One of Nigeria’s leading financial institutions, Guaranty Trust Bank (GTBank) donated N200 million to fund Prof. Yemi Osinbajo’s election in 2015, in clear contravention of sections of the electoral law guiding campaign funding, a report has found.
The Peoples Gazette report published on Tuesday cited bank transaction records showing that the funds were donated through the bank’s Investment One fund management department.
The funds were allegedly donated to Osinbajo’s campaign account in three tranches: N100 million, N50 million and N50 million.
Osinbajo was running mate to Muhammadu Buhari in the 2015 presidential election.
Section 91(9) of the Electoral Act 2010 states: “No individual or other entity shall donate more than N1,000,000.00 to any candidate.”
Section 91(11) states: “Any individual who knowingly acts in contravention of subsection (9) shall on conviction be liable to a maximum fine of N500,000.00 or imprisonment for a term of 9 months or both.”
According to the report, other popular figures that donated above the N1 million threshold stipulated by law are: Dapo Akinosun, the Managing Partner at Mr Osinbajo’s law firm SimmonsCooper Partners; Olufemi Atoyebi, the Principal Partner at Femi Atoyebi and Co; and Temitope Lawani, the co-founder and Managing Partner at Helios Investment Partners.
While Akinosun allegedly donated N50 million in two tranches of N25 million each, the rest donated N10 million each.
The report quoted Investment One’s CEO Ademola Aofoloju as confirming knowledge of the transactions but denied that they were inappropriate.
Pressed on why the donations did not reflect in the company’s financial report filed with regulators, Aofoloju was quoted to have said: “Classified”.
Meanwhile, CEO of GTBank, Segun Agbaje said the bank divested from Investment One in 2011 but did not state if the process had been finalised as of 2015.
Investment One is now owned by GTBank, which has acquired N100 per cent of its shares.
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