Error or Fraud? How GTBank Ruined a Corporate Customer’s Business and Life Over a Missing Deposit
While Guaranty Trust Bank (GTBank) continues business as usual—most recently celebrating its annual Food and Drinks Festival—one of its corporate customers has been left destitute, his business ruined and life upended after trusting the bank with his money. His ordeal began last year when he attempted to move his funds to another bank after discovering unauthorized transactions on his account during GTBank’s infamous system upgrade.
According to a source close to the victim, the problem began more than seven months ago during the bank’s system upgrade. Unauthorized transactions were being made from his account, yet he was locked out and had no access to monitor or prevent the activity. Alarmed by alerts showing withdrawals he didn’t authorize—and unable to access the account—the businessman, whose supply business operations depended entirely on that account, did what any rational person would do: he decided to move his funds to another institution.
When partial access was eventually restored, he initiated a transfer to move his funds. The account was debited, but the money never arrived at its destination. It has remained “pending” or “hanging” ever since.
The source revealed that the victim immediately rushed to the bank to fill out the necessary dispute forms, desperate to save his business. His corporate account held his entire capital, operational funds, and staff salaries. Despite assurances that the issue had been resolved, and despite repeated visits to the bank, the funds—several millions of naira—are still unaccounted for.
The only glimmer of hope came when his account officer reportedly informed him that the failed transaction had finally been marked as such and that the funds would be reversed into his account. That was nearly six months ago, yet nothing has been done.
Frustrated, he enlisted the help of a lawyer—also a personal friend—to write multiple letters to GTBank. When these yielded no result, he had no choice but to initiate legal proceedings against the bank.
A disturbing trend has emerged in how GTBank handles legal disputes. The bank, one of Nigeria’s most influential financial institutions, often engages Senior Advocates of Nigeria (SANs) to stretch litigation indefinitely. A notable example is the long-standing case between GTBank and Innoson Motors, which has dragged on for nearly two decades despite what appeared to be a final Supreme Court judgment in 2019—later reversed due to technicalities.
GTBank’s reluctance to admit fault, even when evidence appears damning, suggests a strategy designed to frustrate and exhaust complainants. In this case, the aggrieved businessman now risks not only losing his business but also his entire livelihood.
One might expect the Central Bank of Nigeria (CBN), as the nation’s top financial regulator, to intervene in such situations. However, the CBN’s silence on past controversies involving GTBank casts doubt on whether the aggrieved party can obtain justice through that channel.
The broader implications are dire. If issues like this continue to go unchecked, they could undermine President Bola Ahmed Tinubu’s campaign to attract foreign investment. No serious investor will commit funds in a system where depositors’ money can vanish without resolution or accountability.
In countries like the United States, banks face heavy sanctions and are required to compensate customers promptly for unauthorized or erroneous transactions. Nigeria must adopt similar standards if it hopes to restore public confidence in the banking sector.
Meanwhile, the customer’s life has deteriorated rapidly. He is reportedly preparing to withdraw his children from private school and move them to public institutions, having lost most of his clients due to his inability to fulfill transactions for over seven months. What initially seemed like a system error is increasingly looking like a case of corporate negligence—or possibly outright banking fraud.
Nigeria Strengthens Monitoring and Quarantine Measures Amid HMPV Outbreak in China
The Nigerian government has ramped up surveillance measures for passengers arriving from China due to the ongoing surge of the Human Metapneumovirus (HMPV), which has led to overcrowded hospitals and emergency measures across Chinese provinces. This proactive stance highlights Nigeria’s preparedness to prevent the spread of the virus following its rapid rise in cases in northern China, particularly among children.
What is HMPV and Why is It a Concern?
HMPV, a seasonal respiratory virus, is responsible for causing cold-like symptoms such as coughing, nasal congestion, and fever. However, its sudden increase in cases during this winter season in China has raised global alarm. The virus spreads through respiratory droplets when an infected person coughs or sneezes, and it can also survive on contaminated surfaces.
China has reported a notable spike in HMPV cases, particularly affecting children under 14 years old in the northern regions. This surge has led to concerns about a potential health crisis, with social media posts showing overcrowded hospitals. In response, the Chinese government has adopted measures including mask mandates, social distancing, and disinfection efforts in public spaces.
Global Response: Monitoring HMPV Spread
Countries surrounding China, including Cambodia, Taiwan, and Hong Kong, have heightened their monitoring of HMPV cases, although no widespread outbreaks have been reported. The U.S. Centers for Disease Control and Prevention (CDC) has identified that HMPV poses a higher risk for young children, older adults, and immunocompromised individuals, potentially causing severe respiratory diseases like bronchitis or pneumonia.
Despite the rise in cases, Chinese officials have downplayed the situation, attributing the increase to the usual winter surge of respiratory infections. Beijing also launched a pilot program to track and manage cases of pneumonia of unknown origin.
Nigeria’s Preventive Measures Against HMPV
In response to the rising threat, Nigeria has implemented emergency measures, including surveillance at points of entry and quarantine for passengers arriving from China. Dr. John Oladejo of the Nigeria Centre for Disease Control (NCDC) confirmed that the government would take necessary actions to monitor and control the potential spread of HMPV.
The World Health Organization (WHO) continues to monitor the situation closely, advising travelers to avoid contact with sick individuals and to stay home when unwell. WHO has recommended that people in affected regions follow health protocols like regular handwashing, wearing masks, and seeking medical care when necessary.
HMPV vs. COVID-19: Key Differences
Although both HMPV and COVID-19 are respiratory illnesses, there are significant differences. HMPV is a milder illness, often compared to a common cold or flu, while COVID-19, caused by the SARS-CoV-2 virus, can result in severe complications and long-term effects. HMPV is seasonal, peaking during winter months, and typically causes less severe outcomes than COVID-19.
