Talks of cash liquidity
problem is afflicting financial institution Guaranty Trust Bank.
Here are the details
It’s a bauble after all;
the enormous number of false conceits, Utopias, mystical explanations,
suspicions, and megalomaniacal fantasies, are disappearing in contact with
hard, cold reality. None of it is real, like the mock scepter of a Victorian
court jester.
This is about none other but the forced recant of Segun Agbaje,
Managing Director (MD), Guaranty Trust Bank and his frantic instruction to
senior staff of GTB to cut down on frivolous expenses.
Agbaje issued the
desperate directive in the wake of the recent plunge in the value of the naira.
Like all other sectors of the economy, the plunge in the value of the naira has
begun to bite hard GTB and the banking sector in general.
Consequently, Agbaje has
issued a strict directive to curb wasteful and avoidable expenditure on
projects that are not approved by him. As a result, senior staff of GTB bemoan
the end of their frivolities; they can no longer embark on their frequent trips
outside the country, as Agbaje has suggested “Skyping” as a substitute for
their numerous trips abroad to attend business meetings. Agbaje also instructed
that any expense on media and advertorials must be approved by him. All
is certainly not well with the banking sector
...thecapital
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