News
Sanction GTB over Fraud Allegations, CSO Tells CBN
…faults CBN over failure to sanction
No fewer than seven Civil Society Organisations (CSOs) have called for the immediate suspension of the Group Managing Director and CEO of Guaranty Trust Holding Company (GTCO) Mr. Olusegun Julius Kosebinu Agbaje and the Board of Directors of GTCO and GTB to allow for a fair and seamless investigation of alleged economic and financial crimes.
The alleged crimes includes: money laundering, unsolicited accounts opening, round tripping, terrorism financing, criminal diversion of funds, manipulation and sundry financial and economic heist.
The CSOs led by the Convener, Civil Society Coalition, Comr. Igwe Ude-Umanta and National Coordinator, Empowerment for Unemployed Youth Initiative, Comr. Danesi Momoh, made the call while addressing newsmen on Wednesday in Abuja.
While noting that both the United Kingdom and Ghana had wasted no time in sanctioning GTCO and GTB, the CSOs were appalled that the Central Bank of Nigeria (CBN) failed to live up to its mandate of sanctioning erring banks and financial institutions operating in the country.
According to the CSOs, they CBN has no excuse as they were available evidences and facts to the allegations being levelled against GTCO the CBN could work on to save both the bank, depositors and shareholders.
They said: “The moment, the Guaranty Trust Bank (GTB) announced a profit before tax of N1.004 trillion, many critical observers while congratulating them, felt justifiably dubious about such exponential gain margin. This claimed profit represents an increase of 206.6% over the N327.4 billion of the corresponding period ended in June 2023. It therefore looks more like proceeds from a Ponzi venture, rather than regular bank practices and economics.
“It was therefore not very surprising to many keen watchers of the banking sector when various Civil Society Groups, especially Global Integrity Crusade Network (GICN) appeared before the public with damning evidence-backed report about an alleged involvement of Guaranty Trust Holding Company (GTCO) and Guaranty Trust Bank (GTB) in massive economic and financial crimes which have attracted sanctions against them in the United Kingdom (UK) and Ghana. The report detailed very specific incidences and material facts of transactions which are in breach of several financial laws of Nigeria and also raise reasonable suspicion of money laundering, terrorism financing, round tripping, criminal diversion of funds and manipulation against GTCO and GTB.
“Also, following a petition by Alhaji Yusuf Kabiru of Arewa Consultative Youth Movement, the Nigerian House of Representatives has waded into the matter to further ascertain the level of involvement or otherwise of GTB and its associates/affiliates. This is to underscore the level of urgent importance the resolution of this matter is to the country.
“Sadly and strangely however, the Central Bank of Nigeria (CBN) whose express mandate it is to sanction erring banks and other financial institutions has remained “loudly” silent and maintained a stone cold indifference to a matter of an allegation of quantum criminal scale in the financial sector.
“The CBN should act decisively and transparently now! If these alleged fraud has happened under the nose of the CBN, it is unfortunate. Also, if CBN is slow, indifferent or partial in acting effectively and effectually, then it is a tragedy.
“The CBN has no excuse in examining these allegations and available facts, with a view to acting to save the GTB as a bank, hapless depositors and innocent shareholders. GTB under Olusegun Julius Kosebinu Agbaje (Segun Agbaje) is fast acquiring a domestic and global notoriety unbecoming of and too dangerous for a bank in an era of growing terrorism, thriving on illicit financial flows.
“For the records, let us state that while we await the results of credible investigations into this, there are already facts and documents against GTCO/GTB (as made available to us) to establish that all is not well. For instance, contrary to the denial of GTCO/GTB that the allegations brought forward by GICN are false, a document issued out to staff on August 23, 2024 and signed by one Joseph Balogun of Customer Escalation Resolution, Customer Experience Management admits the issue of Unsolicited Accounts Opening, which he merely cautioned staff of its consequences, but did not take any action to remedy it and sanction the offenders. The document is hereby attached.