Why Surveillance is Crucial
Experts emphasize the importance of continuous surveillance, especially with the HMPV outbreak potentially linked to a new variant. Dr. Moses Adewumi, a virologist from the University College Hospital, Ibadan, stressed that ongoing surveillance is crucial to detect and mitigate the spread of such viruses early. He explained that while HMPV isn’t new, the current surge could be tied to a new variant, which is why heightened monitoring and precautionary measures are essential.
Government Response: Screening and Quarantine
Professor Oladipo Kolawole from Adeleke University supports the government’s decision to activate surveillance measures and quarantine procedures. He noted that screening at entry points and the quarantine of inbound passengers from affected regions would help limit the virus’s spread. Early detection is critical to managing outbreaks effectively, and surveillance efforts are essential to ensure public health safety.
The Nigerian government’s approach mirrors that of other countries like Hong Kong and Cambodia, which have reported a few cases of HMPV but are not experiencing widespread outbreaks. Taiwan’s Centers for Disease Control has also warned that the virus poses higher risks for vulnerable populations such as children, the elderly, and those with weakened immune systems.
WHO’s Guidelines and International Travel
The WHO has not recommended specific measures for travelers to China, but advises against non-essential travel when experiencing respiratory symptoms. Travelers are encouraged to seek medical attention and share their travel history if they develop symptoms during or after travel.
HMPV in Africa: A New Threat?
HMPV, first detected in Pakistan in 2001, has caused several outbreaks in Asia but has not yet been reported in Africa. Nigerian health authorities are taking precautions to prevent its introduction into the country, as experts suggest the virus may already be circulating in some form.
Medical professionals agree that active surveillance measures are necessary to protect public health. Dr. Adewumi emphasized that surveillance should be an ongoing process, not just a response to specific outbreaks.
Conclusion
The Nigerian government’s swift response to the HMPV outbreak by implementing quarantine and surveillance measures underscores the importance of preparedness in managing potential health threats. By increasing monitoring of travelers from regions experiencing outbreaks, Nigeria aims to prevent the virus from spreading while ensuring the safety and well-being of its citizens.
As the global community continues to track the virus’s spread, early intervention remains key to controlling HMPV outbreaks and safeguarding public health
Genesis Global: Harvest of Turning Point to Donate Food Items to the Needy
… Benefit Packages for Widows, Widowers
… Praise Altar Hallel Night to Feature 20 Gospel Artists in Live Performance
~By Oluwaseun Fabiyi
The Genesis Global 2024 harvest of turning point has arrived, promising to be an outstanding harvest among others, with the harvest committee, led by the popular Prophet of God, Israel Oladele Ogundipe, announcing the program schedule for a remarkable harvest of turning point
Prophet Israel Oladele Ogundipe, fondly referred to as Genesis, is a highly esteemed and prominent prophet of God, whose significant contributions have positively impacted the Christian community in Nigeria, Africa, Europe, and specific regions within Nigeria, where he has consistently demonstrated exceptional kindness towards community development
Undeniably, Genesis Global’s annual Harvest has been a standout occasion, remarkable and exceptional in every way, and this year’s annual Harvest of turning point is anticipated to surpass all expectations, being the most memorable event so far
Only someone who is uncertain would still not believe the outcome of the Harvest of Turning Point and the large audience that would gather at Genesis Global Headquarters, located in Duro Ishola Street, off Egbado road Dalemo Alakuko Street, Lagos
Recall the magnificent program Genesis, the prophetic seer, organized a few months back. Tagged the Abeokuta Prophetic Invasion, it attracted over 10,000 worshipers from Ogun and Lagos States. The most astonishing aspect of the 3-day program was that the easy-going prophet of God did not request offerings, tithes, or seeds of offering
If such an invasion could be the talk of the town within Ogun and Lagos State, people will begin to wonder how the 2024 harvest of turning point will look like with visitors coming from far countries like the USA, France, UK, Germany, and even from the Presidency, demonstrating the positive impact of Prophet Genesis Israel Oladele Ogundipe on nation-building
As of the time this report was prepared, Oluwaseun Fabiyi, publisher of BethNews Media and media aide to Prophet Israel Oladele Ogundipe, attests that luxury hotels in Sango Otta, Abule Egba, Iyana Ipaja, and the Alakuko area have been fully booked for this event, with more people still flocking in
The 2024 annual Genesis Global Harvest of turning point will officially commence on Monday, the 9th of December, featuring Israel Oladele Foundation’s complimentary medical screening, including blood pressure, sugar level, eyes, malaria, and thyroid screening, alongside various church midweek activities running through Thursday
The Israel Oladele Foundation is set to launch its food banking initiative on Friday, 13th of December, targeting the less privileged, including some widows and widowers, with empowerment programs to promote their welfare, aligning with Genesis Global’s mission. As the evening of that Friday approaches, a powerful praise night, tagged ‘Hallel Night’, will take place at the Dominion City ground, located at Duro Ishola Street, off Dalemo Alakuko, Lagos State. However, it is an understatement to say that the Dominion City grounds can accommodate over 20,000 worshippers from various denominations across countries
The ‘Hallel Night’ of praise is an annual event, part of the Genesis Global Harvest, demonstrating the Church’s and its members’ deep appreciation to the living God, the ultimate Father of the Harvest. Notable gospel artists, including Mega 99, Dare Justified, Big Bolaji, BBO, Chigozie Wisdom, Segun Johnson, Image, Dare Oxygen, Moses Harmony, Engovisions, Joshua Israel, Ebunoluwa Sings, Olamilekan, and others, are fully prepared to lead quality worship and praises to the King of glory
The Hallel Night Praise Altar is set to begin at 9pm sharp and continue until morning, offering a wonderful, fascinating and outstanding time of praise dedicated to God’s glory
Prophet Israel Oladele Ogundipe encourages all attendees to be adequately prepared to establish their personal praise altars during the forthcoming Friday Hallel Night, as lavish blessings will emanate from the praises, resulting in remarkable healings, including the lame regaining mobility and the blind receiving sight
The grand finale of this event is scheduled for Sunday, 15th of December 2024, where thousands of worshipers will assemble inside the church auditorium at Genesis Global Headquarters, located at Duro Ishola Street, off Egbado Road, Dalemo Alakuko Street, Lagos, for a special harvest of thanksgiving, during which some respected and great anointed men of God will prophesy into the lives of those in attendance
That particular Sunday promises to be exciting as Mega 99, a prominent gospel musician, takes the stage to mesmerize the audience with his soulful voice and energetic dance steps amidst a host of other engaging activities.
