A report from the Global Integrity Crusade Network (GICN) has raised serious allegations against Guaranty Trust Bank Limited (GTB), citing "unscrupulous, unethical, and criminal activities." The report, signed by GICN President Edwin Omaga, was made public on Friday and details various violations committed by the bank.
The report indicates that GTB, led by Group CEO Segun Julius Agbaje since August 2021, has engaged in practices such as unsolicited account openings, exposing over 10,000 customers to potential identity theft and financial crimes. Additionally, it claims that the bank has been manipulating financial statements to inflate profit figures, raising concerns over systemic corruption and fraud.
The GICN report highlights past sanctions faced by GTB on the international stage, including a substantial penalty from the UK's Financial Conduct Authority (FCA) for failing to prevent money laundering, which amounted to £7.67 million. It also notes a recent suspension of GTB’s foreign exchange trading license in Ghana due to regulatory breaches.
The GICN is calling for immediate actions from Nigerian regulatory bodies, including the dissolution of GTB’s board and management, and the suspension of Agbaje. It recommends that further investigations be conducted to safeguard customer interests and uphold the integrity of the financial sector.
The report urges international agencies, including the UK’s National Crime Agency and the US Department of Justice, to take action against Agbaje and GTB's operations abroad, highlighting the risk of the bank being used as a vehicle for money laundering and other economic crimes.
As these allegations unfold, the implications for GTB's reputation and customer trust remain significant, prompting calls for transparency and accountability within the banking sector.
Kindly share this story:
All rights reserved. This content and other digital materials on this website may not be reproduced, published, broadcast, rewritten, or redistributed, in whole or in part, without prior express written consent from Emmynet24.
For permission, contact: [email protected]