Re: GUARANTY TRUST BANK in N30 billion scam ...MD buys properties with laundered money

Dear Publisher,

We refer to the publication posted on www.pointblanknews.com titled “Guaranty Trust Bank in N30billion scam” in which libelous allegations of Fraud and Money Laundering were made against our bank and its Managing Director and wish to categorically express our shock and displeasure at the extent of misrepresentation contained in this write up and hereby state unequivocally that:

We therefore refute the entire details contained in this publication as malicious, baseless and untrue.

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Guaranty Trust Bank has over the years, maintained an enviable reputation built on a solid foundation of integrity, professionalism and excellent corporate governance practices. Being a publicly quoted company with a highly diversified ownership structure, the Bank is committed to improving shareholder value through the transparent conduct of its business which is benchmarked against international best practices.

The Bank conducts its businesses in strict adherence to the principles of the Code of Corporate Governance for Banks in Nigeria and also the Code of Best Practices as issued by the Central Bank of Nigeria and Securities and Exchange Commission which are designed to ensure accountability of the board and management to stakeholders.

The Bank is governed by a framework that facilitates checks and balances and ensures that appropriate controls are put in place. The Corporate Governance Practices of the Bank are designed to ensure accountability of the Board and Management to stakeholders.   

Our Managing Director; Mr. Tayo Aderin okun is a thorough bred professional who is an astute promoter of the principles of ethics and integrity. He holds a first degree in Business Administration from the University of Lagos and an MBA with special concentration on International Business from the Graduate School of Management, University of California, Los Angeles.

Based on his distinctive pedigree, he has through a combination of brilliance, remarkable leadership skills and innovative drive, continued to position the bank as a leading financial institution in the country.

He was among the pioneer staff of GTB; an institution which has remarkably over the last 18 years, spearheaded a positive spirit in Nigeria’s banking industry earning domestic and international credibility for Nigeria in the process.

His exemplary leadership and clear business vision has seen the bank being rewarded with several enviable awards and recognitions by credible organizations some of which are the Nigerian Stock Exchange President's Merit award in 1996, 2000, 2003, 2005 2006 and 2007. Also in 2005, the Bank was runner-up for the quoted company of the year award.

In 2008, our bank was voted the Most Customer Focused Bank in Nigeria by KPMG. Preceding this was the Most Customer Centric Bank award by Phillips Consulting Limited (Web Jurist) and the Most Respected Bank in Nigeria by Price Waterhouse Coopers in 2006. In the same vein in 2007, the Bank was awarded the Most Respected Company in Nigeria by Price Waterhouse Coopers. These enviable recognitions are not limited to the bank alone as in 2005; our Managing Director was awarded The Banker of the year award at the Thisday award for excellence.

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Our bank also possesses a long history of firsts having being credited with the ground breaking feat of being the first Nigerian Company and first African bank to be listed on the London Stock Exchange via our undertaking a US$750 million Global Depositary Receipts (GDR) offering in July 2007 . Earlier in the same year, the Bank had entered the history bo oks as the first Nigerian institution since the early 1990s to venture into the international capital markets and raise funds in a Regulation S Eurobond issue with a $350 million Eurobond issue.

Based on the fore-going, you will agree with us that this libelous publication as it relates to our bank is based on falsehood and could cause our bank serious reputational damage. In line with the professional ethics of journalism, we can only be assuaged by the publication of a retraction and apology to the bank and Mr. Tayo Aderinokun.

As we await your corrective actions, we would appreciate it greatly if in the future, efforts are made to verify your facts thoroughly in order to avoid the damage such wrongful publications can inflict on the reputation of individuals and organizations. Please find below our contact details for all future enquiries.

Thank you for your co-operation.

FEMI ADENIRAN

Communication & External Affairs

Phone number/Fax: 01-2715227

Mobile number: 0803-3009984

E-mail: corpaff@gtbank.com,femi.adeniran@gtbank.com

 

Editor’s note:

While we stand by our story, Mr. Aderinokun has not addressed the salient issues raised in the reports. Pointblanknews.com believes in the integrity of the art of Journalism which was why all sides were fairly reflected. In an age when it has increasingly become fashionable to systematically cajole and coerce professional reporters into tendering baseless apologies, we want to state without mincing words that Mr. Aderinokun owes Nigerians more than mere scratchy dismissive antics. He should explain his role and that of the Bank over the serious allegations.