₦airaland Forum

The police in Abuja is currently investigating the involvement of Providus Bank Limited, some of its officials and another commercial bank in an alleged N1 billion fraud scam, THE WITNESS reports.

THE WITNESS learnt that bank officials are being quizzed following a transfer of about N1 billion by a bureau de change operator in Abuja, Shamsudeen Ahmed through the banks to suspected criminals, who reportedly offered to sell $1 million from Dubai to him and the mysterious disappearance of the huge sum of money.

For full Info pls visit:
https://dailyrecordng.com/police-probe-providus-bank-officials-others-for-alleged-n1-1bn-scam/

By Olutayo Isaac

For decades, the oil and gas sector has been the pillar of the Nigerian economy, particularly in the past five decades, when it replaced agriculture as the cornerstone. The sector has continued to contribute the lion’s share to the Gross Domestic Product, GDP, and accounting for the bulk of the federal government’s revenue and foreign exchange earnings.

However, over the years, Nigeria’s oil and gas sector has been plagued by neglect, lack of investments, lack of transparency, and overall ineffectiveness.

Experts in the sector attribute regulatory mismatch, bureaucratic bottlenecks instituted corrupt practices among stakeholders as well as a lack of accountability as reasons why the sector has not lived up to expectations.

Sadly, over the years, oil theft, bunkering, and pipeline vandalism affected the country’s production figures to the extent that Nigeria was unable to meet the Organization of Petroleum Exporting Countries (OPEC) quota. This has affected revenue and the government's ability to provide basic social amenities and infrastructure like education, health care, roads, pipe borne water, etc. for Nigerians. Also, the four state-owned refineries in Port Harcourt, Warri and Kaduna, became comatose, making the country depend on importation for domestic consumption.

However, since assuming the reins of power on May 29, 2023 on the mantra of Renewed Hope Agenda, the oil and sector has received attention perhaps more than any other sector in Nigeria under President Bola Tinubu.

In the run-up to the 2023 general elections, one of the hotly debated issues was the removal of fuel subsidy. Presidential candidates vowed to remove subsidy upon assuming office. Subsequently, and in the presidential inauguration address on 29 May 2023, President Tinubu, in a daring and unexpected move, announced, “…fuel subsidy is gone.” He further stated that subsidy can no longer justify the ever-increasing cost of Petroleum Motor Spirit, (PMS), and that the funds will be rechanneled into better investment in public infrastructure, education, health care and jobs.

This came as a surprise to many Nigerians because of the political risks associated with subsidy removal. This also made previous administrations reluctant to jettison the long overdue subsidies.

While reactions have remained mixed, President Tinubu must be commended taking a bold and courageous decision. A decision that industry experts, international organizations, and rating agencies like the International Monetary Fund (IMF) and World Bank said would unlock untapped potential in the Nigerian oil and gas sector.

Analysts are still of the opinion that a number of procedures should have been followed by the federal government before removing the subsidy such as transport subsidy and phased removal pointing to rising inflation as the after effect.

Another giant stride by the Tinubu-led administration in the oil and gas sector was the signing of an Executive Order to unlock up to $10bn fresh investments in the nation’s oil and gas sector.

According to the president, “The Executive Order streamlines contracting processes, procedures, and timelines from 36 months to six months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects”.

Industry players and investors are of the opinion that the Executive Order would reduce government’s interference with the commercial imperatives of businesses in the country so that businesses based in Nigeria can be competitive and focus on their core objectives of economic growth through innovation and trade. As a follow up to the signing of the Executive Order, the President embarked on economic diplomacy across the world to attract investments to the oil and gas sector.

All over the world, economic diplomacy is a vital tool for countries that want to promote their economic interests abroad. It involves using a variety of diplomatic tools, such as trade negotiations, investment promotion, and cultural exchange to achieve economic objectives.

In light of the above, President Tinubu traveled to India, Saudi Arabia, Qatar, Germany, and other giants in the sector to attract investments. For example, while in Germany, the President signed a Memoranda of Understanding (MoU) on gas supply to Germany. The MoU will see Nigeria supply Germany with 850,000 tonnes of gas per annum, expanding to 1.2 million tonnes per annum. This will not only generate much-needed revenue for Nigeria but also help to reduce Germany’s reliance on Russian gas.

Similarly, speaking during the ongoing ministerial briefing to mark Tinubu's one year anniversary, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri attested to the increase in investment portfolio since Tinubu assumed office.

Contrary to reports that International Oil Companies are exiting Nigeria, he said about $16.6bn investments had been committed to Nigeria’s oil and gas sector in the past one year.

“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments committed to the tune of $5bn and $10bn in deep water offshore assets and $1.6bn investment commitment in oil and gas asset acquisition.

“The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe,” he said.