Additional information will be forthcoming as the event progresses
Peter Obi, Atiku had nothing to offer -Doyin Okupe …says 2023 election was not rigged
For Doyin Okupe, sitting on the fence is not an option. He prides himself as a rare politician who speaks without minding whose ox is gored. Mostly misunderstood, he has been around for a long time but has refused to exit the stage.
As a spokesman to two former presidents, he courted controversies and was once dubbed the attack dog to a sitting president. From seeing satire to innuendoes thrown at him, Okupe has waxed stronger brushing aside criticisms, he said he has grown accustomed to and fears no one. To him, eliciting criticisms is the price for being principled, and it amounts to anathema to stay under the radar for fear of being criticised.
In this interview, Okupe took on long time political colossus, Atiku Abubakar and 2023 presidential candidate of the Labour Party, Peter Obi, dismissing them as having nothing better to offer Nigeria. He lambasted them for daring to propagate what he claimed was a fallacy that the 2023 election was rigged.
He dubbed President Bola Tinubu a reformer in Aso Rock whose policies would begin to yield results from two years of the administration.
Except…
You’ve been in the news lately with critics and supporters saying that you’re looking for a job. What’s happening?
I am 72 years old. I have been a spokesman for two former presidents in Nigeria. I’ve been the spokesman of a major political party, NRC (National Republican Convention). I was also the spokesman of the Liberal Convention.
I have had my bit. Do you understand? I have had my bit. Those who say I’m looking for a job; if you checked that demographic, they are people in their 20s who do not know us.
I have always gone for and spoken strongly about whatever I felt compelled to comment on. That has been my lifestyle. When I supported Obi (Peter), what was I looking for? Obi was not even in the country then. He never lobbied me. He never spoke to me. He never asked for my support.
I went to Abeokuta (Ogun State) and I had a press conference, and I said I am stepping down from running for president and that I will be supporting Peter Obi. What was I looking for then? Because I believed at that time in regional equity and justice for us. Because we believed that the presidency should come to the South.
After a Northerner had been there for eight years, there is an existing understanding in the polity of this country among the political elites that the presidency would rotate between the North — not only between the zones but between the North and the South. So, if the presidency is coming to the South, there are three zones in the South—South-West, South-South and South-East.
It was only the South-East that had not had a shot at it. Nobody lobbied me, no human being on earth came to me, and pleaded for my support.
I personally, having conferred with Chief Ayo Adebanjo, who advisedly decided that I should support the South East. The best candidate at that time in the South-East, in PDP, was Peter Obi.
So, that’s why I went to support him. So, what was I looking for? That is my style. That is how I am.
When I was in the NRC, I was one of the campaign directors for Bashir Tofar. We campaigned vigorously around the country, but we lost the election. The military tried to play a game, tried to recruit us, and they did, they finally recruited us (the NRC) to support the annulment.
I left and resigned from my membership of NRC and joined NADECO (National Democratic Coalition) at the time when my colleagues in the NRC — I was in the top bracket of NRC — were being made ministers, I left it and I joined NADECO.
Abiola (MKO) did not call me, nobody called me, but that was what was just, and that was what was fair. That has always been the underlying theme in our philosophy in all my political engagements.
When I supported Obasanjo in 1998, Obasanjo never, ever called me. I didn’t know him closely. We were not friends, we were not colleagues, we were not anything. But I believed that this was a general who had strength and capacity, and he would do well, better than any other candidates, including Falae, who I had been very close to because of NADECO.
I held a press conference, and I announced that I was going to support Obasanjo. Obasanjo did not know anything about it, and on the first of December 1998, I drove to Ota Farm to meet Obasanjo and declared support for him.
That’s how my journey with him started. So, those who see what I’m doing with Bola Tinubu today and thinking that it was some personal dream, I told you, they can only be young people who do not know. They don’t have the history; they don’t know what my pedigree is. I am a man that supports what I consider to be fair and just even if it is to my detriment.
I met the president, Tinubu, about a week ago. I’ve not seen him for seven or eight years. I have not spoken to him on the phone. He didn’t talk to me. But he’s somebody I know very well politically. We have never been on the same side before in politics but we’ve always shared a camaraderie since our NADECO days. We came very, very close. When you’re in the trenches and you’re fighting a liberation war or another, you tend to be bonded more than just ordinarily when there are no issues.
From that time, till when he was governor and left as governor, I’ve had opportunities to sit with Bola Tinubu for three hours unending. And he has impressed me, not only as a politician, but as a technocrat, a man that was capable of deep thinking.
