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Monday, 9 March 2015

GTBank In Trouble!

Dollarisation and the global austerity seems to be having an untoward effect on GTBank Nigeria!

This is about none other but the forced recant of Segun Agbaje, Managing Director (MD), Guaranty Trust Bank and his frantic instruction to senior staff of GTB to cut down on frivolous expenses to save the bank from further liabilities and plunge in assets value.

Agbaje issued the desperate directive in the wake of the recent plunge in the value of the naira. Like all other sectors of the economy, the plunge in the value of the naira has begun to bite hard on GTB and the banking sector in general. Consequently, Agbaje has issued a strict directive to curb wasteful and avoidable expenditure on projects that are not approved by him. As a result, senior staff of GTB bemoan the end of their frivolities; they can no longer embark on their frequent trips outside the country, as Agbaje has suggested “Skyping” as a substitute for their numerous trips abroad to attend business meetings. Agbaje also instructed that any expense on media and advertorials must be approved by him.

All is certainly not well with the banking sector.

The Capital and LBW

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