Furthermore, through collaboration among security agencies and non-kinetic efforts in the Niger Delta area, Nigeria witnessed increased crude oil production since Tinubu assumed office.
According to figures from the National Bureau of Statistics, when Tinubu took office, production was at approximately 1.1 million barrels per day, including condensates.

But today, it has increased to approximately 1.7 million barrels per day (inclusive of condensate).

This increase is a testament to the relentless efforts of Tinubu' administration to streamline operations and resolve conflict among stakeholders.

Overall, Tinubu’s signal to the global investing public in oil and gas is beginning to yield spectacular results with a flurry of foreign direct investments in billions of dollars. It indeed signals better days for the oil and gas sector.

Isaac, an analyst, writes from FCT, Abuja.

Jackson Ude, the quack caregiver, unrepentant blackmailer, chief merchant of fake news on the prowl



By Idowu Olayinka



Jackson Ude, notorious blackmailer and well-known merchant of fake news and weaving conjectures without a shred of evidence, is at his trade again.

His smear tools are the social media platforms, especially the Twitter, his unpopular website, “pointblanknews.com” is unrelentless and ever resolute to go to any length to hunt down his victims whom he may have approached through his Nigerian proxies for extortion.

Ude who works as unqualified/non-registered caregiver (N-R C) in New York, has through the emergence of the social media become a self-acclaimed investigative journalist, focusing his mischievous trade on only the wealthy and influential in the society.

The chief blackmailer has churned out many spurious, unfounded allegations in the past about innocent Nigerians.

In his wild, weird and preternatural apparition, he concocted an allegation that some Islamic clerics who embarked on a mission of peace to the Republic of Niger for dialogue with the junta were given $10,000 each by Malam Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL). He claimed that the NNPCL boss gave the clerics the sums in his bid to warm his way into the heart of President Bola Tinubu to retain his job.

Ude who knows no boundaries while plying his dirty trade has mischievously contrived falsehood into a religious obligation by the clerics. His lie against the clerics is, however, a pointer to the fact that the end to his evil business is near as he has only succeeded in inviting curse and wrath of the Almighty Allah to himself.

How shameful and distasteful can it be for a man like Ude to bury his parents in absentia, not because duty called, but for reason that he could not return to his home country due to many atrocities he has committed. The blackmailer, the first son of his family, could not return to Nigeria to attend the funerals of his late parents in Abia State due to several lies he has peddled against top personalities in the country.

It is also interesting to note that all his bank accounts in Nigeria have been frozen over multiple judgements against him and his companies.

Ude’s attention-seeking endless escapades have had several victims who have refused to yield to his blackmail for money.

Some of the prominent personalities who have been victims of his blackmail are Chief Timipre Sylva, (former minister of state for Petroleum Resources), Teins Jack-Rich, (former presidential aspirant of the All Progressives Congress and a wealthy Nigerian), Olukayode Ariwoola (chief justice of Nigeria (CJN), Babatunde Fashola, (former minister of Works and Housing), Late Prof Charles Quaker Dokubo (former Presidential Amnesty boss), Mrs Oyindamola Amuka(Vanguard publishers wife), , Simbi Wabote (executive secretary of the Nigerian Content Development & Monitoring Board), Governor Yahaya Bello (Kogi State governor) and Hamza Ibrahim Jamo (retired employee of the Nigerian National Petroleum Corporation (NNPC), amongst others.

Recall that the former minister of Works and Housing, Babatunde Fashola, recently petitioned the Department of State Service (DSS) to investigate, arrest and prosecute Ude and his co-travelers after conjurng another wicked lie that the former minister and some APC lawyers were drafting the judgement of the 2023 in favour of President Bola Ahmed Tinubu, for the Presidential Election Petition Tribunal (PEPT).

Jackson is a big pollution in the respected journalism profession who should not be allowed to continue to bring ridicule to respected members of the fourth estate of the realm.

Ude cannot continue to hide in the United States of America to perpetrate his evil, shameful, and disgusting trade. It’s time the security agencies do the needful by extraditing him to the country to defend his many lies and face the wrath of the law.



Idowu, a public commentator, writes from Lagos, Nigeria.

Miriam Olusanya’s ‘incompetence’ crumbling GTBank, customers dump bank, shareholders blame Segun Agbaje

Miriam Olusanya’s ‘incompetence’ crumbling GTBank, customers dump bank, shareholders blame Segun Agbaje
Since Miriam Olusanya emerged as the Managing Director of Guaranty Trust Bank Limited (GTBank Ltd) in July 2021 under controversial circumstances, BUSINESS LIVE learnt that the once-leading bank has continued to go deeper into crises and financial losses, with customers and shareholders losing faith and trust in the lender.

More saddening is the fact that despite the naira scarcity menace, the bank has continued to inflict more hardships on Nigerians who had entrusted their resources with them over poor services and fraud.