“It is important to state herein, that apart from breaching the provisions of BOFIA, Unsolicited Accounts Opening is in clear breach of Regulation 1:11 of Central Bank of Nigeria Regulatory Framework for Bank Verification Number Operation Watch List for the Nigerian Banking Industry, 2021 as it affects Security and Data Protection. The criminal action is also in breach of various provisions of the Nigeria Data Protection Act, 2023, particularly Sections 36, 39 and 40.
“Report of United Kingdom (UK) Based Private Investigators on GTB Transactions Account for the year ending 2011, 2012, 2013, 2014, 2015, 2016 and 2017 for the banks operations in the UK is equally as instructive as it is damning. The report show that GTB violated extant laws; especially the Financial Services Authority (FSA) Regulations in the UK; Economic and Financial Crimes Commission (EFCC) Establishment Act 2004 and Nigeria Financial Intelligence Unit (NFIU) Money Laundering Regulations.
“The Independent Audit prove that under the period reviewed, suspicious transactions which in their opinion violate the Money Laundering Regulations, worth over N1 Trillion and Millions of USD, GBP and CHF were done using about 49 Bank Accounts and 66 individuals and corporate bodies. These transactions involve In and Out transactions, which is depositing monies and collecting them by the same persons, usually on the same day or a few days intervals. They also involve absence of transaction descriptions and in some cases, transaction types; currency specification, address, receivers’ account numbers, dates and such other details necessary in knowing a genuine bank transaction.
“In all, it is obvious from the report already that GTB is in breach of Regulations 18-19 of the Regulations for the Implementation of Targeted Financial Sanctions on Terrorism, Terrorism Financing and Other Related Measures, 2022. Also, the transactions indicate a blatant and conscious breach of Sections 4 (1-10), 9, 13, 18, 23 and 33 of Central Bank of Nigeria (Anti-Money Laundering and Combating Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulation, 2013. These are due to the fact that transactions are made without recourse to relevant regulations, because they have been alleged to be illegal.
“In the absence of any clear rebuttal so far, we contend that the allegations of money laundering, terrorism financing, round tripping, criminal diversion of funds, manipulation and other economic and financial “heist” levelled against the GTCO and GTB have enough substance to cause an immediate investigation and sanction.
“It is really suffocating that it will have the Civil Society and Media screaming and demonstrating for this level of alleged crime to be addressed. Sanctions were given elsewhere for violation of extant laws and regulations. But here in Nigeria, even to investigate an allegation has become a struggle.
“We also firmly demand the immediate suspension of Mr. Olusegun Julius Kosebinu Agbaje (Segun Agbaje) and the Board of Directors of GTCO and GTB to ensure that investigation is not in anyway obstructed. GTB must not fail and should not be a channel for illicit financial flow. The struggle is on, and the judgment of posterity will be on the CBN and its present leadership.”
News
2027: Group Defends INEC, Urges Evidence-Based Scrutiny of Staff Redeployments
The Coalition of Civil Society Organisations Against Corruption (COCSOAC) and 33 partner civil society organisations have expressed confidence in the Independent National Electoral Commission (INEC), urging Nigerians to treat recent reports concerning the commission with caution and rely only on verified facts.
The coalition, in a statement signed and issued in Abuja on Tuesday by its President, Bola Ademola, and National Secretary, Comrade Abdulfatah Aliyu, the group said while INEC must be held accountable where necessary, criticisms of the electoral body should be based on credible evidence, due process and an opportunity for affected parties to respond.
COCSOAC was reacting to an online publication alleging questionable staff redeployments within INEC, including the reported reassignment of a Northern director and the deployment of South-West officials to key departments.
The coalition said it had not independently verified the alleged redeployments or the motives behind them, warning that claims of political interference or ethnic favouritism should therefore not be treated as established facts.
“Assuming without conceding that the redeployments occurred as reported, staff reassignment is a recognised administrative practice that may serve legitimate purposes, including operational efficiency, professional development and improved management,” the group said.
