Business
Segun Agbaje: Using Fairs To Redefine Retail Banking
Segun Agbaje: Using Fairs To Redefine Retail Banking
Segun Agbaje, the managing director/CEO of Guaranty Trust Bank (GTBank), is not a popular man. To many, he is aloof, too strait-laced, not your typical run-of-the-mill Nigerian. As one of Nigeria’s foremost bankers, he has a reputation for running a tight and efficient ship, is unflinching in his pursuit and recovery of loans from the country’s systemically chronic debtors who have a sense of entitlement believing that they can borrow depositors’ funds without paying back, and does not give a hoot about those critical of his take-no-prisoners approach to banking.
In the media space, he does not seek publicity, he lets his work speak for itself, could not care less if his story or photograph makes the front page of the newspapers, limits his bank’s advertising spend to what he believes is necessary to market and promote GTBank to a wider audience, and through NdaniTV and Ndani Blog understands the power of the social media in reaching out to youths that make a larger percentage of Nigeria’s and regional demographic where the bank operates.
To me, Agbaje is the ideal banker. He is not my friend and we only interact sparingly and strictly professionally as the need arises. Yet, I cannot help but wish that we had more bankers like him in this country. If we did, fewer Nigerian lenders would have to make provisions for unpardonable impairment charges on bad loans given to delinquent debtors, fewer banks would engage in reckless insider lending that threaten their capital adequacy and liquidity ratios, more banks would recognise that they have a fiduciary responsibility to manage their customers’ deposits with care, and more banks would know how to sweat their assets in the most cost-efficient manner to make the most attractive returns to their shareholders.
In all the key parameters used in defining the size of banks, GTBank, among the five Tier 1 banks in the country, is not by any stretch of imagination the biggest. In terms of total assets, loans and advances, customer deposits, number of branches, and presence on the African continent and beyond, FirstBank, Zenith Bank and United Bank for Africa (UBA) stand head and shoulders above GTBank. By Nigerian standards, the “big three” could be called banking behemoths and are very difficult to supplant. Still, GTBank, with its cost optimisation strategy, asset quality and stability ratios, among others, has over time proved to be the most profitable bank in the country. Its stock has remained the bellwether in the banking segment of the Nigerian bourse for years, signposting the confidence institutional and individual investors have in the bank.
But this article is not about GTBank’s financial performance. Its annual and quarterly reports, including those of its peers, are public documents that can be readily accessed for in-depth comparative assessment. What I have found more interesting about the bank is its focus on corporate social responsibility (CSR) and interventions in key economic sectors targeted at strengthening small businesses through not-for-profit fairs and capacity building initiatives. For two years in a row, GTBank has solely funded and hosted its Food and Drink Fair and Fashion Weekends, making them social and tourist events that feature prominently on Nigeria’s social calendar.
That is not to say that the bank has not focused on other areas of CSR. Its 2016 annual report showed that GTBank spent about 58 per cent of the N449.62 million of its CSR funds on education alone while community development accounted for another 30.8 per cent.
But it is GTBank’s focus on food, drink and fashion that have been the most impactful publicly, bringing together scores of promising, talented and recognised local and international chefs and food vendors, drinks makers and merchants, fashion houses, milliners, fashion accessory designers and leather goods makers in a dizzying, well-put together and well-thought out extravaganza that leaves the public yearning for more.
Both events, which are open to the public, have been attended by several thousands of people, including children, for two years running that have left attendees breathless and wondering how the bank manages to package the two fairs in areas where it has no competencies.
The trick, says Agbaje, whom I had to hound to open up on the success behind both fairs, is getting and attracting the best participants and controlling costs by getting the bank to work directly with the contractors who have to build the stalls, decorate the venue, create play areas and cooking classes exclusively for children, and provide the music, etc., during both fairs; no middlemen or consultants are used by the bank. For him, the fairs present an opportunity for GTBank to deepen its footprint in the retail banking space and increase its SME lending from 2 per cent of the bank’s loan book to 10 per cent over the next five years.
With time, he would also rather extend more loans to small and medium-sized businesses that are more impactful on the economy and achieve a loan recovery rate of 70-80 per cent, than pursue Nigeria’s so-called “big men” with woeful credit track records. Although he was demur about what it costs his bank to host both events, he was emphatic that making money at this juncture is not the overdriving objective, at least not in the short-term, but recognises the long-term benefits not just for GTBank but other Nigerian lenders.
Beyond this objective and given the magnitude of both fairs and their potential to grow into annual events that could attract millions from across the global, Agbaje’s vision is not one to be trifled with. Already, the GTBank Food and Drink Fair and the GTBank Fashion Weekend create thousands of direct and indirect jobs and referrals for hundreds of young Nigerians who have to build the stalls, decorate the venue, and provide the music, entertainment, security and other support services to make them a resounding success. And they have the potential to create even more.
Aside the suppliers, vendors and designers that make brisk business and achieve record sales during the fairs, the Master Classes included in both events are helping to build capacity and drive innovation in the creative industry that has proved to be a major magnate for Nigerian and African youths. By bringing them under one roof, GTBank has also provided a platform for shared services and given them the exposure that help these small businesses to grow and create more employment opportunities.
Without doubt, both fairs are worthy initiatives. But they could be better. In the last two years, GTBank has handled both fairs singlehandedly without support from other institutions and/or the Lagos State government, a direct beneficiary of the events and their spin-offs. In 2016, the food and drink fair alone attracted 25,000 people; this year, it attracted 75,000 people. I do not have the numbers for the bank’s fashion weekends, but I can imagine that the number of visitors will not be far off from those who attended the food and drink fairs.
Given the swelling numbers, both fairs have already started to cause traffic gridlocks on the days they are held. They are also attracting touts and hoodlums who mill around the roads leading to the venue and try to pounce on unsuspecting visitors as they alight from their cars or walk to the venue. On a positive note, big and boutique hotels, restaurants and food caterers on the Lagos Island experience an upsurge in occupancy rates and patronage by participants and the international media who have flown in to take part or cover the events. All these translate to more tourist dollars, taxes and revenue generation for the federal and Lagos State governments.
The import of this should not be lost on the federal and Lagos State governments.
They have to do more than just show a passing interest in what GTBank has started.
Given the potential for both fairs to become global destinations for tourists and visitors on the African continent, Lagos State in particular needs to improve on its infrastructure in and around the venue where both fairs are held. It must improve on traffic management and security to ensure that visitors can move about with ease and feel secure. According to Agbaje, in terms of support, the state government has not yet stepped up to the plate, nor has his bank sought for any. But he does acknowledge that with time, GTBank will have to reach out to Lagos State because of the interest both fairs are generating in terms of attendance and participation.
Right now, Agbaje appears to be satisfied with what his bank has accomplished in terms of bringing both fairs to the public’s consciousness. But do the federal and state governments understand the roles that they have to play in institutionalising them and ensuring that they outlast his stewardship in GTBank? Cities like Rio de Janeiro, London, Paris, New York and Melbourne that host major sporting, fashion, carnivals, music and film festivals every year, attracting thousands of visitors do not owe their success just to corporate sponsors but to the municipalities, state and federal governments that understand their roles and lend the required support to the private sector. As such, Lagos State needs to buy into the GTBank fairs as a public-private partnership that can and should work.
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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