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Reps to probe green energy projects in MDAs

The House of Representatives is set to investigate the domiciliation of green energy projects in inappropriate government entities to prevent substandard implementation and loss of public funds.

This followed the adoption of a motion of urgent public importance at Wednesday’s plenary, sponsored by the member representing Oshodi/Isolo II Federal Constituency of Lagos State, Hon. Jesse Onuakalusi.

The Federal Government, through its Ministries, Departments, and Agencies, is currently funding numerous green and renewable energy projects aimed at promoting sustainable power generation, reducing carbon emissions, and improving access to clean energy, particularly in rural and underserved communities.

However, reports indicate that some of these projects, including solar mini-grids, wind farms, and other renewable energy initiatives, have been domiciled with entities and institutions that lack the technical expertise, professional competence, or statutory mandate to effectively execute or supervise them.

Speaking on the motion, the Labour Party lawmaker expressed concern over what he described as “the misplacement or inappropriate domiciliation of projects,” noting that it undermines the objectives of Nigeria’s Energy Transition Plan.

He said, “The House is concerned that this encourages duplication of efforts, delays implementation timelines, and often results in substandard or abandoned projects, thereby wasting public funds and eroding public trust.

“The House is worried that the lack of due diligence and proper inter-agency coordination in assigning such projects has led to inefficiency, poor monitoring, and loss of value in the delivery of renewable energy infrastructure, particularly in rural electrification and public sector energy efficiency programmes.

“The effective management and domiciliation of green energy projects with competent and appropriate agencies such as the Rural Electrification Agency, Energy Commission of Nigeria, and Nigerian Electricity Regulatory Commission, among others, are critical for ensuring technical quality, sustainability, and accountability in project delivery.”

Onuakalusi further warned that the continued mismanagement and misplacement of green energy projects could derail Nigeria’s commitment to the United Nations Sustainable Development Goal 7 (Affordable and Clean Energy) and the Paris Climate Agreement, with grave consequences for environmental sustainability and economic growth.

Following the adoption of the motion, the House mandated its Committee on Renewable Energy to investigate the reported domiciliation of green and renewable energy projects across MDAs to determine compliance with due process, capacity standards, and statutory mandates.

The Committee is also to identify cases where renewable energy projects have been misplaced, mismanaged, or underperformed due to domiciliation with inappropriate entities and recommend corrective measures, including sanctions where necessary.

Additionally, the House directed the Federal Government, through the Office of the Secretary to the Government of the Federation and the Bureau of Public Procurement, to ensure that future green energy projects are domiciled strictly with competent, legally mandated, and technically qualified institutions, as recommended by the Committee on Renewable Energy.

It also urged the Federal Ministry of Power and the Energy Commission of Nigeria to develop a clear framework for inter-agency coordination and delineation of responsibilities in implementing renewable and green energy initiatives, and to report back to the House Committee on Renewable Energy within four weeks.

Furthermore, the House proposed an urgent amendment to the Electric Power Sector Reform Act to align existing legislation with Nigeria’s renewable energy objectives.

PENGASSAN, Dangote reconciliation meeting continues today

The reconciliation meeting championed by the Federal Ministry of Labour, Employment and Productivity, which is aimed at resolving the rift between the Petroleum and Natural Gas Senior Staff Association and the Management of Dangote Petroleum refinery, will continue Today by 2 pm, according to a notice by the Head of Media and Public Relations of the ministry, Patience Onuobia.

“Conciliation meeting between PENGASSAN and Dangote Refinery continues today, 30 September 2025; Time: 2 pm; Venue: Minister’s Conference Room.”

Recall that the Monday meeting between the delegation of the PENGASSAN and the management of the Dangote Petroleum Refinery over the lingering industrial dispute ended in a deadlock.

The reconciliation meeting called by the Federal Government started at about 4 p.m. on Monday.

The meeting, attended by the Minister of Labour and Employment, Mohammed Dingyadi, and the Minister of State for Labour and Employment, Nkiruka Onyejeocha, lasted for about nine hours into the early hours of Tuesday.

Following the stalemate, Dingyadi said the meeting would reconvene to resolve the deadlock at 2 p.m. on Tuesday.

The Federal Government, worried about the potential impact of the dispute on the nation’s economy and energy security, had summoned both sides to the negotiating table following reports of widespread discontent.

The rift stems from allegations by PENGASSAN that Dangote Refinery had embarked on the mass transfer and sack of union members.

