Governor Babajide Sanwo-Olu has been commended by a pro-democracy civil society organization for the approval of N85,000 minimum wage for state workers.
The Convener, Transparency Initiative Project Yemen Ngutor made this known in a chat with the newsmen on Thursday in Lagos, describing the approval as a right step in the right direction.
The group said the pronouncement was a welcome development at a critical time in the nation’s economy. Added that his actions aligned with the rule of law and insisting that welfare of workers is an essential part of the social contract.
“We thank Gov. Sanwo-Olu for upholding the rule of law to pay N85,000. The Rule of Law is implementing the Constitution of the Country, eradicating corruption, and promoting the Social contract between the government and people.”
Adding that “the welfare of workers is an essential part of the social contract, it is a cardinal aspect of it. The approval granted by the Governor to pay #85,000 is commendable,” He said.
Furthermore, Ngutor disclosed that” “The state governor knows the peculiarities of Lagos in transportation, accommodation, utility, and feeding; the workers and Lagosians pay more on all these.
“The N85,000 minimum wage is a welcome development and very much anticipated.
“This is a state that sets the pace for other states in Nigeria; the center of excellence, land of aquatic splendour, a cosmopolitan state, the economic hub of this country.
“We must thank the governor for wisdom in understanding that people who work in Lagos deserve a better wage,” he said.
It will be recalled Gov. Sanwo-Olu, made disclosed that Lagos state will pay N85,000 minimum wage to its workers, which is N15,000 higher than the N70,000 approved by the Federal Government in July during an interview on Channels Television earlier in the week.
Sanwo-Olu during the interview said that he wanted the people to know “that their government is working for them.
“It is not a competition, so I am not going to say we are paying more than some other people, it is a function of affordability and it is a function of capacity, but we know too well that when people live in Lagos, Lagos has a premium in terms of even the cost of living, we are fully aware.”

…faults CBN over failure to sanction

No fewer than seven Civil Society Organisations (CSOs) have called for the immediate suspension of the Group Managing Director and CEO of Guaranty Trust Holding Company (GTCO) Mr. Olusegun Julius Kosebinu Agbaje and the Board of Directors of GTCO and GTB to allow for a fair and seamless investigation of alleged economic and financial crimes.

The alleged crimes includes: money laundering, unsolicited accounts opening, round tripping, terrorism financing, criminal diversion of funds, manipulation and sundry financial and economic heist.

The CSOs led by the Convener, Civil Society Coalition, Comr. Igwe Ude-Umanta and National Coordinator, Empowerment for Unemployed Youth Initiative, Comr. Danesi Momoh, made the call while addressing newsmen on Wednesday in Abuja.

While noting that both the United Kingdom and Ghana had wasted no time in sanctioning GTCO and GTB, the CSOs were appalled that the Central Bank of Nigeria (CBN) failed to live up to its mandate of sanctioning erring banks and financial institutions operating in the country.

According to the CSOs, they CBN has no excuse as they were available evidences and facts to the allegations being levelled against GTCO the CBN could work on to save both the bank, depositors and shareholders.

They said: “The moment, the Guaranty Trust Bank (GTB) announced a profit before tax of N1.004 trillion, many critical observers while congratulating them, felt justifiably dubious about such exponential gain margin. This claimed profit represents an increase of 206.6% over the N327.4 billion of the corresponding period ended in June 2023. It therefore looks more like proceeds from a Ponzi venture, rather than regular bank practices and economics.

“It was therefore not very surprising to many keen watchers of the banking sector when various Civil Society Groups, especially Global Integrity Crusade Network (GICN) appeared before the public with damning evidence-backed report about an alleged involvement of Guaranty Trust Holding Company (GTCO) and Guaranty Trust Bank (GTB) in massive economic and financial crimes which have attracted sanctions against them in the United Kingdom (UK) and Ghana. The report detailed very specific incidences and material facts of transactions which are in breach of several financial laws of Nigeria and also raise reasonable suspicion of money laundering, terrorism financing, round tripping, criminal diversion of funds and manipulation against GTCO and GTB.

“Also, following a petition by Alhaji Yusuf Kabiru of Arewa Consultative Youth Movement, the Nigerian House of Representatives has waded into the matter to further ascertain the level of involvement or otherwise of GTB and its associates/affiliates. This is to underscore the level of urgent importance the resolution of this matter is to the country.

“Sadly and strangely however, the Central Bank of Nigeria (CBN) whose express mandate it is to sanction erring banks and other financial institutions has remained “loudly” silent and maintained a stone cold indifference to a matter of an allegation of quantum criminal scale in the financial sector.

“The CBN should act decisively and transparently now! If these alleged fraud has happened under the nose of the CBN, it is unfortunate. Also, if CBN is slow, indifferent or partial in acting effectively and effectually, then it is a tragedy.

