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Report Claims Guaranty Trust Bank Involved In Financial Foul Play, Unsolicited Accounts Opening, Forex Manipulations, Others
It was also revealed in the PIR report that the Guaranty Trust bank had been punished severely for different violations at the international level.
An investigation report by a civic organisation has been released bordering on allegations of “unscrupulous, unethical and criminal activities” levelled against the Guaranty Trust Bank Limited, a subsidiary of Guaranty Trust Holding Company Plc (also known as GTCO PIC).
The report was released by the Global Integrity Crusade Network (GICN) and signed by its President, Edwin Omaga on Friday.
The Guaranty Trust Bank is led by Segun Julius Agbaje who is presently the Group Chief Executive Officer since August 2021.
A statement signed noted that the Private Investigation Report (PIR) is 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 it was pertinent on the group to help ensure that corrupt practices are abolished in the country.
It was noted in the report that the Guaranty Trust Bank Limited was incorporated on 19 July, 1990 and licensed to engage in commercial banking and other allied services within Nigeria and elsewhere.
The report further stated that the Bank has Ordinary Shares of 25 Billion with 8 Active Directors but its only Shareholder and Person With Significant Control is Guaranty Trust Holding Company Plc, represented by Segun Julius Agbaje.
“In the United Kingdom, Segun Julius Agbaje started the Bank by registering same at the Companies House as Rainsouth Limited with Number 5969821 on 8 December, 2006. The said Rainsouth Limited went through various changes until it became Guaranty Trust Bank (UK) Limited on 17 March, 2008.”
The group further noted that as of the time of its report, there are over 10,000 customers exposed to grave danger without their knowledge, as accounts were allegedly opened in the Guaranty Trust Bank in their name without their consent.
“One of the corrupt practices recently linked to Guaranty Trust Bank Limited in Nigeria has to do with Unsolicited Accounts Opening. This is a situation where a customer did not approach the Bank or show any interest in maintaining an account with the Bank. Yet, the Bank goes ahead to source for the customer’s information such as telephone number, date of birth, Bank Verification Number (BVN) and other vital details to open account for the customer without his/her consent.”
“The aim of this practice is to increase the customer base of the Bank, thereby giving it high ranking in terms of size, capacity and profitability. We submit that Unsolicited Accounts Opening tantamount to breach of data privacy, identity theft and can expose the innocent account holders to lots of financial crimes. As at today, there are over 10,000 customers in the database of Guaranty Trust Bank Limited who are already exposed to grave danger without their knowledge.”
It was further noted in the report that some of the affected customers threatened to sue the Bank.
The Guaranty Trust Bank asides from this were alleged in the PIR of hurriedly putting together misleading financial statements and declaring false profits to mislead the public on its financial positions.
“We have equally uncovered that Guaranty Trust Bank Limited has been declaring profits that do not reflect its actual financial performance. For instance, GTCO PIc on 11″ September, 2024 released its Audited Consolidated and Separate Financial Statements for the period ended 30 June, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) wherein the whooping sum of #1.004 Trillion was declared as Profit Before Tax. This caused the Group to be reported all over media as “the first Nigerian financial institution to cross the N1trillion mark in profit.”
“It is our finding that these figures as contained in the Audited Statements are mere conjectures hurriedly put together by Segun Julius Agbaje and his team to deceive the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN), Central Bank of Nigeria (CBN), customers/investors and the general public into believing that all is well with GTB.”
It was further stated that the bank could not justify its stated profit of N1trillion which it released to the public, with a suspicion that the profit could have been declared through roundtripping.
“Ladies and Gentlemen, there is no gainsaying the fact that Guaranty Trust Bank Limited has become notorious over the years for engaging in deceptive accounting practices to artificially inflate profit figures. For instance, no substantial pieces of evidence presented by Segun Julius Agbaje to support the assertion that GTCO PIc made over #1 Trillion in profit as at 30 June, 2024. Even at that, it is very possible that the figures were generated through roundtripping.”
“This is a process where funds are moved in and out of the Bank through different accounts or entities to create an illusion of legitimate transactions. The combination of this process and other unethical business practices within the Bank points towards the direction of systemic corruption, fraud and money laundering, which are opened for further investigation by the relevant agencies.”
