suspension applies to officers who fall into the following categories: officers who failed promotion examinations three times; officers passed over three times at promotion boards; officers who have reached the age ceiling for their ranks; officers who failed conversion boards three times; and officers who have attained 35 years of service.

“Officers in these categories who are not interested in an extension of service are to continue with the normal retirement procedure. Officers desirous of extension should note that upon extension, they are not eligible for career progression, including promotion, career courses, NA sponsorship, self-sponsored courses, secondment, or extra-regimental appointments,” the memo stated.

It directed all commanders to disseminate the directive and manage morale, adding that the policy would be reviewed as the security situation improves.

President Bola Tinubu, on November 26, 2025, declared a nationwide security emergency and directed the military, police, and intelligence agencies to expand recruitment and deploy thousands of additional personnel.

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BIG STORY

Senate Orders Nationwide Crackdown As Lead Poisoning Hits Ogijo Lagos

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The Senate on Thursday expressed grave alarm over a fast-spreading lead-poisoning crisis in Ogijo, a densely populated community straddling the boundary between Ikorodu (Lagos) and Ogun East Senatorial District.

It described it as a full-blown environmental and public-health emergency that threatened thousands of lives.

The motion, jointly sponsored by Mukhail Adetokunbo Abiru (Lagos East) and Gbenga Daniel (Ogun East), was brought under Matters of Urgent Public Importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).

Lawmakers cited scientifically verified reports of extreme lead contamination linked to a cluster of used lead-acid battery recycling factories operating in the area for years.

According to the Senate, the crisis had left residents battling persistent headaches, abdominal pain, memory loss, seizures, and developmental delays in children, symptoms strongly associated with chronic lead exposure.

The chamber noted with concern that the Federal Government had already begun clampdowns, with the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, shutting down seven battery-recycling factories and ordering a temporary halt to lead-ingot exportation pending safety investigations.

Senators said they were “alarmed that residents have for several years complained of persistent headaches, abdominal pains, loss of memory, seizures, cognitive decline, and developmental delays in children, symptoms strongly associated with chronic lead exposure.”

Despite years of community protests, the smelters allegedly continued operating openly, releasing toxic fumes and particulate dust into surrounding homes, markets and playgrounds.

“It is regrettable that despite years of community outcry, smelter furnaces continued operating, discharging toxic fumes from melted batteries directly into surrounding neighbourhoods. We are concerned that while some factory operators deny wrongdoing, community exposure remains extreme.

“The Senate acknowledges and commends the proactive efforts of the Lagos and Ogun State Governments and their relevant ministries and agencies for conducting early inspections, raising community awareness and working with federal authorities to contain the exposure,” lawmakers said.

The chamber further cited disturbing findings by independent testing commissioned by The Examination and The New York Times, which revealed severe contamination in both residents’ blood samples and soil within the industrial cluster.

Some environmental samples, senators noted, showed lead levels “up to 186 times the global maximum safety threshold.”

A major dimension of the scandal, lawmakers said, was that lead processed in Ogijo had already been traced into international supply chains, reaching global battery and automobile manufacturers who either did not address the findings or relied solely on assurances from Nigerian suppliers.

The Senate lamented that while some factory operators deny wrongdoing, community exposure remains dangerously high amid weak accountability and gaps in Nigeria’s regulatory frameworks.

Senators nonetheless praised emergency actions taken by the Lagos and Ogun state governments, commending their early inspections, public-awareness campaigns and support for affected families.

Citing Sections 14(2)(b) and 20 of the 1999 Constitution, the Senate emphasised the government’s responsibility to safeguard citizens’ welfare and ensure a safe environment.

Following extensive deliberations, the Senate resolved to commend both the Federal Government and the Lagos and Ogun State Governments for their swift intervention in shutting down non-compliant lead-recycling factories.

Lawmakers urged continued enforcement, including factory closures, export suspensions, prosecution of violators, and strengthened industrial safety monitoring.

The chamber mandated the Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) to deploy emergency medical teams to Ogijo to provide free toxicology screenings, blood-lead management, chelation therapy, and ongoing treatment for affected children and adults.

Simultaneously, the Federal Ministry of Environment and NESREA were directed to carry out comprehensive environmental remediation, mapping soil, groundwater, air, and household dust contamination.

The Senate also called on the Federal Ministry of Solid Minerals and relevant regulatory agencies to enforce strict compliance standards for battery-recycling and lead-processing operations nationwide.

Additionally, it recommended establishing a National Lead Poisoning Response and Remediation Task Force within NEMA and directed the Committee on Legislative Compliance to monitor progress and report back within six weeks.

The Senate described the Ogijo crisis as a preventable tragedy that must serve as a national wake-up call on industrial pollution, regulatory failure and the urgent need to protect vulnerable communities from hazardous waste.

 

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