Hello Guys,

There was some controversy over the choice of Mr. Segun Agbaje as the new MD of GTB. 

Well, it's been a few months. How is his performance so far? 

Here's what one blogger has to say:

Those who abhor Segun may well be somewhat myopic and ungrateful. Here is a guy who has helped keep the bank sound, given the staff a sense of security and training likely above their peers in other banks. Its no coincidence staff turnover in GTB is probably the lowest in the industry. They probably don't acknowledge it but Uncle T must have otherwise he would have groomed a successor. He had once being seen that way too when he was in Segun's position. Those who knew him in the 90's when he was deputy to Fola say he was the harder of the two. Fola was the amiable one, the one they all loved to be.

Segun is at the helm now and maybe heads will roll or has started rolling. He learnt from two masters and I bet he learnt well. A despotic leader is not an option for GTB and I am sure he knows that. He has CBN and certainly some members of his board backing him up at least for continuity as a Vacuum helps no one. His experience and track record probably also makes him the right choice to lead the bank to next frontier. As for the staff and those who worry, its time to brace up and have a birds eye view. This is no time to be shortsighted.

New GTB MD, is he the wrong choice or are people just being myopic? - UgoDre

Wht's your opinion?

My opinion? Here is my opinion.

Cost of foreign wire transfers dramatically increased and the service is still f!!ucked. Imagine there was a mistake in a form I filled and I was never contacted even when they have my phone number and email ON THE SAME WIRE TRANSFER FORM.

After a week and the recipient called me from Europe, I had to go back there and the st!upid funds transfer officer told me "they would have called me but they did not have my number"!

You dey see insanity?

Another point. Every time I receive money from abroad, it is always $30 - $40 short. When it is credited to my account, they still take charges. Every withdrawal, they take $10.50. I have asked several questions as to where the missing $30 goes and they never have any answer. I can confirm it is not from the sender's bank, because they usually take their charges from source and I know what has left from the recipient's end. I always factor that in.

Nigerian banks are stealing brazenly from customers and no one seems to care.

So you ask me about Segun Agbaje? As the head of the institution that keeps taking my money for no reason, f!!uck him!

...

shanda:

@Seun

As an insider, looking at the decision he's taken so far and the recently concluded re-visioning programme for all member of staff, I can only say he's out to transform the bank further. The blogger made some good points in defending some of his actions. No doubt, he was somewhat "harsh" as the DMD, I think he's calmed down since he took over in June. What most people don't know is that he has been in charge since last year, due to the health condition of Tayo. Finally, let me state here that GTBank has a well structured succession plan in place, God forbid if anything happens to Segun today, there more than ten capable hands that can take over.  The bank's half year performance is an indication of where they are heading. The goal is to be the most profitable bank in Africa in five years. Tall as it may seem, it is achievable.

@Stagger
Sorry about the not so good experience you had, it's a lapse on the bank's part. The volume of fx transfers they do on a daily basis is huge, it's ineveitable not to have someone with similar experience as yours. That's why the bank added fx transfer feature to the internet banking platform. This mean that you can initiate FX transfer from the comfort of your home. Regarding the $30 charge, I can tell you that the deduction was not from GTBank.

Can you explain to me as a customer of your bank why it is getting costlier for me to perform any transaction in GTB? Your bank just raises charges, introduces new ones and what do we get as a benefit?

Why is it that in Nigeria banks just take and take and take and give virtually nothing back?

Seun

is there a deal between Nairaland and Ugo?

You have been promoting his blog endlessly nowadays, is that your new nairalist?

I have tried opening a corporate account for a better part of 3months without the end in sight. Meanwhile my first cheque for that account has been paid in and i cant even operate it and someone tells me they have issues with concluding a search on the incorporation. Search for a whopping 3months? I am regretting domiciling all my accounts with those buffoonz. Sadly, i cant even find a good alternative. M.O.R.O.N.S

the foreign transfer dept of GTB needs a serious overhauling.
From inept officers who can't provide simple information or provide erroneous info to inaccurate transactions.
something should be done about that unit.

shanda:

@Seun

As an insider, looking at the decision he's taken so far and the recently concluded re-visioning programme for all member of staff, I can only say he's out to transform the bank further. The blogger made some good points in defending some of his actions. No doubt, he was somewhat "harsh" as the DMD, I think he's calmed down since he took over in June. What most people don't know is that he has been in charge since last year, due to the health condition of Tayo. Finally, let me state here that GTBank has a well structured succession plan in place, God forbid if anything happens to Segun today, there more than ten capable hands that can take over.  The bank's half year performance is an indication of where they are heading. The goal is to be the most profitable bank in Africa in five years. Tall as it may seem, it is achievable.

