CSO Seeks Suspension of GTB Management Over Fraud Allegations

…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.”

Ederson Confident Manchester City Already Has Pep Guardiola’s Successor in Mind

Manchester City goalkeeper Ederson has expressed confidence that the club is already preparing for life after Pep Guardiola, whose contract expires at the end of the season. In an interview with TNT Sports Brazil, Ederson praised City’s organizational structure, suggesting that the club has a successor in mind to continue Guardiola’s vision when he leaves.

Ederson acknowledged Guardiola’s profound impact, labeling him the best manager in the world, but remains assured that Manchester City is well-prepared for a smooth transition into the post-Pep era.

NIPCO Blames Unauthorized Technicians for Edo CNG Explosion, Details Emerge

NIPCO Gas Ltd has attributed the recent gas explosion at its Compressed Natural Gas (CNG) station in Eyean, Benin City, Edo State, to unauthorized CNG technicians installing substandard cylinders. The explosion, which occurred during refueling on Wednesday, injured three individuals.

According to NIPCO’s statement, the explosion was caused by a fake, non-compliant CNG cylinder installed in the vehicle. The driver fled the scene, and two victims were hospitalized, one requiring surgery. NIPCO emphasized the dangers of unauthorized installations and temporarily suspended operations at the station while cooperating with authorities to prevent future incidents.

Peter Obi Criticizes Tinubu and Shettima for Simultaneous Absence from Nigeria

Peter Obi, the 2023 Labour Party presidential candidate, has criticized President Bola Tinubu and Vice President Kashim Shettima for being out of the country simultaneously. In a statement on his X account, Obi expressed concern over their absence during a time when Nigeria faces numerous domestic challenges. He argued that the explanation from the presidency that there is no vacuum in leadership is questionable, especially with both leaders away.

Obi pointed out that the two weeks President Tinubu was supposed to be abroad had already passed, and the nation needs his presence to address the hardships caused by his administration’s economic policies. Additionally, Obi questioned the decision to send Vice President Shettima to Sweden from Nigeria, suggesting that Tinubu, already in France, could have made the shorter trip himself, demonstrating fiscal responsibility in light of Nigeria’s economic struggles.

He urged the country’s leaders to prioritize the welfare of citizens and make decisions that reflect the nation’s economic realities. Obi emphasized that responsible leadership is key to alleviating the suffering of Nigerians.

Kebbi Government Shuts Down Health College After Students Burn Provost’s Residence in Protest

The Kebbi State Government, led by Governor Nasir Idris, has ordered the immediate closure of the College of Health Technology in Jega following a violent student protest. The unrest began when students, angered by alleged extortion, set the Provost’s residence on fire and damaged his vehicle.

The protest stemmed from claims that the college administration demanded ₦23 million for index registration fees from 250 graduating students. The issue arose after the launch of a new Public Health program, which was combined with the Department of Environmental Health to gain accreditation. This led to a demand for an additional ₦65,000 per student, on top of the ₦30,000 already paid.

Following the destruction, some staff fled for safety before the police intervened. In response, the State Commissioner for Higher Education, Isah Abubakar Tunga, announced the college’s closure to prevent further unrest. A committee will investigate the incident, and those responsible will be held accountable. The college is expected to remain closed for up to a month.

Black Market Dollar to Naira Exchange Rate Today, 18th October 2024

As of 17th October 2024, the black market (parallel market) exchange rate for the dollar to naira in Lagos sees players buying dollars at ₦1700 and selling at ₦1705. These rates were provided by sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, urging individuals to use their banks for foreign exchange transactions. The official CBN rates show a buying rate of ₦1652 and a selling rate of ₦1653.

Additionally, the Nigerian naira has been identified as one of the worst-performing currencies in Sub-Saharan Africa in 2024, with a year-to-date depreciation of 43%. This decline is attributed to increased demand for U.S. dollars in the parallel market and reduced dollar inflows.

Efforts to stabilize the naira, including the liberalization of the official exchange rate in June 2023, have not been sufficient to counter the economic challenges, such as dwindling foreign reserves and inflation.

States Exceeding the N70,000 Minimum Wage: A Full Breakdown”


In July 2024, President Bola Tinubu approved an increase in Nigeria’s minimum wage from N30,000 to N70,000. However, the implementation has varied across states, with some going beyond the federal mandate and announcing even higher wages.

Below is a list of states that have committed to paying more than N70,000:

  • Lagos State: Governor Babajide Sanwo-Olu announced on October 16, 2024, that workers in Lagos would receive a minimum wage of N85,000, with plans to raise it to N100,000 by January 2025 due to the city’s high cost of living.
  • Ogun State: On October 15, 2024, Governor Dapo Abiodun approved a minimum wage of N77,000 for workers in the state.
  • Gombe State: An agreement was reached between the state government and the Nigeria Labour Congress to increase the minimum wage to N71,451.15 on October 14, 2024.
  • Ondo State: Governor Lucky Aiyedatiwa, on October 12, 2024, announced a wage increase to N73,000 during his campaign for the upcoming governorship election.
  • Kogi State: Governor Usman Ododo approved a minimum wage of N72,500 with immediate effect and suspended taxation on the new wage for one year.

Several other states have committed to paying the federal minimum wage of N70,000, including Anambra, Katsina, Ebonyi, Adamawa, Oyo, Borno, Osun, and Benue.

Meanwhile, states like Jigawa, Zamfara, Akwa Ibom, and Bayelsa are yet to announce plans to implement the new minimum wage.

ASUP Issues 15-Day Strike Ultimatum to Federal Government Over Unmet Agreements

The Academic Staff Union of Polytechnics (ASUP) has threatened to initiate a nationwide strike in response to the federal government’s failure to meet long-standing agreements aimed at improving the working conditions of its members. During a press conference in Kaduna, ASUP set a 15-day ultimatum, beginning on October 7, 2024, for the government to address the union’s demands.

ASUP’s grievances include unresolved agreements dating back to 2010, particularly relating to better working conditions, skill acquisition environments, and promotion arrears. The union has warned of protests and peaceful actions if the issues remain unaddressed.

JAMB Eases Age Restriction for 2024/2025 Admissions

The Joint Admissions and Matriculation Board (JAMB) has announced a revision to its age requirement for the 2024/2025 academic session, allowing institutions to admit candidates who will turn 16 by August 31, 2025.

JAMB Spokesman Fabian Benjamin clarified in a statement that while the standard minimum admission age remains 16 years, institutions may now admit students who will meet the age requirement by the specified date, provided they fulfill all other admission criteria.

This decision ensures broader opportunities for younger candidates, preventing them from being excluded based solely on age during the admission process.

Mr. Ibu’s Wife Pays Emotional Tribute on His Posthumous Birthday

Stella Maris, wife of the late Nollywood star John Okafor, popularly known as Mr. Ibu, has honored her husband on what would have been his 63rd birthday. Mr. Ibu passed away on March 2, 2024, at the age of 62 after a long illness.

In an emotional Instagram post, Stella shared family photos and reflected on how much Mr. Ibu loved celebrating his birthdays. She expressed the deep sense of loss the family feels, saying, “We miss him so much. May his soul continue to rest in eternal peace.”

Meanwhile, Jasmine Okekeagwu, Mr. Ibu’s alleged adopted daughter, stated in an interview that her help to the late actor’s family was more of a charitable effort, clarifying that despite past conflicts, she has not severed ties with the family. Jasmine, who has a background in charity work, expressed her focus on maintaining peace and avoiding misunderstandings.