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.
HaAN OPEN LETTER TO ALHAJI ATIKU ABUBAKAR: THE CASE OF GOING TO EQUITY WITHOUT CLEAN HANDS
My attention as a Public Affairs Commentator and Citizen of Wukari in Taraba State has been invited to various invectives of unprecedented dimension directed at His Excellency, Senator Godswill Akpabio, GCON by my brother, Alhaji Atiku Abubakar ostensibly to give oxygen to resurrect his endless political odyssey and sordid presidential ambition. I am weighing into this public narrative to interrogate various disruptions triggered by some notable politicians like Atiku Abubakar in our national life.
It is hardly possible to build anything out of frustration and bitterness. This is sadly the predicament of a one-time Vice President, Atiku Abubakar who is on course to being enlisted in the Guinness Book of Records, as the only person globally, who has unsuccessfully contested for President for six times spanning 33 years.
These bitterness and frustration have beclouded his reasoning. Atiku Abubakar, who is shamefully a dominant mention in every page of the corruption history in Nigeria, an insipid and serial sodomist, could have rather used the Ramadan period to seek for the atonement of his many mortal and monumental sins from the Almighty Allah, but his engagement in chicanery and unbridled umbrage in the most malicious and defamatory manner is the sad characterization of a man reputed for low family values and child abuse.
The series of pernicious lies peddled by Atiku deserve response in this era of positive and innovative Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which has invited collective actions for the growth and prosperity of Nigeria. Atiku Abubakar’s putrid and repulsive corrupt practices have made Nigerians to reject him for a record six times. A master of failure indeed!
It is an established fact that Atiku Abubakar is the most corrupt Nigerian, having been associated with every high-profile corruption allegation in the country across the private and public sectors. In 1996, the then Head of State, Gen. Sani Abacha seized control of the NICOTES shares belonging to him and renamed it Integrated Logistics Services Inc.
In 2006, Atiku was indicted by the EFCC and the Federal Government Administrative Panel of Inquiry after a Special Audit /Forensic Investigation of PTDF from 1999 to May 31, 2006.
Internationally, he is known as a super conman. Atiku’s association with American Congressman William Jefferson, who was jailed for 13 years in 2009 over bribery and other charges is well known to millions of Nigerians.
For those who don’t know, Atiku was the subject of a probe about 15 years ago by the United States Senate Committee on Homeland Security and Governmental Affairs chaired by Senator Carl Levin. He was indicted for using offshore companies to siphon about 40 million dollars from Nigeria between 2000 and 2008 to his fourth wife in the United States, Jennifer Iwenjiora Douglas Abubakar (now divorced).
Former President Olusegun Obasanjo, whom Atiku served for 8 years as Vice President, in his book ’MY WATCH’, in the chapter, titled “Atiku and US Justice Entanglement”, gave a vivid account of “corrupt involvement” of Atiku with a company called iGATE and William Jefferson. Obasanjo equally linked Atiku to the embezzlement of $20 million, funds that were to be utilized by the Petroleum Technology Development Fund (PTDF), and another $125 million to fund PTDF during 2003 fiscal year.
The immediate past governor of Kaduna state, Mallam Nasir El-Rufai has also spoken eloquently about Atiku’s corrupt adventure. In his book, ’The Accidental Public Servant’, El-Rufai gave a detailed account of Atiku’s corrupt involvement in Ericsson’s deals, the PTDF scandal, Abuja Water Treatment Plant contract and his obsession with marabouts – these marabouts that have been deceiving him since 1991 that he will be president.
A serial women abuser, Atiku has divorced two of his wives since 1971 (Ladi and Jennifer). In the case of Jennifer, even after the divorce, he threatened and bullied her out of Nigeria. Jennifer had to sell her law chambers in Nigeria and relocated to the UK.
He has been after the woman in an attempt to dispossess her of her assets and properties.
A certified child abuser, Atiku’s exploits with hapless boys and young men are well known. No wonder, in his eight years as vice president and many years as wealthy man (though filthy), Atiku could not boast of a school that could cater for the educational needs of the less privileged, especially boys (Almajiri’s), but now runs the exotic ABTI University and a host of other businesses that are out of the reach of the common man.
