EXPERTS CONDEMN GT BANK’S NEW CHARGES ON SAVINGS ACCOUNTS

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GT BANK has dispatched notifications to its customers informing them of new charges to be deducted from their saving accounts on same day transfers and withdrawals from saving accounts. The bank says

 

that with effect from 1 October, 2008, it will commence the deduction of commission of N5.00 for every N1,000 withdrawn on transactions involving N250,000 and above transferred from customer’s current account in the bank to the customer’s savings account on the same day.

The bank will also deduct N5 for every N1000 on cash withdrawal of N250,000 and above withdrawn from customer’s savings account on the same day of lodgement.

Banking industry analysts observed that commercial banks operators are becoming adept at maximising returns on banking services rendered to the public noting that it only takes a bank to introduce new set of charges only for other banks to adopt the charges introduced.

“All charges and deductions to be made by a bank on customers accounts, either current or savings are supposed to be ratified by the bankers committee and approved by the Central Bank. But it seems the banks now determine charges at their own convenience.” An analyst argued.

“With GTBank’s new charges, what is apparent is that they are trying to charge customers the cost of services rendered to current account holders. It is unfair especially for a customer who for whatever personal or business reasons decided to transfer money from his current account to his savings account in the same bank to be so charged. What it means is that such a customer is charged commission on transaction (COT) on the current account and at the same time sanctioned for transferring more than N250,000 from his current account and withdrawing up to N250,000 or more that same day. Now, if you add up the charges from that seemingly single transaction, which in real sense are actually two level transactions, the customer is losing N2500 from a withdrawal of N250,000. The withdrawal to the customer is an actual loss of one percent. I don’t think the Central Bank is aware of this. And if it is aware of it is yet to make a public statement on it.” The analysts said

 

Nobody at the corporate affairs unit of the bank was willing to present reasons for the new charges when Fortune and Class Weekly made enquiries at the bank’s Victoria Island head Office last week.

 

As reported by Fortune&Class Magazine.

 

MIKE ADENUGA SCREENS OUT DANGOTE, OTEDOLA, OTHERS FROM 55TH BIRTHDAY BASH

The likes of Aliko Dangote, Femi Otedola, Jim Ovia, Tony Elumelu and other business giants were not good enough to be invited to Globacom, Conoil and Equitorial Bank Chairman – Otunba Mike Adenuga Jnr’s private birthday bash.

The list initially drawn up by his sister who also chairs the board of ETB contained 80 names. Adenuga was shocked, he had a totally different picture of how he wants the day to look, he immediately reduced the unwieldy 80 names to a smart 20. His sister’s pleas that the names are pruned down to 50 would not move the business mogul.

After much pressuring, Adenuga decided to meet his sister the half way by adding 10 more names, to make the total no of invitees 30.

Venue of this very exclusive bash was Cactus Restaurant, a high class eatery which profiles the A-list rich as its clientele, you know the super rich only. Although, the lucky invitees were told to be there by 10pm, on Saturday, May 3, 2008, the celebrant showed up in his black Range Rover four wheel, heavily guarded by gun wielding mobile policemen and barrel chested bouncers, few minutes before 12 midnight.

He arrived beaming with smiles, shaking hands with the very few he considered friend enough to be with him at this extremely private bash.

Spotting a light brown top with complimenting trousers and shoes to match, he chose a vantage seat to the right which gives him an eagle eye view of the crowded restaurant. He was however seated backing the terrace outside, which may explain why an all black attired private security chap took a standing position with his eyes panning left, right, centre and back.

The event was anchored by Basket Mouth who made the business mogul laugh loud and threw light hearted banters at guests seated near him. Adenuga, in the course of the night, threw some barbs at the comedian in response to the comedian sharp reflection about him.

With light music oozing out of the box of Nigeria’s disk jockeying don, DJ Jimmy Jatt, guests were treated to the best of sea food and other delicacies, with choice wine, champagne and other expensive liquor to wash it down.

The surprises of the night was the performances of the award winning music stars, D’Banj and Pasuma, they both recently signed multimillion naira contract to become Glo Brand Ambassadors.

Though Adenuga acknowledged the music of D Banj by the nod of his head, he however, betrayed some excitement at the entry of Fuji golden boy – Wasiu Alabi Pasuma, he softly muttered his name P-A-S-U-M-A and even clapped.

Prior to Pasuma’s performance, with the support of D Banj and Wande Coal, rendered a sonorous birthday song as the select audience, moved by the rendition, stood up and chorused “… Happy Birthday To You.”

Basket Mouth really thrilled all. Much later, the dance floor was declared open …. Many danced excitedly to the old school music as compiled by DJ Jimmy Jatt.

Nduka Obaigbena (Publisher of Thisday) Niyi Adewunmi, Nduka Irabor (Press Secretary in the Babangida Administration’s Presidency) were some of the guests at the event.

Except for Modele Sharafa – Yusuf and Bode Opeseitan, other Globacom staffers and employees of Adenuga’s other companies were no where near the venue.

 

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