“It is feared that such ugly situation if not properly checked could have the tendency of not only undermining customers/investors’ confidence in the Bank but pose significant risks to the stability of Nigerian financial sector.”
It was also revealed in the PIR report that the Guaranty Trust bank had been punished severely for different violations at the international level.
“Surprisingly, Segun Julius Agbaje did not tell Nigerians that the corporate image of Guaranty Trust Bank Limited has been terribly battered in many foreign countries where it is carrying on business. He lied by stating in the recent Audited Statements that GTCO PIc ensures compliance with disclosure requirements under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (FCA). The truth is that Guaranty Trust Bank (UK) Limited was sanctioned by the same FCA to pay a financial penalty of £525,000 for breaches of Principle 3 (Management and Control) of the Authority’s Principles for Businesses between 19 May, 2008 and 19 July 2010.”
“In another development, the FCA imposed on Guaranty Trust Bank (UK) Limited a financial penalty of £10,959,700 pursuant to Section 206 of the Financial Services and Markets Act 2000. As usual, the Bank agreed to resolve this matter at an early stage and was given a 30% discount which reduced the fine to £7,671,800. The FCA in justifying this financial penalty, which was paid with customers/investors’ funds not later than 24″ January, 2023, stated that Guaranty Trust Bank (UK) Limited again failed to put in place policies and procedures to prevent and detect money laundering. FCA considered this repeated misconduct to be a direct result of the inability of the Senior Management within the Bank, over a prolonged period of time, to formulate and implement an effective plan capable of addressing the weaknesses identified in its AML and financial crime systems and controls.”
The statement further revealed that the Guaranty Trust Bank had been suspended in Ghana for various breaches of foreign exchange operations.
“our investigation took us to the Bank of Ghana where we discovered that the Foreign Exchange Trading Licence of Guaranty Trust Bank Ghana Limited (GTB) was suspended for a period of 1 (One) month with effect from 18 March 2024.”
“ The Press Release dated 4 March 2024 indicates that the said Licence was suspended as a result of various breaches of the Foreign Exchange Market Regulations, including fraudulent documentation in foreign exchange operations. By the Press Release, the Bank of Ghana cautioned GTB to put in place effective controls to ensure strict adherence to the extant Regulations and Guidelines.”
The statement wondered why the Guaranty Trust Bank allegedly carried out many infractions in Nigeria without any due sanctions to it.
“One begins to wonder the number of infractions committed by GTB in its originating country – Nigeria without due sanctions from Regulatory Bodies and Anti-Corruption Agencies. We are certain that it is not too late for the Regulatory Bodies and Anti-Corruption Agencies to act by rescuing the soul of GTB. The time to act is now!” the statement read.
The report also recommended that the Governor, Central Bank of Nigeria (CBN) should forthwith dissolve the Board and Management of Guaranty Trust Bank Limited so as to allow thorough investigations.
They also called for the suspension of Segun Julius Agbaje as Group CEO of Guaranty Trust Holding Company Plc and retrieve from him all files or documents relating to Guaranty Trust Bank Limited to avoid interference with further inquiry into the issues raised in the PIR.
It was also stated that if found guilty of Corporate Governance, CBN acting jointly with the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and Department of State Services (DSS) “should deal decisively with Segun Julius Agbaje and prosecute him like Mrs. Cecilia Ibru, who practically milked the defunct Oceanic Bank Plc dry before the Banks Consolidation era in Nigeria.”
Other recommendations made include that the Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) “should urgently step into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors’ funds and portfolios before the Bank fails completely”
It was also stated that the Senate Committee on Banking, Insurance and Other Financial Institutions, “House Committee on Banking as well as House Committee on Banking Regulations should jointly or individually convene a Public Hearing whereat Segun Julius Agbaje will be summoned to appear and defend the weighty allegations contained in our Private Investigation Report (PIR).”
The group also called on the UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), Financial Conduct Authority (FCA), Financial Ombudsman Service, British Prime Minister, Governor Bank of England, US Department of Justice, US Securities and Exchange Commission, Federal Bureau of Investigation (FBI), US Federal Reserve Board (FRB), British High Commissioner to Nigeria and Governor Bank of Ghana to shut down all operations of Guaranty Trust Bank (GTB) in their territories.