It maintained that the geographical origin or family associations of an INEC official could not, on their own, establish bias or an intention to manipulate elections.
According to the coalition, the more important questions should be whether the decisions complied with applicable rules, received proper authorisation and were based on legitimate administrative considerations.
COCSOAC consequently urged INEC to clarify the circumstances surrounding the reported redeployments where necessary, while appealing to the media and civil society organisations to avoid drawing premature conclusions from unverified reports.
The group also congratulated INEC Secretary, Dr Rose Oriaran Anthony, on her turbaning, describing institutional experience, diligence and administrative continuity as important factors in the management of elections.
It appealed to President Bola Ahmed Tinubu to consider Oriaran Anthony for reappointment as INEC Secretary when her tenure expires, subject to applicable laws and established appointment procedures.
COCSOAC said its appeal was not a demand for an appointment outside the law but was based on the need to preserve institutional knowledge and strengthen coordination ahead of the 2027 general elections.
“Where an experienced incumbent has demonstrated the requisite commitment and competence, continuity may help preserve institutional knowledge, strengthen coordination and support preparations for peaceful, credible and well-organised elections,” the coalition said.
It, however, stressed that any decision on the matter must be guided by legality, INEC’s independence and the integrity of the electoral process.
The coalition called on political actors, civil society organisations, the media and other stakeholders to protect public confidence in Nigeria’s electoral institutions through evidence-based engagement, transparency and respect for due process.
It said its position was not that INEC should be shielded from scrutiny, but that allegations against the commission must be verified and affected institutions given a fair opportunity to respond.
“As the nation approaches another critical electoral cycle, accountability, institutional stability and the rule of law must remain central to the collective pursuit of credible elections,” COCSOAC said.
News
Intelligentsia Machinery Celebrates Seyi Tinubu, Hails Contributions to Enterprise, Philanthropy, Youth Empowerment
The Intelligentsia Machinery (IM) has congratulated Seyi Tinubu on his birthday, celebrating his contributions to enterprise development, humanitarian service, youth empowerment and national engagement.
The organisation, in a congratulatory message signed by Omoba Kenneth Aigbegbele and Com Umar Farouk on behalf of its resource persons, members and senior executives, described the birthday as an opportunity to reflect on Tinubu’s personal journey, professional accomplishments, philanthropic engagements and responsibilities associated with influence and public visibility.
The organisation celebrated Tinubu as an entrepreneur, philanthropist and advocate of youth empowerment, noting that his public profile encompasses private-sector enterprise, legal training, humanitarian interventions and initiatives aimed at expanding opportunities for young Nigerians.
According to the statement, the birthday provides an appropriate moment to acknowledge the different dimensions of his public profile while encouraging the continued expansion of programmes capable of delivering measurable and sustainable benefits to Nigerians.
“Today, we celebrate not merely another year in your life but also an opportunity to reflect on your personal journey, professional accomplishments, humanitarian engagements, and the responsibilities that accompany influence, privilege, and public visibility in a developing nation such as Nigeria,” the statement said.
Education, Enterprise and Personal Development
The organisation highlighted Tinubu’s educational background, noting that he studied Business Administration at the University of Maryland in the United States and Law at the University of Buckingham in the United Kingdom before being called to the Nigerian Bar in 2013.
It said the educational experiences provided an important context for understanding his subsequent involvement in business, entrepreneurship and public engagement, adding that his professional journey reflected the intersection of business knowledge, legal training, strategic thinking and opportunities within Nigeria’s evolving private sector.
The statement also recognised his role as Chief Executive of Loatsad Promomedia, where he has been associated with Nigeria’s out-of-home advertising industry.
According to IM, the sector connects businesses, brands, consumers and the wider commercial environment, while private enterprise remains important to Nigeria’s economic development.
It noted that businesses could contribute to employment, innovation, professional development and opportunities for young people through investments in talent, new ideas and sustainable operations.
