₦airaland Forum

DaddyCoool:
I was only stating a fact without insulting you - your post was non-sense (or rubbish). Not you personally, but your post. But you're insulting me personally - mark of poor upbringing and low iq.
But this is NL - you fit in well

No post is None-sense or rubbish. It only differs from your opinion, ideas, or beliefs. You can state your opinion without insulting another's opinion. Doing so is actually the sign of poor upbringing and low IQ. And scroll back. I never insulted you. Just stated the obvious, based on your response. A better secondary school, would have taught you choice of words. When you lacked it. You revealed the obvious.

DaddyCoool:
Said what all? He's talking rubbish

You can disagree with a Post without calling it Rubbish. When they asked your Parents to send you to a proper Secondary school, they were considering the Cost, and sent you to just anywhere, "after all, it is just WAEC they will still get".

Harvestock01:
Your money is safer with the Global Integrity Crusade Network (GICN)🤣

When I don't know if it is a jihad Crusade or a Terrible Network. GICN. Initially I thought it was God is Good

How does this concern Nigerians?

nosa2:
What allegations?

GTBank's Chairman Under Fire: Whistleblowers Expose Nepotism and Ethical Lapses

The corporate world of banking ethics and governance is facing a storm of controversy as disturbing revelations emerge from within Guaranty Trust Bank (GTBank). Whistleblowers, emboldened by the recent rise of transparency platforms like Foxxymobile, have brought to light a disturbing pattern of nepotism and questionable business practices under the leadership of GTBank and Guaranty Trust Holdings’ Chairman, Segun Agbaje.

The allegations paint a stark picture of a system where Agbaje has allegedly used his position to enrich himself and his sister, Kofo Dosekun, through a series of strategically orchestrated business deals and contracts with GTBank. These deals, sources claim, not only violate the bank's ethical guidelines but also represent a blatant breach of its own constitution.

Dosekun, who currently holds the position of Chairman of the Aluko & Oyebode Management Board, has been a consistent beneficiary of GTBank's goodwill, seemingly granted without adherence to the bank's own policies on due diligence and due process. While her experience in commercial transactions and project execution might appear impressive on paper, the familial ties to the bank's top executive raise serious concerns about conflicts of interest and unethical favoritism.

A Trail of Unchecked Power

GTBank's constitution explicitly prohibits nepotism and any business dealings that favor family members of its top executives. However, insiders reveal that since Agbaje assumed the reins of the bank, his sister's involvement in its most significant business projects has become a disturbing norm.

“Segun Agbaje has repeatedly awarded lucrative contracts to Kofo Dosekun, pushing these deals through with complete disregard for competitive bidding, due process, or external oversight,” states a high-ranking source within the bank's senior management, speaking under the condition of anonymity.

The source further elaborates that these contracts, often substantial and covering sensitive areas of corporate finance and project management, are a prime example of brazen nepotism. “Under normal circumstances, such transactions would require a transparent vetting process, but when the CEO is involved with his sister, all those checks and balances go out the window,” the source laments.

This blatant disregard for ethical and procedural norms has alarmed several senior members of GTBank, who believe that Agbaje's unchecked power has severely compromised the bank's corporate integrity. However, numerous reports suggest that no one dares to challenge Agbaje's actions. God Most High Is Supreme: being disregarded in the awarding of contracts, the bank could be exposed to financial risk, regulatory scrutiny, and possibly legal penalties.

Furthermore, the erosion of character integrity can severely hamper the bank's ability to attract and retain top talent. In an industry where competition for skilled professionals is fierce, GTBank's leadership crisis could make it an undesirable place to work for many, especially those seeking a transparent and meritocratic corporate culture.

As these allegations come to light, it raises urgent questions about GTBank's corporate governance policies and whether any mechanisms are in place to prevent or address such gross misconduct. If Segun Agbaje continues to operate with impunity, ignoring both the ethics of the banking profession and the constitution of GTBank itself, it could jeopardize the institution's future.