@Stagger
Sorry about the not so good experience you had, it's a lapse on the bank's part. The volume of fx transfers they do on a daily basis is huge, it's ineveitable not to have someone with similar experience as yours. That's why the bank added fx transfer feature to the internet banking platform. This mean that you can initiate FX transfer from the comfort of your home. Regarding the $30 charge, I can tell you that the deduction was not from GTBank.

I wish it were only stagger,  but i experience the same.

stagger:

Can you explain to me as a customer of your bank why it is getting costlier for me to perform any transaction in GTB? Your bank just raises charges, introduces new ones and what do we get as a benefit?

Why is it that in Nigeria banks just take and take and take and give virtually nothing back?

To transfer money from NIG to UK and vis a vis is becoming a real pain with the at least N9000 charges, GTB is very fast with the transfer i give that to them, My account gets credited in 24 hours but i pay from my %$^%
From the UK to the USA is far far less , Please reduce this charges and why is a constant £12 taken unaccounted for asked both GTB and Natwest no one knows who takes it, so its under expenses in my balance sheet and have sternly  told my oyinbo accountant to quit asking me what it was used for,  9ja no go kill me 

To send my token machine to me in the Uk is N8000 and so on and so forth

@hardbody.

Have you tried Diamond Bank Domiciliary account. Inbound fx from USA is 24hrs and you receive complete funds here although there are charges on withdrawals. Nigerian banks are crazy, they even boycott Swift and the attendant taxes, yet they still rip us off.

horny4u:

I wish it were only stagger,  but i experience the same.

To transfer money from NIG to UK and vis a vis is becoming a real pain with the at least N9000 charges, GTB is very fast with the transfer i give that to them, My account gets credited in 24 hours but i pay from my %$^%
From the UK to the USA is far far less , Please reduce this charges and why is a constant £12 taken unaccounted for asked both GTB and Natwest no one knows who takes it, so its under expenses in my balance sheet and have sternly  told my oyinbo accountant to quit asking me what it was used for,  9ja no go kill me 

To send my token machine to me in the Uk is N8000 and so on and so forth

It's not NatWest. There are no hidden charges with UK bank as they are heavily regulated.

stagger:

My opinion? Here is my opinion.

Cost of foreign wire transfers dramatically increased and the service is still f!!ucked. Imagine there was a mistake in a form I filled and I was never contacted even when they have my phone number and email ON THE SAME WIRE TRANSFER FORM.

After a week and the recipient called me from Europe, I had to go back there and the st!upid funds transfer officer told me "they would have called me but they did not have my number"!

You dey see insanity?

Another point. Every time I receive money from abroad, it is always $30 - $40 short. When it is credited to my account, they still take charges. Every withdrawal, they take $10.50. I have asked several questions as to where the missing $30 goes and they never have any answer. I can confirm it is not from the sender's bank, because they usually take their charges from source and I know what has left from the recipient's end. I always factor that in.

Nigerian banks are stealing brazenly from customers and no one seems to care.

So you ask me about Segun Agbaje? As the head of the institution that keeps taking my money for no reason, f!!uck him!

the sender did not pay the offshore charges, it will be deducted from your fund.
i have experienced such in the past. it's alway 25 usd.

I have been transferring funds for over 7years. Not only from Nigeria. But even from different banks globally. It's normal for receiving bank charges and sometimes intermediary bank fees. You can google it.

people are so funny, they want services and they do not want to pay for the services. Banks and other financial institutions deal in services, therefore customers are meant to pay for the services they are rendering cos they are not NGOs. If you are not satisfied with the charge of a bank, move on to teh next one that might charge you less and maybe and maybe not, it will take them ages to deliver the service you sought after.

where you have every right to complain is when you are charged and services are not being delivered according to the pre-arranged agreement. we should stop this mentality of bank A is charging me, bank B is charging me for that, let us realise and let it be well registered on our minds that services are meant to be paid for because it is coming at a cost.

It is true GTB deducts money from wire transfers. I sent $3012 to my brother's wife only for her to tell me she received just $2900. Pls note all charges were deducted and I also instructed the N3000 deduction from savings. Bunch of Ole's.

