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Guaranty Trust Bank Faces Allegations of Data Breach, Unsolicited Account Openings

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***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.

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Senator Ifeanyi Ubah Laid to Rest Amidst Tributes

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***Death a Lesson to the Living – Cardinal Okpaleke

The late Senator Ifeanyi Ubah was buried on Friday at his hometown, Umuanukam, Otolo Nnewi, Anambra State, following a solemn funeral service at St. Peter Claver Parish.
His passing drew an outpouring of grief and tributes from dignitaries, clergy, family, and friends.

Cardinal Peter Okpaleke, Bishop of Ekwulobia, described Ubah’s death as a profound lesson for the living, urging everyone to strive to leave an impactful legacy.

“His demise is a lesson to us all,” said the Cardinal during his homily. “We must strive to live a life that will be remembered for good. We must touch lives, make a difference, and leave a lasting legacy.”

The Cardinal highlighted Ubah’s philanthropic acts and unwavering commitment to uplifting others, which he urged attendees to emulate.

Governor Charles Soludo of Anambra State expressed deep sorrow, recalling his last interaction with the late senator earlier this year.
“I still remember when we met sometime in May, and I asked him if he was nursing an ambition for something. We spoke about his future plans, not realizing this tragedy was ahead,” Soludo lamented.
Former Senator Uche Ekwunife described Ubah as a “rare gem” and a leader whose kindness and dedication to youth development left an indelible mark.
“In you, we saw the true essence of leadership and kindness—not just in titles and positions but in words and deeds,” Ekwunife said, praising his contributions to sports and the empowerment of young people.
Ubah’s impact was evident as mourners, including political figures, clergy, and locals, reflected on his legacy of service, compassion, and excellence. His townsman, Joe Ezeike, remarked, “Ubah’s passing has left a void in the nation’s political landscape, but his legacy will continue to inspire generations.”
The funeral was marked by an atmosphere of solemnity and reflection as attendees paid their final respects to a man remembered for his selflessness, leadership, and unwavering commitment to making a difference.

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Deji Adeyanju fires back at Wike over Comments, Labels Him a “Bully and a Coward”

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Deji Adeyanju and Nyesom Wike

Human rights activist and lawyer Deji Adeyanju has issued a scathing response to comments made against him by Nyesom Wike, the Federal Capital Territory (FCT) minister and former Rivers State governor. Wike had recently accused Adeyanju of being jobless, noting that the activist once sought his support in a bid to become the Peoples Democratic Party (PDP) national publicity secretary.

During a press briefing in Abuja on Friday, Adeyanju didn’t hold back, describing Wike as “a bully and a coward.”
He went on to criticize Wike’s character and political approach, saying, “Wike has never worked anywhere in his life. He is a serial betrayer. The only difference between Wike and Portable is that Portable does not betray people who have helped him.”

Adeyanju praised Rivers State Governor Siminalayi Fubara for his recent actions against Wike, saying, “I commend Governor Fubara for dealing decisively with him. That’s how to deal with tyrants. Wike is nothing without politics.”

He further expressed his concerns over Wike’s influence, stating, “The reason why he is making so much noise and constituting a nuisance all over the place is because of our political patrimony that he loots. Clowns and charlatans like Nyesom Wike will open their mouths and criticize true activists.”

Adeyanju also highlighted the importance of citizens participating in politics, saying, “Wike wants everyone to leave politics to rogues like him. His idea of nation-building is where people like him control everything. All citizens of conscience should get involved in politics.”

The back-and-forth between Adeyanju and Wike highlights ongoing tensions within Nigerian political circles and has sparked discussions about the role of activists and the nature of leadership in the country.

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Late COAS Lt. General Taoreed Lagbaja Laid to Rest in Abuja Amid Tears, Tributes

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***Emotional Farewell as Nigeria Mourns a Dedicated Military Leader

Amid deep sorrow and heartfelt tributes, the late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was laid to rest on Friday at the National Cemetery in Abuja.
His burial concluded two days of solemn funeral rites that began in Lagos, marking the end of an impactful military career.

The casket bearing Lagbaja, draped in Nigeria’s green and white, arrived at the cemetery around 3 pm following a funeral service at the National Christian Centre in Abuja.
His body was lowered into the earth at 4:41 pm after a ceremony lasting over two hours.

The event was attended by numerous dignitaries, including President Bola Tinubu, Vice President Kashim Shettima, Acting Chief of Army Staff Lt. Gen. Olufemi Oluyede, Chief of Defence Staff General Christopher Musa, Defence Minister Abubakar Badaru, and other high-ranking officials.

President Tinubu, paying tribute, called Lagbaja’s appointment one of his most significant decisions and announced a posthumous national honor of Commander of the Federal Republic (CFR) for the late COAS. He urged the military not to lose hope: “Please, do not let death defeat us, and as Commander-in-Chief, I renew my pledge that the country will always support you and your families.”
General Musa, the Chief of Defence Staff, echoed this sentiment, calling Lagbaja’s passing a call to strengthen the military’s resolve.
“Let us ensure his sacrifice continues to guide us as we defend this nation. We are resolved to defeat all enemies of the state, whether within or outside,” he stated.
Acting COAS Oluyede expressed personal gratitude for Lagbaja’s mentorship, sharing that he had nominated him for a national honor even while facing illness.

Lagbaja’s funeral rites began with a service of songs at the Army Headquarters Garrison Parade Ground, Mogadishu Cantonment, on Thursday, following the arrival of his body at Nnamdi Azikiwe International Airport from Lagos.

Lt. General Lagbaja, born on February 28, 1968, served as Nigeria’s Chief of Army Staff for over a year, having been appointed by President Tinubu in June 2023. He passed away on November 5 after a brief illness, leaving a legacy of dedication and patriotism.

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