₦airaland Forum

essentialone:
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?

SAK:
quantum securities is still very active now ....own by Jim ovia wife(zenithbank) ...never close down?

emmasoft:
Quantum Zenith Securities is not the same as Quantum Securities, they are two different companies not related in any way. The Quantum Megaealth is referring to has closed shop as stated. They used to be around Alagomeji, Yaba before they went under.
I have helped some of their customers to move their stocks to Investment one. In fact one just contacted me this night for same purpose.

Sunrisepebble:
1k is not possible sadly because there are only 4 more tradings day on NASD till NGX listing (trading will halt Oct9 and t+3 inclusive of the weekend to list on the 14th), so assuming another 9% plus performance on each day we can see a listing price of ~800. I honestly expect to see some resistance perhaps next week though. #800 is essentially 16k. Those that got in around 4k have 4xed. Won’t be a bad idea for them to take profit

megawealth01:
Anytime I visit Nigeria I'll definitely be in PH. I love the governor. Investors will soon be coming into Rivers in their droves. Congratulations today

Princkez:
Please can one use NASD app for trading?

emmasoft:
you can, but you need to first open a NASD cscs account with a stockbroking firm that have trading access on NASD.

You can open a NASD cscs account with Investment One. Click the third link on my signature to have a NASD cscs account. It's very important to indicate immediately you submit the online registration form to send a mail to customer care to inform them ypur application if for NASD.

Princkez:
thanks...the app is demanding for my cscs account no. so I can start trading and I already have cscs no...

emmasoft:
If you already have a NASD cscs, u can supply it. please note the cscs required is not the cscs for NGX

Princkez:
okkkk...thanks for the information,thought it was ngx cscs

Ginalex:
I wouldn't if I were you

essentialone:
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 .

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

nosa2:
What allegations?

essentialone:
*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

nosa2:
What allegations?

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

Agbalowomeri:
Sometimes hard to recover from some youthful mistakes especially money matters

jonnysessy:
Hmmmmm. CBN and all these are happening under your watch. Let me just take it that they are mere allegations. But, it should be thoroughly investigated. When GTB had issues with Innoson, I said I was taking my money and investment from the bank, especially when I had Innoson won in court. But, for now I don't even know if the court process had ended. The only thing CBN knows is to increase rates, they will not come out to address this urgent matter.

delpee:
I read through Innosons story and GTBs responses plus some of what transpired in court. I still feel comfortable leaving my small money in GTB. I think the case is still ongoing.

I believe that CBN being the regulator and their examiners will say something soon. Honestly, I see this as a campaign of calumny.

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

Mpeace:
Wow. 85kobo interim dividend. Access should really be ashamed of itself.
Final dividends of banking stocks go sweet well well.

SetrakusRa:
I watched the press conference from this GICN. It looks like a personal attack against their GCEO, Segun Agbaje.

https://nairametrics.com/2024/10/06/gtb-and-the-trials-of-brother-julius/

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

ice234:
Not that it looks, it is a personal attack on him. He was just busy making allegations upon allegations and could not prove anything.
The cybercrime law is still in force in Nigeria. If the police picks him, we will start trending justice for ***.

emmaodet:
Hello bro.
Please what will happen to investor's money in for example ucap MMF (money market fund) if ucap goes under water?
Will the investors lose their money wince this is more or less in-house investment rather that equity investment domiciled with SEC

essentialone:
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

megawealth01:
As much as I don't want to defend any of the parties but this GTB thing seems to be a case of being him down syndrome that has always been launched on the person of AGBAJE but I trust the guy to always win all attacks centered on bringing him to his knees.

WEALTH and certain privileged positions always attract massive attacks and envies from different quarters...