He has developmental ideologies and policies at his fingertips. This thing, you don’t learn it. It’s a gift.
The last time we had anybody close to him was Awolowo (Obafemi). Awolowo was a very serious-minded politician, but who had ideas of public policies that would benefit the masses. That is what Bola Tinubu is today.
Bola Tinubu, you know, in the villa, we have a reformer, a president who is a reformer.
I’ve heard some people saying that Bola Tinubu came to the office without a plan, he has no clue, that is balderdash, that is total nonsense.
I have worked with two past presidents. I have studied other presidents closely from a very close point. I don’t know any Nigerian president from 1960 to date who has come more armed, better prepared for governance than this gentleman.
Unfortunately for him, he has come into government at a very terrible and awful time. And when I met him, I told him, ‘are you out of your mind?’How would you want to succeed a Buhari (Muhammadu) administration, eight years of total abandonment, decadence and retrogression?
He said that is his passion. He was driven by that passion to help Nigeria. Having been part and parcel of those who brought Buhari, you can’t blame somebody for bringing a leader. If the leader does not perform, it’s unfortunate. But if you are brave enough to say, yes, you know, whatever you have done wrong, let us put our necks out and correct it. And this is what this guy is doing.
How can you ask him, how can you ask a president, Bola Tinubu, how can you hold him accountable for the ills of 30, 40 years? And for the two-terms of national abandonment of the last eight years, it’s unfair, it’s unrealistic.
And go and check it, being a reformer, you know, he didn’t ask me to say this, but I’m telling you from my own common sense and understanding of how government works, Bola Tinubu will need a minimum of two years for some of his policies to be properly grounded, established and to begin to produce results.
I have gone to read history, I read about Lin Kuan Yew. Lin Kuan Yew had, you know, Singapore, and at that point in time, the other country next to it, Malaysia, before they pulled out. He had those 31 years to rule that country, to ground that country, to transform that nation from third world to first world. 31 years, I read his book.
He said, I did certain things that were not okay. He was even almost draconian at some points, but, you know, he was focused on what he wanted to do, Just like Bola Tinubu today appears to be very strong-minded, very focused, and determined to pull this through.
It’s going to be a couple of years of pain and hardship, but he’s doing what other presidents for the last 10, 20 years have refused to do. The choice he had was to run and was to come into governance and just continue business as usual. By the time he came to the government, 98% of our revenue generated was being used to pay debt
Arbitrage on the foreign exchange was at an alarming rate. We were subsidising power, subsidising hype, subsidising virtually everything. We have over-borrowed and we are now going back to the nefarious and condemnable, financially undisciplined act of printing currency. We printed more than 21 trillion. Nobody can continue like that. If we continue like that, we will become a totally devastating, failed state by now.
So, we should commend him, support him, pray for him, cooperate with him, and endure the hardship for this short period and wait for the results. The opposition is running helter-skelter, talking about all sorts of things.
The real opposition are Abubakar Atiku and maybe Peter Obi. In the first instance, the opposition appears to be unrealistic, saying the presidency was stolen. There’s nothing like that. No presidency was stolen. I’m not saying there was no rigging.
There was no election that we have done in Nigeria since 1960 to date that was not rigged, not one maybe Abiola’s election because of the unique nature of the voting pattern. You know it was Option A4 people were counted, apart from that every other election was rigged.
We were in this country when a sitting president (Umar Yar’adua) said the process that brought him into power was flawed. That was when he put up that Alias committee.
He confessed that it was flawed. I was involved in the process that brought Obasanjo. I was involved in the process that brought Yaradua
I was involved in the process that brought G.E.J. I knew about what brought in Buhari. All without exception were flawed. All.
So, talking about rigging, that’s not the issue. But you see, you only rig where you are strong. So, if you look at it properly, when three major candidates emerged for that election, it was obvious that we will have a minority administration.
Obi was substantially supported by the Southeast. And if the Labour Party or Obi, think that people rigged, APC rigged, how did Obi win the heartland of Bola Tinbubu? Why didn’t Bola Tinubu rig Lagos for himself? Why? If Obi said or the Labour Party said APC rigged the election, how come Obi was able to win the home base of Bola Tinubu? How come APC lost the election in the home base of a sitting president? How come APC lost the election in the home base of the Secretary to that government? The accusation about rigging does not hold water at all. It doesn’t hold water.
The truth of the matter is that under the best of conditions, the results we got may not have been the exact results but they will have that ratio. I was in a Labour party. We couldn’t have done better than we did. I knew that for other reasons, but that’s a discussion for another day.
And in any case, you know, when you look at it today, critically, Bola Tinubu has come into this government with better policy documentation than any of these two rivals by far.
Atiku is a magnificent, experienced, knowledgeable, and thoroughbred politician. I am telling you that I knew that for a fact. He also came with a testament, all right, that, you know, could hold sway, a testament which would have been, if he won, would have been binding on him to Nigeria.
But when we put the testament side by side, which is the correct reality we have on the ground today, it’s not applicable. The testament, the documents, and his preparation were hinged mainly on obtaining some funds, $10 billion and $15 billion or so.
They had that $15 billion and $5 billion, you know, loans, which they intend to inject into the economy and they sort a couple of things out.
That was theoretical. Because by the time Buhari was leaving, nobody was going to borrow Nigeria money Again. If people were ready to borrow Nigerian money, Buhari would not have had to go and print money. We were no longer credit worthy by the majority of the international financial institutions.
The premises and the pillars which Atiku placed this testament on are what you call sinking sand, they can’t work.
As for Peter Obi, Peter Obi has not given any documents to Nigerians as to what he was going to do. I can tell you for a fact.
