GTBank in trouble as group protests over alleged fraud, corruption

The Coalition of Civil Society for Good Governance in Nigeria (CCSGGN) staged a protest at the Nigeria Police Headquarters in Abuja, raising concerns over alleged fraud and financial misconduct at Guaranty Trust Bank Limited (GTB) under the leadership of Segun Agbaje, the Group Chief Executive Officer.

The group called for an urgent investigation into GTB’s alleged use of customers’ and investors’ funds to pay penalties in the United Kingdom.

This protest aligns with a previous demonstration held at the National Assembly Complex in Abuja on October 8 by the Global Integrity Crusade Network (GICN), which accused the bank of fraud, financial irregularities, and corruption.

GICN had earlier released a report, signed by its President, Edwin Omaga, alleging “unscrupulous, unethical, and criminal activities” within the bank. Segun Agbaje has been the Group CEO of GTB since August 2021.

In a protest statement, Comrade Tijani Usman, the chief convener of the CCSGGN, emphasized the group’s expectation that the Nigeria Police Force, as the country’s primary crime-fighting agency, should act on the allegations brought forward by various civil society organizations. Usman expressed disappointment that the authorities had not yet investigated or prosecuted the individuals involved, despite the serious accusations.

“We strongly believe that the police must use their powers under Section 4 of the Police Act 2020 to investigate these crimes thoroughly,” Usman stated, warning that justice must be served, or risk undermining public trust in the system.

The group also urged the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC), and the Department of State Services (DSS) to take action and ensure accountability.

They concluded by urging the Inspector-General of Police to investigate GTB under Agbaje’s leadership, vowing to continue peaceful advocacy until justice is achieved for the bank’s customers and investors.

Meanwhile, the bank has denied the claims by the group.  

Company’s reaction: Rebuttal of False News Reports Against GTCO’s Business Activities, Results and Its Executive Management

Based on the incessant release of false news reports on GTCO’s business activities, Results and its Management Team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management.

The false news articles which are being sponsored using the media, center around baseless allegations against the Group’s business activities and its Executive Management.

Being a responsible corporate citizen and a first class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports, and will continue to use the full extent of the rule of law available to safeguard its reputation.

We urge all our Customers, Shareholders and Stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles. All of our Executive Management team continue to operate in their full capacities as appointed, and are not under any financial or regulatory scrutiny as alleged.

Thank you for your continued support.