Business and Economy
Guaranty Trust Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC
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. googlesyndication.com/pagead/js/adsbygoogle.js">
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.
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.
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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- 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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Business and Economy
Kogi Govt Opens Bids for Livestock Market Rehabilitation Project
From Joseph Amedu, Lokoja
The Kogi State Government has embarked on a major initiative to rehabilitate nine livestock markets across the three senatorial districts of the state.
The bid opening ceremony for the project took place over the weekend, at Kogi State Livestock Productivity and Resilience Support (Kogi L-PRES) Project office in Lokoja.
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The Project Coordinator, Mr Abdulkabir Onoruoyiza Otaru, highlighted the importance of the initiative and assured of a transparent process.
Otaru described the market rehabilitation project as a new dawn in Kogi State’s livestock value chain, and commended Gov. Ahmed Ododo for fully supporting the project.
He revealed that the World Bank had approved the project, with nine livestock markets to be rehabilitated in the first phase across the state’s nine Federal Constituencies.
“We’ve secured World Bank approval for the rehabilitation of one livestock market in each of Kogi State’s nine Federal Constituencies.
“We’ve engaged stakeholders to ensure a smooth bidding process and successful project execution.
“I urge the winning contractor to deliver high-quality work within the timeframe.
“Governor Ahmed Ododo’s support for L-PRES has been instrumental in improving livestock farmers’ livelihoods and the state’s economy,” Otaru said.
He emphasised that the rehabilitation of the nine livestock markets is expected to enhance livestock productivity and value chain in the state, improving the livelihoods of farmers and the economy,” Otaru said.
The Commissioner for Livestock Development, Dr Olufemi Bolarin, said the rehabilitation project aims to enhance the livestock sector, crucial to the state’s economy and food security.
“The modernisation of the markets will improve trading conditions, boost the livelihoods of farmers and traders, and create hygienic and efficient market spaces that meet international standards,” Bolarin said.
Represented by the Ministry’s Director of Livestock, Mr Ali Peter, the commissioner emphasised the need for a transparent and competitive bidding process.
The commissioner urged participants to adhere strictly to the guidelines.
The ministry’s Permanent Secretary,, Dr Abdulsalam Hadi, commended the governor for his commitment to transforming livestock development in the state.
He expressed confidence that the project would be a success, contributing significantly to the growth of the state.
The Kogi L-PRES Procurement Officer, Mr Adeolu Oshadare, disclosed that five companies submitted bidding documents with prices ranging from N1.22 billion to N2.12 billion.
According to him, the project bid was advertised on September 12, 2025, and five companies submitted bids by October 10, 2025.
According to him, the bid prices are: Nuelika Infinity Ltd (N1.54 billion), Izyprecs Ltd (N1.55 billion), Emmanuel-NIK and Gold Ltd (N1.47 billion), RSA Global Investment Ltd (N1.22 billion), and Numora Integrated Ltd (N2.12 billion).
Adeolu noted that the next stage would be the evaluation of bids by the evaluation committee within the next week.
In his remarks, Prof Usman Omeiza, Chairman of the Chartered Institute of Purchasing and Supply, Kogi State Branch, commended the Kogi State Livestock Ministry, L-PRES, and other stakeholders for ensuring a seamless and transparent bidding process.
He urged them to maintain this transparency throughout the project.
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Business and Economy
KGIRS Gives Rebates, Urges Land Owners towards Voluntary Payment
From Joseph Amedu, Lokoja
The Kogi State Internal Revenue Service (KGIRS) has charged property owners who have received Land Use Charge Demand Notice to pay in order to fulfil their obligation to the State.
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Executive Chairman of KGIRS, Alhaji Sule Salihu Enehe made the call in a chat with Our Reporter on the significance of Land Use Charge and early payment of the tax.
He said the Land Use Charge introduced by the government was aimed at eliminating the burden of multiple taxation, provision of a more streamlined and efficient system.
Alhaji Enehe urged property owners that have receivethem enjoy Use Charge (LUC) Demand Notice to pay as soon as possible to enable them enjoy early payment incentives.
“Payment within 5 days of receipt of Demand Notice attracts 15% discount while payment within 15 days of receipt of demand notice has 10% discount and payment within 25 days of receipt of Demand Notice also has 5% discount to encourage prompt payment of the LUC.
“Payment can be made in all bank branches across the State as well as Kogi State Revenue POS Agents” he stated.
He assured that government would continue to use the revenue for infrastructure development, maintenance of the environment, and provision of adequate security for the State.
While re-emphasising the significance of the tax, the Executive Chairman, KGIRS, said “The Land Use Charge offers several benefits, including; Accurate assessment of property values for taxation purposes, Identification and registration of property in the State, Allocation of land for government projects and social amenities, Employment opportunities for enumerators from the District, and Creation of a reliable database on the property makeup of the State to inform decision-making.
“The tax obligation section of the Land Use Charge focuses on property used for lease and commercial purposes, but there are exemptions, and they include; Property owned and occupied by religious bodies for public worship or education, Public cemeteries and burial grounds,
“Others are non-profit educational institutions and public libraries, palaces of recognised traditional rulers, community property like town-halls used for community meetings, and Property owned and occupied by pensioners” Alhaji Enehe stated.
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Business and Economy
Kogi Revenue Generation Capacity Hits N3 billion Monthly
From Joseph Amedu, Lokoja
The Executive Chairman of the Kogi State Revenue Service (KGIRS), Sule Salihu Enehe has said that the revenue generation capacity of the state under his leadership has increased to N3 billion Monthly.
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The Executive Chairman disclosed this while giving account of his leadership since he came on board during the Stewardship Forum organised by the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Kogi State Council on Thursday.
Enehe said that him and his management team have lived up to expectation in ensuring effective tax administration and service delivery.
He noted that the N3 billion monthly revenue generation currently in place supercede the proposed taxation income budget for the half year.
“We will ensure that the revenue figure attained does not drop but continue to go higher. KGIRS under my administration has been able to judiciously utilised its 10% IGR in payment of staff salaries and running its day to day operations
“We have also been able to change the narrative through capacity building and care for staff welfare as well as promotion of staff and adherent to seniority in hierarchy to boost their moral for higher productivity
“Further more, we have been able to introduce Central Billing System and Automated Taxation to reduce leakages in revenue collection”
He expressed the readiness of KGIRS to continue to partner Journalists in publicising its activities
He also expressed the hope that the new Nigeria Revenue Tax Act which will become operational in January next year would benefit Kogi State tremendously.
“The new law harmonizes all tax acts into single document to reduce double taxation” Enehe explained.
He appealed to the people of Kogi State to embrace prompt payment of their taxes to enjoy more dividends of democracy and development of the state at large.
“However, the greatest challenges of KGIRS have been that of obstacles in enforcement of taxation laws and reluctant on the part of tax payers to live up to their responsibility in tax payment”
Earlier, the Chairman of the Correspondents’ Chapel of the Nigeria Union of Journalists NUJ, Kogi State Council, Segun Salami had informed the Executive Chairman and his management team that the Stewardship Forum was put in place to enable the elected and appointed leaders showcase their achievements and challenges to justify people’s mandate in service delivery.
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