Between Segun Agbaje and Toyin Subair: How GT Bank Crippled HiTV Dream



You couldn’t have forgotten so soon, many years ago, inside the massive banking hall of GT Bank, Toyin Subair wept and wailed. Yet nothing happened. Toyin was down and out, grunting and growling, but the bankers were ready to fight to the finish.

Indeed, in the complex corridors of Nigerian power and business, tables often turn, and those once perceived as underdogs can quickly rise to newfound prominence. Such is the case of Toyin Subair, the former HiTV boss, who has re-entered the political elite as the Special Assistant on Special Duties and Domestic Affairs to President Bola Tinubu. Once ruthlessly hounded by Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company (GTBank), Subair is now determined to use his newfound clout to repay Agbaje for the calculated destruction of his once-promising digital satellite broadcaster, HiTV.

Subair’s ascension to the presidency’s inner circle has rattled Agbaje, whose insidious role in bringing HiTV to its knees is widely known. What was once a professional and financial downfall for Subair has transformed into a determined vendetta. With the tables now turned, Subair is poised to extract his pound of flesh from the GTBank boss, using his leverage to settle the score.

Agbaje’s Role in HiTV’s Collapse: A Plot of Financial Ruin
HiTV was once a beacon of innovation in Nigeria’s media landscape. Launched with the ambitious goal of bringing premium football leagues such as the English Premier League and UEFA Champions League to millions of Nigerians, HiTV held a unique position as an indigenous digital broadcaster that was competing with global media giants. Its visionary founder, Toyin Subair, was widely hailed as a trailblazer in the media industry.

However, Segun Agbaje saw an opportunity not to support Subair’s promising enterprise, but to exploit and eventually crush it. Under the guise of financial assistance, GTBank extended a series of loans to HiTV between 2007 and 2010. The N9.5 billion loan package was structured not as a genuine lifeline, but as a trap—a set of onerous terms that would suffocate the company’s cash flow and make it impossible to meet its obligations.

What followed was a carefully orchestrated financial downfall. The loans were designed to bleed HiTV dry, with crippling interest rates that drained the company’s resources. Agbaje, in his role as GTBank’s chief, weaponized the bank’s facilities to ensure HiTV’s inevitable collapse. It wasn’t a failure of business on Subair’s part; it was a deliberate and calculated plot by Agbaje to eliminate HiTV as a business rival.

By 2011, HiTV had crumbled under the weight of its debts. Agbaje’s shrewd manipulation of financial instruments, paired with GTBank’s ruthless collection tactics, ensured that Subair would never reclaim the dream he had built. Agbaje’s successful exploitation of HiTV stands as a grim case study in how far some banking executives will go to assert control and crush competition.

Corporate Warfare: How Agbaje Weaponized GTBank and Law Enforcement

Agbaje’s destruction of HiTV wasn’t limited to financial instruments alone. When the company began to falter under the weight of its debts, he ramped up pressure through more aggressive and overt tactics. With HiTV on the verge of collapse, Agbaje called in the debts and unleashed a barrage of lawsuits against Subair and his company. Legal petitions flooded the courts, and Subair found himself embroiled in a vicious legal battle, while HiTV was buried under an avalanche of litigation.

Agbaje’s cunning extended beyond the boardroom and into the legal sphere. Leveraging his influence over law enforcement and legal agencies, he ensured that HiTV would have no chance of recovery. Law enforcers and banking regulators, seemingly bent to his will, became instruments of HiTV’s demise. Subair, once a celebrated entrepreneur, was left helpless as Agbaje systematically dismantled everything he had built.

Pundits argue that if Subair had been more cautious and courageous, he might have found a way to defy Agbaje’s vampiric tactics and reclaim HiTV. But Agbaje’s elaborate scheme left little room for maneuvering. The GTBank chief’s playbook for exploiting corporate clients was perfected to such an extent that few could withstand his onslaught.