I’ve admitted Atiku’s own but in the Labour Party, we did not have a document that we could adopt as our panacea for what was going on. All we were saying was that we want to take Nigeria from consumption to production. Good rhetorics but it’s not grounded either in policy development or in principle application.
I never supported Bola Tinubu, he’s not my person. He’s not; we’re not in the same party.
But in retrospect now, his reform, I mean, his agenda, his agenda that he brought, the Renewable Hope Agenda is the most credible document that can address and is addressing the current situation. And as you can see, it is being meticulously applied.
First of all, when he came, he came and removed the subsidy, and not removed the subsidy, but announced that the subsidy was removed because Buhari had already removed the subsidy. From June 1st, there was no subsidy provision in the project. So, the statement that the subsidy was gone was just an acceptable confirmation of an event that had happened. This was superfluous, but the subsidy was actually removed.
Next, he attacked the arbitrage in the foreign exchange section. And this is what I bring Bola Tinubu and his government for. Unknown to many Nigerians, I mean, people were feeding fat on foreign exchange earnings.
There were people who didn’t do any job. They just used contacts in the CBN, and collected one million dollars every week and got the difference, and made stupendous wealth. All that has gone, this man has stopped it.
After that, I mean, see, he has now implemented the student loan program. After that, he implemented this consumer protection thing, providing money for low-income earners and all that, in a systematic manner.
Monies that were being owed over seven billion dollars, that were being owed and were going to cripple so many things, the criminal activities in the country, they paid them off. The ways and means of 21 trillion naira that was a deficit have also been neutralised.
And you say that the man does not have a plan! Now, you know, two months after coming to government, he put up a committee to look into the tax reforms for the country, which was in his agenda before he came. So, this man has the systematic, reliable, focused, applicable agenda that can take Nigeria out of the woods.
What You Need to Know About the Adron Homes Lemon Friday Promo
The Lemon Friday Promo is Adron Homes and Properties’ most exciting and anticipated annual sales event! Every year, Adron Homes brings unbeatable deals and extraordinary benefits for people looking to invest in real estate. This year’s Lemon Friday Promo promises even bigger discounts, exclusive prizes, and unique opportunities to own land or property in premium locations. Here’s everything you need to know about the promo:
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The Adron Lemon Friday Promo offers massive discounts on all Adron properties, including residential estates, commercial plots, and investment land. For a limited time, customers can buy properties at a fraction of the usual price. This is the perfect opportunity for anyone wanting to secure their dream property or add to their investment portfolio without breaking the bank.
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Adron Homes is known for its customer-friendly payment options, and the 2024 Lemon Friday Promo is no exception. During the promo period, you can pay for your property in installments, allowing you to spread payments up to 60 months or even years, depending on the package. This flexibility makes it easier for more people to achieve homeownership, regardless of income level.
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Subscribers to the 2024 Lemon Friday Promo can enjoy up to 45% discount on various properties with a payment option of up to 60months, in addition to a variety of mouth-watering gifts including bags of rice, inverters batteries, gift vouchers, and even cows. This year’s edition continues to cater to the needs of all Nigerians, ensuring that Adron Homes’ properties remain affordable, accessible, and appealing to a diverse clientele.
4. Location, Location, Location!
The Lemon Friday Promo covers some of Adron’s most coveted locations across Nigeria. This includes properties in Lagos, Ibadan, Abuja, Ogun, Osun, Ekiti, Abuja, Jos, Nasarawa and other fast-developing areas. Each location is strategically selected for growth potential, access to amenities, and investment returns, ensuring that no matter where you buy, you’re making a sound investment.
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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.
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.
South East Development Commission: Rt Hon Ben Kalu’s Masterstroke By Ogo Okereke
Fifty five years after the civil war, the lingering effects of the war is still visible among the Igbo. Ndigbo being the worst hit of the civil war, still bear scars from the war,with ongoing displacement, poverty, trauma, environmental degradation, security concerns, infrastructural deficit and marginalization.
At one time or the other, past Nigerian presidents made varying efforts to address the negative effects of the civil war on the Igbo people, but they all left limited impact.
The most striking was the 3R sophistry by General Yakubu Gown in January 1970. Gowon had assured the world that there would be Reconciliation, Rehabilitation and Reconstruction (3R), of the Igbo land,as a result of the war ravages, but 54 years after, the South East has witnessed the direct opposite of the 3Rs, even in exponential proportion.
In a similar move, General Olusegun Obasanjo, established the South East Development Initiative(SEDI), to address regional development challenges, but the challenges still persisted.
Alhaji Shehu Shagari made a corresponding effort in his launching of the Presidential Task Force on Rehabilitation and Reconstruction, for the sole purpose of addressing the civil war’s effects, but the impact was small scaled,due to his short tenure in office.
Other efforts by Gen Ibrahim Babangida,spanned across the introduction of the National Commission for Refugees,Displaced Persons and Rehabilitation to confront the plight of war-affected communities.
Gen Sabi Abacha, came up with the National Council on Rehabilitation and Reconstruction, while President Good luck Ebele Jonathan, launched the Presidential Committee on Dialogue and Peace in the Niger Delta, which included initiatives for the South East. He also established the Alvan Ikoku Federal College of Education, to promote education in the region.
President Muhammadu Buhari in his own dimension to tackle the region’s infrastructure deficit, began the construction of the second Niger bridge, the Enugu-Portharcourt Expressway and also, formed the Presidential Committee on South East Initiative (PCSEI), to handle the regional development challenges.
While these attempts were aimed to grapple with the negative effects of the civil war, they have been criticized for being inadequate,slow paced or politicized. The South East region still demands sustained attention and investment to fully handle the effects of the civil war. These were the pitfalls of past efforts to reposition the region.