Also, he allegedly replaced some Nigerians with foreign nationals, a claim the company has consistently denied.

The session, originally scheduled for 2 p.m., began around 3:50 p.m. due to the late arrival of key stakeholders, before moving into a closed-door discussion that lasted several hours.

In his opening remarks, Dingyadi underscored the gravity of the situation.

“What’s happening today is very dear to our economy and to the security of the country. We have been informed that PENGASSAN is on strike,” he said.

The Minister appealed to both parties to demonstrate good faith in dialogue, stressing that industrial peace in the oil and gas sector was critical at a time Nigeria is banking on the Dangote Refinery to boost local refining capacity and reduce dependence on imported petroleum products.

The deadlock means tension remains high, with PENGASSAN insisting its members will not return to work until alleged anti-labour practices are reversed, while Dangote Refinery maintains that its restructuring exercise is in line with global best practices.

As the stalemate lingers, concerns are mounting about the potential disruption of operations at the refinery and the ripple effect on petroleum product supply across the country.

The next round of talks later today is expected to determine whether a compromise can be reached to avert a full-blown industrial crisis in Nigeria’s oil and gas industry.

Oyebanji, Obanikoro, others hail Adeyeye’s NPA board appointment

Political heavyweights and captains of industry have applauded the appointment of a former Minister of Works, Senator Adedayo Adeyeye, as Chairman of the Board of the Nigerian Ports Authority by President Bola Tinubu.

They paid tributes to the ex-minister at an event held in his honour in Abuja on Thursday night.

Among those who graced the occasion were Ekiti State Governor, Biodun Oyebanji; Senate Leader, Opeyemi Bamidele; former Ekiti Governors, Ayodele Fayose and Segun Oni; and a former Nasarawa Governor, Senator Tanko Al-Makura.

Also present were Chairman of the South West Development Commission, Senator Olu Adetumbi;

NPA Managing Director, Abubakar Dantsoho, Senator Iyiola Omisore; a former Ebonyi Deputy Governor Kelechi Igwe; and Senator Yemi Adaramodu, among others.

Senate Leader Opeyemi Bamidele, hailing from the same Ekiti State as the appointee, described Adeyeye as a resilient and loyal ally of President Tinubu.

“If anyone had told me it would take this long for Senator Adeyeye to be appointed, I would have said it’s impossible.

“He was among the first to champion this movement and stuck with it through thick and thin. That’s why this moment is not just a personal victory for him—it’s symbolic of loyalty finally being rewarded”, Bamidele said.

He urged NPA management to embrace the new board chairman, noting Adeyeye’s leadership strength and experience.

“Let me be clear. Senator Adeyeye is not just in office—he is in power. He has earned it. Work with him openly and transparently, and you’ll get the best from him”, he added.

The Former Minister of Defence, Musiliu Obanikoro, echoed Bamidele’s sentiments.

“You threw yourself into the SWAGA business when it wasn’t popular. When Asiwaju was taken with reservations, you took yourself into SWAGA, you criss-crossed the entire South West for Tinubu.

“The appointment you got is well deserved. I am happy that you have been recognised, and there is no doubt that bigger recognition will come. This is a precursor to what will come.”

Oyebanji described Adeyeye’s appointment as an honour to Ekiti State.

He said, “The President gave this position to Ekiti, and he could not have chosen better. Senator Adeyeye is loyal, intelligent, and deeply experienced.

“From his time as a Minister, a Senator, and a university council chairman, he brings the right mix of discipline, wisdom, and patriotism.”

He praised the unity displayed by Ekiti political leaders across party lines in honouring Adeyeye.

“I am lucky to be surrounded by four former governors who are all backing me. That has never happened in our state’s history.

“This new unity is the strength behind our progress,” he said, referencing the presence of Segun Oni and Ayodele Fayose.

In his remarks, Adeyeye expressed gratitude to Tinubu for fulfilling his promise.

“He told me not to worry, that he had plans for me. And he kept that promise.

“The President promised a quality board, and he delivered. We are ready to work together as a family and move the Port Authority forward.”

He also assured Oyebanji of his full backing ahead of the upcoming Ekiti governorship election.

“We’re not just supporting you, Mr. Governor. We’re going to win by a landslide.

“There is no opposition. The former governors, the people—they’re all behind you.”