Agbaje’s Reputation as a Corporate Villain
In many circles, Agbaje’s reputation as a shrewd but morally bankrupt banking executive has only grown since his success in neutralizing HiTV. His modus operandi—extend generous loans under predatory terms, then crush the debtor when repayment becomes impossible—has been employed in multiple instances, with Subair’s case being one of the most publicized.

Agbaje’s track record of exploiting and extorting promising entrepreneurs has earned him the image of a corporate thug—someone more interested in financial domination than in legitimate business growth. As critics point out, he has turned GTBank into a weapon of financial destruction, targeting companies like HiTV, only to leave them in ruins while the bank walks away unscathed.

The collapse of HiTV was not an isolated event but part of a broader pattern of corporate treachery. Agbaje, through his shadiness and corporate criminality, has positioned himself as a figure more feared than respected in the world of Nigerian banking. His critics argue that his success comes not from brilliance or innovation, but from his ability to manipulate financial systems to serve his personal ambitions at the expense of others.

Subair’s Return: Poised for Payback
Fast forward to today, and Toyin Subair is no longer the defeated entrepreneur licking his wounds after the HiTV collapse. As a close aide to President Bola Tinubu, Subair has regained his footing and now wields significant influence in Nigeria’s political high society. This newfound relevance has become a source of anxiety for Segun Agbaje, who must now reckon with the possibility that Subair will use his position to seek retribution for the destruction of HiTV.

Pundits speculate that Subair is leaving no stone unturned in his quest for payback. The scars of HiTV’s collapse remain fresh, and Subair’s determination to even the score has only grown stronger over the years. Now, with the backing of the country’s highest office, Subair is in a position to bring Agbaje to book for the calculated corporate warfare that ruined his digital broadcasting dream.

Agbaje, once the predator in control, may now find himself vulnerable as Subair eyes the opportunity to extract his pound of flesh. The former HiTV boss is poised to turn the tables, using every tool at his disposal to ensure that Agbaje faces the consequences of his ruthless tactics. For Subair, this isn’t just about financial retribution—it’s about justice for a dream destroyed and a legacy stolen.

As Agbaje continues to face public scrutiny for his role in the collapse of HiTV, the rise of Toyin Subair serves as a stark reminder that power dynamics can shift dramatically. And for Segun Agbaje, the reckoning may have only just begun.

https://catachnewsng.com/2024/09/20/between-segun-agbaje-and-toyin-subair-how-gt-bank-crippled-hitv-dream/

SportyBet In Trouble As Aggrieved Customers Petition EFCC, FIID, SFU, FCCPC, Others Over Non-payment of N950m Winnings

Betting site, SportyBet would have to do a lot to convince sport-betting to continue to place bet with it.

This medium can confirm that many sport-betting lovers have decided not to place bets with the betting company again.

Investigation by revealed that many customers have been complaining about their winnings not paid while many were not given access to operate their accounts.

This was even as Betner’s recent controversy with Sportybet over some issues raised concerns about potential inadequate customer service.

One user, who began using Sportybet in November 2023, claims to have initially deposited N5 million . After successfully growing his account balance to nearly N18 million following successive winnings, he could no longer access his account as Sportybet had locked him out.

“I have been in contact with their customer care agent since then and anytime I provide the documents they requested from me, they will request for more ridiculous ones. The last request was my international passport.

“I have pleaded and begged them to reopen the account to no avail,’’ the man, Anthony Anozie, said.

This experience appears to be far from unique.

Several other users have come with similar stories.

One described having his account locked despite submitting requested document like bank statements. Communication with customer service has reportedly ceased entirely, leaving them with no answers and trapped funds.

“My problem with Sporty Bet is that my account has been locked for some time now and they refused to open it.

“I have sent the required documents their customer care agent asked me to send via email yet my account remains locked. Please I would like my account to be reopened. Thank you”, Aleke Esther shared her experience.

Another user specifically highlights the issue of account frozen upon attempting withdrawals.

They claim Sportybet requested verification documents like bank statements and even a passport, which were all submitted, yet their account remained frozen.

