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Guaranty Trust Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC

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Guarranty Trust Bank, GTB
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By NGIJ team of Oluwasegun Abifarin and Olawale Abideen

Guaranty Trust Bank plc prides itself as the foremost “Financial Institution built on a foundation of excellence, professionalism and best practices

Its Orange rule philosophy is also anchored on “Professionalism, Service, Friendliness, Excellence, and Trustworthiness. adsbygoogle || []).push({}); adsbygoogle || []).push({}); ”

But recent development is threatening the bank’s virtue and reputation which has produced ₦3.287Trillion asset base and ₦575.6Billion Shareholders Fund

According to the documents received by the Nigerian Guild of Investigative Journalists, NGIJ, on the 29th December, 2016, Ori Adeyemo and Co, a Forensic Accounting Consultancy firm based in Lagos was engaged by the Nasarawa State Board of Internal Revenue to assist in the improvement of Internally-Generated-Revenue (IGR) base of excess bank charges, high network individuals, withholding tax on dividends and interest and deposits against banks operating in the State from 29/05/1999 and for an initial period of 4 years based on the firm’s proposal.

In his petition to the EFCC, obtained by the NGIJ team, Adeyemo maintained that at the end the forensic investigation, he was able to establish total final and conclusive liability of N249, 867,971.47 against GTBank out of a total of N3, 632,677,464.41 against 12 banks operating in the state.

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From the total figure, a sum of N762, 862,267.53 representing 20% agreed commission (including 5% Value-Added-Tax) is due and payable to us within 7 days upon the receipt of said 16/09/2019 earlier demand letter served on the State Governor.

According to him, before commencement of work, the firm was introduced to the Nasarawa State Government by the duo of Mr. Charles Osuji (aka Kenneth Zuofa) and Mr. Edmond Ogbonna

Despite this, the Nasarawa State Government insisted that the firm should instead, deal with its own official facilitators and middlemen, namely Mr. Edmond Ogbonna of Tarindy Concept International Ltd. of 2, Hunkuyi Street, off Jesse Street, Asokoro, Abuja FCT and Mr. Charles Osuji (aka Kenneth Zuofa) of Ice R Us Integrated Global Service Ltd. of 4, Samota Faola Street, Ikeja, Lagos, which was complied with.

The deal however went sour after completion of works as Adeyemo alleged that the state officials and their middlemen have entered a new deal with some of the banks to shortchange the whole exercise.

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Adeyemo further alleged he was reliably informed that the Board had given clean bill of health and letters of non-indebtedness to the said compromised concerned banks.

The petitioner also included a compact disk (CD) detailing all completed jobs in intellectual properties as so far executed by the consultant for the Niger State Government enabling it to demand for an additional but unpaid N732,143,601.52 commission sum.

Guaranty Trust bank has also been dressed in similar robe in Niger state where it was accused of withholding N21, 013,850.30 due to the state.

“We humbly request that this matter be expeditiously investigated and if the said suspects are found culpable, be charged to a Court of competent jurisdiction in order to serve as a deterrent to others that may want to emulate their nefarious and despicable acts of impunity and reckless abandon,” Adeyemo told EFCC.

Oyinade Ogunade, GTB Head of Corporate Communication could not respond to text messages and whatsApp messages sent to her for further clarification or the position of the bank as regards the allegation of “shortchanging” the states. After series of calls by NGIJ Investigative Journalists, she eventually responded last week Friday that she was in a clinic and that she will call back later which she never did till today.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

Business and Economy

IMF Predicts Drop In Global Economic Growth In 2023-24

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International Monetary Fund, IMF
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The International Monetary Fund (IMF) has predicts that global economic growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.

“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.

“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”

The report also said that advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.

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“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.

“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”

While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.

“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”

The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.

It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.

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The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.

The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.

“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”

It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.

“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

“Sovereign debt distress could spread to a wider group of economies.”

It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.

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“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.

The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

NAN

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Debt Servicing: Gombe State Govt Spent N33bn in 4 Years – Transition Report

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Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu
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  • N6 billion for settlement of four years backlog of gratuities owed retirees from 2014 to 2017

The Gombe State Government has paid about N33billion from the N100bn debt inherited from the administration of former governor Ibrahim Dankwambo. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu, made this known while submitting the 2023 transition report to Gov. Inuwa Yahaya on Monday.

Daudu said that Gov. Yahaya also paid N6 billion to settle four years backlog of gratuities owed retirees from 2014 to 2017.

According to him, the payment to retirees is the largest payment of gratuity made by any government in Gombe State.

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“During the course of our work, we were able to determine that out of over N100 billion in debt inherited from the previous administration, your administration has paid approximately N33 billion,” he said.

The chairman also stated that the state government within the period was able to attract N26 billion as a result of its prudent public financial management through the implementation of the State Fiscal Transparency, Accountability and Sustainability programme.

He said that in view of the state’s prudent resource management, Gombe State ranked fourth most successful state in public financial management in the country.

While commending Yahaya for effectively managing the finances of the state in spite of the huge economic challenges caused by COVID-19 and economic recession, the Daudu-led committee urged the government to boost the state’s internally generated revenue going forward.

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The 11-member committee which was inaugurated on  May 26 further advised the state government to within the next four years, reform the civil service while prioritising job creation.

The News Agency of Nigeria (NAN) reports that the major responsibilities assigned to the committee was to develop a blueprint for consolidating on the achievements made during Yahaya’s first administration.

Also, to incorporate lessons learned, identify priorities, policies, and programmes for the new administration.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Euromoney Awards: GTBank Ranked Best Bank in Nigeria

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Guaratny Trub bank, gtb rank high at euromoney awards for excellency 2023
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Guaranty Trust Bank Ltd. has been ranked the”Best Bank in Nigeria” at the Euromoney Awards for Excellence 2023.

The bank said in a statement on Monday that the latest recognition underscored the bank as the leading financial institution in Nigeria. push({}); adsbygoogle || []).push({});

Announcing the award, Euromoney said: “Nigeria’s best bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead and perhaps to take advantage of opportunities in economic and policy transition.

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“Despite a difficult operating environment, the bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc.

“It recorded a profit before tax of N214.2 billion, pre-tax return on Equity (ROAE) of 23.6 per cent, and Cost to Income Ratio (CIR) of 48.0 per cent for the period ended, Dec. 31, 2022.”

Euromoney is an authority for global banking and financial markets and the annual awards for excellence, celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate.

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Commenting on the award, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd., said, “we are honoured to be named the Best Bank in Nigeria by Euromoney.

“This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years.

“As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance,” she said.

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