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Customers call out GTBank over irregular deductions

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GTBank customers on Saturday, took to their twitter handles to lament irregular deductions by the bank.

Tagging the bank’s official handles for explanations, the users complained that the charges, which ranged from Short Message Service, stamp duty to maintenance charges among others, remained unexplained.

A user, Ajibade Oluwabukunmi, posting screenshots of several SMS charges deducted, between N88 to above N1000 monthly, tweeted, “Why did @gtbank remove 18,628 from my account as SMS alert charge, who did I offend? Please who else is being extorted like this. @gtbank what’s the problem?”

“I woke up to over 20 debit messages from Gtbank, @gtbank @gtbank_help clarify why there are multiple debits. I can’t be the only one suffering this, a user, @OnuohaNneoma, lamented, while posting SMS alerts, which included two different debit alerts for one month, October to November.

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@Dhavidote said, “GT bank debit me 5h for maintenance, I need a good lawyer cause I’ll be pressing charges.”

Some others bemoaned how they were being charged from as far back as 2019.

A tweep complained about how he received multiple alerts for SMS charges from 2019 to date.

“Guys pls help me. It’s like it’s my turn today with @gtbank. So I woke up to multiple debit alerts for SMS charges from as far back as 2019 for about #4000. I dnt knw what’s happening but I know I need my money back. @gtbank_help This is nt the way to start a new month @cenbank,” the tweep, @Mhiz_QeeZ, posted.

“Dear, @gtbank @gtbank_help, kindly explain why the SMS alerts charges from that past years 2018, 2019, 2020, and 2021 are just being deducted from my money all at once today, I need to know,” @esty_buss said, posting transaction history dated April 2, but with several SMS charges from 2018 to 2022.

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“Please how much is stamp duty and how many times SHOULD a bank charge for stamp duty in one month? Because in the last one week, I’ve been debited for “stamp duty” 4 times. @gtbank_help, @MrOdanz tweeted.

Another tweep lamented how the customer helpline, always wasted time responding to calls, noting that the adverts and song being played on the call were not necessary.

“I honestly think @gtbank and other organisations should understand that contact centre is usually for emergency calls and therefore should have lots of personnel ready to pick up and attend to people. The idea of going through long queues or playing music or adverts is insane,” @urlovepartner said.

Several other tweets under the trend ‘Gtbank’ bemoaned deductions from the bank, which had recently changed its name to Guaranty Trust Holding Company PLC, also known as GTCO PLC.

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Elumelu says strong insurance sector foundation for strong Nigeria

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Tony Elumelu, CON, Chairman, Heirs Holdings and United Bank for Africa Plc (UBA), giving a keynote address at the recent 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) conference, underlined the importance of a vibrant, well capitalised and deep insurance sector to Nigeria’s economy.

“Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products, that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure and housing”.

Elumelu congratulated the NCRIB on its anniversary and the role it has played, joining other prominent guests including Commissioner for Insurance and the President of NCRIB. But he stated there was no room for complacency, with the sector needing to regain trust, stamp down on malpractice and fundamentally evolve its customer proposition to deepen the insurance penetration.

He emphasised the commitment of Heirs Holdings to the insurance industry.

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He said: “Our two insurance companies, Heirs Life Assurance and Heirs Insurance Limited, are both leading democratisation of access to insurance – which is a tool for financial inclusion, employment creation, poverty eradication and female advancement. In a country of two hundred million, we can, should and must be more relevant than we are today. I am an optimist, not a pessimist. I know that times are tough, but together we can, and we will transform our industry, create value, and provide solutions that demonstrate the value of insurance to our people.”

ALSO READ  Elumelu says strong insurance sector foundation for strong Nigeria

Reiterating Elumelu’s stance, Mr. Sunday Thomas, Commission for Insurance called for more collaboration and effort in enabling access to insurance, stating that the industry could do more in this prospect.

