***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.

The Federal Government has set up an independent panel to investigate allegations of corruption within the Nigeria Correctional Service (NCoS), including claims of special treatment for convicted cross-dresser Idris Okuneye, popularly known as Bobrisky.

Inaugurating the committee on Monday in Abuja, the Minister of Interior, Hon. Olubunmi Tunji-Ojo, stated that the panel’s work is vital for ensuring accountability and transparency within the correctional system. The investigation will focus on corruption, mistreatment of inmates, and other violations of standard operating procedures.

The panel, chaired by the Permanent Secretary of the Ministry, Dr. Magdalene Ajani, has been given two weeks to investigate the Bobrisky-related allegations and come up with findings. The minister emphasized that no individual, no matter how highly placed, would be exempt from the probe, stressing that the reform of the correctional service is a top priority.

The investigative committee consists of legal experts, human rights advocates, and forensic researchers who are tasked with addressing both immediate concerns and long-term reforms to prevent future violations. The outcome of the panel’s work is expected to set the stage for a more transparent and accountable correctional system in Nigeria.

****all the dirty details

Claims made by Lagos politician, Babatunde Gbadamosi over ownership of Amen Estate and it’s holding company has been debunked by inside sources.

An insider disclosed: “Mr. Babatunde Gbadamosi is a vocal but a deceptive social media activist and politician whose writings and posts often attack the establishment. It is rather contemptuous that a person who consistently calls for justice for his political party is full of lies and fakery.

“Mr. Gbadamosi’s inability to let go of Redbrick Homes demonstrates how unhinged he has become.”

“While Redbrick Homes’ lawyers have issued a press release disclaiming Mr. Gbadamosi and his claim of ownership over Amen Estate, Phases 1 and 2, and Ashlead Homes, it is crucial to inform the public that Gbadamosi has resigned as a director and left the company, since July 2021, said the source”

“As stated by Redbrick Homes in 2022, Gbadamosi was never an active director. He was a passive participant who left the company of his own free will.

“At the time, Gbadamosi was married to Sade Balogun, the true owner of Redbrick Homes and Amen Estate. He made his choices and followed them.

According to the insider, “when Gbadamosi left, he signed a document in which some of his demands for spousal settlement were met. He asked for four cars and some money in dollars. He was paid the 1st instalment and given some acres of land in Epe. However, after receiving the initial deposit, Gbadamosi almost immediately greedily breached the terms of the agreement.”

“Perhaps Gbadamosi, who fancies himself an important politician, has forgotten that there are documents bearing his signature and evidence of his settlement.” She noted.

According to our source: “Ms. Balogun, then, Mrs Gbadamosi may be the only woman in Nigeria who has paid such a large spousal settlement just to protect her children, company, and clients from potential embarrassment, knowing what a character like Mr. Gbadamosi is capable of.”

“It might surprise you to know that Gbadamosi even discredited the companies on their own websites. How can someone discredit something he claims to own? It got to the point where he responded to his daughter’s comment on Amen Estate’s Google page with a scathing tone, saying nasty things about the estate he now claims as his. What kind of father does that, and how more devious and delusional can a person get?”

In an exasperated outburst, a staff exclaimed: “Babatunde Gbadamosi keeps nagging us non stop privately via WhatsApp chats. This is a ridiculous invasion of privacy. At first, it was trying to get us to buy some land he claimed to own at Sangotedo. And now it’s to keep making ludicrous allegations against his ex-wife who has moved on. Why can’t he leave us alone? Why can’t he also move on and leave us out of all these? I thought he remarried and just had a new baby!”

The public must be reminded that Redbrick Homes International Limited, Amen City Ltd, and Ashlead Estates belong to Ms. Folasade Balogun.

Anyone can verify this at the Corporate Affairs Commission.

“Gbadamosi is a low-life impostor whose mischief and determination to bring down Redbrick Homes have become his life’s mission. However, he will not succeed because Redbrick Homes International Limited, Amen City Ltd, and Ashlead Estates are thriving and remain one of the leading and most credible property developers in Nigeria,” the insider source said.

Another company source questioned why Babatunde Gbadamosi “seems to have a dead conscience: This is a man who left his marriage only to impregnate and marry another woman. Did he really think he could destroy his marriage and also take possession of his wife’s properties? May God forgive him,” she said.

The source revealed that: “Gbadamosi was married to the said woman while still married to Sade. He cannot deny this because the marriage certificate is there for all to see. Infact, even me, I’ve seen the document. That man is very dubious , you know. He has the audacity to still be claiming Sade’s company assets as marital assets. Shouldn’t he be asking his current wife for upkeep or has she dumped him after discovering what a liar he is?” the source smirked.

Lawyers representing Redbrick Homes International Limited, Amen City Ltd, and Ashlead Estates, Babalakin & Co., have issued a press statement clarifying that Mr. Gbadamosi made false claims in every respect, as he had voluntarily relinquished his shareholding interests and resigned as a director in these companies since July 2021.

Babalakin & Co., representing Redbrick and Ms. Folasade Balogun, have refuted Mr. Babatunde Gbadamosi’s social media claim that Amen Estate and Amen Estate Phase 2 on Eleko Beach Road, Ibeju-Lekki, Lagos State, belong to him.

Their statement reads:

“We are solicitors to Redbrick Homes International Limited (Redbrick), Amen City Ltd, Ashlead Estates Ltd (Ashlead), and Ms. Folasade Balogun (formerly Mrs. Folasade Gbadamosi). Our attention has been drawn to a social media post authored by Mr. Babatunde Gbadamosi.

“In his post, Mr. Gbadamosi claims that Amen Estate and Amen Estate Phase 2 of Eleko Beach Road, Ibeju-Lekki, Lagos State, are assets of Redbrick and Ashlead. He further states that these companies belong to him and Ms. Balogun. This information is entirely false, and we advise the public to ignore it.

“Mr. Babatunde Gbadamosi voluntarily relinquished his entire shareholding interest in Redbrick and Ashlead and resigned as a director of these companies as far back as July 2021 under a notarized legal instrument. He has no interest whatsoever in these companies or any of their assets, including Amen Estate, Amen Estate Phase 2, TIARA, Emerald Bay, Emerald Park, and Amen City.

“His resignation and shareholding relinquishment have been duly filed with the Corporate Affairs Commission and are available for public verification. None of these assets are listed as ‘marital assets’ in the ongoing litigation between Mr. Babatunde Gbadamosi and Ms. Sade Balogun.”

It is also worth recalling that on February 26, 2022, Redbrick Homes management published a notice in Punch to clarify to all investors and potential investors that Mr. Babatunde Olalere Gbadamosi is no longer associated with Redbrick Homes International Ltd or its real estate projects.

“For clarity, Mr. Gbadamosi, a full-time politician, was once a passive partner and shareholder, without any financial investment, and one of the directors of Redbrick Homes International Ltd. He has since voluntarily transferred all his shares and resigned from its board as of July 1, 2021.

“The board composition, shareholding structure, and share capital of Redbrick Homes International Ltd have completely changed. Ms. Folasade Balogun remains the Chairman and Chief Executive Officer, a position she has held since the company’s inception. Under her leadership, Redbrick Homes International Ltd continues to deliver quality service to its customers without interruption.

These facts can easily be verified at the Corporate Affairs Commission,” the public notice concluded.