The organisation therefore encouraged Tinubu to continue pursuing enterprise that advances commercial objectives while contributing to skills development, responsible business practices and the growth of Nigeria’s creative and entrepreneurial economy.
Philanthropy and the Responsibility to Give Back
On philanthropy, the organisation acknowledged Tinubu’s association with the Noella Foundation and other humanitarian engagements, noting that publicly reported activities linked to his philanthropic work had included healthcare support, assistance to vulnerable communities and initiatives intended to improve access to opportunities for young Nigerians.
It said the interventions underscored the importance of social responsibility and demonstrated how influence could be used to address the practical needs of individuals and communities.
The statement observed that Nigeria continued to face challenges relating to poverty, access to healthcare, educational opportunities and economic inclusion.
It added that partnerships among philanthropic organisations, businesses, community groups and public institutions could complement wider development efforts.
IM specifically acknowledged reports of healthcare interventions associated with Tinubu’s philanthropic activities, including the Drug Banks for Indigent Patients initiative launched at Ahmadu Bello University Teaching Hospital in Kaduna State in August 2024.
It also recognised public accounts of humanitarian assistance provided to communities affected by flooding in Borno State in 2024.
According to the organisation, such interventions demonstrated the importance of responding to the needs of vulnerable people, particularly during periods of displacement, hardship and uncertainty.
The organisation encouraged the continued strengthening of these humanitarian efforts through transparent implementation, broad access, measurable outcomes and sustained attention to community development.
It stated that the true significance of philanthropy lay not simply in the resources committed but also in the dignity restored, opportunities created and improvements sustained in the lives of beneficiaries.
The statement added that these outcomes reflected the importance of maintaining a commitment to the common good.
Youth Empowerment and the Future of Nigeria
The organisation also identified Tinubu’s engagements with youth-focused initiatives as an important dimension of his public profile.
It noted that Nigeria had an energetic and ambitious young population whose potential could be strengthened through quality education, vocational training, mentorship, entrepreneurship, digital skills and access to productive opportunities.
However, it stressed that ambition alone was insufficient, explaining that young people also needed supportive institutions, access to finance, professional guidance, practical experience and an economic environment in which hard work and creativity could translate into meaningful progress.
The statement highlighted Tinubu’s association and initiative with the Seyi Tinubu Empowerment Project (STEP), describing it as part of the focus on youth empowerment and entrepreneurial development.
IM expressed the belief that initiatives of this nature could make a more enduring contribution through structured programmes that equip beneficiaries with practical skills, business knowledge, mentorship and opportunities for sustainable livelihoods.
The organisation encouraged the continued expansion of youth-centred programmes capable of reaching young Nigerians across different regions, backgrounds and economic circumstances.
It said its aspiration was to see a generation of young Nigerians who were not merely beneficiaries of assistance but also employers, innovators, responsible citizens, community leaders and contributors to national development.
The statement further attributed Tinubu’s public profile to various initiatives and philanthropic activities which, according to the organisation, had impacted lives and created far-reaching and enduring legacies.
Leadership, Influence and Public Responsibility
On leadership and public responsibility, IM noted that public visibility brought both opportunities and responsibilities, particularly for individuals whose activities attracted national attention.
It said the challenge was to ensure that influence contributed constructively to society and that public engagements remained connected to the expectations and concerns of ordinary citizens.
The organisation observed that Tinubu’s public profile had developed within the context of business, philanthropy, family prominence and increasing public interest in the role of young Nigerians in national affairs.
It also credited him with supporting and promoting youth participation in governance under the present administration, describing the development as significant in the country’s political history.
The statement, however, acknowledged that public assessments of influential figures could differ, stressing that meaningful public confidence was strengthened through openness, accountability, constructive engagement and demonstrable results.
IM therefore regarded the birthday as an opportunity to encourage continued investment in programmes that promote social inclusion, entrepreneurship, humanitarian assistance and the participation of young people in addressing Nigeria’s development challenges.
