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MATAN president enumerates benefit for stakeholders, how it will end injustices

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National President of MATAN, Jamilu Abbas

***MATAN to bring informal sector into FG tax

The emergence of Market Traders Association of Nigeria (MATAN) which is the umbrella body for all trading associations is an answered prayer for all those who have been shortchanged by government officials in the distribution of parliatives and intervention funds, its National President honorable Jamilu Abbas has declared.
Speaking at its National Executive Council Meeting held in Abuja recently, he said MATAN is a trailblazing association that holds the magic wand to resolve most of the issues bedeviling the country as a result of the greed of some leaders.
He recalled the action of some Governors and political office holders during the COVID19 pandemic when palliatives meant to be distributed to the poorest of the poor were hoarded and kept away from them by some governors, lawmakers, local Government chairmen and so on.
According to him, they in the informal sector have decided to channel their own energy to forming the MATAN,
“That is why we decide to float a project, leading to the launch of the Integrated Market Revenue Management System (IMRMS).
He said MATAN is in Partnership with the Federal Inland Revenue Service (FIRS) to collect and remit Value Added Tax (VAT) from traders in marketplace, using the IMRMS platform.
According to him, the collaboration; known as the VAT Direct Initiative (VDI), is part of a push to widen the government’s tax base.
To that end he said, the FIRS has rolled out the implementation of the IMRMS, a purpose-built digital platform, to capture the informal sector, especially market traders in to the federal government’s tax net.
He said MATAN is the largest player in Nigeria’s market space with a membership of well over 40 million traders across the country.
“Under the arrangement, MATAN is expected to digitally enumerate its members, give them a digital identity and track their turnover so that VAT accrued is collected and remitted to the FIRS.
“Through this initiative, the FIRS will help tackle multiple taxation in the marketplace through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces. ”
He said the solution is, MATAN is providing a platform that will go digital to bring all in the informal sector to become formal.
According to him, With the ongoing enumeration, each member will have his multi purpose Identity Cards which is called VDIIT
“So with the card, our agents will enumerate you as a trader, farmer, transporter or Artizan. We have analyzed it, the small Scale, the Medium Scale and the larger scale.
“Even if you are exempted from paying tax to government, you are not exempted from benefiting from services such as insurance, PENCOM, because when you fall ill, you will go to the hospital, when you have cases in your market places, the Lawyer is there to support you free of charge.
He said with the card, they are in partnership with government so if government wants to give palliative they don’t need to go through some one who will corner them for his personal use. They don’t need to go through any criminal or any offices.
He said President Tinubu is well informed of the Association because after enumeration, this is the only platform which the President will authorise for all banks to send government intervention funds to without passing through any criminal that has opportunity to occupy government position.
“Immediately we provided this platform, the State Governments, the joint tax board, invited us and we promised them that we are going to be paying their taxes, we are bringing our people to the tax net, so that if it is N1, on 10k, they will be contributing to government coffers.
“But when we make this contribution government must pay us back, the pay back is the tax relief, if I have children who want to go to school, through this card they can access free education.

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Group Calls for Suspension, Investigation, Prosecution of FERMA MD Over Alleged Corruption

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A group, Coalition for National Rehabilitation and Reconstruction (CNRR), has issued a formal plea to President Bola Ahmed Tinubu, urging the immediate suspension, investigation, and potential prosecution of the Managing Director of the Federal Road Maintenance Agency (FERMA).

Their call is coming amid series of damning allegations surrounding corruption, incompetence, and misuse of office.
The group who converged on Thursday morning at the Headquarters of the FERMA at the Wuse 11 in the Federal Capital Territory carried banners and placards with inscriptions calling for the investigation and possible sack of the Managing Director of the Agency, Engr Emeka Agbasi.
In a strongly worded letter addressed to the President and Commader in Chief of the Armed Forces of Nigeria, Three Arms Zone, and read by the National converner of the coalition Alhaji Ali Abacha, they outlined numerous accusations against the FERMA boss.
They accused him of gross mismanagement and criminal activity, which threaten to undermine the government’s anti-corruption drive. Key allegations include the sale of contracts for financial gain, abuse of Direct Labor Agencies for unauthorized projects, and financial irregularities involving the illegal virement and swapping of payments without due process.

According to the letter, the FERMA MD is also accused of laundering money through fronts operating via Guaranty Trust Bank (GTB) and Zenith Bank, living lavishly in Abuja hotel suites such as Pinnatech Suites Ltd., and sidelining experienced contractors in favor of cronies.
Furthermore, the MD is being accused of ignoring directives from the Ministry of Works, acting independently and awarding contracts unrelated to federal road maintenance.