Adeyeye called for an end to politics of bitterness and emphasised the importance of sustaining the prevailing peace in the state.

He further assured NPA Managing Director, Abubakar Dantsoho, of a harmonious working relationship with his team.

Telcos seek action as vandalism threatens services

The Association of Licensed Telecommunications Operators of Nigeria has issued an urgent call for government and security intervention as a wave of vandalism and theft targeting critical infrastructure threatens to disrupt services nationwide.

The Chairman of ALTON, Gbenga Adebayo, said in a statement on Thursday that the surge in attacks on telecommunications facilities could lead to a nationwide network collapse if not urgently addressed.

Between May and July 2025, multiple incidents of vandalism were recorded at telecom cell sites in Rivers, Ogun, Osun, Imo, Kogi, Ekiti, Lagos, and the Federal Capital Territory, Abuja. The targeted attacks, according to operators, have disrupted services, caused prolonged network blackouts, and led to severe congestion, leaving millions of Nigerians without reliable connectivity.

“Since the Federal Government’s decisive interventions earlier this year to support industry sustainability, our members have made unprecedented investments in network optimisation and capacity upgrades.

“We are working tirelessly to improve service quality nationwide, but these acts of sabotage are setting us back”, the telecom executive stated.

According to ALTON, the telecommunications industry is currently undergoing its largest infrastructure expansion in recent years. Operators are modernising transmission equipment, overhauling power systems, and laying thousands of kilometres of fibre-optic cables to extend coverage and boost capacity. However, this progress is being undermined by increasing cases of theft and vandalism.

The association revealed that thieves are targeting essential telecom components, including power cables, rectifiers, fibre optic cables, feeder cables, diesel generators, batteries, and solar panels. These items, ALTON stressed, are not just ordinary materials but represent the backbone of Nigeria’s communications network, security systems, and digital economy.

“The affected infrastructure belongs to our members as well as other network operators who depend on these facilities to keep the country connected.

“When these components are stolen or vandalised, it is not only phone calls and data that are affected. Our banking systems, emergency services, healthcare, education, and national security platforms are all compromised”, operators said.

States with the highest number of reported attacks include Delta, Rivers, Cross River, Akwa Ibom, Ogun, Ondo, Edo, Lagos, Kogi, Kaduna, Niger, Osun, Kwara, and the Federal Capital Territory, Abuja.

ALTON warned of a growing black market for stolen telecom equipment. Batteries from telecom sites are reportedly being sold for home and office inverters. Solar panels stripped from telecom towers are resold to households, while diesel fuel meant for powering telecom base stations is being siphoned off and sold on the grey market.

“We urge the public to remain vigilant and avoid buying suspicious items,” the group noted. “If you purchase stolen telecom equipment, you are not just aiding criminals; you are participating in a national crime.”

Telecom infrastructure in Nigeria has been officially designated as Critical National Infrastructure under Federal Government Gazette No. 133, Volume 108, dated 17th March 2021.

According to ALTON, vandalism, sabotage, or illegal possession of telecom assets constitutes a serious criminal offence with severe legal consequences.

The operators warned that continued sabotage of telecom facilities poses a direct threat to Nigeria’s economic stability and national security, noting that mobile and broadband services support essential sectors such as banking, security, healthcare, and education.

In addition to deliberate acts of vandalism, ALTON cited frequent fibre cuts caused by uncoordinated road construction and civil works across the country. The association said road projects along highways and urban roads often destroy underground fibre optic cables, resulting in massive service outages and financial losses.

ALTON called on the Office of the National Security Adviser, the Inspector General of Police, the Director General of the Department of State Services, and the Commandant General of the Nigeria Security and Civil Defence Corps to immediately deploy security measures to protect telecom infrastructure and prevent a total collapse of communications services.

The association also commended the Nigerian Communications Commission for establishing a dedicated portal where citizens can report vandalism or suspicious activities. Nigerians are encouraged to use the portal by emailing protect@ncc.gov.ng or dialling 622.

“This is a desperate and urgent moment. The industry cannot handle this crisis alone. We need coordinated national action from security agencies, the government at all levels, regulators, the media, civil society, and the public. Our economic stability, national security, and digital future depend on it”, they said.

Enugu orders disco to refund 20,000 customers for over-billing

The Enugu State Electricity Regulatory Commission has directed MainPower Electricity Distribution Company to refund over 20,000 customers who were overbilled in April 2025.