He said: “It is a fundamental truth that the insurance sector exists for other sectors to thrive. A lot has been achieved, but there is still more work to be done. Until insurance becomes the oxygen that homes and other industries breathe, and a subject that is known to everyone, we have not arrived”.

The President, NCRIB, Barrister Rotimi Edu, appreciated Elumelu for delivering the keynote speech at the event, while making a commitment on behalf of the Council to further deepen insurance penetration in Nigeria.

He said: “The Council is already creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country”.

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Heirs Insurance and Heirs Life are lead sponsors of the NCRIB 60th Anniversary, alongside investment group United Capital Plc and healthcare management company, Avon HMO, all investee companies of Heirs Holdings, a pan-African investment group, with a portfolio spread across 24 African countries and four continents.

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150 Years: FrieslandCampina Pays Tribute to Member Dairy Farmers

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To mark the end of its 150th anniversary year, FrieslandCampina presents its new short film, A New Day. The film pays tribute to the many generations of dairy farmers who have made FrieslandCampina what it is today; a dynamic, forward-looking dairy cooperative and a global company.

‘A New Day’ tells the story of the next generation of farmers, focused on the future of dairy farming with lots of passion and determination, while adapting to the rapidly changing world.

According to Hein Schumacher, CEO FrieslandCampina: “We are very proud of our farmers and our cooperative heritage. For over 150 years, our member farmers have always managed to adapt to what the market and society demand from them. By actively responding to evolving needs and constantly innovating, they have developed themselves into very innovative farmers.

“I have great admiration for the next generation of farmers, especially in these tense and uncertain times. They are building the future of sustainable dairy farming, with the same commitment and unwavering spirit as the many generations before them. This film is our tribute to all dairy farmers, young and old,” Schumacher said.

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Also commenting, Ben Langat, Managing Director, FrieslandCampina Sub-Saharan Africa said, “The story of our cooperative is a special one. ‘A New Day’ celebrates our farmers who are playing that critical role in bringing better nutrition to the tables of families across Sub-Saharan Africa. FrieslandCampina Sub-Saharan Africa salutes our farm heroes and remains steadfast in our commitment and support to the development and prosperity of our local dairy farmers.”

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The four-minute film tells the story of three young dairy farmers who are on a journey, sometimes literally, as they face dilemmas, make choices and emerge stronger, ready for a new day. The film shows the challenges they are facing in this rapidly changing world. ‘A New Day’ is the sequel to ‘The Story of Milk, produced in 2012, also by corporate cinema agency 1Camera.

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Watch it below.

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Asia’s richest man sees growing isolation for China

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Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness.

Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role.

Asia’s richest man said that “housing and credit risks” in the world’s second largest economy were also “drawing comparisons with what happened to the Japanese economy during the ‘lost decade’ of the 1990s.”

Adani was speaking less than a month after the business mogul became the world’s third richest man, according to the Bloomberg Billionaires Index. He is the first Asian to take that spot.

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The founder of the eponymous Adani Group controls companies ranging from ports to power.

While pessimistic about China, Adani remains bullish about his own country, saying that India is “one of the few relatively bright spots from a political, geostrategic, and market perspective.”

He anticipates India to become the world’s third largest economy by 2030, with “the largest consuming middle class the world will ever see.”

Some technology firms looking to reduce their dependence on Chinese manufacturing already see India as an attractive alternative.

On Monday, Apple announced that it has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous generations.

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Businesses may have to move away from China not just because of its strict Covid restrictions, which have been hurting supply chains for months now, but also because of rising tensions between Washington and Beijing over Taiwan.

The US government ordered two of America’s top chipmakers to stop selling high-performance chips to China earlier this month. And, last week, leaders of America’s biggest banks said they could exit China if it ever attacks Taiwan.

Adani also mentioned the challenges facing the United Kingdom, and countries in the European Union, because of the war in Ukraine and Brexit.

“While I expect all these economies will readjust over time — and bounce back — the friction of the bounce-back looks far harder this time,” he said.

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