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
Dogara Praises Tinubu’s Reforms, Urges Collective Support for National Development
Former Speaker of the House of Representatives, Chancellor of Achievers University, and Chairman of the Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, CFR, has commended President Bola Ahmed Tinubu’s reform initiatives in the education and security sectors, urging Nigerians to unite behind efforts aimed at driving sustainable development and national renewal.
Dogara made the call while delivering the Convocation Address at the 16th Convocation Ceremony of Achievers University, Owo, where he spoke on the theme, “Rethinking National Security for Sustainable Peace, Development and National Renewal.”
The former Speaker described education and security as critical foundations for nation-building, noting that the Tinubu administration has taken important steps to expand educational opportunities and strengthen Nigeria’s security architecture.
He particularly praised the Federal Government’s Student Loan Programme under the Nigerian Education Loan Fund (NELFUND), saying the initiative has provided thousands of Nigerian youths with access to higher education regardless of their financial circumstances.
According to Dogara, investing in education remains one of the most effective strategies for empowering young people and preparing them to contribute meaningfully to national growth and development.
He also applauded government efforts aimed at improving the welfare of university lecturers, describing quality education as indispensable to the country’s progress and future competitiveness.
Speaking on security, Dogara said no nation can achieve meaningful economic development without guaranteeing the safety of lives and property. He emphasized that security remains the foundation upon which investment, agriculture, commerce and social stability thrive.
While acknowledging that insecurity remains a challenge, he commended the Federal Government’s ongoing efforts to tackle terrorism, insurgency, banditry and kidnapping through enhanced military operations, intelligence-driven interventions and strengthened coordination among security agencies.
He noted that recent measures, including the expansion of security personnel recruitment and efforts to secure forested and rural communities, demonstrate government’s determination to create safer environments for citizens and businesses.
Dogara urged Nigerians to support these efforts through active citizenship, community cooperation and a shared commitment to national unity.
“Government alone cannot achieve lasting security and development. Every citizen has a role to play in building a peaceful, prosperous and united Nigeria,” he said.
The former Speaker stressed that national development requires collaboration among government, traditional institutions, faith-based organisations, educational institutions, the private sector and civil society groups.
As Chairman of the Board of Trustees of the National Credit Guarantee Company Limited, Dogara also highlighted the importance of creating an enabling environment where businesses can access opportunities, investments can flourish and entrepreneurs can contribute to economic expansion and job creation.
He noted that sustainable economic growth depends largely on peace, stability and confidence in public institutions.
Addressing the graduating students, Dogara challenged them to become agents of positive change by applying their knowledge, skills and talents toward solving societal problems and advancing national development.
He urged the graduates to embrace integrity, innovation and service as they embark on the next phase of their lives.
“If you become a lawyer, serve justice. If you become a doctor, serve life. If you become an engineer, build what our country needs. If you become an entrepreneur, create opportunities and jobs for others,” he said.
The former Speaker expressed optimism about Nigeria’s future, describing the country as a resilient nation blessed with abundant human and natural resources capable of achieving greater heights through visionary leadership and collective effort.
He called on citizens to remain hopeful and support ongoing reforms designed to strengthen institutions, expand opportunities and improve the welfare of the people.
Dogara concluded by congratulating the graduating students and encouraging them to use their education as a tool for service, leadership and national transformation.
The convocation ceremony attracted members of the university’s Governing Council, management, staff, alumni, parents and other dignitaries who gathered to celebrate the achievements of the graduating class and reaffirm Achievers University’s commitment to producing future leaders for Nigeria and beyond.
News
CSO Gives GUO Logistics 72-Hour Ultimatum Over Fatal Crash That Killed Five Passengers
A civil society organisation, Citizens for Good Governance, Rule of Law & Anti-Corruption Initiative, has issued a 72-hour ultimatum to GUO Logistics, demanding immediate engagement with the families of victims of a fatal road accident that reportedly claimed five lives and left several others critically injured.
The organisation, in a statement signed by its Director-General, Comr. Danesi Momoh Prince, expressed sorrow and outrage over the accident, which occurred at about 3:30 a.m. on August 28, 2026, involving a Toyota Hiace bus conveying more than 23 passengers from Gombe State to Lagos State.
According to the statement, the accident occurred after a truck reportedly belonging to GUO Logistics rammed into the passenger bus, resulting in the deaths of five persons, including students travelling to Lagos for their mandatory industrial training.
The deceased were identified as Isiyaku Sa’idu, Maigana Mohammed, popularly known as Abbati, Anas Abubakar, reportedly the driver of the bus, Zaiyanu Bajoga and Abubakar Ibrahim.
Describing the incident as devastating, the organisation said the victims were Nigerians pursuing education, employment and better opportunities, adding that the tragedy had cut short the dreams and aspirations of the deceased while leaving other passengers fighting for survival.