In a statement signed and released by EERC Chairman, Chijioke Okonkwo, and the Commissioner in charge of Market Operations, Reuben Okoye on Monday, the commission said the order followed a thorough investigation into the company’s billing practices, which revealed a significant increase in estimated billing violations.

“The commission has issued an Order to MainPower to refund the affected customers the overbilled units for energy consumed in April 2025,” the EERC notice reads.

It was stated that the list of affected customers has been published on the commission’s website, and MainPower has until the July 2025 billing cycle to complete the refunds.

It warned that failure to comply with the order will attract a fine of N500,000 for each day of non-compliance, as stipulated in the Enugu State Electricity Law 2023.

The commission made it known that it has been monitoring the disco’s billing practices since October 2024, and had issued several letters to the company, highlighting its concerns.

Despite this, EERC claimed the company failed to adequately address the issues, which prompted the commission to take enforcement action.

“The commission recently reviewed MainPower’s April 2025 estimated report, and observed that the degree of violation of the caps on estimated billing by MainPower had further deteriorated from the 24 percent observed in February and March 2025, to 34 per cent in April, 2025,” EERC stated.

The commission, however, advised affected customers who did not receive their refunds by the deadline to contact them via email at info@eerc.en.gov.ng or call 09122642755 for assistance.

Lasaco Assurance re-commits to youth empowerment

Lasaco Assurance Plc has reinforced its commitment to youth empowerment, education, and meaningful community engagement with a visit to Agidingbi Primary School in Ikeja, Lagos.

In a statement, the firm said that the visit was in commemoration of the 2025 Children’s Day. The visit was characterised by lively interactions, motivational talks, and the generous distribution of educational supplies and refreshments.

The Lasaco Assurance team encouraged the children to pursue their dreams with discipline, integrity, and determination while emphasising education as the cornerstone of future success.

During the visit, the General Manager of Business Development at Lasaco, Muyiwa Anwoju, underscored the insurance firm’s deep-rooted commitment to educational development in Lagos State.

“Children’s Day is a powerful reminder that every child deserves the opportunity to thrive. At Lasaco Assurance, we believe in investing in the future by supporting education and nurturing young minds,” he said.

Echoing this sentiment, Chief Financial Officer Bukola Moradeyo noted, “Our visit is more than a celebration—it’s an intentional act of impact. We want these children to feel seen, valued, and empowered to achieve greatness.”

In his remarks, Head of Strategy, Research, and Communications, Adetokun Adedayo, further emphasised the broader vision behind the initiative: “Lasaco Assurance Plc is not only committed to corporate growth but also community development through education. We believe strong communities are built on the foundation of knowledge and opportunity.”

The school’s head teacher, Mrs Hussein, expressed deep appreciation to Lasaco Assurance for their generosity and community spirit, noting that the visit complements ongoing efforts by educational stakeholders in Lagos to build strategic partnerships that improve student performance and create a nurturing learning environment.

Reflecting the company’s national footprint, Lasaco Assurance also celebrated Children’s Day through its regional offices. In Port Harcourt, the South-South Regional Office visited the State Primary School and Azuabie Primary School. Meanwhile, in the South-West region, the team commemorated the day with the pupils and staff of Methodist Primary School, Akintola Ekotedo, Ibadan.

Reps seek reintegration plan for IDPs nationwide

The House of Representatives on Wednesday called on relevant agencies of the Federal Government to carry out a reintegration plan for Internally Displaced Persons across the country.

The decision of the House was sequel to the adoption of a motion on notice during Wednesday’s plenary, sponsored by the member representing Eleme/Oyigbo/Tai Federal Constituency, Rivers State, Mr Felix Nwaeke.

Speaking on the substance of the motion, the Rivers lawmaker noted that as of April 2024, the internally displaced persons in Nigeria were estimated at 3.3m persons living in over 300 camps across Benue, Kaduna, Kano, Katsina, Kogi, Nasarawa, Niger, Plateau, Sokoto, and Zamfara States.

He said, “The visitations by humanitarian organisations and government agencies to these camps are immersed with calls for improved welfare, feeding, and security of the displaced persons in these over 300 camps.

“There has to be a plan on how to prepare these persons who had been forced out of their homes and subjected to living conditions lower than they are used to psychologically, emotionally, and physically to reintegrate them back to a normal standard of living.

