News
GTB MD’s ‘incompetence’ crumbling bank as customers, shareholders losing confidence
Barely two years into the controversial emergence of Miriam Olusanya as the Managing Director of Guaranty Trust Bank Limited, GTB, the retail Commercial bank has been on the downward spiral with the liquidity lifeline of the bank being threatened.
Olusanya who was a product of boardroom politics at the GTB could not manage inherent challenges ocassioned by the abrupt disengagement of three competent Executive Directors and six Managers by Mr Segun Agbaje.
The shakeup, CAPITAL POST learnt over the weekend, continue to damn the morale of staff particularly as Segun Agbaje meant it to pave way for 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, a development that the bank has never got the commitment of its staff. At least not yet.
An insider account has it that GTB, a once desire of shareholders is currently rocked with financial losses, while customers and shareholders are now 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, 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.
It was 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.
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 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 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 averred on 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.
As part of the activities to celebrate the golden anniversary of the University of Calabar, the wife of the President of the Senate, Mrs Ekaette Unoma Godswill Akpabio was on Saturday, March 22, 2025 conferred with an honorary doctorate degree in Education Management.
The ceremony held at the main campus of the institution in Calabar, Cross River State also saw the Minister of the Federal Capital Territory, Chief Nyesom Wike awarded the honorary doctorate degree in Law.
Other awardees included Major General Moses Bisong Obi (rtd) (Doctor of Peace and Conflict Studies) and Supreme Court Justice, Emmanuel Akomaye Obi (Doctor of Law).
In her acceptance speech after the conferment by the 15th Emir of Kano and Chancellor of the University, Alhaji Aminu Ado Bayero, the wife of the Senate President, Mrs Akpabio thanked the Governing Council and Management of the University for finding her worthy of the honour.
A statement by the Special Assistant on Media/communication to the President of the Senate, Anietie Ekong quoted Mrs Akpabio as saying “I am happy to be honoured with this award from the prestigious University of Calabar that I have heard so much about from my dear husband, an alumnus of this great institution.
“I was wondering when I will join him as a great Malabress and that day has come and I am grateful to the University for this honour,” she said.
Mrs Akpabio promised to work with other awardees especially the Minister of the FCT to provide infrastructural assistance to the university.
In a citation the University extolled Mrs Akpabio for her philanthropic and humanitarian efforts towards uplifting the lives of women and the vulnerable of the society through her non governmental organisation, the Family Life Enhancement Initiative.
She was also recognized as a Champion of women’s rights and as one who used her position as the First Lady of Akwa Ibom State to fight for the inclusion of more women in governance.
On his part, Chief Wike said he was honoured to be among the recipients of award. He extolled the Visitor of the University, President Bola Tinubu for working tirelessly to promote tertiary education in the country.
Ex-President Goodluck Jonathan has expressed disappointment over the declaration of State of emergency in Rivers State, saying it discredits Nigeria’s image.
The declaration by President Bola Ahmed Tinubu has sent Governor of Rivers State, Siminalayi Fubara packing for six months, while the elected members of the State House of Assembly have also been suspended.
Jonathan stated this while speaking as the Chairman at the Haske Satumari Foundation Colloquium in Abuja on Saturday.
He said elected officials have been removed from office in a very disappointing manner.
Contrary to Jonathan’s view however, the New Nigeria Peoples Party, NNPP, expressed support for Tinubu’s declaration of a state of emergency in Rivers.
The party said no responsible government will allow a situation to deteriorate before taking decisive action in the best interest of its citizens.
NNPP National Chairman, Dr. Agbo Major, told newsmen: “President Tinubu is the Chief Security Officer of Nigeria.
“The information available to him as president from intelligence sources may not be in the public purview.
“The government in Rivers was suspended and no one can actually say what would have happened by now, judging from the deepening crisis.
“The crisis was further compounded by some leaders who, instead of offering advice or promoting peace during the turmoil, allowed it to escalate before later stepping in to criticize.”
But for President Jonathan, “These actions by key actors in the executive and legislative arms of government paint the country in a negative light.”
He said it was not the norm for former presidents to comment on issues, so as not to heat up the polity.
However, Jonathan said, his comment became necessary after calls from many Nigerians, urging him to speak on the events in Rivers State.
He added that the image of the country and how much investments a country attracts is dependent on the actions of the executive, legislature and judiciary of that country.
Goodluck Jonathan faulted the situation where an individual can dictate to the judiciary, noting that it makes it difficult for anyone to have faith in the judiciary.
Edo State Governor, Senator Monday Okpebholo, has expressed joy over the pace of work at the construction site of the first flyover bridge in Edo State, located at Ramat Park, in Benin City.
The project expected to be completed in 18 months is being executed by the administration of Governor Okpebholo. The project was flagged off in November, 2024, barely one week after Okpebholo assumed office as Governor of Edo State.
The contractor handling the project, Mr. Andy Duan of CCECC told Governor Okpebholo during an unscheduled visit to the site that 20 percent of the project had been done so far.
Duan noted that the construction, which started last year, has reached 20 percent of stage of completion, assuring the people that the company will work according to specifications.
“For this work which commenced in December 2024, we have done seven pillars, underground cross beams and other works are ongoing as we are doing our best to meet up with the construction period,” he stated.
Governor Okpebholo, on his part, said he is not sleeping, as he continues to monitor projects cross the State to ensure the jobs are done according to agreed specifications.
The Governor threatened to revoke contracts whose handlers were not working according to specifications and assured Edo people that under his administration, Edo people would benefit from quality infrastructural development.
“We are not sleeping. We go around the State to monitor all our ongoing projects to ensure quality job delivery. Also, to ensure contractors meet specifications.
“For the Ramat Park flyover, the contractor is doing well, and I am impressed with the speed of the job done so far. If they continue with this kind of speed and pace, I believe they will complete the construction at the stipulated time. The materials like the iron being used and other materials are of high quality and standard.
“Inspecting projects across the State is a way for us to know those who are working and those playing with the projects they were given.
“We have gone to some sites, and we are not happy with what we met as some of these contractors are not meeting our targets and not doing the jobs according to specifications. Such contracts will be revoked.
“As an administration, we want to leave a legacy for our people, and we must ensure that we fulfill all our promises made to Edo people. We will continue to inspect and monitor every project to put contractors on their toes to deliver quality jobs according to specifications for the benefit of Edo people.
“I am not happy with the job of one of the contractors working for us and we will invite him on Monday for a discussion and you may hear bad news because the way they are going is not the way a contract should be executed,” he added.
Permanent Secretary, Ministry of Works, John Obanor, who accompanied the Governor on the inspection of the flyover, said the project is on track.
He noted that the job is not being appreciated now by people because it is in its early stage, but sooner than later, as the work progresses, it will be appreciated better. He noted that the company handling the project is doing a good job.
Other road projects inspected by Governor Okpebholo included Uteh Temboga road, open drainage at upper Ekenhua road opposite Nigerian Army cantonment Benin City, Upper Ekenhua road and Catholic Charismatic Renewal road Ugbiyoko.
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