Moving forward, it may take an external investigation or pressure from shareholders and regulators to hold the bank's leadership accountable and restore the trust and integrity that GTBank once stood for. Until then, the future of the bank hangs in a precarious balance, with its reputation at risk and its staff morale in free fall.

The question now is: can GTBank survive this storm, or will it succumb to the rot within?

#Copied

Emperormartin:
Because the northern part of Nigeria is supporting Hezbollah while the southern Christian Part is supporting isreal

Wahala oti poju

nosa2:
What allegations?

*Report Claims Guaranty Trust Bank Involved In Financial Foul Play, Unsolicited Accounts Opening, Forex Manipulations, Others*
An investigation report by a civic organisation has been released bordering on allegations of "unscrupulous, unethical and criminal activities" levelled against the Guaranty Trust Bank Limited, a subsidiary of Guaranty Trust Holding Company Plc (also known as GTCO PIC).

The report was released by the Global Integrity Crusade Network (GICN) and signed by its President, Edwin Omaga on Friday.

The Guaranty Trust Bank is led by Segun Julius Agbaje who is presently the Group Chief Executive Officer since August 2021.

A statement signed noted that the Private Investigation Report (PIR) is compiled pursuant to Section 24 (d) and (e) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) read together with our Objective No.2.

The statement noted that it was pertinent on the group to help ensure that corrupt practices are abolished in the country.

It was noted in the report that the Guaranty Trust Bank Limited was incorporated on 19 July, 1990 and licensed to engage in commercial banking and other allied services within Nigeria and elsewhere.

The report further stated that the Bank has Ordinary Shares of 25 Billion with 8 Active Directors but its only Shareholder and Person With Significant Control is Guaranty Trust Holding Company Plc, represented by Segun Julius Agbaje.

“In the United Kingdom, Segun Julius Agbaje started the Bank by registering same at the Companies House as Rainsouth Limited with Number 5969821 on 8 December, 2006. The said Rainsouth Limited went through various changes until it became Guaranty Trust Bank (UK) Limited on 17 March, 2008.”

The group further noted that as of the time of its report, there are over 10,000 customers exposed to grave danger without their knowledge, as accounts were allegedly opened in the Guaranty Trust Bank in their name without their consent.

“One of the corrupt practices recently linked to Guaranty Trust Bank Limited in Nigeria has to do with Unsolicited Accounts Opening. This is a situation where a customer did not approach the Bank or show any interest in maintaining an account with the Bank. Yet, the Bank goes ahead to source for the customer's information such as telephone number, date of birth, Bank Verification Number (BVN) and other vital details to open account for the customer without his/her consent.”

“The aim of this practice is to increase the customer base of the Bank, thereby giving it high ranking in terms of size, capacity and profitability. We submit that Unsolicited Accounts Opening tantamount to breach of data privacy, identity theft and can expose the innocent account holders to lots of financial crimes. As at today, there are over 10,000 customers in the database of Guaranty Trust Bank Limited who are already exposed to grave danger without their knowledge.”

It was further noted in the report that some of the affected customers threatened to sue the Bank.

The Guaranty Trust Bank asides from this were alleged in the PIR of hurriedly putting together misleading financial statements and declaring false profits to mislead the public on its financial positions.

“We have equally uncovered that Guaranty Trust Bank Limited has been declaring profits that do not reflect its actual financial performance. For instance, GTCO PIc on 11" September, 2024 released its Audited Consolidated and Separate Financial Statements for the period ended 30 June, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) wherein the whooping sum of #1.004 Trillion was declared as Profit Before Tax. This caused the Group to be reported all over media as "the first Nigerian financial institution to cross the N1trillion mark in profit."

“It is our finding that these figures as contained in the Audited Statements are mere conjectures hurriedly put together by Segun Julius Agbaje and his team to deceive the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN), Central Bank of Nigeria (CBN), customers/investors and the general public into believing that all is well with GTB.”