“If the displaced persons, most of whom are women and children, are returned home after relative peace is restored in their communities without a structured reintegration plan that would be providing cash assistance, food and clothing, and psychological and emotional counseling and support; it would amount to insensitivity to their plight and, at most, abandonment.”

Following the adoption of the motion, the House urged the Federal Ministry of Humanitarian Affairs and Poverty Reduction and the National Emergency Management Agency to conduct an assessment of the situation in the IDP camps across the country and draw up a reintegration plan for IDPs.

It also mandated its Committee on Emergency and Disaster Management to ensure compliance.

Adron Homes Refutes FIJ’s Misleading Report, Sets Record Straight

Adron Homes Refutes FIJ’s Misleading Report, Sets Record Straigh

Adron Homes & Properties Ltd. has recently become aware of a serious allegation published by the Foundation for Investigative Journalism (FIJ) on May 22, 2025. The report claims that our company failed to refund a land payment to a client, Mr. Solomon Oludare Akinbo, after he allegedly made full payment for a plot at our Treasure Park and Garden, Phase 2, located in Shimawa, Ogun State.

We would like to express our strong disappointment that FIJ did not take the necessary steps to reach out to us for verification of these claims before making such serious allegations. The report contains significant misrepresentations that we categorically reject as malicious, defamatory, and misleading. It is imperative that we clarify the facts not only for the benefit of the public but also for our esteemed clients who trust us.

First and foremost, Adron Homes has at no point denied Mr. Akinbo his rightful plot allocation or refused his request for a refund. In fact, land was provisionally allocated to him, aligning with his initial expressed intent to construct a building on the plot. Our allocation policy, which is explicitly detailed in the Contract of Sale that Mr. Akinbo signed, stipulates that clients must formally indicate their readiness to build through a written notice before the allocation is finalized. This policy is designed to facilitate a well-planned development process and to prevent the occurrence of undeveloped or abandoned plots across our estates.

Additionally, it is crucial to point out that Mr. Akinbo voluntarily requested that Adron Homes manage the construction of his building project. Following his request, he selected a design for his building, and we prepared a detailed Bill of Quantities (BOQ) for his review. At no point were either Mr. Akinbo or his legal representative coerced into accepting this proposal, as they have inaccurately claimed. We uphold a policy of allowing all our clients the freedom to engage any registered builder or construction engineer of their choice.

The allegations that Adron Homes solicited additional payments from Mr. Akinbo are entirely unfounded. Such statements are simply untrue and reflect a blatant intent to defame our company. We encourage the public to disregard these inaccurate claims in their entirety.

Concerning the matter of the refund request, it is important to highlight that Adron Homes has a transparent refund policy explicitly outlined in the same contract signed by Mr. Akinbo. This policy requires him to submit a written refund request. Upon receipt of such a request, Adron Homes will provide a Refund Form for him to complete, sign, and return. Moreover, Mr. Akinbo is expected to return all contractual documents currently in his possession before we can proceed with the closure of his account and the issuance of his refund cheque. Regrettably, despite multiple official communications reminding him of these requirements, both he and his legal representative have not complied.

It is particularly disheartening that FIJ chose to publish the report without giving space for Adron Homes to present its side of the story. Despite their claim of prior outreach, the publication did not reflect our official position nor did it verify the facts before going to press. This one-sided approach contradicts the principles of ethical journalism and has resulted in the propagation of false and damaging narratives about our company and its reputation.

In light of these developments, we formally demand the immediate removal of the misleading article from all FIJ platforms. We also request a formal retraction along with a written public apology. Additionally, we seek the publication of a follow-up article that accurately presents our perspective and rectifies the misinformation that has been circulated.

Adron Homes & Properties Ltd. remains steadfast in its commitment to transparency, professionalism, and upholding the highest standards of service for all our clients. We will continue to work diligently to protect our reputation and to serve our clients with integrity and trust.

For further media enquiries or clarification, please contact clientservice@adronhomesproperties.com or publicrelations@adronhomesproperties.com

E-Signed,

Management

ADRON Homes & Properties Ltd.

NCDMB Commends Heritage Energy, Pledges Support for OML 30 Projects

The leadership of Heritage Energy & Oil Services Limited and its joint venture partners recently visited the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, and received assurances of support for their operations on oil mining lease (OML) 30.