This user, along with many others, described months of unanswered calls, emails, and chats with customer service representatives offering no solutions. These accounts paint a concerning picture of potential customer exploitation. Locked accounts, unresponsive customer service, and seemingly arbitrary verification requests raise serious questions about Sportybet’s practices.

SportyBet attempted to justify their actions by alleging that the customers used “bot technology” and “illegal automated bets”, which prevented them from either getting their winnings or have access to their accounts.

However, independent IT experts have debunked these claims, raising questions about the legitimacy of SportyBet’s defense

As more users come forward, the need for a thorough investigation into these allegations becomes increasingly clear.

The need to involve anti-graft agencies and other regulatory bodies became imperative.

It was on this basis that over 100 customers of the online sports betting platform, SportyBet, who were refused payment of their winnings totaling over N950 million and access their accounts, took a decisive action in response to the company’s claims of fraudulent activity. This follows recent reports from IT experts who cast reasonable doubt on SportyBet’s accusations.

Unhappy with SportyBet’s explanation for withholding winnings, a group of affected customers have filed petitions with the Economic and Financial Crimes Commission (EFCC), the Police Special Fraud Unit (SFU), the Force Intelligence and Investigation Department (FIID), the National Data Protection Commission (NDPC), Federal Competition and Consumer Protection Commission (FCCPC) and National Lottery Regulatory Commission (NLRC).

The customers’ petitions, coupled with the IT experts’ findings, paint a concerning picture for SportyBet. These actions suggest the customers may have been unfairly denied their winnings. By seeking intervention from relevant authorities, the customers hope for a thorough investigation and a fair resolution.

The involvement of the EFCC and the Police Special Fraud Unit highlights the seriousness of the situation. These organizations specialise in tackling financial crimes and fraud. Their involvement suggests a deeper look into SportyBet’s practices may be necessary.

The customers deserve clear explanations and transparency from SportyBet. With independent experts raising doubts about fraudulent activity, the responsibility falls on SportyBet to provide concrete evidence to justify their actions.

Customers who play by the rules deserve fair treatment and to receive their rightful winnings. The outcome of this case will be closely watched, as it has the potential to set a precedent for future disputes.

https://www.airwavesreport.com/news/sportybet-in-trouble-as-aggrieved-customers-petition-efcc-fiid-sfu-fccpc-others-over-non-payment-of-n950m-winnings

Zenith Bank Chairman Jim Ovia Acknowledges Fraudulent Transactions, Seeks Out-of-Court Resolution with Femi Otedola
Authoritative sources within Zenith Bank have confirmed that billionaire businessman, Femi Otedola, and the Chairman of Zenith Bank PLc, Mr Jim Ovia, have successfully settled their disagreement out of court.
It was however gathered that the two businessmen agreed to resolve the matter amicably, so as not to jeopardise their years of harmonious business and personal relationships. The out-of-court settlement was a sequel to the dismissal of the case by the court on Thursday, June 13, following an application for withdrawal by Otedola
While the terms of the resolution remain confidential, sources privy to the development hinted that the businessmen embraced alternative dispute resolution so both parties could preserve their professional relationship and continue to grow their respective ventures.

