In a massive rally against corruption, the Global Integrity Crusade Network (GICN) gathered on October 8, 2024, at the National Assembly Complex in Abuja, demanding accountability from Guaranty Trust Bank Limited (GTB). This rally followed their previous address on October 3, where they revealed disturbing allegations of financial misconduct within the bank.
Addressing a crowd of journalists and supporters, GICN officials unveiled their latest findings, claiming that GTB, under the leadership of Segun Julius Agbaje, is entangled in a web of serious violations, including unsolicited account openings, fictitious profit declarations, round-tripping, money laundering, and even terrorism financing.
They highlighted a recent incident involving a customer, Mr. E, who lost money to a scam facilitated through his GTB account.
Despite partial recovery efforts, the bank failed to reimburse the remaining loss, drawing criticism from the UK Financial Ombudsman Service.
GICN’s investigation also linked GTB to the Central Bank of Nigeria’s Special Investigation Report, which implicated the bank in the unlawful diversion of funds from the Nigerian Electricity Market Stabilization Facility (NEMSF).
Additionally, complaints have emerged from Nigerians alleging that GTB traps and diverts foreign currencies sent from intermediary banks abroad, often threatening recipients with unfounded accusations of money laundering.
In a show of solidarity, GICN demanded immediate action from regulatory bodies, including the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN).
They warned that failure to act would lead to legal proceedings aimed at compelling these agencies to fulfill their responsibilities.
The rally also emphasized the plight of bloggers—Precious Eze, Olawale Rotimi, Rowland Olonishu, and Seun Odunlami—who were recently jailed on charges believed to be aimed at silencing dissent against GTB’s alleged misconduct.
GICN condemned these actions, asserting that the fight against corruption must continue undeterred.

Amb. Comr. Adebayo Lion Ogorry, GICN’s Director of Publicity and Mobilization, delivered a resounding message of resilience: “The fight against corruption is our collective responsibility and for us, it is no retreat, no surrender. Solidarity forever!”

As GICN pledged to persist in their quest for justice, the call for accountability at GTB grows louder, echoing the sentiments of a populace eager for transparency and integrity in the financial sector.

The Presidential Candidate of the Social Democratic Party (SDP) in the 2023 General elections, Adewole Adebayo has indicated that unless there is a shift away from the neoliberal policies of throwing the Nigerian Naira to the Dogs, the current economic hardship may just be the beginning .

The recent #EndBadGovernance protest revealed a deep discontent among Nigerians regarding government policies, particularly the removal of subsidies and currency devaluation, which many believe have exacerbated economic hardships.
Speaking via a telephone interview, he said, “Unless you have a policy shift away from the neoliberal policies, shift away from throwing your currency to the dogs, shift away from the idea of not being able to control inflation, and not being able to generate employment for your people, unless you change the policy, the destiny of the country will not change.
Adebayo who said he anticipated the protest outcome criticized the government’s response, highlighting that the policies were predictable and contributed to widespread distress. Although acknowledging the president’s insensitivity in his speech, he argued that the core issue lies in the commitment to neoliberal policies that need reevaluation for meaningful change.
He reminded Nigerians, that as a candidate of SDP in the said election he warned Nigerians.
“You see, the issue, I knew the protest was going to be like that. And I knew how the government would react. And I knew how it would end and I knew that, of course, people would make their point which would have been obvious to the government ab initio that life has been tough for Nigerians.

“I knew when we were running for presidency. And I listened to the programs of APC, PDP, and Labour Party, I knew that they were ready to throw the people into the lagoon. I knew that this policy of so-called removal of subsidy was another excuse for petroleum mismanagement. I knew that Nigeria would float the currency.

“It was a recipe for disaster in terms of factor price and inflation and you see that I spoke extensively all over the country in all the debates, in interviews, in campaign grounds, that Nigeria should not vote for either Labour Party, APC, or PDP.

“Not because of any other thing than the fact that the policies would put people in great distress. And that distress will affect everybody because when the people don’t have good income and they’re not stable, even industry cannot open because when you produce something, people cannot afford it.
“When they cannot afford it, they buy less, and you can’t get the volume to produce, you don’t have enough money. And if you devalue the currency, components that you need to run your industries, you will not be able to handle them. So, it’s predictable. But people voted for these policies.
“Now the policies are being implemented, and they are shouting, and they have not even seen the end of it. It’s just the beginning of the problems that will come out of it.
“So, the government, what can they do? They are stuck in this bad policy. So, yes it’s true that the president made a speech that was not that conciliatory, and was not in a particular order addressing the problems. But it just shows to you that the problem has some set of solutions.
“Those solutions appear to be beyond the government, because they’ve committed themselves to these policies.