The meeting held at NCDMB’s Lagos liaison office, and the oil company visited with their JV Partners, Shoreline Natural Resources, and NNPC Exploration and Production Limited (NEPL). Heritage is the operator of OML 30 on behalf of Shoreline/NEPCL JV, and the discussions focused on the short, medium, and long term plans around their asset.

The group thanked NCDMB for supporting their operations and solicited for accelerated approval of documents relevant to their tenders for drilling and other projects. The documents include: Technical Invitations to Tender, Technical and Commercial Evaluation Template, Nigeria Content Compliance Certificates, Letter for approval of Human Capacity Development Trainings and other support to enable the company comply fully with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The group’s plan is to grow production from the current 45,000 barrels per day (bpd) to 100,000 barrels per day (bpd) by 2030. This growth projection would require substantial investment, including drilling several new wells, the officials said.

The officials confirmed that their consortium has kicked off a four-rig campaign to boost production, focusing on underdeveloped fields, gas development, which would support Nigeria’s gas master plan, and exploration. The company officials added that

“we anticipate a significant production increase in oil production over the next five years from these initiatives. It’s not just about increasing output; it’s about local economic development, job creation, and sustainable resource utilization. We are also investing in produced water disposal to enhance operational efficiency and optimize production. Our strategic investment also includes flare gas gathering/gas development and monetization, unlocking a new value stream for the Asset. Additionally, we are revamping and investing in the Trans Forcados Pipeline (“TFP”) to support the expected increased production from OML 30 and other assets that leverage the TFP for crude evacuation.

In his remarks, the Executive Secretary commended Heritage and the entire OML 30 team for the strides they have achieved with their operations. He assured that NCDMB would support their investment plans, which would lead to increased oil and gas production, job creation, and economic enhancement in line with President Bola Tinubu’s renewed hope agenda for the country.

The NCDMB helmsman highlighted several initiatives the agency was championing, as well as its partnership with international and indigenous oil producing companies to accelerate oil and gas projects and crude oil production, in line with Mr. President’s charge to the oil industry.

Senior officials of the NCDMB team at the meeting included the Director Planning, Research and Statistics, Mr. Isaac Yalah, Director Project Certification & Authorisation, Engr. Abayomi Bamidele, General Manager Corporate Communication and Zonal Coordination, Mr. Esueme Dan Kikile, Esq and General Manager, Strategy and Transformation Projects, Ms. Amanda Yekorogha.

OML 30 lies onshore within the Niger Delta, in one of the most proliﬁc oil and gas provinces in the world. The licence covers 1,097 square kilometres and includes eight producing ﬁelds such as Olomoro, Oleh, Uweh, Uzere, Ewvreni, Eremu, Oroni, Kokori and several other partially appraised fields with oil and gas contained in numerous stacked reservoirs.

Corporate Communications

March 8, 2025

Segun Agbaje’s GTCO (GTBank) under Scrutiny over Huge Net Income Interest Profit Declaration, despite Pending Court Cases on Overcharging

Mark Twain, American humorist, journalist, lecturer, novelist and moralist was ascribed to have said “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.” This simply means one can’t expect bankers to be of help when they are really needed, this much can be used to describe how the Segun Agbaje led Guaranty Trust Holding Company Plc/ GTBank, has been working against its clients for personal profit.

There has recently been so much noise about the ₦1 Trillion plus profit declared by the financial institution. According to the report made available the Segun Agbaje led group was said to have made a large chunk of the announced growth of its income from the Net Interest Income (NII), which recorded a 176.9 per cent growth to ₦491.5 billion from ₦177.5 billion last year.

For a clearer understanding the Net Interest Income (NII), is the difference between the profit earned as interest on loans given to borrowers against the money it pays out as interest on deposits or loans to depositors and its lenders.

The most common effects of net interest income on borrowers according to findings includes; Higher Interest Rates (this is the period whereby financial institutions arbitrarily raise interest rates to enable them make money). Overcharging (this is such that the financial institution manipulate things so additional fees are imposed or charges on borrowers), Stifling Innovation and Growth and many more.

With Segun Agbaje’s GTCO announcing ₦314 billion increase on the previous year coupled with the current economic crisis facing the country, there is strong indication that the many accusations against the group as inherited from the GTBank on overcharging by several companies may be founded.

If it would be recollected, the bank before and after it metamorphous into the Holdings Company it currently is, is not new to sanctions that has to be with disregard for laid down rules, in 2018, the UK Financial Conduct Authority (FCA) stopped GTBank UK from taking on new customers, note GTBank UK is an independent subsidiary of the GTCO.

