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October 8, 2024
The report stated that the bank has ordinary shares of 25 billion with eight active directors but its only shareholder and person with significant control is Guaranty Trust Holding Company Plc, represented by Agbaje.
A civic organisation, Global Integrity Crusade Network (GICN), on Tuesday picketed the National Assembly complex in Abuja in protest against the alleged fraud, financial irregularities, massive corruption, amongst others levelled against Guaranty Trust Bank Limited, a subsidiary of Guaranty Trust Holding Company Plc (also known as GTCO PIC).
The GICN alleged that the Guaranty Trust Bank Limited under the leadership of Segun Julius Agbaje, is involved in unsolicited accounts opening, declaration of fictitious profits, round-tripping, money laundering, terrorism financing and use of customers/investors' funds to pay penalties in the United Kingdom.
The protesters who were led by the GICN’s Director of Publicity and Mobilization, Amb. Adebayo Lion Ogorry, said the protest at the National Assembly complex was to bring the lawmakers up to speed with the latest discoveries by the organisation’s team of investigators concerning the bank.
SaharaReporters earlier reported that the GICN on Friday released a report signed by its President, Edwin Omaga, levelling allegations of "unscrupulous, unethical and criminal activities" against the bank.
Agbaje has been the Group Chief Executive Officer of the company since August 2021.
The GICN in a statement noted that its Private Investigation Report (PIR) was compiled pursuant to Section 24 (d) and (e) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) read together with our Objective No.2.
The statement noted that the group found it pertinent to help ensure that corrupt practices are abolished in the country.
The report stated that the bank has ordinary shares of 25 billion with eight active directors but its only shareholder and person with significant control is Guaranty Trust Holding Company Plc, represented by Agbaje.
In a statement issued on Tuesday during the protest, Ogorry said GICN also uncovered that one Mr. E complained to the Financial Ombudsman Service in the UK that GTB did not protect him from losing money to a scam.
Ogorry said, “The said Mr. E stated that in March 2023 he made a payment from his GTB account due to a scam. He subsequently realized the scam and got in touch with the Bank, which later recovered part of the money from the recipient account held with another bank.
“Ultimately, GTB did not reimburse Mr. E's remaining loss. Certain information was requested from GTB to clarify whether it acted reasonably in dealing with Mr. E at that time, but GTB refused to respond.
“Whilst handing down a well-considered decision, Ombudsman Neil Bridge held that good industry practice demands that GTB ought reasonably to have been on the lookout for payments that were out of character to the extent that they might have indicated a fraud risk.
“Accordingly, GTB was directed to refund the balance to Mr. E together with 8% simple interest per year from the date of payment to the date of settlement.”
The statement further noted that in Nigeria, “GTB featured prominently among the Deposit Money Banks (DMBs) indicted in the Report of the Special Investigation on Central Bank of Nigeria (CBN) and Related Entities (Chargeable Offences) which was submitted by Jim Obazee and his team to President Bola Ahmed Tinubu on 22 December, 2023.
“Part of the said Report indicted GTB for unlawfully diverting funds being a percentage of the total disbursements paid to it for participating in the Nigerian Electricity Market Stabilization Facility (NEMSF).
“The fees were paid to the Banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor's Notes to the Financial Statement of NESI Stabilization Strategy Limited.”
Ogorry further said, “We have received complaints from many Nigerians that GTB has been trapping and diverting foreign currencies sent from their Intermediary Banks in Germany, UK, Switzerland and Ghana.
“In most cases, GTB forms a syndicate that would threaten the recipients of such funds that the anti-graft agencies have flagged same as proceeds of Money Laundering or Internet Fraud, even when that is not the truth.
“This unholy practice has caused so much losses for investors who tried to come back home and develop the country with their hard-earned money.”
Regarding GICN’s demands, Ogorry said, “We have spelt out in our Private Investigation Report the various infractions and unwholesome activities committed by Guaranty Trust Bank Limited.
“We hereby demand that the EFCC, National Assembly, CBN, NFIU and other regulatory authorities should take immediate action against GTB in the overall interest of their teeming customers and investors.
“In the event that the relevant regulatory agencies fail, neglect or refuse to perform their duties in line with laid down laws, we shall not hesitate to file Mandamus Proceedings at the Federal High Court of Nigeria with a view to compelling them to do the needful.
“Meanwhile, we urge the media not to relent in supporting us in this noble journey as we continue.”
“GICN stands in unwavering solidarity with Precious Eze, Olawale Rotimi, Rowland Olonishu and Seun Odunlami who are bloggers recently remanded in Ikoyi Prison by Justice Ayokunle Faji of the Federal High Court in Lagos State on the prompting of Segun Julius Agbaje,” GICN added.
“We submit that the two count charges of cyberstalking and disseminating false information filed against them are baseless.
“The only reason for their ordeal is that they are courageous enough to fight against Guaranty Trust Bank's alleged corruption.
“We condemn the attempt by Segun Julius Agbaje to silence the civil society and media from speaking the truth.”
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