None of the struggle by past national leaders could actualize the setting up of a South East Development Commission(SEDC), that will solely tackle head on the numerous challenges facing Ndigbo from education,healthcare, marginalization, security, infrastructure, and others.
Several Igbo leaders had equally attempted to bring the South East Development Commission Bill to Law, but Rt Hon Benjamin Kalu’s efforts remained phenomenon.
Let me quickly give an overview of the actions of some of our Igbo representatives in actualizing this course,so you could appreciate better, the leadership excellence of the current Deputy Speaker of the House of Representatives.
Senator Ike Ekweremadu in 2015, sponsored a Bill similar to the SEDC, but it didn’t pass the second reading. Senator Enyinnaya Abaribe in 2017, introduced a Bill,but it stalled,due to lack of support. Governor Dave Umahi in 2018, advocated for a South East Development Commission,but his efforts were met with limited success. In 2019, the Ohanaeze Ndigbo, the highest socio-cultural organization in Igbo land, went a step higher in pushing for the actualization of SEDC, but it did not gain traction.
Rt Hon Benjamin Kalu in 2020, rewrote history, by successfully sponsoring the SEDC Bill which passed the second reading and eventually passed into Law in 2024. This can only be likened to GRACE.
Interestingly, the passage of the South East Development Commission Bill to Law, marks a significant milestone in the quest for a regional development and growth. The ground breaking legislation sponsored by the indefatigable number 6 citizen of the country,is a testament to his unwavering commitment to the welfare ane progress of the region. The combination of President Bola Ahmed Tinubu and the Deputy Speaker,Rt Hon Benjamin Kalu, broke the over 54 years jinx with the SEDC Law.
President Tinubu has shown a major departure from the Buhari’s regime, by signing the SEDC Bill into Law. This further shows his intention about the development of the South East region and his believe in building the nation in the fulcrum of fairness, equity and unity, hence his commitment to ensuring equitable development, inclusive governance,and the provision of qualitative services to all Nigerians, no matter where they reside,while knitting more tightly together the national fabric.
Like the North East Development Commission (NEDC), which brought tremendous transformation in the North East, especially on the area of humanitarian support (where Internally Displaced Persons and victims of insurgency were aided), education/healthcare support(schools and healthcare facilities are being built and upgraded), economic empowerment; through skills training, entrepreneurship support and job creations and initiatives. Environmental remediation of areas in the region suffering ecological issue, pollution,among other interventions, the South East Development Commission will facilitate the development of critical infrastructure such as roads,bridges and public buildings in the South East region. The commission can implement policies and programs to boost economic growth, create jobs, and provide access to credit facilities for entrepreneurs and small businesses. Under education and healthcare, the SEDC can invest in education and healthcare infrastructure, improving access to quality education abd medical care.
SEDC will address environmental degradation by cleaning up pollution,rehabilitating damaged ecosystems, and promoting sustainable practices.The commission will ensure Ndigbo have a stronger voice in national politics and decision-making processes.
It can promote and preserve Igbo language and culture, collaborating with security agencies to address insecurity challenges in the region, manage special intervention funds to address specific regional challenges.
The South East Development Commission can foster economic integration and cooperation among southeastern states, addressing historical injustices and lingering issues from the civil war, such as, rehabilitation of war-affected areas and compensation for victims.
While past efforts to reintegrate the Igbo people met minimal result, the SEDC which covers the five eastern states of Abia, Anambra, Ebonyi, Enugu and Imo, would go a long way to assuage the feelings of the Igbo with respect to the reconstruction and rehabilitation of roads, houses and other infrastructural damages suffered by the region, as well as,tackle ecological problems and other related environmental or development challenges in the region.
However, by addressing these issues, the SEDC would help to bridge the developmental gap, promote economic growth, and improve the overall well-being of Ndigbo.
The key point of discussion is that the South East Development Commission, stands out from previous initiatives, as it incorporates vital elements that guarantee its long-term viability and success,such as:
*Legislative Backing:The commission is legislatively backed, giving it a strong legal foundation and authority to operate.
*Structured approach: SEDC has a clear structure, mandate, and funding mechanism, ensuring a systematic approach to development.
*Regional focus:The commission is specifically focused on the South East region, addressing its unique challenges and needs.
*Inclusive representation: It has a board comprising representatives from each South East state, ensuring diverse perspectives and regional buy-in.
*Comprehensive scope: The commission’s mandate covers various aspects, including infrastructure, education, healthcare, and economic development.
*Sustained commitment:SEDC is designed to be a long-term initiative, ensuring consistent effort and progress.
*Community engagement:It encourages community participation and ownership, fostering grassroots support and inclusivity.
*Accountability mechanisms:It has built-in accountability mechanisms, ensuring transparency and effective use of resources.
Though past efforts, while well-intentioned, often lacked one or more of these elements, limiting their impact and sustainability. The SEDC law addresses these gaps, providing a robust framework for meaningful reintegration and development.
At this juncture, it won’t be out of place if I say that Rt Hon Benjamin Kalu is not playing politics of rice and wrappers, but diving into the mainstream of governance, which goes beyond just touching the lives of an individual or group of people. Myopic critics would seek for mere empowerment for a set of people, but a strategic thinker, seeks for lasting avenues that could create endless opportunities for the entire region. He has created a platform for coordinated development, empowering the region to unlock its vast potential. “What no past Igbo leader could ever achieve, Ben Kalu broke the jinx”.
He made a historic achievement that can positively impact the lives of millions, leaving a lasting legacy. He prioritized the region’s interest over his personal gain and has established a precedent for future leaders to follow, encouraging them to prioritize regional development.