As far as I know GTB is a transparent, responsible and service oriented bank. Those of you doing the pull it down job here should watch it. There is no bank as transparent as GTB in nigeria. If you must criticise, please do so out of information not out of ignorance. The person asking for what GTB has done for him, did they tell you Bank is a charitable organisation? The benefit you derive from bank is the service you get - simple and square. And note that for such services, you must pay. Next time when you go to bank and not satisfied with service rendered and explanation by an officer not enough, please request to see the branch manager and table your concerns. If the branch manager's too cannot give reasonable explanation, take the matter to the regional manager even up to the MD of the bank. Infact you can go up to CBN to resolve a matter with a bank. But please dont rubbish any bank on the net because of the nature of their business especially when you have not made any investigation with other banks in Nigeria as to whether paying banks deduct charges for transfers.

as a customer of gtbank i consider it best in nigeria but after the death of the boss everything change they started behaving like uba bank(in terms of over charges), right from onset they are not the best in foreign transfer cause their charges a too higher. gtbank is perfect for local transfer and banking in nigeria but no the best in foreign transfer cause the charge about ngn15000-ngn16000 (including telex charge) to transfer $6400 while sterling bank does $10000 for only $77(including telex charge)

superstar1:

people are so funny, they want services and they do not want to pay for the services. Banks and other financial institutions deal in services, therefore customers are meant to pay for the services they are rendering cos they are not NGOs. If you are not satisfied with the charge of a bank, move on to teh next one that might charge you less and maybe and maybe not, it will take them ages to deliver the service you sought after.

where you have every right to complain is when you are charged and services are not being delivered according to the pre-arranged agreement. we should stop this mentality of bank A is charging me, bank B is charging me for that, let us realise and let it be well registered on our minds that services are meant to be paid for because it is coming at a cost.

My friend, we are not goats!

I have been doing foreign transfers from Nigeria and also in France and other West African countries. There is absolutely no justification for the arbitrary and crazy charges applied by GTB for foreign transfers. This is not a question of people not wanting to pay for services.

sleekman:

It is true GTB deducts money from wire transfers. I sent $3012 to my brother's wife only for her to tell me she received just $2900. Pls note all charges were deducted and I also instructed the N3000 deduction from savings. Bunch of Ole's.

This is exactly what I am saying. There was a lady who was trying to anwser my post by saying they that the sender pays offshore charges. I would have pasted a snapshot of an email from a client from Europe when I made inquiries of monies that were taken out of my cash. They sent me a bank statement where the offshore charges taken by the sender's bank were clearly listed.

The money arrived Nigeria $40 short. I thought this was just one of those things, but it has been a systematically regular pattern, and all the GTB staff I ask all deny knowledge of where this money goes. And they still collect their regular $10.50 for every withdrawal.

Haba mana! Someone needs to petition the CBN about this!

I thought i was the only one who has noticed this trend, i recently trransfered 2K plus pounds to the Uk and instructed that all charges be taken from my naira account. I was suprised when the money was transfered 12 pounds less, my naira account was charged and 25pounds was deducted from my pound dorm account. I know i need to pay charges, but i'm sure it does not make sense to pay inexplainable or untraceable charges. GTB needs to wake up on this because it rubs off on their professed integrity.

@ stagger

I have been transfering from the same bank for a while now. I even transfer from the comfort of my home via gtbank's reliable internet banking platform. theri charges are very straight forward.

if you are transfering below usd/gbp/euro1,00 you will be charged 10.00 of that currency and 0.5 as VAT making 10.5 of the currency in question and N3,00 for telex confirmation charges. If you are transferring above usd/gbp/euro1,000 you will be charged 1% of the value of the transaction plus VAT (compulsory FGN tax) and telex charges of N3000.

it is left to you to decide whether you want to pay for the corresponding bank charges (offshore charges) which is usd25 and its equivalents in other currencies. if your fund has to pass through intermediary banks, that is there is a or some banks that your fund will have to pass through before getting to the beneficiary's bank, they will also make their charges which is usally usd25 or its equivalents in other currencies too.

if you are receiving inflow from abroad, the exact amount will hit your account with them in Nigeria ie gtbank but you will be jharged 1% of the inflow at the point of withdrawal. if your fund passes through intermediary banks before getting to Nigeria, the intermediary banks will charge accordingly.

i have tried all the banks, in my own opinion, gtbank is still the best in funds transfer when you talk of efficiency and even charges wise

For all the Nlders screaming 'blue murder' for charges on foreign transfers, there are certain factors you need to consider,

If your instruction is to transfer GBP, remember the origin currency will be converted to USD, first before it is converted to the destination currency- GBP, in this case. In this process, the final value could be distorted due to discrepancies in exchange rates between the currencies involved.

