By Modupe Gbadeyanka

A civil society organisation, Global Integrity Crusade Network (GICN), has apologised to Guaranty Trust Bank (GTBank) Limited, a subsidiary of Guaranty Trust Holding Company Plc, for making false corruption allegations against the bank.

In a statement made available to Blueprint in Abuja on Tuesday, signed by President of the organisation, Mr Edward Omaga, the group also retracted allegations of corruption and unwholesome activities made in a Private Investigation Report (PIR) against the lender.

Mr Omaga noted that he presented the PIR to the media on October 3, 2024, and later submitted same to certain agencies in Nigeria, the United Kingdom, the United States, and Ghana for further action.

He said the documents relied upon to compile the PIR were obtained from the internet, were baseless, and do not depict the true state of affairs about GTBank Limited and its management.

“In other words, the position taken by Global Integrity Crusade Network in the PIR was misguided. It has become clear that Guaranty Trust Bank Limited, its management and the entire GTCO brand are not under any financial or regulatory scrutiny in Nigeria or abroad as alleged.

“The issues raised about Unsolicited Accounts Opening for customers were unnecessary, as the bank operates in line with the highest standards of compliance and due process, whilst preventing the breach of data privacy laws,” he said.

On the issue of profit declaration for the period ended June 30, 2024, Mr Omaga stated that records abound to show that GTBank Limited fully complied with the applicable legal requirements of the Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRCN) as well as the Securities and Exchange Commission (SEC).

“It was therefore not appropriate for GICN to query the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, released by GTCO Plc to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

“In the same vein, the corporate image and integrity of GTB Limited remains intact in foreign countries where it carries on business.

“The financial penalties paid in the United Kingdom by Guaranty Trust Bank (UK) Limited coupled with the suspension of its Foreign Exchange Trading License in Ghana were minor regulatory issues, which have been sorted out long time ago.

“The group wishes to sincerely apologize through this medium for misleading the public towards having any negative perception about GTBank Limited.

“Specifically, GICN implores Mr. Segun Julius Agbaje, being the Group Chief Executive Officer of GTCO Plc, to forgive its shortcomings and consider the group as a partner in the sustained drive of the bank to provide quality financial services across Nigeria, Africa and the world at large.

“In keeping with its resolve to set the records straight, the group had on Thursday, February 27, 2025, written to withdraw the PIR and all court cases relating to this matter,” he added.

By Dipo Olowookere

An application has been submitted by a foremost mid-level financial institution, Wema Bank Plc, for a rights issue worth about N149.3 billion.

The bank submitted the request to the Nigerian Exchange (NGX) Limited through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited.

The lender wants approval and listing of the rights issue, with the qualification date today, Wednesday, March 5, 2025, a part of a notice from the bourse said.

The company intends to issue about 14,286,785,417 units of its stocks to qualified shareholders at a unit price of N10.45, the disclosure stated.

The shares would be sold on the basis of two new equities for every three held by existing investors of the organisation, which hopes to raise funds to meet its new minimum capital requirements.

Recall that the Central Bank of Nigeria (CBN) gave banks operating in the country till March 31, 2026, to shore up their capital base.

Deposit Money Banks (DMBs) with international presence were asked to increase their capital base from the previous N25 billion to N500 billion, while those with national banking licence are to have at least N200 billion, with regional banks mandated to raise their minimum capital to N50 billion.

“Trading license holders are hereby notified that Wema Bank Plc has through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 14,286,785,417 ordinary shares of 50 Kobo each at N10.45 per share on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on Wednesday, March 5, 2025.

“The qualification date for the rights issue is today, March 5, 2025,” the statement signed by the Head of Issuer Regulation Department at NGX, Mr Godstime Iwenekhai, said.

Business Post reports at the stock market today, Wema Bank lost 8.33 per cent or N1 to settle at N11.00 per share compared with Tuesday’s closing value of N12.00 per share.

By Modupe Gbadeyanka

The United Bank for Africa (UBA) Plc has fixed N600 as the fees to be charged for every N20,000 withdrawn at its Automated Teller Machines (ATMs) mounted outside its premises.

The lender confirmed this development in a message to its customers on Tuesday, March 4, 2025, a copy which was sighted by Business Post.

Recall that last month, the Central Bank of Nigeria (CBN) announced fresh fees on ATM withdrawals from Saturday, March 1, 2025.

In a circular signed by its Acting Director of Financial Policy and Regulation Department, Mr John Onojah, the central bank said it revised the charges to address rising operational costs and enhance efficiency in the banking sector.

It emphasised that the action was in line with Section 10.7 of the CBN guide to charges by banks, other financial and non-bank financial institutions (2020).

The last review of ATM transaction charges happened in 2019 when the CBN reduced the withdrawal fees from N65 to N35.

“In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020. (the Guide),” the CBN said.

“This review is expected to accelerate the deployment of ATMs and ensure that financial institutions apply appropriate charges to consumers of the service.

“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

According to the new policy, customers withdrawing from their bank’s ATMs (on-us transactions) will continue to enjoy free withdrawals, but a N100 fee per N20,000 withdrawal will be applied at on-site ATMs (those located at bank branches).

For withdrawals at ATMs of other banks (Not-on-Us transactions), an off-site withdrawal will attract a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

In its message, UBA said customers will continue to enjoy “free withdrawals at UBA ATMs,” but will part with “N100 per withdrawal at other banks ATMs, and N600 per withdrawal at ATMs outside the bank’s premises,” adding that, “For international transactions, charges will reflect the fees set by the bank handling the transaction.”