BOK as he is fondly called by friends, has demonstrated foresight and understanding of the needs of his region with an unwavering commitment,which showed dedication and perseverance in pushing for the Bill’s passage,despite potential obstacles.
This goes ahead to remind me of the words of Zig Ziglar that says,”With hardwork and determination,you can achieve anything you set your mind to”.
His suave, assertive, sagacious, outspoken and visionary dispositions were highpoints in achieving the South East Development Commission and they remained a very inspiring and veritable source of hope for Ndigbo. “Indeed, Rt Hon Benjamin Kalu,is a beacon of hope and a pillar of transformation for the South East region”.
The South East Development Commission, a long-awaited initiative decades in the making, was finally brought to fruition by Rt Hon Benjamin Kalu and his team.
Discover the New Property Hotspots: Why More Buyers are Choosing Adron Homes
In recent years, a significant shift in where people choose to call home has been quietly reshaping the property market. From bustling cities to serene suburban towns, the narrative of homeownership is being rewritten as more individuals and families seek out new environments that offer a better quality of life, more space, and a stronger sense of community. At the forefront of this transformation is Adron Homes, a real estate company that has not only recognized these emerging trends but has positioned itself as the premier choice for discerning buyers.
The idea of “home” has evolved, especially in the wake of global events that have made people reevaluate their priorities. The shift toward remote work, the desire for more personal space, and a renewed focus on wellness have led to a surge in demand for properties in areas that were once considered off the beaten path. Suburban towns, smaller cities, and even rural locales are experiencing a renaissance, with people flocking to these areas for a variety of reasons:
1. Space and Affordability: As property prices in major cities continue to soar, buyers are increasingly looking for alternatives that offer more bang for their buck. Suburban and rural areas often provide larger homes at a fraction of the cost, allowing families to enjoy more space without compromising on quality.
2. Quality of Life: The hustle and bustle of city life, once a draw for many, is now being traded for the peace and tranquility of quieter neighborhoods. With less traffic, lower crime rates, and a closer connection to nature, these areas offer a slower pace of life that appeals to those looking to escape the stress of urban living.
3. Community and Connection: In these new property hotspots, there is often a stronger sense of community. Neighbors know each other, local businesses thrive, and there’s a shared commitment to preserving the character of the area. This sense of belonging is a significant draw for those looking to put down roots.
4. Remote Work Flexibility: The rise of remote work has untethered many workers from the office, giving them the freedom to live wherever they choose. This newfound flexibility has opened up a world of possibilities, with many opting to live in areas that offer a better work-life balance.
As the property market shifts and new hotspots emerge, one name consistently stands out as the go-to option for buyers: Adron Homes. With a reputation for excellence, innovation, and customer satisfaction, Adron Homes is more than just a real estate company; it’s a partner in your journey to finding the perfect home.
1. Diverse Portfolio: Adron Homes offers a wide range of properties in the most sought-after locations, from serene suburban communities to vibrant small towns. Whether you’re looking for a spacious family home, a modern apartment, or a serene getaway, Adron Homes has something to suit every taste and budget.
2. Commitment to Quality: Every Adron Homes property is built to the highest standards, with a focus on durability, design, and functionality. The company’s commitment to quality ensures that your home is not just a place to live, but an investment in your future.
3. Customer-Centric Approach: At Adron Homes, the customer always comes first. The company’s dedicated team of professionals is there to guide you every step of the way, from choosing the right property to navigating the buying process. With Adron Homes, you’re never just a client; you’re part of the family.
4. Affordability and Flexibility: Understanding that buying a home is one of the most significant financial decisions you’ll ever make, Adron Homes offers flexible payment plans and financing options that make homeownership more accessible. The company’s goal is to make your dream home a reality without the stress of financial strain.
5. Sustainability and Innovation: Adron Homes is committed to building sustainable communities that are not only good for their residents but also for the environment. From energy-efficient homes to green spaces and community amenities, Adron Homes is leading the way in creating living spaces that are as environmentally friendly as they are beautiful.
As more people discover the benefits of living in these new property hotspots, the demand for quality homes will continue to rise. Adron Homes, with its unwavering commitment to excellence, is perfectly positioned to meet this demand and help buyers find their ideal home in these thriving communities.
Whether you’re looking to escape the chaos of city life, find more space for your growing family, or simply invest in a community that aligns with your values, Adron Homes is your best choice. With their diverse portfolio, commitment to quality, and customer-focused approach, Adron Homes is not just helping people find houses; they’re helping them find homes where they can build their futures
Introducing “My Fatherland” by Adron Homes: Uniting Nigerians Through Land Ownership
Adron Homes is thrilled to unveil our latest offering, the “My Fatherland” product, an exclusive opportunity designed to bring every Nigerian closer to their roots. No matter where you are—within Nigeria or abroad—this product bridges the gap between regions, fostering a sense of unity and belonging to our great nation.
“My Fatherland” is more than just a land investment; it’s a chance to own a piece of Nigeria in any of the six geopolitical zones. Whether you’re looking to secure your future or leave a lasting legacy for your children, this product offers an affordable, secure, and serene environment, ensuring your pride in saying, “This is my Fatherland.”
What sets “My Fatherland” apart is its commitment to celebrating diversity and promoting national unity. Adron Homes is dedicated to connecting Nigerians, regardless of tribe or tongue, and creating spaces that embody the spirit of togetherness.
With a generous 40% discount and flexible 24-month payment plan, now is the perfect time to invest. Additionally, enjoy exclusive benefits, including:
• Bronze Category (10-20 plots): 40% discount, estate in an estate, estate naming from an existing list, and five free street naming slots.