https://www.thecapital.ng/out-of-court/

Zenith Bank Founder, JIM OVIA BEGS OTEDOLA FOR OUT-OF-COURT SETTLEMENT OVER ALLEGED FRAUDULENT TRANSACTIONS


In a surprising turn of events, Zenith Bank has reached out to billionaire businessman Femi Otedola, urging him to consider an out-of-court settlement in the ongoing dispute over what he has described as "fraudulent" transactions.
The banking institution's plea comes after Otedola publicly accused Zenith Bank of being involved in unauthorized transactions that allegedly led to substantial financial losses. The renowned entrepreneur had initially threatened legal action against the bank, raising the stakes in a high-profile confrontation.
In response to the escalating tension, Zenith Bank has reportedly extended an olive branch to Otedola, expressing a willingness to engage in discussions aimed at resolving the matter outside of the courtroom. This unexpected move marks a significant shift in the dynamics of the dispute, hinting at a potential desire to avoid protracted legal battles and the associated public scrutiny.
The allegations made by Otedola have sent shockwaves through the financial sector, prompting widespread speculation and concern about the potential impact on Zenith Bank's reputation and business operations. The prospect of a settlement could offer both parties an opportunity to address their grievances in a more discreet and amicable manner.
Observers have noted that the decision to pursue an out-of-court settlement reflects a strategic maneuver by Zenith Bank to mitigate the fallout from the controversy and protect its standing in the industry. By seeking to resolve the dispute through private negotiations, the bank may be aiming to contain any further damage to its corporate image and reassure stakeholders about its commitment to addressing contentious issues responsibly.
While the details of any potential settlement discussions remain undisclosed, it is clear that both Zenith Bank and Femi Otedola are now facing a critical juncture in their interactions. The outcome of their deliberations could have far-reaching implications for the broader financial landscape, shaping perceptions of corporate accountability and dispute resolution practices.
As the saga unfolds, industry analysts and interested parties are eagerly awaiting further developments, eager to see whether Zenith Bank and Otedola can find common ground outside the courtroom. The prospect of an out-of-court settlement looms large as a pivotal moment in a controversy that has captured widespread attention within Nigeria's business community.
The resolution of this dispute through an out-of-court settlement could set a precedent for how similar conflicts are managed in the future, underscoring the importance of constructive dialogue and compromise in navigating complex financial disagreements.
As the story continues to unfold, all eyes are on Zenith Bank and Femi Otedola, as they navigate the delicate terrain of dispute resolution and seek to chart a course that aligns with their respective interests and responsibilities.

SportyBet Faces Allegation Of Withholding Customers’ Winnings Worth About N1bn As Nigerians Demand EFCC Probe


Online sports betting platform, SportyBet, has been accused of withholding payment of some of its customers’ winnings totaling N960,550,000 (nine hundred and sixty million, five hundred and fifty thousand naira), and deactivated their accounts without explanation.

The development has led the 114 SportyBet customers to seek the legal services of a Lagos-based lawyer, Kunle Bamidele of Prolex Solicitors, to file petitions with the Economic and Financial Crimes Commission (EFCC); Special Fraud Unit; Police Force Intelligence and Investigation Department; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Regulatory Commission (NLRC) and others.

Speaking with the press on the behalf of the affected 114 customers of the betting company, Bamidele Said his client are taking a strong action in response to the company’s claims of fraudulent activity as to why they were refused payment of their winnings totaling over N960,550,000 and restricted access their accounts.

Asked if the legal representative of the aggrieved customers have exchanged correspondence with SportyBet over the issue, Bamidele said the company has been contacted but they are not forthcoming with reasonable responses.

“Yes, I can tell you that, unhappy with SportyBet’s explanation for withholding winnings, the group of affected customers have mandated our law firm to file petitions with the Economic and Financial Crimes Commission (EFCC), the Police Special Fraud Unit (SFU), the Force Intelligence and Investigation Department (FIID), the National Data Protection Commission (NDPC), Federal Competition and Consumer  Protection Commission (FCCPC)  and National Lottery Regulatory Commission (NLRC).

“Recall that SportyBet previously attempted to justify their actions by alleging the customers used ‘bot technology’ and ‘illegal automated bets.’ However, independent information technology experts have debunked these claims, raising questions about the legitimacy of SportyBet’s defense. Could it be that the operators of SportyBet are engaged in money laundering because from our investigations, they are not even Nigerians”, he said.

“The actions of SportyBet suggest the customers may have been unfairly denied their winnings.

“By seeking intervention from relevant authorities, the customers hope for a thorough investigation and a fair resolution,” he said.

The legal representative noted that the involvement of the EFCC and the Police Special Fraud Unit highlights the seriousness of the situation.

According to him, “These organizations specialise in tackling financial crimes and fraud. Their involvement suggests a deeper look into SportyBet’s practices may be necessary.