It expressed the hope that Tinubu would continue to demonstrate the enduring value of these commitments through initiatives whose outcomes could be assessed by the people and communities they were intended to serve.
The organisation wished him more glorious days ahead in his service to the nation and humanity.
Bridging Opportunities and Social Impact
The statement emphasised that Nigeria’s development required collaboration among government institutions, the private sector, civil society organisations, philanthropists, professional bodies and young people.
It noted that no single individual or institution could resolve the country’s numerous social and economic challenges alone, adding that progress depended on partnerships that combined resources, expertise, innovation and a shared commitment to the public good.
According to IM, the relationship between entrepreneurship and social impact remained important because commercial success could create opportunities, while responsible philanthropy could help address urgent social needs.
It added that when these efforts were supported by transparent processes and a commitment to measurable results, their benefits could extend beyond individual beneficiaries to families and communities.
The organisation also acknowledged what it described as the present administration’s commitment to such processes, while encouraging Tinubu to continue building partnerships that strengthen educational opportunities, improve access to healthcare, support emerging entrepreneurs and promote constructive engagement among young Nigerians.
It further expressed the hope that his future engagements would reflect an appreciation of Nigeria’s diversity and the importance of extending opportunities fairly across geographical, social and economic boundaries.
The statement described this as a key focus and direction of his engagements.
Birthday Wishes and Renewed Purpose
As Tinubu marks another year, the organisation said birthdays provided opportunities for celebration, gratitude, reflection and renewed purpose.
It expressed the hope that the new year would bring him good health, wisdom, peace, renewed determination and greater opportunities to contribute positively to society.
The organisation also wished that his professional pursuits would continue to create value, his humanitarian engagements would reach more people in need, and his youth-focused initiatives would help more Nigerians develop the skills and confidence required to build productive futures.
It encouraged him to remain open to constructive dialogue, embrace accountability and sustain a commitment to initiatives whose benefits could be clearly demonstrated in the lives of ordinary Nigerians.
For the Intelligentsia Machinery, the statement said, the birthday celebration was an occasion to extend goodwill and reaffirm the importance of enterprise, humanitarian service, youth development and responsible public engagement in building a more inclusive and prosperous Nigeria where every life matters.
Describing Tinubu as a leader and mentor, the organisation characterised him as an audacious and kind-hearted individual whose love for humanity knew no bounds.
It wished him a fulfilling new year of life marked by good health, sound judgement, personal happiness, professional progress and meaningful accomplishments.
The organisation further expressed the hope that the years ahead would provide greater opportunities for him to expand his contributions to healthcare, education, entrepreneurship, youth empowerment and community development.
It also prayed that his journey would continue to be guided by a commitment to service, a willingness to learn and a determination to translate opportunities into lasting value for society.
The statement concluded with birthday wishes to Tinubu, expressing hopes for long life, good health, greater wisdom and many more years of purposeful achievement.
“Once again, the Resource Persons, Members, and Senior Executives of the Intelligentsia Machinery (IM) warmly congratulate you on your birthday anniversary,” the statement said.
The message was signed by Omoba Kenneth Aigbegbele and Com Umar Farouk on behalf of the resource persons, members and senior executives of the Intelligentsia Machinery.
News
Aondoakaa, Others Top lists of INEC’s For Benue Guber poll
The Frontline runner of the Benue State governorship election come 2027 in Benue State under the platform of the Peoples Democratic Party, PDP and former Attorney General of the Federation, Chief Michael Kaase Aondoakaa, SAN has top the list of the final flagbearers to run for the poll come 2027.
The Benue State governor and candidate of the All Progressives Congress (APC), Rev. Fr. Hyacinth Alia and Prof. Terhemba Shija of the Nigeria Democratic Congress (NDC) have made the final list of governorship candidates released by the Independent National Electoral Commission (INEC) for the February 6, 2027, governorship election.
