Connect with us


BIG STORY

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

Published

on

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

#BON 2025: Obasa, Elegushi Endow Award Categories, As Addme, Indomie, Abundish Join Award Sponsors

Published

on

All roads lead to the Wole Soyinka Centre for Culture and Creative Arts, formerly known as the National Arts Theatre, this Sunday, December 14, for the highly anticipated 17th edition of the Best of Nollywood (BON) Awards.

The event is set to be hosted by the dynamic duo of Bukunmi ‘KieKie’ Adeaga-Ilori and Adams Ibrahim Adebola (popularly known as VJ Adams), with the Executive Governor of Lagos State, His Excellency Babajide Sanwo-Olu, serving as the official Host Governor.

The ceremony promises to be a spectacular celebration of cinematic excellence. This year’s awards are not only a recognition of Nollywood’s best creative and technical talents but also a showcase of significant corporate and private support for the industry, highlighted by the endowment of key award categories.

These endowments underline a strategic partnership between the film industry and various high-profile entities and personalities.

The BON Awards proudly recognizes the commitment of several partners to fostering excellence in filmmaking. Among the esteemed endowers is the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, who has generously endowed the coveted Best Indigenous Movie (Yoruba) category, emphasising the importance of local cultural narratives.

Further bolstering the awards, the prominent Lagos monarch, Oba Saheed Elegushi, has endowed the most prestigious prize of the night, the Best Movie category, highlighting his commitment to the overall success and quality of Nigerian cinema.

Corporate sponsors are also showing strong support, with Addme championing acting talent by endowing the Best Actress of the Year category, while Indomie shows its support for emerging talent through the Best Child Actor award.

Abundish highlights the creative technical aspects of filmmaking by endowing the Best Use of Food in a Movie category.

The founder of BON Awards, Seun Oloketuyi, noted that these endorsements provide crucial resources and prestige to the categories, ensuring the continued celebration of authentic storytelling and technical innovation within the industry.

“The support from Rt. Hon. Obasa for the Best Indigenous Movie award emphasizes the importance of preserving and promoting our rich cultural narratives through film,” said Oloketuyi.

“Likewise, the commitments from Addme, Indomie, Abundish, and the generous support of Oba Elegushi underscore the value placed on acting prowess and the creative technical elements that bring our stories to life.”

As the biggest names in Nollywood gather in Lagos, all eyes will be on the Wole Soyinka Centre for Culture and Creative Arts for what is set to be one of the most memorable nights in Nigerian cinema.

Continue Reading

BIG STORY

‘Excessive’ Security For Seyi Tinubu: How It Is Understood —–Folorunsho Tahir Hamsat

Published

on

The appropriateness or otherwise of security protection for a president’s family can be a subject of public debate. This debate is centred on the complex challenge of ensuring the safety of people connected to the presidency while being mindful of public accountability and the effective use of government resources.

This writer will focus solely on the provision of security for the president’s family, as understood, in layman’s terms. Recently, at a public function, President Tinubu’s son, Seyi,’s excessive security escort was criticized by Nobel laureate, Professor Wole Soyinka. The respected leader had argued that such resources were needed elsewhere.

From my study, it is standard international practice for a country’s president’s immediate family, including the children, to receive significant security protection. This is due to the high profile of the president and the potential national security risks that could arise from threats and various forms of harm to the president’s family members.

Nigeria is currently confronted by multiple security challenges like kidnapping and banditry, with the primary threat coming from the Islamic State of West Africa (ISWA) and Boko Haram. On that score, threatening or harming a president’s son, daughter, or wife could be used to blackmail the president and compromise his ability to perform state duties, thereby creating a national crisis. Thus, the goal of ‘excessively’ protecting the president’s family is to ensure the stability and continuity of the president’s function and, by extension, the nation, by mitigating high-level threats to the First Family.

I am not familiar with the local laws on the protection of private individuals, but, based on my research, in developed countries whose model of democracy Nigeria especially practices, such as the US, the provision of security by agencies like the DSS to the president’s immediate family is a federal law, not a discretionary choice.

The president’s family members often attend public schools or travel, requiring extensive, pre-planned security measures and an advance team to ensure their safety in such environments. Even the US law specifies that children of former presidents receive protection until they are 16 years old, unless declined.

In other climes, a sitting president can issue an executive order to extend protection to members of his family, including individuals not automatically covered by law. I will support this argument with two empirical evidence. Just before departing the White House, finally in January 2025, after the expiration of his constitutional two terms as president of the United States, Joe Biden extended protection for his adult children through the next seven months via an executive order.

That presidential order was critiqued by his successor, Donald Trump, and subsequently revoked by him. However, Trump himself did the same for his four adult children and two of their spouses before his first term ended in 2021, when they were given six months of additional protection beyond their stay in the government house. Thus, my interpretation of this subject is that, if it’s not unusual for a president before he leaves office to authorize an extended period of protection for their immediate family members, giving them full-time protection while holding the power is justified and not inappropriate.

 

-Tahir Hamsat is a Lagos-based journalist. He can be reached via 08051000485

Continue Reading

BIG STORY

JUST IN: Accord Party Clears Adeleke As Sole Aspirant For Osun Guber Primary

Published

on

Barely 16 hours after Governor Ademola Adeleke officially joined the Accord Party, the party’s national leadership has cleared him to participate in its gubernatorial primary.

The Nation recalled that Adeleke, on Tuesday evening, defected to the Accord Party alongside his deputy, Kola Adewusi, and other top aides.

In a statement, Elder Ibe Thankgod, Chairman of the Accord Party Screening Committee, confirmed that Adeleke had been screened ahead of Wednesday’s primary.

He noted that the governor met all the necessary requirements for nomination and participation, adding that the committee had cleared him as the sole aspirant for the party’s governorship ticket and completed all required documentation with relevant bodies.

The statement added that the committee presented Adeleke with a certificate of clearance and described him as a worthy gubernatorial aspirant.

Adeleke expressed gratitude to the screening committee and party leadership, affirming his readiness for the primary and the 2026 general elections.

“I am ready for the primary and I am ready for the general elections. We are winning by God’s grace,” he said.

Continue Reading


 

 


 

 

 

 

Join Us On Facebook

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117