The bank was later fined £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019, the huge fine became necessary when lesser fine of £525,000 in August 2013 for serious and systemic failings fails to deter the bank.

In a similar action of disregard to rules for profit maximization the GTBank Ghana’s Foreign Exchange Trading License was suspended earlier this year over breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations for a month in accordance with the relevant law in Ghana.

The Segun Agbaje led organization’s knack for bending the rules for profit was a major reason most people are calling on CBN and other relevant agencies to investigate the announced profit especially with regards to NII as the litigation against the bank on issues that has to do with overcharging is still pending before various courts in Nigeria.

If it would be recollected, overcharging is the main bone of contention of the now more than ₦20 billion case between GTBank and Innoson Motors. Innoson had dragged the bank to court for over-charging on a loan facility it got from the Segun Agbaje led bank.

Information was that Innoson has decided to conduct a proper auditing when they started getting strange charges in their account, it was the process that revealed GTBank has over-charged it to the tune of ₦786million over the course of several years dating back to 2004, after which Innoson informed the bank.

It was when the bank denied it and insisted that Innoson is still owing them that the company was forced to seek court help where a subsequently judgement was given in May 2013, and the Segun Agbaje led bank was asked to pay the sum of ₦559,374,072.09, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 since that was the interest rate on the loan, till satisfaction of the judgment debt.

The court also added a 100% penalty as stipulated in the CBN Guidelines for excess charges by banks, which brought the total judgment cost then to ₦2.4 billion, but is likely to be more that ₦2o Billion at the moment because the bank has been finding way to stop the execution of the judgement.

Another case pending in court against the Segun Agbaje led GTCO, was made public knowledge last year when GTBank through a receivers’ manager tries to illegally (by pronouncement of a court) take over properties of Stallion Group Nigeria over a purported ₦13 billion debt, whereas the CFO of Stallion Nigeria contends that it is not owing GTB any longer and that on the contrary, it is on record that it has paid more than what was outstanding to GTB by ₦6,423,700,000.

Stallion Nigeria in its application, which was granted by the Court had explained that the preliminary KPMG forensic audit report had established that GTB overcharged Stallion, in excess, fraudulent and illegal charges of ₦4,693,625,637.49, adding that GTBank had accepted this finding by the auditors.

Stallion has been in court with GTBank since 2019 over allegations and claims with Stallion winning against GTBank at the Court of Appeal, Nigeria. The Court of Appeal presided over by the Honourable Justices Daniel-Kalio, Sirajo and Banjoko, had previously delivered Judgment in favour of Stallion Nigeria against Guaranty Trust Bank Plc on 24 February, 2022 and set aside the Ruling of Honourable Justice Saidu in favour of GTBank.

The problems that come with the Overcharging and Higher Interest Rate are some of the profit driven actions the Segun Agbaje led group, has been heaping on many of their customers that makes doing profitable business difficult. While some are locked in prolong legal battle with the bank and the group as a whole, some had been forced to throw in the towel.

One of the companies that was not so lucky because of the nature of business is Toyin Subair led HiTV, in an interview the lawyer turned businessman granted a news media in 2019, he lamented how 25% – 27% interest rate becomes a burden that killed the company in his word “At 25-27% interest on debt, most businesses cannot survive and you will be a slave to the banks for life. That is why they take collateral from you. They lend against your collateral not your business case. Regardless of our strong cashflows, the funding requirements continued to increase.” He explained

Stating further while advising prospects, “HiTV was paying an average of 1.1billion Naira approximately in interests and guarantee charges annually, for over 5 years! For a new company, we did a damn good job but really got blown out. I never live by debt and so was really ignorant about how interest works up till HiTV and of course since then you won’t catch me near it. But what do you do when you have to? They say internationally that “equity is more expensive than debt”, but that is NOT true in Nigeria. Debt is way too expensive and destructive.” He continued.

He relays how GTBank, a financial institution that pride itself as a business friendly organisation used high interest rate to kill a wonderful business and thereby rendering many young Nigerians jobless.

Knowing the antecedent of the Segun Agbaje led financial group well-meaning Nigerians has been calling on relevant regulatory agencies to look into the declared Net Interest Income and put in place measures to make sure the effort of the government to revamp the economy will not be frustrated by the company’s insatiable appetite for profit.