“We are also alerting the INTERPOL to be on the watch out. Nigeria is a country that frowns at maltreatment of its citizens and financial crimes are very serious offense that must be stopped.”

Debunking the possibility of access of third party into the accounts of his clients, Bamidele said: “It is impossible for anyone to create odds on their platform without having the password or access to the backend. Unless the operator is claiming collusion with members of its own team, it’s just a very unlikely event and in fact– it is impossible since the Sportybet employees themselves don’t even have access to the odds as they come from big international suppliers through API connections and any attempt to alter that would have logs that would show any infringement.”

“Honestly I can’t imagine how any syndicate could do that in general. The odds are being provided by huge international sportsbook providers, most of them have people monitoring the security and fixed games round the clock. But even then the people don’t have any influence on what’s coming from the provider, so it’s impossible for anyone to feed “fake odds” into the system and even attempting that wouldn’t help much in my opinion.”

“I think the possibility of an external entity creating fake odds in the sportybet platform is very very low. Very low.”

Meanwhile, the online betting company had said it is collaborating with ‘regulators and law enforcement agencies as well as increased its investment in technology to tackle cyberattacks’ in the gaming industry.

Recently, SportyBet reportedly said that it took those steps following claims of ‘unpaid winnings’.

www.sportybet.com/ng

https://www.airwavesreport.com/news/sportybet-faces-allegation-of-withholding-customers-winnings-worth-about-n1bn-as-nigerians-demand-efcc-probe

Fidelity Bank of Infidelity!
…Staffers connive to siphon customers’ N250m
+++The MTN connection

If truly a bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain, then Fidelity Bank Plc might be getting drenched in torrential doses of the proverbial bank’s poison. Barely few weeks after a senior staff at the Allen Avenue branch of Fidelity Bank, caused a ruckus by allegedly making away with a whopping 250 million Naira, belonging to a customer, another huge financial scam has hit the bank squarely in the face, leaving the management to stagger unsteadily like dazed drunkards. The latest heist is said to have been perpetrated by certain Wasiu Adegbemi and Kemi Adegboyega, two dare-devil staff of the bank, sometime in March 2017.

Gov. Amosun, Lanre Tejuosho, Alaba Lawson To Commission St Ives Clinic Abeokuta

Come Sunday, April 1, 2018, Senator Ibikunle Amosun, Executive Governor of Ogun State will join scores of Nigeria’s eminent personalities to grace the commissioning of Dr. Tunde Okewale’s newly-built St. Ives Clinic in Abeokuta, Ogun State.

The new state-of-the-art clinic, and first of its kind in Ogun state, will be officially opened by Senator Ibikunle Amosun. Other dignitaries expected at the commissioning are Senator Lanre Tejuosho, Iyalode Alaba Lawson, and many more from the political, government and health care sectors. The hospital, sited on Olatunde Abudu Close, Ibara Housing Estate, Abeokuta, will no doubt change the face of the health sector in Ogun State. Its unique services include IVF & Fertility Clinic, Women Clinic and an out-patient Clinic. Since Dr. Babatunde Okewale, a seasoned gynecologist, opened its first outlet in Lagos, the hospital has delivered close to two thousand babies in their IVF unit, and the number is still on the rise, due to the specialist attention given to patients, a service which will now be extended to Abeokuta and Ogun state in general. The medical institution, St. Ives Health Care Centre, remains one of the leading and most respected private health care organizations in Nigeria, which was established in 1996, and offers dedicated specialist medical services in all health challenges of women, children, and family health. St. Ives’ healthcare organization, presently operates two (2) specialist hospitals, two (2) IVF & Fertility clinics, one (1) family clinic and a Health maintenance organization (HMO). The founder, Dr. Babatunde Okewale, a Fellow of the Royal College of Obstetrics and Gynecology, UK, and a father of four, was trained and qualified in 1985 as a medical doctor at the premier University College Hospital, UCH, in Ibadan, Oyo State, before he travelled to the United Kingdom, where he practiced for 10 years as an obstetrician and gynecologist at Leeds, Manchester and Oxford, all in the United Kingdom.

