Gtbank MD, Segun Agbaje, Withers As The Bank Groans Under Huge Debt Portfolio

Banking without bankruptcy is like Christianity without hell.
This incontestable truth becomes clearer to Segun Agbaje,
MD/CEO Guaranty Trust Bank (GTBank), by the minute. The
GTBank MD has finally burned through his euphoric spells of
fantasy to chance on cold, brutal reality; GTBank is in trouble.
The bank severally touted to be doing very well is actually in
dire straits. Consequently, this has put the bank MD in a bind;
for the first time in his life, Agbaje has seen through the grand
illusions driving his bank to bankruptcy - he has finally gotten
to understand that bankruptcy is a sacred state, a condition
beyond conditions, as theologians might say, and attempts to
investigate it are necessarily cumbersome and tiring, like
spiritualism.
GTBank currently groans under the weight of huge debts
portfolio by its A-list customers. The bank's debtors,
comprising Nigeria's superrich, have failed to refund loans
taken from the bank to the extent that some of the loans have
to be written off as bad debt. Consequently, Agbaje, the
erstwhile sinewy and athletically-built MD is losing sleep over
the huge debts. He has lost so much weight in the last couple
of months, his eyes are sunken and his cheeks have lost their
rosy glow. Although many of his business associates and
subordinates initially passed his weight loss off as a deliberate
effort by the MD to keep fit, now they know better.
Agbaje is troubled by the huge debt portfolio racked up his
bank's A-list customers. Some of the debts however, may
never be repaid again, for instance, among the bank’s biggest
debtors was the late Ibadan-based billionaire businessman,
Alao Arisekola . He is reportedly indebted to the bank. There
are other debtors too and Agbaje is no longer comfortable
with their persistent inability and recalcitrance to repay loans
taken from the bank. The GTBank MD is severely troubled
particularly at this period when the bank's shareholders have
resolved to turn the heat on him. Interestingly, when he
celebrated his birthday in London last year, he could not but
treat some of his bank's debtors like royalty. Agbaje and his
beautiful wife, Derin, treated them (that is, GTBank debtors) to
a great time along with the other guests.
The issue of huge debt portfolio and cumbersome debt
recovery process had always bedeviled GTBank like an
albatross even during the tenure of the bank's former MD, late
Tayo Aderinokun, but the situation has severely worsened
over the years and according to sources within the bank,
Agbaje never understood the extent of the rot until he
assumed position as MD of the bank. As the bank's huge debt
portfolio threatens to sink bank, Agbaje is poised never to go
down without a fight.