“By so doing, GTB will be prevented from turning the United Kingdom, United States of America and Ghana into a safe haven for money laundering, terrorism financing and other sundry economic crimes.” the statement released noted.
“That in addition to the above, UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), US Department of Justice and Federal Bureau of Investigation (FBI) are requested to commence prosecution of Segun Julius Agbaje in line with appropriate laws for all the infractions he has used GTB to commit within the territories of both United Kingdom and USA.”it further read
It was also recommended that all the properties allegedly acquired by Segun Julius Agbaje using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world be confiscated and forfeited permanently to the Federal Government of Nigeria.
_Culled from Sahara Reporters_
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President Tinubu Extols Late Prince Abubakar Audu’s Legacies
From Joseph Amedu, Lokoja
President Bola Ahmed Tinubu has described late Prince Abubakar Audu as a “friend, ally, and trailblazer of democracy declaring that his foot-print in Kogi state as former Governor remains the best since the creation of the state. adsbygoogle || []).push({}); com/pagead/js/adsbygoogle.js">
The President gave the commendation while speaking at the 10th Memorial Anniversary and Book Presentation organised by the state government in collaboration with the immediate family in honour of the late political ICON
Tinubu who was represented by the Hon. Minister of Information and National Orientation, Alhaji Mohammed Idris, lauded late Prince Audu’s commitment to democratic ideals and the development of Kogi State.
President Tinubu noted that Prince Audu’s leadership was marked by courage, vision, and dedication to the prosperity and security of his people, calling his legacy “a living template for good governance” that continues to inspire leaders across the nation.
The event drew political leaders, statesmen, and dignitaries from across Nigeria, including the representation of President Bola Ahmed Tinubu, GCFR, to commemorate a decade since the passing of the iconic leader whose vision and leadership continue to influence the political and developmental trajectory of Kogi State.
Minister of Steel Development, Prince Shuaibu Abubakar Audu, son of the late statesman, reaffirmed his commitment to advancing his father’s legacy.
He described the memorial as a solemn reminder of the enduring influence Prince Audu holds in the hearts of the people and the continued relevance of his contributions to the growth of Kogi State.
The Minister recalled his father’s visionary leadership, foundational reforms, and passion for public service, noting that successive administrations still draw from the structures and institutions he established.
Prince Shuaibu Audu highlighted his ongoing efforts to revitalize the Ajaokuta Steel Company and strengthen Nigeria’s steel sector as a continuation of his father’s dream for industrial and economic development in Kogi State.
He thanked all partners and stakeholders supporting these initiatives, reiterating that the collective aspiration for a stronger Kogi State and a more prosperous Nigeria is rooted in his father’s enduring vision.
The Minister also expressed profound gratitude to President Bola Ahmed Tinubu GCFR for his continuous support to the Audu family.
He also thanked the Secretary to the Government of the Federation, Sen. George Akume, CON, who attended the event. He described Senator Akume as a friend and colleague of his late father from the class of 1999 governors, acknowledging his role in supporting and honouring Prince Audu’s memory.
He further commended the Governor of Kogi State, Alhaji Ahmed Usman Ododo, and members of the State Executive Council for hosting the memorial as a state event, noting that it reflects the enduring respect Kogi State holds for Prince Audu.
He also acknowledged former Governor Yahaya Adoza Bello, CON, Capt. Idris Wada, and Rt. Hon. James Abiodun Faleke for their continued dedication to preserving his father’s legacy, describing their presence as a testament to the late leader’s far-reaching impact.
Governor Ahmed Usman Ododo, Chief Host of the event, described Prince Audu as a visionary leader whose transformative governance continues to shape Kogi State.
In a symbolic tribute, he announced the renaming of a major township road as Prince Abubakar Audu Boulevard, directing relevant agencies to install signage, repair roads, install streetlights, and beautify the area. The Governor emphasised that these measures are part of his administration’s ongoing commitment to uphold Prince Audu’s ideals of unity, progress, and service to the people.
