A significant protest was held today at the Police Force Headquarters in Abuja, organized by the Coalition of Civil Society for Good Governance in Nigeria, calling for an urgent investigation into serious allegations against Guaranty Trust Bank Limited (GTB). The bank, under the leadership of Segun Agbaje, is facing accusations of corruption, money laundering, unsolicited account openings, and more.

The Chief Convener of the coalition, Comrade Tijani Usman addressed the crowd, highlighting the pervasive issue of corruption that has plagued Nigeria’s socio-economic landscape since 1960. He emphasized the critical role of the banking sector in economic development and criticized the lack of action from regulatory and law enforcement agencies regarding GTB’s alleged infractions.

“The allegations against GTB are serious and cannot be ignored,” Usman stated. He urged the Nigeria Police Force to prioritize these claims and conduct a thorough investigation to hold accountable those responsible for any wrongdoing.

Participants in the protest voiced their concerns about recent operational failures at GTB, particularly a prolonged outage of the bank’s payment systems, which resulted in substantial losses for customers. The coalition called for the bank’s management to focus on resolving these critical issues instead of engaging in activities that undermine trust.

The protesters also appealed to the Central Bank of Nigeria and the Economic and Financial Crimes Commission to take a proactive stance in investigating the allegations and ensuring accountability within the banking sector.

As the coalition continues its peaceful demonstrations, they remain steadfast in their commitment to advocating for justice for affected customers and investors. This protest reflects a growing demand for greater transparency and accountability in Nigeria’s banking system, as civil society seeks to foster an environment where corruption is actively challenged and addressed.

The response from authorities to this protest may significantly impact the future governance of financial institutions in Nigeria, highlighting the necessity for reform and vigilance in the fight against corruption.

***False Profit Declarations also

Guaranty Trust Bank (GTBank) has been accused of unethical practices, including opening accounts for individuals without consent, data privacy violations, and inflating profit figures, according to a damning private investigation report.

The report, released by the Global Integrity Coalition of Nigeria (GICN), also implicates the bank in breaching Central Bank of Nigeria (CBN) guidelines.

The investigation alleged that GTBank engaged in the unauthorized collection of personal information—such as Bank Verification Numbers (BVNs), phone numbers, and other sensitive data—used to open unsolicited accounts.
This strategy reportedly allowed the bank to inflate its customer base and present itself as a more robust institution to potential investors and stakeholders. Over 10,000 individuals may have been impacted, raising concerns about potential exposure to fraud and other financial crimes.

Edward Omaga, President of GICN, addressed the findings during a press conference in Abuja, describing the situation as a serious breach of trust. “We discovered that GTBank has been involved in opening accounts without the knowledge or consent of customers, putting them at serious financial risk,” Omaga said. “This is not just a violation of corporate governance standards but a clear breach of Nigeria’s data privacy laws.”

Further allegations involve the bank’s financial reporting whereby in September 2024, Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, declared a profit before tax of ₦1.004 trillion for the first half of the year.
This announcement made GTCO the first Nigerian financial institution to reach such a figure. However, GICN’s investigation claims the profit figures were artificially inflated, misleading regulators, investors, and the public.

“The financial statements were hurriedly compiled to paint a false picture of the bank’s profitability,” the report states, pointing fingers at Segun Julius Agbaje, GTCO’s Group Chief Executive Officer, and his management team.
The report suggests that this misrepresentation was an effort to maintain investor confidence and boost the bank’s market value on both the Nigerian and London Stock Exchanges.

The investigation also noted the bank’s lack of adherence to corporate governance standards, warning that such practices undermine public trust in Nigeria’s financial institutions. According to Omaga, the report was compiled using constitutional provisions that empower citizens and civil society groups to expose corrupt practices.

With the serious accusations in the spotlight, the report has prompted calls for regulatory action from bodies like the CBN, the Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).
Affected customers have also expressed their intent to pursue legal action, citing violations of data privacy laws and unauthorized use of their personal information.

GTBank has yet to officially comment on the allegations at the time of this publication.

The Federal Government has set up an independent panel to investigate allegations of corruption within the Nigeria Correctional Service (NCoS), including claims of special treatment for convicted cross-dresser Idris Okuneye, popularly known as Bobrisky.

Inaugurating the committee on Monday in Abuja, the Minister of Interior, Hon. Olubunmi Tunji-Ojo, stated that the panel’s work is vital for ensuring accountability and transparency within the correctional system. The investigation will focus on corruption, mistreatment of inmates, and other violations of standard operating procedures.

The panel, chaired by the Permanent Secretary of the Ministry, Dr. Magdalene Ajani, has been given two weeks to investigate the Bobrisky-related allegations and come up with findings. The minister emphasized that no individual, no matter how highly placed, would be exempt from the probe, stressing that the reform of the correctional service is a top priority.

The investigative committee consists of legal experts, human rights advocates, and forensic researchers who are tasked with addressing both immediate concerns and long-term reforms to prevent future violations. The outcome of the panel’s work is expected to set the stage for a more transparent and accountable correctional system in Nigeria.