Other candidates on the list are Herman Iorwase Hembe of the African Democratic Congress (ADC), Nyibiam Kwaghshir of the Action Democratic Party (ADP), Adagba Iorhen of the Allied Peoples Movement (APM), Mercy Ujah Engole of the Action Peoples Party (APP), Dominic Ochenehi of the Democratic Leadership Alliance (DLA), Mathias Terwase Byuan of the Labour Party (LP), Terese Paul Wombo of the National Rescue Movement (NRM), Roseline Ada Chenge of the People’s Redemption Party (PRP), and Simon Ocheme Ogbe of the Zenith Labour Party (ZLP) respectively.
Chief Michael Aondoakaa, SAN, had promised to establish specialised geriatric units in hospitals across the state to provide free basic healthcare and minor surgical procedures for elderly citizens if elected governor in 2027.
He maintained that the the initiative would form part of his administration’s broader agenda on healthcare, security, pensioners’ welfare, infrastructure development and prudent management of public resources.
The PDP candidate said government had both a moral and constitutional responsibility to cater for citizens who had spent their productive years contributing to the development of the state.
According to him, the proposed geriatric units would be specially equipped to provide elderly people with quality and specialised medical care in a conducive environment.
He said basic healthcare services and minor surgical procedures would be provided free of charge to senior citizens under the proposed programme.
“We have a duty to care for our elderly people who are in their late 60s, 70s, 80s and older.
“Beyond government responsibility, it is part of our African culture to honour and support those who have worked hard and sacrificed for society. They deserve access to quality healthcare and dignity in old age,” Aondoakaa said.
He said his administration, if elected, would place healthcare and security among its foremost priorities, stressing that the two sectors were fundamental to the wellbeing and development of the state.
“Our healthcare system must be responsive to the needs of ordinary people, especially the vulnerable and the elderly.
“At the same time, government must take seriously its responsibility to protect lives and property because security is the foundation of development,” he stated.
On the recurring debate over livestock management and ranching in the state, Aondoakaa maintained that ranching should primarily remain a private business venture, with government creating the necessary environment for private investors and livestock owners to operate.
“Ranching is a private enterprise. Government’s role is to create an enabling environment, not to take over the business itself,” he said.
The PDP candidate also expressed concern over the hardship faced by retired civil servants in the state, particularly those affected by outstanding pensions and gratuities.
Aondoakaa argued that workers who dedicated several decades to the service of the state should not face hardship and uncertainty after retirement.
“Those who spent their productive years serving the state should not be abandoned in retirement.
“Pensioners are entitled to their benefits and should be treated with dignity and respect,” he said.
He further argued that the payment of salaries, pensions and gratuities should not be portrayed as extraordinary achievements by any government, describing them as fundamental obligations arising from the relationship between the state and its workforce.
“Salaries and pensions are not favours. They are obligations arising from the relationship between government and its workers.
“Fulfilling those obligations should be routine and not something that is celebrated as an extraordinary achievement,” Aondoakaa added.
On infrastructure, the PDP governorship candidate promised to adopt a more consultative, professionally driven approach to conceiving and executing major government projects.
He said his administration would subject major projects to rigorous scrutiny while involving relevant ministries, technical experts and other stakeholders to ensure that public funds were properly utilised.
“There will be proper consultation before major projects are undertaken. Our focus will be on infrastructure that improves the lives of the people and delivers measurable value for public funds,” he stated.
Aondoakaa also pledged to make greater use of the expertise and institutional knowledge available within the state’s civil service.
He described career civil servants as a reservoir of technical competence and institutional memory, saying their knowledge should be better utilised in government planning and project implementation.
“Our civil servants possess invaluable knowledge and experience. They understand how government works and should be actively involved in planning and implementing development projects. We must make better use of that expertise,” he said.
The former Attorney General said his administration would also prioritise policies capable of translating public resources into tangible improvements in the lives of residents.
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