Guarantee trust bank gradually sinking under a mountain of bad loans from A list debtors
Unlike their counterparts in western countries Nigerian banks solely rely on depositors and courting Governments and wealthy people for deposits.In addittion to this are the clandestine deals many of them help the oligarchs and business people pull off,as absurd as this sounds however the most disturbing trait with Nigerian banks is how they approve massive loans portfolios for the wealthy most times with assets of less value than liability,a safe guess why this anomaly is allowed is because most of these bank executives have been compromised as they normally get a percentage of such loans,in the end most of those loans which run into tens and hundreds of billions of Naira go unpaid by these A-list debtors leaving the average depositors to suffer the conscequences no suprises why the interest rates to acess loans for an average Nigerian is one of the highest in the world.One of the Nigerian banks that indulge in this immoral practise is Guarantee trust Bank.Contrary to the awards and accolades they have been garnering over the years the Segun Agbaje led Guarantee trust bank, according to those in the know is fast sinking under the weight of bad loans which defaulters have simply refused to pay back or even service.
To illustrate how bad this problem is one of the biggest debtors was the late Businessman and aare Musulumi of Yoruba land Aare Arisekola Alao,who until his death did not pay back nor service his loans.Now a desperate GT Bank MD/CEO Segun Agbaje has cranked up the charm offensive to compel these A list debtors to service their loans with muted sucess so far.Those who know the GT Bank MD have remarked on the physical changes in his physique as he has lost weight and looks stressed out most times,during his last birthday which he held in London he was said to have invited and treated his debtors with severence and defference.To be fair to him though the bad loand bedevilling the bank's finances and threatening to destroy the bank did not start with him but his predecessor the late MD/CEO Aderinokun,although it had gotten gradually worse under his tenure.Hopefully the debtors seeing the impending doom will pay up if not for anything to prop up a willing accomplice
- Previous Repost:Five Quotes extrapolated from recent Obama Speech APC are uncomfortable with
- Next Super Permanent Secretary Nike Animashaun gets her groove back after husband snatching saga