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GTCO In Trouble! Uk Govt, CBN, SEC, Others Sanction Bank N4.2bn For Committing Market Infractions In 2022

GTCO In Trouble! Uk Govt, CBN, SEC, Others Sanction Bank N4.2bn For Committing Market Infractions In 2022
The UK government, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), among other agencies where it operates have sanctioned Guaranty Trust Holding Company Plc (GTCO) a sum of N4.21billion for committing various market infractions in 2022.
GTCO with its head office in Nigeria, and subsidiaries in the UK, Ghana, Kenya, Tanzania was sanctioned by N4.2 billion regulating bodies in these countries.
Notably, the GTCO subsidiary in the UK was imposed a sanction of N4.05 billion for deficient AML control -2014-2017, the highest sanction imposed on Nigeria in 2022.
It was reported that the Financial Conduct Authority (FCA), the United Kingdom’s financial services regulator sanctioned Guaranty Trust Bank (UK) Limited, £7.67million for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.
The FCA in a statement on its website stated that, during the relevant period, GTBank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers.
Executive Director of Enforcement and Market Oversight at the FCA, Mark Steward said: “GTBank should have acted quickly to put in place adequate AML controls following its fine in 2013 but it failed to do so. GTBank did not develop a plan that was capable of addressing its AML weaknesses, exposing it and the broader market to financial crime risks for a prolonged period.
“Firms must protect themselves and those dealing with them from financial crime risks, especially money laundering. The FCA is determined to ensure the market for financial services is safe, clean, and trusted with robust systems and controls in place to stymie financial crime. The FCA will continue to take action when these standards are not met.’
GTBank did not dispute the FCA’s findings and agreed to settle, which means it has qualified for a 30per cent discount. Without this discount, the financial penalty would have been £10,959,700.
However, the apex bank in Nigeria imposed N20 million on the GTCO for failing the 2021 risk asset examination; N21.25million for the 2021 CBN prospective employee clearance review; N10million for failing the 2022 consumer protection review, and 67.35million for CBN’s review infraction.
In Ghana, GTCO was sanctioned N2.89million for inaccurate submission of FX End-Day Transaction Return and N7.7billion for the review of the bank’s credit portfolio showed that six (6) impaired loans of N7,714,526
The banking subsidiary in Kenya was sanctioned N7.26 million for non-compliance with the banking act 28/50(1) and N3.99 million for non-compliance with the CBK cash reserve requirement.
Tanzania, GTCO was sanctioned N180,000 for the late rendition of the daily liquidity report.
Other sanctions include: GTPENSION manager sanctioned N200,000 for the registration of two FGN Employees without complete documentation and N3 million for the violation of the minimum credit rating requirement.
GT fund manager was sanctioned N520,000 for the issuance of units above the registered units with the Securities and Exchange Commission (SEC).
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Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.

Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.
The judge sentenced him after he was found guilty as charged.
NaijaNews reports that the Lagos State government had arraigned Usman on a two-count charge bordering on defilement of his two daughters, who were eight and five years respectively, at his No.2 Bale Street, Onisewo in the Apapa area of Lagos State.
The defendant was 37 years when he committed that offence in 2018, while the survivors were eight and five years.
His offence contravened the provisions of section 137 of the Criminal Law of Lagos State 2015.
He had pleaded not guilty to the two counts charge.
Usman was first arraigned before Justice Sybil Nwaka, sometime in October 2019 before the judge was elevated to the Court of Appeal and the case file was reassigned to Justice Oshodi wherein he was re-arraigned on two counts of charge.
He also pleaded not guilty to the two counts and the prosecution commenced trial.
During the trial, the prosecution called four witnesses, among which, was the first survivor, the eight-year-old, the Investigative Police Officer (IPO), the defendant’s wife and mother of the survivors, and a medical doctor from Mirabel Centre.
In her testimony, the survivor identified the defendant as her father and narrated how she was repeatedly defiled by the father.
She further testified of informing her school teacher, who is close to her mother.
She told the court that she did not tell her mother because the defendant had warned and threatened that she would die if she did so.
In her testimony, the defendant’s wife narrated how she discovered that her two daughters were defiled when she took them to the hospital.
She described their house and noted they all sleep in a room, adding that their parlour is not attached to the room.
Under cross-examination, the survivor’s mother told the court that there was a night she met the defendant and her daughter in their parlour.
But the defendant told the court that his wife lied against him because he wanted to marry another wife and relocate her to the village.
However, Justice Oshodi in his judgment, yesterday, exonerated the defendant of the second charge.
The court held that the prosecution failed to prove the second charge against the defendant, as the second survivor did not testify to the second charge related to her defilement.
On count one, the court held that the testimony of the first survivor corroborated the medical doctor’s testimony.
The court said that he has considered the ingredients of the offences, the confessional statement, circumstantial evidence and the eyewitness account and therefore sentenced him to life imprisonment.
The judge also directed that his name be registered in the Sexual Offenders’ Register of Lagos State.
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BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead

BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead
The Chairman of DAAR Communications Ltd, High Chief Raymond Dokpesi, is dead.
He was aged 75. He was the founder of AIT/RAYPOWER, a leading media outfit in Nigeria. ROYAL NEWS reports that Dokpesi died on Monday in his Abuja residence.
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Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest

Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest
The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has said he would not be attending the swearing-in ceremony of the President-elect, Asiwaju Bola Tinubu.
The former Governor of Lagos State would be sworn in as the 16th democratically elected President of the Federal Republic of Nigeria today at Eagle Square in Abuja.
Speaking to reporters in Abuja through his media aide, Tai Obasi, the LP flagbearer said it will be ‘extremely weird’ of him to attend Tinubu’s swearing-in when he is challenging his electoral victory in court.
Obasi noted that even though his principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs, he cannot act that weird and unreasonable.
The media aide, however, failed to confirm if the Labour Party leadership and Obi were sent individual invitations to the swearing-in ceremony.
He said, “My principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs. But it will be extremely weird for him to attend a ceremony of a man whose election victory he is challenging in court.
“My principal cannot act that weird and unreasonable. I can’t confirm if he receives an invitation to the swearing-in ceremony. But I am telling you that you can’t see him there.”
Speaking further, Obasi also denied rumuors that the former Anambra State governor is planning a demonstration ahead of today’s inauguration.
He said, “I don’t know where that report is coming from. We don’t know anything about it or who is behind the proposed protest. But I can categorically tell you that my principal is not aware of anything.
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“He is Obi and his followers are Obidient. I agree that on some occasions, they may act on their own, no matter how you tell them to keep calm. These guys are angry. They are not happy about how everything was manipulated against Obi who has given them so much hope. They followed him and waited for him all the way.”
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