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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Nupe Natives Of Lokoja Flags Off Cooperative Union To Facilitate Development
From Joseph Amedu, Lokoja
Nupe Natives of Lokoja, has flagged off its CAMPDAVID MULTIPURPOSE COOPERATIVE UNION LIMITED registered with the Kogi State government, aimed at facilitating the development of the community of the native Nupe of Lokoja and her entire residents.
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Twelve other Cooperative Societies are registered to operate under the umbrella union which was launched in Lokoja over the weekend.
The Etsu Lokoja and Chairman, Lokoja Native Traditional Council, His Royal Highness, Emmanuel Akamisoko Dauda Shelika – Nyamkpa IV, performed the flag off ceremony during the first General Meeting of Nupe Natives of Lokoja in 2026, organized to showcase their culture and had interactions on how to attract development to their community.
The Royal Father in his speech, said that the Cooperative Union and its other sub-societies would no doubt facilitate people’s zeal to embark on self-help development that would impact on their living standards.
According to the traditional ruler “The newly registered cooperative societies would serve as veritable tools with which our people could utilize to generate funds to enable them embark on self-help projects such as drilling of motorized boreholes for portable water supply, rural electrification and health clinics amongst others.
“The need to complement government’s efforts in the provision of basic infrastructure for improved living conditions of citizens cannot be over emphasized, hence our desire as a people to do the needful”
The Etsu Lokoja used the occasion to call on the younger generation of the community to embrace skills acquisition of vocational enterprises such tailoring, welding, fabrication, carpentry, plumbing, hair dressing and farming among others for self-reliance.
He also disclosed his community’s planned programmes for this new year to include; facilitating of Summer Studies, Medical Outreaches for the less privileged, cultural and political summits.
He commended Governor Ahmed Usman Ododo of Kogi state for his passion to carry everybody along in his development programmes irrespective of political, ethnic and religious differences.
He reiterated the loyalty of his people to the present administration in Kogi state and assured that the tempo would be sustained.
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Business and Economy
Kogi To Domesticate New Nigeria’s Tax Act, 2025
From Joseph Amedu, Lokoja
The Kogi State Government has expressed readiness to domesticate the new Nigeria’s Tax Act 2025 for implementation by the State Internal Revenue Service (KGIRS).
The Special Adviser to Governor Ahmed Usman Ododo on Internal Revenue Generation, Nasir Rahman Ichanyi gave the hint while speaking at the second tranche of the critical stakeholders engagement on better understanding of the key provisions in the new tax law organised by the Kogi State Internal Revenue Service in Lokoja on Wednesday.
Ichanyi said that participants for the sensitization engagement were drawn from ministries, departments and agencies in view of their advantage position as technocrats that would play vital role in full implementation of the new tax law as from January, 2026.
He said that the sensitization programme is aimed at strengthening tax administration and promoting voluntary compliance to the new law.
The Special Adviser commended Governr Usman Ahmed Ododo for his visionary leadership and steadfast support in ensuring the effective domestication and implementation of progressive federal fiscal policies.
“His Excellency’s commitment to good governance and economic reforms continues to enhance fiscal discipline and sustainable development in the state”
He also praised the management and staff of KGIRS for their professionalism, dedication, and proactive engagement with stakeholders.
” This sensitization exercise reflects their resolve to ensure clarity, transparency, and inclusiveness in the implementation of the new tax framework.
“The 2025 Tax Acts, that will be domesticated by Kogi State, is distinguished by its simplicity, clarity, and taxpayer-friendly provisions
” It harmonizes tax obligations, removes incidences of multiple taxation, and provides clear guidelines that make compliance easier for taxpayers. The law also embraces technology-driven processes that improve efficiency, reduce human interference, and promote accountability.
“Furthermore, the domesticated tax Acts will offers significant benefits to taxpayers by reducing compliance costs, ensuring fairness and equity, and fostering a more predictable and business-friendly tax environment. Ultimately, it strengthens the trust between government and taxpayers and ensures that revenues generated translate into improved public services and infrastructural development across the state.
” I urge all MDAs and stakeholders to support the effective implementation of the 2025 Tax Acts that will be domesticated in Kogi State and to serve as ambassadors of compliance within their respective institutions. Together, we can build a robust and sustainable revenue system that will drive inclusive growth and development for Kogi State.
Earlier in his welcome address, the Executive Chairman of the Kogi State Internal Revenue Service, Alhaji Sule Salihu Enehe urged citizens to embrace the new Nigeria’s Tax Act in view of its enormous benefits.
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Business and Economy
KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025
From Joseph Amedu, Lokoja
As the new Nigeria’s Tax Act 2025, becomes operational come January, 2026, the Kogi State Internal Revenue Service (KGIRS) on Tuesday, commenced Stakeholders’ Engagement towards full implementation of the law.
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Speaking at the one day Sensitization Programme held at the Lugard House, Lokoja, the Executive Chairman of the KGIRS, Alhaji Sule Salihu Enehe, said that the commencement of the Nigeria’s Tax Act, January next year, is in line with the Federal Government’s tax reform policy aimed at boosting tax administration.
“The Stakeholders’ Engagement is targeted at ensuring better understanding of the Nigeria Tax Act ahead of its full implementation January next year”
He explained that the operation of multiple tax administration law was condensed into one now called “Nigeria Tax Act 2025” to enhance transparency and efficiency in the system.
He also explained that the new law was put in place to avoid the problem of double taxation and duplication in the system.
Alhaji Enehe therefore, urged taxable citizens and critical stakeholders in tax administration sector to embrace the new law in support of President Bola Ahmed Tinubu’s tax reform policy which he said would go a long way in stabilising the nation’s dwindling economy.
The Special Adviser to Governor Ahmed Usman Ododo on revenue generation, Dr. Nasir Rahman Ichanyi, in his speech, commended KGIRS for organising the Stakeholders’ Engagement Forum which has provided avenue for robust dialogue and collaboration for comprehensive understanding of the Nigeria Tax Act 2025.
He described the Stakeholders’ Engagement as timely and proactive measures put in place by KGIRS to achieve the desired success in the implementation of the new law.
Dr. Ichanyi promised that Kogi State Government would not relent in support of President Tinubu’s tax reform policy which he said would enhance the nation’s economy.
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