The Global Integrity Coalition (GIC) has formally filed a court application urging the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to take immediate action against Guaranty Trust Bank (GTBank) and its Managing Director, Segun Julius Agbaje, in light of serious allegations of financial misconduct.
The GIC's claims include accusations of manipulating financial records, with the bank allegedly inflating its profit figures to mislead regulatory bodies. Specifically, the GIC contends that GTBank's reported profit before tax of N1.004 trillion for the period ending June 30, 2024, is a fabrication designed to deceive stakeholders and regulatory authorities.
The bank is accused of opening accounts without customer consent, using sensitive data such as telephone numbers and Bank Verification Numbers (BVN). This practice allegedly exposes over 10,000 customers to identity theft and fraud.
The GIC referenced past penalties imposed on GTBank’s UK branch by the Financial Conduct Authority for management failures and repeated breaches of anti-money laundering regulations.
The group also pointed to the suspension of GTBank Ghana’s foreign exchange trading license due to fraudulent documentation as evidence of systemic issues within the bank's operations.
“The integrity of our banking system is paramount,” stated a GIC spokesperson. “We are committed to ensuring that these allegations are thoroughly investigated and that appropriate sanctions are imposed on those responsible for any misconduct.”