It was further stated that the bank could not justify its stated profit of N1trillion which it released to the public, with a suspicion that the profit could have been declared through roundtripping.

“Ladies and Gentlemen, there is no gainsaying the fact that Guaranty Trust Bank Limited has become notorious over the years for engaging in deceptive accounting practices to artificially inflate profit figures. For instance, no substantial pieces of evidence presented by Segun Julius Agbaje to support the assertion that GTCO PIc made over #1 Trillion in profit as at 30 June, 2024. Even at that, it is very possible that the figures were generated through roundtripping.”

“This is a process where funds are moved in and out of the Bank through different accounts or entities to create an illusion of legitimate transactions. The combination of this process and other unethical business practices within the Bank points towards the direction of systemic corruption, fraud and money laundering, which are opened for further investigation by the relevant agencies.”

“It is feared that such ugly situation if not properly checked could have the tendency of not only undermining customers/investors' confidence in the Bank but pose significant risks to the stability of Nigerian financial sector.”

It was also revealed in the PIR report that the Guaranty Trust bank had been punished severely for different violations at the international level.

“Surprisingly, Segun Julius Agbaje did not tell Nigerians that the corporate image of Guaranty Trust Bank Limited has been terribly battered in many foreign countries where it is carrying on business. He lied by stating in the recent Audited Statements that GTCO PIc ensures compliance with disclosure requirements under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (FCA). The truth is that Guaranty Trust Bank (UK) Limited was sanctioned by the same FCA to pay a financial penalty of £525,000 for breaches of Principle 3 (Management and Control) of the Authority's Principles for Businesses between 19 May, 2008 and 19 July 2010.”

“In another development, the FCA imposed on Guaranty Trust Bank (UK) Limited a financial penalty of £10,959,700 pursuant to Section 206 of the Financial Services and Markets Act 2000. As usual, the Bank agreed to resolve this matter at an early stage and was given a 30% discount which reduced the fine to £7,671,800. The FCA in justifying this financial penalty, which was paid with customers/investors' funds not later than 24" January, 2023, stated that Guaranty Trust Bank (UK) Limited again failed to put in place policies and procedures to prevent and detect money laundering. FCA considered this repeated misconduct to be a direct result of the inability of the Senior Management within the Bank, over a prolonged period of time, to formulate and implement an effective plan capable of addressing the weaknesses identified in its AML and financial crime systems and controls.”

The statement further revealed that the Guaranty Trust Bank had been suspended in Ghana for various breaches of foreign exchange operations.

“our investigation took us to the Bank of Ghana where we discovered that the Foreign Exchange Trading Licence of Guaranty Trust Bank Ghana Limited (GTB) was suspended for a period of 1 (One) month with effect from 18 March 2024.”


“ The Press Release dated 4 March 2024 indicates that the said Licence was suspended as a result of various breaches of the Foreign Exchange Market Regulations, including fraudulent documentation in foreign exchange operations. By the Press Release, the Bank of Ghana cautioned GTB to put in place effective controls to ensure strict adherence to the extant Regulations and Guidelines.”

The statement wondered why the Guaranty Trust Bank allegedly carried out many infractions in Nigeria without any due sanctions to it.

“One begins to wonder the number of infractions committed by GTB in its originating country - Nigeria without due sanctions from Regulatory Bodies and Anti-Corruption Agencies. We are certain that it is not too late for the Regulatory Bodies and Anti-Corruption Agencies to act by rescuing the soul of GTB. The time to act is now!” the statement read.

The report also recommended that the Governor, Central Bank of Nigeria (CBN) should forthwith dissolve the Board and Management of Guaranty Trust Bank Limited so as to allow thorough investigations.

They also called for the suspension of Segun Julius Agbaje as Group CEO of Guaranty Trust Holding Company Plc and retrieve from him all files or documents relating to Guaranty Trust Bank Limited to avoid interference with further inquiry into the issues raised in the PIR.