It’s worthy of note that GTBank has enjoyed patronage not only on account of its relatively impressive numbers over the years but also its spectacular service orientation and deliberate niche market positioning. Accordingly, GTBank Plc had been consistent in demonstrating its superiority over its peers in the banking industry. The bank, in addition, had also sustained its position as the highest valued banking stock before now. For example, despite the pervasive volatility in the market, GT Bank’s stock grew by 21.06 per cent from N29.20 by January 2, 2020 to N35.35 per share on November 20, 2020. Its profit before tax grew by 587.636% from N34.657 billion in 2008 to N234.095 billion by 2020. At the same time, total asset also grew by 437.174% from N920.493 billion in 2008 to N4.944 trillion in 2020. And at the end of the same 12-year span, its net interest income jumped by 503.999% from N50.311billion in 2008 to N253.668 billion in 2020.

As a result of its successes, many organizations tried to model their operations after GTBank. Its compact disposition appeared to have yielded fruit. Some believe that the bank’s management style had even generated envy among its peers. Any time there was a comparison among the banks, the argument tended to favour GTBank more. This truly mystified its operations and brand name over the years. This also prompted the likes of the Harvard Business School and Cranfield Business School to, as a result, carry out deep research on the effectiveness and uniqueness of the GTBank brand.

From the early 1990’s the bank had tirelessly set the pace for other Nigerian financial institutions in terms of service quality, product functionality and excellent customer service.

Ironically, BUSINESS LIVE reports that all these have changed about the GTBank brand with the recent emergence of Miriam Olusanya as the bank’s head-honcho. It is now a sour, bitter, frustrating and nose-diving story.

BUSINESS LIVE gathered that the claimed 23 years’ banking experience of Miriam Olusanya has, however, come into doubt over the crumbling fortunes of the bank thereby confirming fears of shareholders and industry who raised eyebrows over the forceful installation and appointment of Olusanya by Segun Agbaje, the immediate-past chief executive officer of the bank and current group chief executive officer of GTBank’s parent company, Guaranty Trust Holding Company Plc (GTCo). Shareholders had lamented why Agbaje chose Olusanya with less administrative experience and expertise ahead of the array/forays of more competent hands in the bank. They had also expressed worry on how Miriam, who is battling a case of failed marriage, would be able to manage a big institution such as GTBank.

Recall that boardroom crisis had erupted in GTBank after Segun Agbaje disengaged three competent executive directors and six general managers, in a shakeup exercise aimed at paving the way for the emergence of his candidate, Olusanya. Agbaje was said to have backed Olusanya believed to be his close associate ahead of the other most qualified directors in the bank. Competent sources and shareholders had disclosed that Olusanya, who was then in charge of the Wholesale Banking Division of the bank, lacked the adequate experience and technical skill to run the bank.

The three executive directors and GMs who were forced to retire by the Agbaje were said to be seniors to Olusanya.

But in one year, eight months of Olusanya in the saddle, the worries of shareholders and industry watchers have come to stare the bank in its face. This is because the bank has continued to stagger from one crisis to another with billions of naira lost while customers continue to dump the bank over poor services.

Inside sources told BUSINESS LIVE that the GTCo board is beginning to lose faith in Olusanya’s leadership and capacity after she failed to turn the bank’s fortunes around.

Olusanya, who still answers her ex-husband’s name despite being divorced, has not been able to deliver.

GTBank’s woes started as soon as Olusanya took over in July 2021. The bank reported a profit before tax of N151.91bn for the third quarter of 2021 (months after Olusanya took over), representing a 9.23 per cent decline from N167.35bn in the same period of 2020.

GTCo said its revenue dropped by 3.46 per cent to N214.77bn in Q3 2021 from N222.47bn in the corresponding period of 2020.

Its unaudited financial statements for Q3 2021 filed showed that its earnings per share also dropped to N4.54 from N5.02.

Many depositors of the bank have started dumping their accounts.

The once-superactive digital platforms of the bank are now comatose in some way.

Findings by BUSINESS LIVE revealed that the bank’s internet banking app, ‘GTWorld,’ its Unstructured Supplementary Service Data (USSD) banking platform, *737# Smart Code, are nothing to write home about as customers of the bank have continued to experience difficulties using the services. It’s been frustrating for the customers of the bank.

Some frustrated customers of the bank, have, however, taken to the Twitter page to lament the odious hardship imposed on them by GTBank.

Some shareholders of the bank who spoke to BUSINESS LIVE on the condition of anonymity, however, blamed Segun Agbaje for the bank’s woes for appointing Olusanya. They called on the board to sack Olusanya immediately and bring in a more competent hand to save the bank from imminent collapse.

Oyinade Adegite, GTBank’s head of Corporate Communications did not respond to our inquiries as at press time.