“I’m not here to critique the president regarding how he rendered his speech or not, but I would say that the speech should have been more humane, in tone, but beyond that, the main issue should have been that it’s an opportunity for the government to review these policies.
“Not only the government, many of the people who are in opposition, they still believe in this ill idea, too, other political parties that are not in government, like PDP and LP that are not in the executive branch at the national level, they are still following that, they have not denounced these policies, because these policies are bad. “The Nigerian people should understand that causing crisis in your country in reaction to government policies, which were advertised to you before the election, and you heard them clearly, President Tinubu did not disappoint the people, he said he was going to remove subsidy, he was going to throw the currency under the bus, everything he said he was going to do, that’s what he’s doing.
“They had an opportunity to listen to him, listen to Peter Obi, listen to Alhaji Atiku Abubakar, and realize that these three people are not acting in our best interest, and they should not have voted for any of them. So if you voted for them, and you come out now, you are demonstrating on the street, that is not a democratic way to look at it, because you voted for these policies.
“But you made your point clear, but what happens next? Next month, in September, there will be an election for Governor in Edo State, there will be an election for governor in Ondo State in November, if you spend the whole of August protesting, EndBadGovernment, and in September, you vote for APC or PDP in Edo State, what have you gained? You are contradicting yourself.
“If you spend the whole of the period protesting against APC, and then you go to Ondo State in November, and go and vote for APC or PDP, so you are just contradicting yourself.
“So people should understand that this is not a military government, this is an elected government, and the way you teach an elected government to listen to you, is to make sure you don’t vote for them.
“So when they lose a few governorship elections, they lose all by-elections, they will start to understand that you don’t want them to continue the way they are doing.

“But if you keep voting for them, they will assume that you are happy with their policies, and they will think that those who are demonstrating or protesting are just troublemakers, because a politician is going to listen to what the majority wants, and the only way the majority, the major way the majority shows its hands, is on election day.
“So it’s not going to be what editorial is written in the Guardian, what Arise TV pundits are saying, what Kaftan TV journalists are writing. A politician will respond to the ballot box.
“So I urge the people, if you are not satisfied with the way the government is running, try to understand the philosophy and the ideology that is making them to mismanage the country like this, and organise around new ideas that are different from their own, and vote for politicians and public office holders along the new ideas, and these people will leave power. “But keeping them there, and their burning houses, and demonstrating on the street, looting shops, and all sorts of things like this, is not how to run a stable democracy. ”
He emphasized that Nigerians must consider the implications of their voting choices, suggesting that protesting without changing the way they vote will not lead to effective accountability. Simply put, to evoke a genuine response from the government, citizens must demonstrate their dissatisfaction through their votes rather than through demonstrations alone.

***Says $1trillion economy is achieveable by 2030

The Central Bank of Nigeria (CBN) is committed to implementing policies that will bring about sustainable growth in the financial markets while ensuring overall economic stability, the Governor of the Bank, Olayemi Cardoso has affirmed
The planned stability he said, will make it possible for Nigeria to achieve $1trillion economy by 2030.

Cardoso stated this on Friday in Abuja while making presentation on first half-year review of the Bank’s activities in 2024 before the Senate Committee on Banking, Insurance, and Other Financial Institutions.

He reeled the CBN’s mandate and provided an in-depth analysis of Nigeria’s economic performance, recent policy measures, and the outlook for the remainder of the year 2024.

He recounted that since assuming duty in October 2023, the Bank’s management had concentrated on stabilising the economy, restoring confidence in financial markets, and establishing a foundation for sustainable growth.

Some key focus areas he highlighted, included curbing inflation, stabilising the exchange rate, enhancing financial sector supervision, promoting financial inclusion, and increasing transparency in monetary policy decisions.

According to him, the resilience of the Nigerian economy in the first half of 2024, gave a growth rate of 2.98% in the first quarter, up from 2.31% during the same period last year.

He reiterated that the Services sector was the main economic driver, contributing 58.04% to GDP with a growth rate of 4.32%. He noted that the Industrial sector also showed improvement, achieving a growth rate of 2.19%..

On the persistent inflationary pressures, with headline inflation rising from 29.90% in January to 34.19% in June 2024, he noted that the pace of monthly increases had moderated, suggesting the effectiveness of the Bank’s anti-inflationary measures.
He also highlighted the significant narrowing of the spread between official and BDC rates, indicating successful price discovery and reduced arbitrage opportunities.

Part of the strong indicators for the growing economy according to him, is the notable increase in external reserves, largely attributed to receipts from crude oil-related taxes and third-party payments.

“The ongoing recapitalisation efforts in the banking sector are focused on enhancing financial stability and driving progress toward reaching a $1 trillion economy by 2030”, he said .
He added that the capital adequacy ratio remained strong at 12.2%, aside the industry liquidity ratio which has also increased to 46.2%, and the non-performing loan ratio fell to 3.8%, reflecting enhanced liquid assets and better risk asset quality.
He further outlined key policy measures the Bank had implemented to tackle domestic macroeconomic challenges, including raising the policy rate to 26.25%, increasing Cash Reserve Ratios, normalising Open Market Operations, and adopting Inflation Targeting as a new monetary policy framework.
He also highlighted the reforms in the foreign exchange market, which resulted in a convergence of official and Bureau de Change rates, promoting transparency and reducing market distortions.
In his opening remarks, the Chairman of the Committee, Senator Adetokunbo Abiru (APC Lagos East), lauded the CBN Governor and his team for their efforts to stabilise the economy since taking office.
He chronicled the new management’s achievements to include reduction in month-on-month inflation from 2.64% in January 2024 to 2.14% in May 2024, increased exchange rate stability, and a $35 billion boost to the nation’s external reserves.

These improvements, according to Abiru, led to favourable ratings by global agencies and enhanced foreign portfolio inflow