It was also stated that if found guilty of Corporate Governance, CBN acting jointly with the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and Department of State Services (DSS) “should deal decisively with Segun Julius Agbaje and prosecute him like Mrs. Cecilia Ibru, who practically milked the defunct Oceanic Bank Plc dry before the Banks Consolidation era in Nigeria.”

Other recommendations made include that the Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) “should urgently step into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors' funds and portfolios before the Bank fails completely”

It was also stated that the Senate Committee on Banking, Insurance and Other Financial Institutions, “House Committee on Banking as well as House Committee on Banking Regulations should jointly or individually convene a Public Hearing whereat Segun Julius Agbaje will be summoned to appear and defend the weighty allegations contained in our Private Investigation Report (PIR).”

The group also called on the UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), Financial Conduct Authority (FCA), Financial Ombudsman Service, British Prime Minister, Governor Bank of England, US Department of Justice, US Securities and Exchange Commission, Federal Bureau of Investigation (FBI), US Federal Reserve Board (FRB), British High Commissioner to Nigeria and Governor Bank of Ghana to shut down all operations of Guaranty Trust Bank (GTB) in their territories.

“By so doing, GTB will be prevented from turning the United Kingdom, United States of America and Ghana into a safe haven for money laundering, terrorism financing and other sundry economic crimes.” the statement released noted.

“That in addition to the above, UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), US Department of Justice and Federal Bureau of Investigation (FBI) are requested to commence prosecution of Segun Julius Agbaje in line with appropriate laws for all the infractions he has used GTB to commit within the territories of both United Kingdom and USA.”it further read

It was also recommended that all the properties allegedly acquired by Segun Julius Agbaje using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world be confiscated and forfeited permanently to the Federal Government of Nigeria.

https://saharareporters.com/2024/10/05/report-claims-guaranty-trust-bank-involved-financial-foul-play-unsolicited-accounts

Ginalex:
I wouldn't if I were you

What about DeapCap? Is the Rally going to continue? Can I still buy it now for JIJO? The name of that company has been scaring me from buying it. DeapCap. Cap wey go Deep fit go injure me.

So much allegations on GTBank. Should I be worried? Is my deposits and investments in them safe?😭

How does this concern Nigeria?

Just see how these boys are now looking like something else. Nyesom Wike you wicked shaaa.

I know this is a Skit just made for fun. But e get how you go wealthy or comfortable reach, there are some skits you will not do for peanuts pay.

Before you remind me of BrainJotter, just know that a lot of other skitmakers are still online beggars ooo.

In summary. These guys are not poor. But they are not also as rich as they should have been by now.

Skit makers, try better next time. This was not even remotely funny. I shaa hope my 1 view help una to reach 10 million views wey una dey find.

Ginalex:
LASACO numbers is nothing to write home about. Almost flat from 2022 to 2023

https://doclib.ngxgroup.com/Financial_NewsDocs/42250_LASACO_ASSURANCE_PLC.-_QUARTER_1_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_OCTOBER_2024.pdf

Lasaco may be returned to the Market tomorrow morning. Is it likely to rally 100% like Regency Assurance? Is it safe for me to buy LASACO if it returns to the stock market?

Oloki:
Who vex you?

Nobody ooo. Just dey imagine how people take dey switch from Saturday Night club appearance to Sunday Church appearance. E dey fast pass how Jews take switch from Hosanna! to Crucify Him!

Miracle in Iraq: God helped Sara escape from a locked room.

https://www.citychurch.ee/miracle-in-iraq-god-helped-sara-escape-from-a-locked-room/?related_post_from=121652

DaddyCoool:
A man who never experiences female child is missing a lot. How do you know how it feels as a man, to have a girl-child you can hold anyhow and hug anyhow any time you want, and bathe and dress up any time you want? You'll never experience innocent feminine energy beyond virgin, that belongs to you 100%. And you can't get it elsewhere - if you come too close to someone else's girl-child people will suspect you're a pedo!

