The Chairman of the Committee, Mr. Bamidele Salam gave the directive during the investigation hearing on alleged revenue leakages through the REMITA platform and non-compliance with standard operating procedure and other allied service agreements.

The committee expressed concerns on evidence of remittance of VAT components in the first Regime of the Remita transaction.

Mr. Ahmed Liman, the Executive Director of GTB, In his presentation, said the bank did not remit the VAT for the period of 8 years. “We believe that Remita is saddled with the responsibility of sharing the commission fees between the payment-receiving parties.

“In our mind, we think Remita has done the needful before sharing the fees between the parties.”Mr. Liman said the collection of fees in the first Regime of the Remita transaction, the bank charged 0.75%  on all the payers who used the Remita platform.

Other Banks that appeared before the committee were referred to the reconciliation sub-committee in order  to address the discrepancies that were noted during their

Understandably, foreign exchange shortages have become more pronounced as economies in Nigeria face ongoing high import price pressures and higher debt servicing requirements

Customers received a message from the bank informing them that the naira Mastercard would no longer be able to be used for foreign transactions as of Saturday, December 31, 2022.

Additionally, neither overseas Point of Sales (POS) transactions nor Automated Teller Machine transactions may be made using the Naira Mastercard (ATM).

The statement reads, “We write to inform you that you will no longer be able to use your naira Mastercard for international online and POS transactions effective 31st December 2022.”

Meanwhile, GTBank said account holders can conduct their international transactions through the financial institution’s dollar card.

The Body of Benchers is the highest legal body in the Nigerian Legal Profession, made of the Supreme Court Judges, presiding Justices of the Court of Appeal, and Chief Judges of the State High Court.

According to a statement from, Cornel Osigwe, Head of Corporate Communications, IVM Innoson Group, in a motion on notice filed in the court by the Counsel to Innoson, Prof J.N. Mbadugha SAN of McCarthy Mbadugha & Co praying for an order of the Honorable Court to disqualify Chief Olanipekun, SAN in his capacity as a legal practitioner or counsel from signing, filing, instituting or prosecuting Appeal No. CA/E/288/2013 between Guaranty Trust Bank PLC vs Innoson Nigeria Limited.

“More so the counsel to Innoson further sought the prayers of the court for an order setting aside all processes signed and filled by chief Wole Olanipekun SAN as Counsel/Legal Practitioner of or to GTB Plc on the same appeal on the grounds that the processes are incompetent.

“Lastly, an order striking out GTB Motion on Notice, dated 26 October 2018 prepared by Chief Wole Planipekun, SAN for want of competence, he also signed an amended notice of appeal.

The grounds upon which the motion is brought are:

1. Wole Olanipekun & Co in its email published that:
a. its “Chief Wole Olanipekun, SAN is currently the Chairman of the Body of Benchers, which is the highest ruling body in the Nigerian Legal Profession made up of the Supreme Court Judges, presiding Justices of the Court of Appeal and Chief Judges of the State High Court. In other words, Chief Wole Olanipekun, SAN OFR, is the head of the entire legal profession in Nigeria”;
b. Presence of Chief Wole Olanipekun, SAN in the matter will significantly switch things in favor of the party that engaged him in the matter.

2. Appearance or continued appearances of Chief Wole Olanipekun, SAN in this matter will jeopardize or imperil the integrity of this Honorable Court.

3. The appearance or continued appearance of Chief Wole Olanipekun, SAN in this matter will compromise the integrity of the court or give the impression that the court is compromised and that no justice will be done by the court.

4. The involvement of Chief Wole Olanipekun, SAN in this Appeal for GTB will create an appearance of impropriety or such a fashion that will imperil the Court’s- Court of Appeal- status of legitimacy to enable the legitimacy of the court- court of Appeal- need to be maintained.

Recall that GTBank stole the sum of N560 Million from Innoson’s account. This resulted in Innoson commencing suit No. FHC/AWK/139/2012 against GTBank at the Federal High Court, Awka.

The court rendered judgment in favor of Innoson on 16th May 2013 in the sum of N4.7 billion with a 22% interest rate until it is fully paid.

GTBank appealed against the judgment in Appeal No: CA/E/288/2013 at the Court of Appeal Enugu Division.

On 9th December 2014, the Court of Appeal made an order that GTBank pays the judgment debt which then stood at about N6Billion to the Deputy Registrar of the Court for onward payment into an interest-yielding account.

Chief Wole Olanipekun is the Counsel to GTB in this appeal at the Court of Appeal.

Interestingly, in an email sent on 20th June 2022 to SAIPEM SPA by Wole Olanipekun & Co, the author of the email stated that “It will also reveal that the presence of our lead partner, Chief Olanipekun SAN, OFR, in the matter will significantly switch things in favor of SAIPEM. Chief Olanipekun SAN, OFR is currently the Chairman of the Body of Benchers which is the highest legal body in the Nigerian Legal Profession, made of the Supreme Court Judges, presiding Justices of the Court of Appeal, and Chief Judges of the State High Courts, including the Rivers State High Court.

In order words, Chief Olanipekun SAN OFR is the head of the entire legal profession in Nigeria.

Wole Olanipekun & Co. has also helped other multinationals, such as in the famous cases of MTN tax dispute, Shell Petroleum, Equinor (former Statoil) dispute, etc., avoid huge payouts in more complexes, sensitive and highly-political matters”.

The statement added that the boastful claim made to SAIPEM SPA by Wole Olanipekun & Co has generated a huge outcry and condemnation and made headlines in several media and this has propelled the Chairman/CEO of Innoson Vehicles to approach the Court to pray for an order of the Honorable Court to disqualify Chief Olanipekun, SAN in his capacity as a legal practitioner or counsel to GTB.

Thebe Ikalafeng, Founder and Chairman Brand Africa announced this on Wednesday at Eko Hotel, Lagos.

At the event, Africa’s Best 100 brands, drivers of Africa’s image, identity and reputation were celebrated.

Kenya Equity Bank and Ecobank emerged first and second respectively.

GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement.

Brand Africa was launched in 2010 with a Brand Africa FORUM, an intergenerational gathering of global and African decision makers, thought-leaders, influencers and youth on 16 September 2010 in South Africa immediately post the FIFA World Cup South Africa.