Group Managing Director of Guaranty Trust Bank Plc, Mr. Segun Agbaje, has given reasons why the bank was not enmeshed in the toxic assets trap arising from the power privatisation programme of the Federal government.
Giving a breakdown of the company’s performance in the 2017 financial year in Lagos, Agbaje said the management took a position from the onset of the programme not to be part of the power sector funding arrangement since it was not professionally structured. He added that this would remain until government applies the necessary strategies to make investment in the sector safe and secure.
He said: “We never participated in the power privatisation programme and so we have no exposure to the power sector. Right from the beginning, we took a position that what was needed for the programme was equity and not debt. And when we saw they were bent on driving the process with debt, we stayed off which is the reason we are not exposed to the sector today.”