You keep coming back to the Truth.
I quote you "if you come too close to someone else's girl-child people will suspect you're a pedo!"
So it means you that have a girl-child have sleepless nights, and more headache when people come close to your girl-child. Is there any form of punishment or mental torture worse than that? Whereas you have no such sleepless nights when people come close to your male child.
Sometimes do not rush to respond to a Thread. Think, so you understand what it means. It does not have to align with your beliefs or likes for it to be True.

Who is the present First Lady of Benue State?

iamtoofan:
Where nothing is guaranteed, the element of luck can not be discarded. so many factors come to play esp. on how a child turns out.

Aint you forgetting environment and peer factor are major contenders here and cos children build up resistance toward parental control most naively sway toward xternal factors.

i strongly feel as a parent you need some element of "LUCK" for your kids not to get carried away by those two contending forces as they cross into adulthood

No mind am make he dey there dey form Parenthesis

DaddyCoool:
How many female children do you have?

Once ultrasound detect female, na abortion straightaway

*Value Added Tax (VAT) Exemptions in Nigeria*


*1. Introduction*


The Nigerian government has introduced new fiscal reforms, exempting 63 items from Value-Added Tax (VAT) to boost the economy. This move aims to stimulate economic growth, promote investment, and encourage the use of environmentally friendly products.


*2. Exempted Items*


1. Agro-chemicals
2. Agricultural machinery and equipment
3. Airplanes and helicopters
4. Ambulances
5. Animal feed
6. Baby products (formula, diapers, etc.)
7. Biogas compressors
8. Biogas digester
9. Bio-ethanol refinery equipment
10. Biofuel-related chemicals, enzymes, and reagents
11. Blood and blood products
12. CNG cascades
13. CNG cylinders
14. CNG dispensers
15. CNG/LPG conversion kits
16. CNG trucks
17. Commercial vehicles (buses, trucks, etc.)
18. Crude oil
19. De-sulphurization units
20. Diagnostic equipment (medical)
21. Distillation columns for processing biofuels
22. Dryer
23. Electric vehicles
24. Electric vehicles battery
25. Electric vehicles charging system
26. Electric vehicle solar charging system
27. Fermentation tanks
28. Fertilizers
29. Firefighting equipment
30. Fishing nets and gear
31. Gas boilers
32. Gas burners for industry
33. Gas generators
34. Gas water heaters
35. Healthcare equipment
36. Helicopters
37. Hospital furniture
38. Industrial machinery
39. LPG/CNG dual fuel vehicles
40. LPG cylinders
41. Medical oxygen
42. Medical vaccines
43. Medicine (prescription)
44. Motorcycles (for agricultural use)
45. Oil rigs and equipment
46. Oxygen concentrators
47. Parts and semi-knocked down units (for assembly) of CNG and LPG buses
48. Parts and semi-knocked down units (for assembly) of Electric Vehicles
49. Personal protective equipment (PPE)
50. Petrochemicals
51. Petroleum products (aviation fuel, diesel, etc.)
52. Pipelines and fittings
53. Pressure gauge
54. Pressure relief valves
55. Processed food products (baby food, etc.)
56. Raw materials (agricultural, mining, etc.)
57. Regulator body
58. Regulators
59. Renewable energy equipment (solar, wind, etc.)
60. Safety equipment (hard hats, etc.)
61. Shipbuilding equipment
62. Steel pipes
63. Storage tanks


*3. Benefits of VAT Exemptions*


1. Increased investment in exempted sectors
2. Job creation and economic growth
3. Reduced costs for businesses and consumers
4. Encourages use of environmentally friendly products
5. Improved competitiveness in global markets
6. Enhanced economic diversification


*4. Implementation*


1. Effective date
2. Applicable to all businesses and individuals
3. VAT exemption certificates to be issued by FIRS
4. Compliance monitoring by relevant authorities


*5. Conclusion*


The VAT exemptions aim to stimulate economic growth, promote investment, and encourage the use of environmentally friendly products.

kayperry:
@least we know why boiz misbehave, despite all the home training invested on a female daughter .... baddie everywhere

Don't mind them. It's not every time you appoint yourself as Defense Attorney of your gender. Sometimes just be objective and call a spade a spade.