In the contrary, unlike Atiku Abubakar, Senator Godswill Akpabio, GCON has for over two decades, conducted himself with integrity and transparency. His accomplishments in Akwa Ibom State, in particular, and Nigeria in general, are symbolized in the countless legacies of infrastructure, human capacity development and tourists’ hub.
Just yesterday (Tuesday), the Super Eagles of Nigeria hosted The Warriors of Zimbabwe in a World Cup qualifier at the Godswill Akpabio International Stadium, Uyo. The stadium, which is the only FIFA approved facility in Nigeria, was built by Akpabio as governor of the state. What did Atiku do for Adamawa state and Nigeria?
The Zimbabwean delegation also flew Ibom Air and landed at the Victor Attah International Airport, Uyo- all legacies of the Uncommon Transformer. But where are Atiku’s legacies for the people? He can only lay claim to a chain of businesses, which are products of pillaging and corrupt investments.
In all of these, it is crystal clear that Akpabio’s unflinching support for President Tinubu, who blocked Atiku’s emergence as the presidential candidate of the APC in 2015 and frustrated his return bid in 2019 and yet floored him in the 2023 general elections is the reason for Atiku’s hostile charge against the Senate President.
But using Akpabio as a ladder to get to the president cannot do Atiku any good. Both Tinubu and Akpabio are united by the resolve to rejig and reset the nation and give Nigerians dividends of democracy, which Atiku as vice president worked tirelessly to undermine for personal aggrandizement.
It is also axiomatic that Atiku has started preparation for the 2027 general elections. As for Akpabio and Tinubu, they are preoccupied with state and governance issues and would not swim with the former vice president in his quest to distract the duo from delivering good governance to Nigerians. When 2027 comes, Nigerians will, for the umpteenth time give, Atiku a black eye and vote the best candidate.
DANJUMA ISAIAH writes from
Wukari in Taraba State
The Honourable Minister of Defence, Mohammed Badaru Abubaka mini visited the Executive Governor of Katsina State, Mallam Umar Dikko Umaru Radda, at the Government House in Katsina to express condolences following the passing of his beloved mother, Hajiya Safara’u Umar Bare-Bari Radda.
During the visit, Minister Abubakar, on behalf of himself, his family, the Minister of State for Defence H.E. Dr. Bello Matawalle MON and the entire staff of the Ministry of Defence, conveyed heartfelt condolences to Governor Radda, his family, and the people of Katsina State during this difficult time.
In his remarks, he prayed for Almighty Allah to forgive the deceased, grant her mercy, and bestow upon her a place in Jannatul Firdaus. He also offered prayers for the Governor and his family, asking for strength and fortitude to bear this profound loss.
The Minister was accompanied by Hon. Idris Garba Jahun, former Speaker of the Jigawa State House of Assembly, along with Hon. Abubakar Sadiq Jallo and Hon. Mas’ud A. Naruwa, members of the Katsina State House of Assembly representing Hadejia and Babura, respectively.
All political office holders who were appointed by the embattled governor of Rivers State, Siminalayi Fubara have been suspended from office by the Sole Administrator of the State, Retired Vice Admiral Ibok-Ete Ibas.
They were suspended from office with immediate effect, according to a statement by the Chief of Staff to the Sole Administrator, saying the decision followed powers granted the Sole Administrator by President Bola Ahmed Tinubu.
The Secretary to the State Government, the Chief of Staff to Fubara were among those suspended from office.
Commissioners, chairpersons and members of boards, agencies, commissions, and parastatals, as well as all Special Advisers, Special Assistants, and Senior Special Assistants were all relieved of their appointments.
“This suspension takes effect from Wednesday, March 26, 2025. The affected officers are to hand over to the permanent secretaries in their MDAs.
“Where there may be no permanent secretary, they are to hand over to the most senior director/head of administration,” the statement read.
Ibas was sworn in as Sole Administrator on Wednesday, March 19, by President Bola Tinubu after the President declared a state of emergency in Rivers State.
The President also suspended Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all elected members of the Rivers State House of Assembly for an initial period of six months.
Ibas, who is a former Chief of Naval Staff, vowed to maintain law and order in the state.
“If the main issue is that of maintaining law and order in the state, I think for any meaningful activities to take place in Rivers State, that is the utmost task that I have,” he said to State House correspondents after the swearing-in.
He also promised to work together with other stakeholders to ensure that order is restored in the state.
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