Abacha stressed the importance of suspending and investigating the official to maintain public trust and uphold the government’s commitment to transparency and accountability.
He called on anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), to take immediate action.

The statement warned that allowing such actions to continue unaddressed would reflect poorly on President Tinubu’s administration, which has made fighting corruption a key priority. CNRR urged the government to act swiftly to prevent further damage to its image and credibility.

As of now, there has been no official response from the Presidency or FERMA regarding these allegations. The Nigerian public and stakeholders in the construction sector are closely watching for developments in what could become a significant test of the government’s resolve in combating corruption.

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Protests Erupt in Abuja Demanding Investigation into Guaranty Trust Bank

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A significant protest was held today at the Police Force Headquarters in Abuja, organized by the Coalition of Civil Society for Good Governance in Nigeria, calling for an urgent investigation into serious allegations against Guaranty Trust Bank Limited (GTB). The bank, under the leadership of Segun Agbaje, is facing accusations of corruption, money laundering, unsolicited account openings, and more.

The Chief Convener of the coalition, Comrade Tijani Usman addressed the crowd, highlighting the pervasive issue of corruption that has plagued Nigeria’s socio-economic landscape since 1960. He emphasized the critical role of the banking sector in economic development and criticized the lack of action from regulatory and law enforcement agencies regarding GTB’s alleged infractions.

“The allegations against GTB are serious and cannot be ignored,” Usman stated. He urged the Nigeria Police Force to prioritize these claims and conduct a thorough investigation to hold accountable those responsible for any wrongdoing.

Participants in the protest voiced their concerns about recent operational failures at GTB, particularly a prolonged outage of the bank’s payment systems, which resulted in substantial losses for customers. The coalition called for the bank’s management to focus on resolving these critical issues instead of engaging in activities that undermine trust.

The protesters also appealed to the Central Bank of Nigeria and the Economic and Financial Crimes Commission to take a proactive stance in investigating the allegations and ensuring accountability within the banking sector.

As the coalition continues its peaceful demonstrations, they remain steadfast in their commitment to advocating for justice for affected customers and investors. This protest reflects a growing demand for greater transparency and accountability in Nigeria’s banking system, as civil society seeks to foster an environment where corruption is actively challenged and addressed.

The response from authorities to this protest may significantly impact the future governance of financial institutions in Nigeria, highlighting the necessity for reform and vigilance in the fight against corruption.

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Guaranty Trust Bank Faces Allegations of Data Breach, Unsolicited Account Openings

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***False Profit Declarations also

Guaranty Trust Bank (GTBank) has been accused of unethical practices, including opening accounts for individuals without consent, data privacy violations, and inflating profit figures, according to a damning private investigation report.

The report, released by the Global Integrity Coalition of Nigeria (GICN), also implicates the bank in breaching Central Bank of Nigeria (CBN) guidelines.

The investigation alleged that GTBank engaged in the unauthorized collection of personal information—such as Bank Verification Numbers (BVNs), phone numbers, and other sensitive data—used to open unsolicited accounts.
This strategy reportedly allowed the bank to inflate its customer base and present itself as a more robust institution to potential investors and stakeholders. Over 10,000 individuals may have been impacted, raising concerns about potential exposure to fraud and other financial crimes.

Edward Omaga, President of GICN, addressed the findings during a press conference in Abuja, describing the situation as a serious breach of trust. “We discovered that GTBank has been involved in opening accounts without the knowledge or consent of customers, putting them at serious financial risk,” Omaga said. “This is not just a violation of corporate governance standards but a clear breach of Nigeria’s data privacy laws.”

Further allegations involve the bank’s financial reporting whereby in September 2024, Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, declared a profit before tax of ₦1.004 trillion for the first half of the year.
This announcement made GTCO the first Nigerian financial institution to reach such a figure. However, GICN’s investigation claims the profit figures were artificially inflated, misleading regulators, investors, and the public.

“The financial statements were hurriedly compiled to paint a false picture of the bank’s profitability,” the report states, pointing fingers at Segun Julius Agbaje, GTCO’s Group Chief Executive Officer, and his management team.
The report suggests that this misrepresentation was an effort to maintain investor confidence and boost the bank’s market value on both the Nigerian and London Stock Exchanges.

The investigation also noted the bank’s lack of adherence to corporate governance standards, warning that such practices undermine public trust in Nigeria’s financial institutions. According to Omaga, the report was compiled using constitutional provisions that empower citizens and civil society groups to expose corrupt practices.

With the serious accusations in the spotlight, the report has prompted calls for regulatory action from bodies like the CBN, the Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).
Affected customers have also expressed their intent to pursue legal action, citing violations of data privacy laws and unauthorized use of their personal information.

GTBank has yet to officially comment on the allegations at the time of this publication.

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