Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company Plc, is facing serious allegations of financial misconduct following a recent investigation. The report, released by the Global Integrity Crusade Network (GICN) and signed by its President, Edwin Omaga, accuses the bank of engaging in unethical, unscrupulous, and potentially criminal activities, including unsolicited account openings, misleading financial statements, and forex manipulations.
The investigation revealed that GTBank, under the leadership of Segun Julius Agbaje, who has served as Group Chief Executive Officer since August 2021, has been involved in a series of corrupt practices that have put over 10,000 unsuspecting customers at risk. One of the major revelations in the Private Investigation Report (PIR) is the opening of accounts for customers without their consent. The report alleges that the bank used customers’ information, including Bank Verification Numbers (BVN) and phone numbers, to open accounts without permission. This was reportedly done to inflate the bank’s customer base and falsely bolster its profitability.
The PIR also accuses GTBank of releasing misleading financial statements, inflating its profit figures, and engaging in roundtripping activities. The bank’s audited financial statements released in September 2024 declared a profit before tax of N1.004 trillion, a figure the investigation claims was hastily put together to deceive regulatory bodies, customers, and the public.
In addition to these domestic allegations, the report highlights GTBank’s history of international sanctions. In the UK, the Financial Conduct Authority (FCA) fined GTBank £10.9 million for failing to put in place adequate policies to detect money laundering. Similarly, the Bank of Ghana suspended GTBank’s Foreign Exchange Trading License in March 2024 for various violations of forex regulations.
The GICN has called for the immediate dissolution of GTBank’s board and the suspension of Segun Julius Agbaje as Group CEO. They have also recommended that international authorities, including the UK’s National Crime Agency and the US Department of Justice, investigate the bank’s activities to prevent further financial misconduct.