Also for those, whose request is to transfer dollar, have you ever considered the exchange rates? and remember that receiving  bank will always take their charges which is in most cases,  is deducted from the funds transferred, at the point  of destination.

Secondly, UK banks have 'hidden  charges'- don't be fooled by the 'plastic smiles' of their staff and aesthetics of the bank environment. They can charge as high as 25 pounds for missed or delayed installments on a monthly direct debit, they can also charge you 'ridiculous fees' for trying to switch from one class of account to another based on professional advice provided by them! They are 'highly regulated' yet a 'rouge trader' has been placing fictitious bets on exchange traded funds worth billions of pounds since 2008!

@ kidsam

I quite agree with you. I have been in that situation before when my dom account was debited after specifying that all charges should be taken from my naira account. I called my account officer and pointed the error out to him and the charges on my dom account was reversed and subsequently taken from my NGN account. You can also lodge a complaint, i am so sure they will reverse it, if that is what you specified in your FX transfer form.

Who says banks banks abroad don't charge u arbitrarily. I laff in swahili. make your enquiries wella

I wonder at our trend in answering the question we have totally drifted from the point of evaluating the performance of Segun to expressing our grief on charges. please let's focus on the subject and if you are not satisfied with the charges you get, you can test other options. no one has held you bound to the bank

You guys are diverting these post to personal issues that should be resolved with the branch that carried out the transaction. All these problems you're pointing out is it when the late MD Tayo was in charge or when the present MD Segun took over? you opinions and analysis will be highly appreciated especially from staffs whom can tell us what is happening inside.

Let the research begin

Segun agbaje's performance is the issue here not bank charges.as for me i think GTB is losing it.ma bro who works for the bank to complains about d uncharismatic nature of jimi and how he treats investors and business proposals from within and outside d bank.also,he adopts a one man approach to important decisions.this a leader should not do

Emperoh:

[color=#550000]Guys, let's be clear on these charges.

N3000.00 - Swift/Telex charge = Used to be N1000
1 percent of the funds being transferred or o.5% is less than $1k
5 percent VAT on the 1 percent above
and $25 offshore charges if u want the person to get an exact sum, pls ask them to deduct here.

thanks for the clarification.

I did a transfer recently, and I explained to the banking officer that I wanted the person to get the exact sum I had indicated, he told me no problem,

the id[i]i[/i]ot still went ahead to deduct 25 dollars from the sum, and they took all these charges you had outlined above!

And I had enough to cover it left in my account. They need to be clear and let us know what the issues are.

I have not had time to go iron it out with them.

The issue here is that most of the time, even the GTB staffs don't understand their process so well (this baffles me till today though). Imagine this; i had a loan running with them and when i wanted to find out my outstanding in order for me to offset, i called in at a branch and was told a particular figure, then i instructed my account officer by mail to offset the loan, only for her to call me that i did not have enough funds to offset because my outstanding was another amount. Then i asked why the discrepancies from thesame bank? no helpful answer!!!!!!!
In my curiosity i called the customer care line, this was even worse as the CSO could not give any information after taking me through series of questions.

For those complaining about the thread derailing, we can assess segun's performance based on the services provided by his bank, so in plain english, he still has work to do.

shanda:

@Seun

As an insider, looking at the decision he's taken so far and the recently concluded re-visioning programme for all member of staff, I can only say he's out to transform the bank further. The blogger made some good points in defending some of his actions. No doubt, he was somewhat "harsh" as the DMD, I think he's calmed down since he took over in June. What most people don't know is that he has been in charge since last year, due to the health condition of Tayo. Finally, let me state here that GTBank has a well structured succession plan in place, God forbid if anything happens to Segun today, there more than ten capable hands that can take over. The bank's half year performance is an indication of where they are heading. The goal is to be the most profitable bank in Africa in five years. Tall as it may seem, it is achievable.

@Stagger
Sorry about the not so good experience you had, it's a lapse on the bank's part. The volume of fx transfers they do on a daily basis is huge, it's ineveitable not to have someone with similar experience as yours. That's why the bank added fx transfer feature to the internet banking platform. This mean that you can initiate FX transfer from the comfort of your home. Regarding the $30 charge, I can tell you that the deduction was not from GTBank.

shanda

i learnt gtb is recruiting for experienced staff.can u confirm?

if yes pls whats the process

and hw soon

Try Diamond Bank.
The complaints you guys are posting here are strange to me.
I haven't seen such in Diamond for the 5 years I have banked with them and done FX transfers.