Having a female child is a punishment.

cococandy:
Exactly. Boys are easier to raise because they don’t even bother to raise them. That’s why we have so many of them misbehaving up and down everywhere

You keep proving the topic to be correct.

Send her to a 6 months catering school. That is what I did. And the problem was solved.

cococandy:
I saw a harrowing video of a group of men cutting another man while he was still alive. Seemed drugged up but awake and alive. They were doing it to harvest his organs and sell. It’s such a disturbing thing I saw that try as much as I can, I can’t get it out of my head and my mind.

To Nairaland men, showing your nudity is worse than things like that. Their obsession with female private parts is something out of this world. I’ve never seen anything like it before. That’s why I’ll never judge a woman who’s doing anything that falls under their category of immoral behavior. I hope they continue to see and continue to stay mad about it

You are yet to get the point. I am not saying who is better between Male child and female child.

I am referring to the shame and trauma brought to their parents.

The guys in question you just mentioned are criminals who may never get caught. And so it brings no shame and disgrace to their parents, not taking anything away from the wickedness of their actions.

But you see female children. 90% are source of endless public shame to their fathers. Most times their mothers care less. Often because they too passed through same system. Until you are a Father, you may not fully understand.

If you are a lady here and your father is still alive, ask him to be honest about this issue and tell you his fears and worries. You go shock.

Shameless gender who do nothing but bring unseen tears to their parents.

dkidd:
Baba every child is a blessing. How they turn out in future is as a result of parental guidance,love and care. There's also several girls with beautiful minds too who don't conform to all these negatives which are all over the place. It's up to us as parents to do our jobs and do it right

You missed the point.

A male child turning out right depends largely on parental training.

A female child turning out right is entirely dependent on Luck.

I have seen several hundreds of decent families and decent parents whose sons all turned out right, while the daughters are a source of shame to everyone.

Have you never seen such?

Merry100:
What are you even saying? So we should overlook the remarkable girls and women who are making Nigeria proud. Haven't you heard of several brilliant and remarkable female individuals in Nigeria like Amina Yusuf, Faith Odunsi, Victory-Yinka Banjo and so on.

What are you even looking for? Why is it only females who are displaying their pants and private parts all over social media that you are noticing?

You are just running from responsibilities. It would be better if you decided to abstain completely from having children because even male children need proper training and deserve good fathers.

For each remarkable female you mention, I can mention 20 brilliant and remarkable male all doing great and better stuffs.

Giving birth to a Female child is a punishment for something you did in the past.

GOFRONT:
The way they display pants and private parts all over facebook reels makes me already Pen a letter to God never to give me a girlchild by the time I'm ripe for production

Exactly my point. A wayward male child can still turn around to be a successful man in the society.

But if you ever have a female wayward child, you may die of shame, regret, depression, and hypertension.

Females are totally shameless. Go on social media and see. Check even among the celebrities. Female child is a punishment.

00FFT00:
Kill the terrorists you created, and quit disgracing yourselves before the world.

Mention one country in the world that has killed or been able to eliminate all Terrorists.

00FFT00:
Some of you speak like the illiterates you are. You advised to hire MOSSAD, a first grade intelligence gathering agency as mercenaries to chase around your rag tag Islamist terrorists?.

Who do you you Nigerians really think you are?. Do you know how the world sees you?. A dirty corruption ridden enclave not even at par with Afghanistan.

The day a corresponding terrorist group springs out from somewhere in the south, it is goodbye Nigeria.

Your point exactly is?

10 years ago, I personally advised then President Jonathan to hire MOSSAD as Mercenaries to eliminate Boko Haram terrorists in drone strikes. It was ignored. Today, we are still wasting time.

Giving birth to female children, is a punishment.

End of Discussion