“The CBN has no excuse in examining these allegations and available facts, with a view to acting to save the GTB as a bank, hapless depositors and innocent shareholders. GTB under Olusegun Julius Kosebinu Agbaje (Segun Agbaje) is fast acquiring a domestic and global notoriety unbecoming of and too dangerous for a bank in an era of growing terrorism, thriving on illicit financial flows.

“For the records, let us state that while we await the results of credible investigations into this, there are already facts and documents against GTCO/GTB (as made available to us) to establish that all is not well. For instance, contrary to the denial of GTCO/GTB that the allegations brought forward by GICN are false, a document issued out to staff on August 23, 2024 and signed by one Joseph Balogun of Customer Escalation Resolution, Customer Experience Management admits the issue of Unsolicited Accounts Opening, which he merely cautioned staff of its consequences, but did not take any action to remedy it and sanction the offenders. The document is hereby attached.

“It is important to state herein, that apart from breaching the provisions of BOFIA, Unsolicited Accounts Opening is in clear breach of Regulation 1:11 of Central Bank of Nigeria Regulatory Framework for Bank Verification Number Operation Watch List for the Nigerian Banking Industry, 2021 as it affects Security and Data Protection. The criminal action is also in breach of various provisions of the Nigeria Data Protection Act, 2023, particularly Sections 36, 39 and 40.

“Report of United Kingdom (UK) Based Private Investigators on GTB Transactions Account for the year ending 2011, 2012, 2013, 2014, 2015, 2016 and 2017 for the banks operations in the UK is equally as instructive as it is damning. The report show that GTB violated extant laws; especially the Financial Services Authority (FSA) Regulations in the UK; Economic and Financial Crimes Commission (EFCC) Establishment Act 2004 and Nigeria Financial Intelligence Unit (NFIU) Money Laundering Regulations.

“The Independent Audit prove that under the period reviewed, suspicious transactions which in their opinion violate the Money Laundering Regulations, worth over N1 Trillion and Millions of USD, GBP and CHF were done using about 49 Bank Accounts and 66 individuals and corporate bodies. These transactions involve In and Out transactions, which is depositing monies and collecting them by the same persons, usually on the same day or a few days intervals. They also involve absence of transaction descriptions and in some cases, transaction types; currency specification, address, receivers’ account numbers, dates and such other details necessary in knowing a genuine bank transaction.

“In all, it is obvious from the report already that GTB is in breach of Regulations 18-19 of the Regulations for the Implementation of Targeted Financial Sanctions on Terrorism, Terrorism Financing and Other Related Measures, 2022. Also, the transactions indicate a blatant and conscious breach of Sections 4 (1-10), 9, 13, 18, 23 and 33 of Central Bank of Nigeria (Anti-Money Laundering and Combating Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulation, 2013. These are due to the fact that transactions are made without recourse to relevant regulations, because they have been alleged to be illegal.

“In the absence of any clear rebuttal so far, we contend that the allegations of money laundering, terrorism financing, round tripping, criminal diversion of funds, manipulation and other economic and financial “heist” levelled against the GTCO and GTB have enough substance to cause an immediate investigation and sanction.

“It is really suffocating that it will have the Civil Society and Media screaming and demonstrating for this level of alleged crime to be addressed. Sanctions were given elsewhere for violation of extant laws and regulations. But here in Nigeria, even to investigate an allegation has become a struggle.

“We also firmly demand the immediate suspension of Mr. Olusegun Julius Kosebinu Agbaje (Segun Agbaje) and the Board of Directors of GTCO and GTB to ensure that investigation is not in anyway obstructed. GTB must not fail and should not be a channel for illicit financial flow. The struggle is on, and the judgment of posterity will be on the CBN and its present leadership.”

Woodhall Capital, in partnership with the UAE Consulate General in Lagos, hosted the “UAE-Nigeria: Investors’ 1st Meeting” at the Lagos Continental Hotel, aimed at fostering business ties between Nigeria and the UAE. The exclusive forum provided a platform for top Nigerian business leaders to engage with UAE government officials and explore new investment opportunities.

Woodhall Capital founder, Moji Hunponu-Wusu, emphasized the UAE’s commitment to supporting Africa, noting the firm’s success in raising nearly half a billion dollars in funding from Middle Eastern banks. She also announced plans to open an office in Abu Dhabi, further strengthening UAE-Nigeria relations.

The UAE Consul General in Lagos, Dr. Abdulla Al Mandoos, highlighted Nigeria’s strategic importance and the UAE’s focus on fostering economic partnerships. He praised the potential for mutual growth and outlined the UAE’s favorable investment environment, citing strong infrastructure, access to global markets, and a stable economy.

The forum also provided a space for Nigerian industry leaders to discuss their business needs and collaborate on energy, trade, and development initiatives, signaling a bright future for UAE-Nigeria business relations.