• Silver Category (51-100 plots): 40% discount, customised estate naming, 10 free street naming slots, and 2% off infrastructure fees.
• Gold Category (101-150 plots): 50% discount in 6 months or 40% in 36 months, limited street naming slots, and 5% off infrastructure fees.
• Diamond Category (151-200 plots): 50% discount in 12 months or 40% in 36 months, free customised street naming slots, and 10% off infrastructure fees.
• Platinum Category (Above 200 plots): 50% discount in 24 months, unlimited free customised street naming slots, and 20% off infrastructure fees.
Each category comes with carefully selected gift items, adding a touch of elegance and style to your investment.
The “My Fatherland” product is now officially launched, offering you the chance to secure your dream land and enjoy unmatched benefits. Visit www.adronhomesproperties.com or call 08138432335 and you can also connect with us on social media for more details.
Celebrate the spirit of unity and diversity with Adron Homes. Invest in “My Fatherland” today and build a legacy that will be cherished for generations to come.
Adron Homes – A Giant Stride in Nigeria’s Real Estate Development
In the dynamic and rapidly evolving landscape of Nigeria’s real estate sector, one company has distinguished itself with visionary leadership, innovative projects, and a steadfast commitment to transforming housing development. Adron Homes and Properties, a key player in the industry, has redefined the standards of real estate in the country, making giant strides that resonate with both seasoned investors and first-time homebuyers alike.
Founded with a mission to make luxurious and affordable housing accessible to all Nigerians, Adron Homes has positioned itself as a leader in providing premium real estate solutions across the country. At the heart of its success is the company’s ability to understand and adapt to the evolving needs of the Nigerian market.
Adron’s strategy, under the leadership of its founder and CEO, Aare Adetola Emmanuel-King, has always been focused on making homeownership not just a dream but a tangible reality for many. This vision is driven by a firm belief that quality housing should be available to everyone, regardless of social or economic background.
The company’s approach to real estate development incorporates a broad spectrum of projects, from luxury estates to more affordable housing options, ensuring that their offerings cater to both the elite and middle-class demographics. With a presence in strategic cities like Lagos, Ibadan, Abuja, and beyond, Adron Homes has successfully expanded its footprint, creating a unique blend of architectural elegance, functionality, and modern living.
One of the major factors contributing to Adron Homes’ continued success is its focus on innovation and large-scale projects that reflect the aspirations of the modern Nigerian family. From residential estates that offer state-of-the-art facilities to eco-friendly environments designed to foster community living, the company is at the forefront of redefining urban living.
Key projects such as its Town Park and Gardens Emuren Imota, Eko City Park and Gardens, Lekki Epe, Grandview Park and Gardens in Atan-Ota, Treasure Parks and Gardens in Shimawa, and Rehoboth Park and Gardens in Ibeju-Lekki are prime examples of how Adron is revolutionizing real estate in the country. These estates boast modern infrastructure, well-planned layouts, and amenities that enhance the quality of life—such as parks, recreational centers, and security networks.
What truly sets Adron apart is its focus on delivering high-value estates at affordable prices. This strategy has opened the doors for middle-class Nigerians to invest in quality homes and land, an opportunity that was previously reserved for the affluent. The company offers flexible payment plans, making it easier for individuals to own properties without the overwhelming burden of upfront payments.
In addition to affordability, Adron Homes is also committed to sustainable development. The company integrates eco-friendly practices into its projects, such as the use of solar energy, rainwater harvesting systems, and green spaces, ensuring that its estates not only meet today’s needs but are also future-proofed for tomorrow’s environmental challenges.
As cities continue to grow and urbanization rates in Nigeria soar, Adron’s focus on creating communities that promote wellness and sustainability becomes increasingly significant. The design of these estates encourages walkability, reduces carbon footprints, and promotes environmental stewardship, which is crucial in addressing the impacts of climate change in urban areas.
Beyond real estate, Adron Homes is making significant contributions to social and economic development. The company is not just creating homes but building communities. Through job creation, Adron Homes has provided employment for thousands of Nigerians, from architects and construction workers to administrative and sales personnel.
The company’s outreach programs, such as Adron Empowerment Initiatives, have also impacted lives across the nation, providing skills training, scholarships, and small-scale business support to those in need. This commitment to corporate social responsibility ensures that Adron is not only a commercial success but a company deeply rooted in community development and empowerment.
Operating in the Nigerian real estate sector comes with its challenges. Factors such as fluctuating foreign exchange rates, inflation, and unstable government policies pose significant risks. However, Adron Homes has demonstrated remarkable resilience, maintaining its growth trajectory while navigating these hurdles.
The company’s ability to weather economic storms is largely attributed to its sound financial management, diverse portfolio, and innovative approach to overcoming obstacles. By staying ahead of trends and embracing technology, Adron continues to adapt to the changing real estate landscape, setting an example for others in the industry.
As Adron Homes looks to the future, its growth plans remain ambitious. The company is expanding its portfolio beyond residential estates to include commercial real estate, hospitality, and tourism developments. This diversification aligns with Nigeria’s growing demand for multi-purpose urban spaces and integrated living solutions.
In line with this, Adron has already begun the development of estates tailored to emerging real estate trends, such as smart homes and tech-enabled buildings that reflect the shifting dynamics of the global property market. As Nigeria’s population continues to grow, and urbanization trends increase, Adron is positioning itself to be a key player in shaping the cities of the future.
In a country where the housing deficit continues to pose a major challenge, Adron Homes stands out as a transformative force. Its ability to blend affordability with luxury, coupled with its innovative approach to real estate development, has set the company apart as a leader in the Nigerian market.