Crisis in Lagos APC as stalwarts set to stall Ambode’s second term!
…How Ambode begins moves to set his own structure

As the 2019 general elections beckon fast, many of the principal players have begun to draw their plans to take the shine off one another.
This is a situation that is spreading like wild fire across the nation nay other parties. The Centre of Excellence State, Lagos, is not an exception, even with the wide popularity of its undoubtedly performing governor, Mr. Akinwunmi Ambode. Of course, no one can feign the touted idea in all quarters of the state, that a second term is sure for the Epe-born, accountant-cum-civil servant turned politician by his godfather, Asiwaju Bola Ahmed Tinubu, who single handed foisted him on the state and the Lagosians as the successor to the immediate past governor, Babatunde Raji Fashola, SAN. Feelers are now emerging from certain stalwarts within the Lagos chapter of the All Progressives Party, APC that it will no longer be business as usual. Their grouse is allegedly based on some actions and inactions being laid at the doorsteps of Governor Ambode. Another trite claim by these stalwarts and some party members is that, he had not carried them along since he sailed into power, adding that he was just busy doing the business of governance, as if it was not the collective efforts of members that put him in office in the first place; forget about his godfather at Bourdillon. Now that the 2019 election is fast approaching and his second term very much dear to him, he now believes he will need them once again to scale through to the Alausa Glass House for a second term. To many pundits, the claims of these members within the party are enough to lend credence to the fact that, Ambode was not a well-grounded politician, before providence and godfatherism shone on him to become the governor; just like the case of former governor Fashola, who is now the Minister of Power, Works and Housing. It is a known fact that in politics, when you are tossed into office as a political office holder, you must as a matter of unwritten policy carry along those who rallied round you to emerge victorious. This in the coming dispensation may turn out to be Ambode’s albatross, if all arithmetic, math and permutations of politics are brought to bear; because Ambode alone cannot do the job of mobilizing people during electioneering; and this is where these set of concerned members are waiting in the wings for the Governor when the cookie begins to crumble. But in the same development, Governor Ambode, sensing a likely disenchantment from these members when the time comes for him to solicit their support, he has allegedly been grooming and subtly building his own structure from within the same party, to circumvent the anticipated plans of these members should they want to vent their spleen on him. But, political observers believe that Ambode is not that politically sagacious enough to match that of the aggrieved members, who know the game better than him, come rain or shine. ...

An ad hoc committee of the House of Representatives on Thursday resolved to issue an arrest warrant against the Globacom Chairman, Mr. Mike Adenuga. It also asked the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission to go after the business mogul and recover over N16.7billion from him. The committee, which is chaired by a member of the All Progressives Congress, Mr. Ahmed Abu, is investigating the operations of telecommunications service providers in the country.

https://www.airwavesreport.com/business/1650-reps-threaten-to-arrest-adenuga-feels-he-s-too-big-and-above-the-law-hon-ahmed-abu

An ad hoc committee of the House of Representatives on Thursday resolved to issue an arrest warrant against the Globacom Chairman, Mr. Mike Adenuga. It also asked the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission to go after the business mogul and recover over N16.7billion from him. The committee, which is chaired by a member of the All Progressives Congress, Mr. Ahmed Abu, is investigating the operations of telecommunications service providers in the country.

GTBank: Innovative, transforming the banking sector one step at a time…How the bank blazes the trail on all fronts

It will come to many as a surprise how the bank has been making wonderful exploits over the years. This is because the bank has been ably managed by men of impeccable corporate pedigree. What is now being said in many quarters is the input of the present MD/CEO, who has taken up the gauntlet from his predecessors. GTBank has many things to be proud of and will always be the leader in the pack. The industry is replete with many gurus, and one of them is the quintessential Segun Agbaje, who has been managing Guarantee Trust Bank with his managerial capability. In this report, Airwaves Report team looks into the good world of banking, focusing on what GTBank has achieved in 2017.