Connect with us

News

Sanction GTB over Fraud Allegations, CSO Tells CBN

Published

on

…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.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Zulum @57: Tribute to a Trailblazing Teacher.

Published

on

By: Inuwa Bwala.
I have read a lot of tributes to Borno state Governor, Professor Babagana Umara Zulum on his 57th birthday anniversary.
In most, Nigerians celebrate many things about Professor Babagana Umara Zulum.
To many, his unique leadership style, to others, his developmental strides and yet to others his many ventures into danger zones, the rebuilding of schools, his sleepless nights on duty and many other things.
I want to celebrate something quieter, and maybe more rare: seeing him as the teacher that he is, using
Borno as a big lecture hall, in which he deploys his teaching technique.
I dare say that, Governor Zulum goes to schools unannounced, not for photo shots, but to check attendance, to ask pupils questions, to see if the teacher is teaching. That is a lecturer’s habit.
He commissions hospitals and ask about drug inventory and rosters. That is a supervisor’s habit.
He stands in the rain with displaced families, not to make a speech, but to take notes. That is a researcher’s habit.
Most politicians campaign on promises, but he he is not seeking any position and does not need to campaign. He does things out of passion for true development.
At 57, Zulum reminds me that leadership is not about sitting in the office of power. It’s about sitting on the floor with students, under a tree with farmers, and in the dust with people who have lost everything, and then going back to “prepare the next lesson plan” for Borno redemption.
People often say a leader must choose between the office and the field, the book and the gun, and between the seminar and the street. Governor Zulum seems to have broken that rule by chosing both. And ir is working for Borno.
For me, today, I do not just celebrate a governor turning 57, I celebrate a teacher who took his entire state as his assignment, and refused to submit it half-done.
As the only Governor in Nigeria, who foes not aspire for any other political office after this, he may be retiring into a future only God know about, but one must not fail to state, that, Governor Zulum’s strength lies, not in the paraphenilia of governance but in the dedication of a leader who work, teach to graduate Borno into peace, dignity, and pride.
Happy 57th Birthday, Proffessor Babagana Umara Zulum.

Continue Reading

News

Stakeholders, Staff Benefit from NDPHC’s Procurement Training Initiative

Published

on

The Niger Delta Power Holding Company (NDPHC) has reaffirmed its commitment to transparency, accountability, and efficiency in project delivery by hosting a high-level refresher and sensitization training for its management team, staff, and stakeholders.Organized by the Human Resources Department at the company’s headquarters, the programme was designed to strengthen institutional capacity, refresh knowledge, and promote greater effectiveness in the discharge of responsibilities.The training was anchored on the theme “Operationalizing by Way of Experimenting the Procurement Processes While Navigating the Pre-Bidding Stage Through to Post Bidding”, and facilitated by DEVD Integrated Project Ltd. Discussions focused on procurement processes, emphasizing due process, compliance, and optimization in power sector project execution.Participants were guided through the critical stages of procurement, from pre-bidding to post-bidding, with facilitators stressing the importance of adherence to established procedures. The session also provided a platform for robust engagement on stakeholder collaboration, highlighting how effective partnerships can drive efficiency and accountability in project delivery.The initiative enjoyed strong backing from the NDPHC Executive Management (EXCO), led by Engr. Jennifer Adighije, FNSE, FINEEE, Managing Director/CEO. She was joined by her team: Engr. Bello Babayo Bello, FNSE, FINEEE, Executive Director (Networks); Engr. Abdullahi Kassim, Executive Director (Generation); Hon. Dr. Steven Andzenge, Executive Director (Legal Services); Hon. Chukwuma Umeoji, Executive Director (Corporate Services); Hon. Omololu Agoro, Executive Director (Finance & Accounts); and Hon. Patrick Obahiagbon, Executive Director (Strategy and Commercial). Their collective presence underscored the importance of the training to the company’s strategic vision and operational goals.Facilitators encouraged participants to apply the knowledge gained to improve operational efficiency and foster stronger collaboration across departments and with external stakeholders. They noted that the lessons learned would help strengthen the company’s institutional framework and ensure that projects are delivered in line with global best practices.The event brought together management staff and other relevant stakeholders, creating an opportunity to exchange ideas and refresh their understanding of procurement processes. It also reinforced NDPHC’s commitment to professional development, transparency, and accountability in its operations.By investing in capacity-building programmes such as this, NDPHC continues to demonstrate its resolve to enhance professional standards and institutional effectiveness. The company emphasized that the training reflects its broader vision of building a stronger, more accountable institution capable of delivering sustainable power solutions to Nigeria.The sensitization exercise forms part of NDPHC’s ongoing efforts to ensure that its workforce remains equipped with the skills and knowledge required to meet the demands of the power sector. It underscores the company’s belief that continuous learning and adherence to due process are essential for achieving its corporate objectives and delivering value to stakeholders.

Continue Reading

News

Hon. Jafaru Yakubu Commends President Tinubu’s Approval of Mutum Biyu–Garba Chede Road Reconstruction

Published

on

Hon. Jafaru Yakubu, Member of the House of Representatives and Chairman, House Committee on Nigeria–China Friendship Group, has commended President Bola Ahmed Tinubu GCFR for granting approval for the urgent rehabilitation and total reconstruction of the Mutum Biyu–Garba Chede Road, a 48km stretch in Taraba State.

Yakubu, who sponsored the motion in the House of Representatives calling for immediate intervention on the road, said the President’s approval is a bold and strategic response to the plight of commuters and communities along the corridor. He explained that the motion, which was debated and adopted by the House, underscored the dangers of continued neglect, including accidents, economic disruption, and the risk of total collapse.

He further acknowledged the National Security Adviser (NSA) Mallam Nuhu Ribadu for adopting a non-kinetic approach in addressing the crisis. According to Yakubu, the NSA’s intervention elevated the urgency of the project, treating infrastructure development as a vital instrument of peace, security, and stability. By drawing national attention to the road’s deterioration, the NSA highlighted the grave risks posed to lives, trade, agriculture, and access to healthcare.

The Mutum Biyu–Garba Chede Road, constructed in the early 1980s, has deteriorated severely due to age and lack of maintenance. With the collapse of the Namnai Bridge along the Jalingo–Wukari highway, the road became the sole alternative route for heavy-duty trucks, worsening its condition and exposing communities to untold hardship.

Hon. Yakubu assured his constituents that he will continue to work closely with the Federal Ministry of Works, FERMA, and the North East Development Commission to ensure the project’s swift execution. He emphasized that the House Committee on Works has already been mandated to conduct oversight and report back within four weeks, a step he believes will guarantee transparency and accountability in the delivery of the project.

“As Chairman of the Nigeria–China Friendship Group, I am deeply conscious of the importance of strategic partnerships in advancing national development. This reconstruction is not merely about infrastructure—it is about saving lives, strengthening commerce, and reaffirming government’s duty to serve its people. On behalf of my constituency, I extend profound gratitude to President Bola Ahmed Tinubu GCFR and the NSA for their steadfast commitment,” Yakubu declared.

The approval of this project, following Yakubu’s sponsored motion, is widely seen as a demonstration of leadership that listens and acts decisively. For communities in Mutum Biyu, Garba Chede, and adjoining areas, the reconstruction represents hope for safer travel, renewed economic activity, and restored dignity after years of neglect.

Analysts note that the development is not just about fixing a road but about reconnecting people, boosting agriculture, and reinforcing national cohesion at a time when infrastructure remains central to Nigeria’s growth agenda.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.