A civic organization, Global Integrity Crusade Network (GICN), has called for an urgent probe into the operations of Guaranty Trust Bank Limited (GTBank), accusing the financial institution of engaging in widespread fraud, financial irregularities, and other unethical practices.
The protest, which took place on Tuesday at the National Assembly complex in Abuja, sought to alert lawmakers to the growing concerns about the bank’s alleged involvement in money laundering, forex manipulation, and unsolicited account activities.
Leading the protest, GICN’s Director of Publicity and Mobilization, Ambassador Adebayo Lion Ogorry, revealed that the group’s private investigations had uncovered multiple instances of financial misconduct within the bank.
The accusations levelled against GTBank, a subsidiary of Guaranty Trust Holding Company Plc, were staggering, with claims ranging from round-tripping and fictitious profit declarations to terrorism financing and the misuse of customers’ and investors’ funds to settle penalties in the United Kingdom.
According to Ogorry, the allegations are supported by a Private Investigation Report (PIR) issued by GICN, compiled in accordance with the Nigerian Constitution’s mandate to eradicate corruption.
“Our investigators have uncovered extensive financial irregularities within GTBank, which operates under the leadership of Segun Julius Agbaje, its Group Chief Executive Officer since 2021,” Ogorry said, adding that the findings should spur immediate action from the relevant regulatory bodies, including the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), and the Nigerian Financial Intelligence Unit (NFIU).
The protest follows a detailed report released by GICN, which alleges that GTBank has been implicated in unlawful forex transactions, including trapping and diverting foreign currency transfers.
Ogorry cited multiple complaints from Nigerians living abroad who alleged that the bank intercepted funds sent from intermediary banks in countries such as the United Kingdom, Germany, and Ghana.
These funds were reportedly blocked under the pretext of being flagged for money laundering, even when such claims were unfounded.
“Many investors have lost their hard-earned money due to this practice, which has discouraged them from returning to Nigeria to contribute to the country’s development,” Ogorry said.
He further described how GTBank’s alleged syndicate pressures recipients into silence by threatening them with investigations from anti-graft agencies.
The GICN called on regulatory authorities to investigate and take action against GTBank, citing the urgent need to protect Nigerian citizens and investors from further financial loss.
“We have outlined these infractions in our report and demand that the EFCC, CBN, and NFIU move swiftly to probe the activities of GTBank,” Ogorry stated, warning that the group would pursue legal action if regulatory bodies fail to act.
The civic organization also referenced a report from the Special Investigation on the Central Bank of Nigeria (CBN) and related entities, which had previously indicted GTBank for diverting funds meant for the Nigerian Electricity Market Stabilization Facility (NEMSF).
The report, submitted to President Bola Ahmed Tinubu, accused the bank of unlawfully profiting from these disbursements.
During the protest, Ogorry highlighted a case involving a GTBank customer, referred to as Mr. E, who lost money to a scam in March 2023.
Despite notifying the bank and having part of the money recovered, GTBank allegedly failed to reimburse the full amount, leading Mr. E to file a complaint with the Financial Ombudsman Service in the UK.
In a ruling, the Ombudsman directed GTBank to refund the balance, with 8% interest, stating that the bank had failed to prevent the fraudulent transaction despite industry best practices.
In addition to the financial misconduct allegations, GICN condemned what it described as GTBank’s ongoing attempts to silence dissent.
The group expressed solidarity with four bloggers who were recently remanded in prison on charges of cyberstalking after publishing critical stories about GTBank’s alleged corruption.
“We stand with these courageous individuals who have faced persecution for speaking out against corruption,” Ogorry declared, adding that the charges were baseless and politically motivated.
The civic group vowed to continue its campaign for transparency and accountability, urging the media and civil society organizations to remain vigilant and supportive in the fight against corruption.
Meanwhile, the bank had denied the allegations against it, insisting it uphold professionaliem.in all its operations.
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