It called on GUO Logistics to demonstrate genuine concern for the victims and their families, warning that corporate reputation must not take precedence over human lives.
The group also expressed concern over allegations that efforts were being made to protect the company’s public image rather than adequately address the suffering of the victims and their families.
It consequently demanded that the management of GUO Logistics, within 72 hours, establish immediate contact with the families of the deceased and injured passengers through available passenger manifests, booking records and other travel documentation.
Other demands include urgent assistance for survivors, engagement with medical facilities to address their healthcare needs, and discussions with bereaved families on appropriate support and compensation in accordance with applicable laws and the outcome of investigations.
The organisation further demanded a public statement from the company outlining the steps being taken to address the incident, including an official communication channel through which affected families could seek assistance.
It also urged GUO Logistics to cooperate fully with relevant authorities investigating the circumstances surrounding the accident and ensure that all applicable legal responsibilities were addressed.
Clarifying the purpose of the ultimatum, the group said it was demanding immediate engagement and demonstrable humanitarian support, not the conclusion of a comprehensive accident investigation within three days.
The organisation warned that failure by the company to demonstrate meaningful engagement within the stipulated period could trigger nationwide mass picketing of its offices and operational facilities.
It said it would consider mobilising concerned citizens and relevant stakeholders for peaceful and lawful protests at GUO offices across the country, subject to applicable legal requirements.
The group also threatened to petition relevant regulatory and law enforcement authorities to ensure that the incident received the necessary attention.
While acknowledging that the precise circumstances of the accident and legal responsibility must be established through a thorough investigation, the organisation maintained that immediate humanitarian assistance to the survivors and their families should not be delayed.
It called on relevant government authorities, civil society organisations, student bodies and well-meaning Nigerians to support efforts to secure assistance for the injured and accountability for the lives lost.
The statement reaffirmed the organisation’s commitment to monitoring developments and engaging relevant stakeholders to ensure that the victims and their families were not forgotten.
“Our position is unequivocal: human lives must never be sacrificed at the altar of corporate reputation. The dead deserve dignity, the injured deserve urgent assistance, and the bereaved families deserve answers,” the statement said.
News
FG Borrowing Justified By Huge Investment In Infrastructure, Improvements in Security Sector – Opposition Rep Agbese
Hon. Philip Agbese, Labour Party leader in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency, has strongly defended the Federal Government’s proposed $21.7 billion supplementary external borrowing plan.
According to Agbese, the funds are fully justified by the Tinubu administration’s massive investments in critical infrastructure and the gains recorded in the security sector.
The lawmaker described the borrowing as strategic financing for productive national assets rather than consumption spending.
Speaking against the backdrop of intense public debate over the 2026-2027 external borrowing proposal, the opposition figure argued that Nigerians must look beyond partisan lenses and assess the tangible returns already visible across roads, power, rail and defence.
He noted that the plan prioritises productive assets rather than consumption, aligning with the administration’s broader Renewed Hope agenda of rebuilding national capacity after years of underinvestment.
“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” Agbese stated.
“When you look at the allocation—over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors—you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.”
He continued: “The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens.
“The Federal Government is putting resources behind the men and women in uniform so they can finish the job against bandits, terrorists and kidnappers.”
Agbese further highlighted the administration’s track record of project delivery under the Ministry of Works, citing the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway using durable concrete pavement, the commissioning of initial segments of the Lagos-Calabar Coastal Highway, and hundreds of other road projects completed or advanced nationwide.
He pointed to parallel progress in the power sector, including approvals for East and West Super Grids aimed at raising transmission capacity dramatically, as evidence that borrowed funds are being channelled into real, visible development.
The lawmaker stressed that states and the Federal Capital Territory stand to benefit substantially from the package, with a sizeable share earmarked for subnational projects on largely concessional terms.
According to him, this structure ensures that the borrowing strengthens the federation rather than concentrating benefits solely at the centre.
“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied,” Agbese said.
“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes—neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens.
“Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” he added.
Turning to the terms of the proposed financing, Agbese noted that a substantial portion comes from multilateral and bilateral partners at concessional rates, while commercial components remain competitive relative to previous market conditions.
He dismissed critics who focus solely on the headline figure without examining the quality of the underlying projects or the improved fiscal space created by earlier reforms such as subsidy removal.
The Benue lawmaker argued that opposition to the plan on purely political grounds ignores the infrastructure deficit inherited by the current administration and the urgent need to close it if Nigeria is to achieve sustainable growth and improved living standards.
He called on colleagues across party lines to prioritise national interest when the National Assembly considers the request.
“Every progressive country borrows to build. What matters is whether the money creates lasting assets and strengthens national security. On both counts, this plan passes the test,” Agbese declared.
“We in the opposition must be honest enough to acknowledge progress where it exists. The people of Ado, Okpokwu and Ogbadibo, like Nigerians everywhere, want better roads, reliable power and safer communities.
“The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do,” he concluded.
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