In his remarks, the Secretary to the Government of the Federation, Sen. George Akume CON said that the late Prince Abubakar Audu was marked as an icon of development and great vision, noting his contribution to the development of Benue State in the time he served in Benue State.
He described him as a man who was genuinely loved by his people as one of the first Nigerians that won in a free, fair and credible elections.
The immediate past governor of Kogi State, Yahaya Adoza Bello urged everyone to reflect on the life and times of the late former governor who was a revolutionary and served with all sincerity, who while in office took bold steps that have continued to impact positively of the people of Kogi State and Nigeria even long after his demise.
The memorial also featured the inauguration of the Board of Trustees of the Prince Abubakar Audu Leadership Foundation, alongside a lecture and book review of “Prince Abubakar Audu: A Legacy of Visionary Leadership”, reviewed by former Minister of Justice and Attorney General of the Federation, Prince Adetokunbo Kayode, SAN.
Other dignitaries present included former Governors Capt. Idris Wada and Yahaya Adoza Bello, Rt. Hon. James Faleke, and numerous political and community leaders who paid tribute to the late statesman.
The 10th memorial celebration served as both a solemn remembrance and a reaffirmation of the enduring impact of Prince Abubakar Audu’s leadership, inspiring current and future generations to continue the work of unity, progress, and transformative governance in Kogi State.
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Apo/Karshi road: FCTA tarminates contract over incompetence
By Wumi Tewogbade, Abuja
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, revealed on Thursday, said it has terminated Apo/Karshi road over incompetence and the contract have already been reawarded to another contractor. adsbygoogle || []).push({}); js">
The project was re – awarded under emergency project and will be flagged off by the FCT Minster soon.
Wike revealed this when he inspected Karu , OSEX and Kishiri road , Abuja.
It would be recalled that, the Apo-Karshi road contract was awarded in 2011. The project was given to M/S Kakatar Nig. Ltd by the administration at the time and was initially expected to be completed within 20 months.
And due to the inability of M/S Kakatar Nig. Ltd, to be able to do the project, the administration terminated the contract and awarded it to SCC contractor.
According to Wike, “Let me tell you the truth, we have terminated that contract; it has been reawarded to SCC. If you go there now, you will see that they have started work. It is a road that so many people are very interested in because it will decongest some of these areas. So that’s why we should do it, and like I said, we cannot continue to play politics when it comes to the welfare of the people. That road has been terminated.
“And the road leading from Kubwa to Bwari has also started, so that there will be an alternative route to Bwari. That’s also awarded to SCC. So, we can assure you that things are moving very well according to plan”.
Speaking on Karu, Gishiri, and OSEX, he said, “Well, I have always said, what makes the government feel relaxed is when the people are happy. Of course, the very essence of governance is to make people be happy and make them have what improves their lives. When we went to Karu, you remember the first time we went to Karu to flag off, it was one road. And there, I made a promise that all the other connecting roads would be included.
“I am very happy to report the progress on the job. The contractor is doing very well. And that shows this is one of the projects we are going to line up for the 3rd anniversary of Mr President. I am quite impressed. And those houses that blocked the water channel, we are going to bring them down, to enable water to have its own way.
“And then we went to Gishiri, and you see the level of work being done by CGC. All those roads that were done by them, which were inaugurated by Mr President sometime in June this year, and that project also will be inaugurated on the 3rd anniversary of Mr President. Now we are in OSEX. This leads you from Apo to Wassa. And it’s also part of the road by the grace of God, certainly will be inaugurated in his 3rd year in office.
“So, you can see the happiness of everybody. And that’s what shows that the Renewed Hope Agenda is really working. People had never seen this type of development in Abuja before. And that is why you can imagine when we were at Karu, just mere coming down, see how the students were very happy. As we went to Girishi, look at how the pupils there are all very happy. And so, it makes us happy too”.
On the woman in Karu that built on water channel, that the FCT Minister promised some compensation, the Minister said, yes, the woman did the wrong thing and her property must go down or this can cause flooding later.
“You cannot do something to block the water channels, and we are even sympathetic by saying that we were going to give you money, but we must allow the water to have its way, because if not, it will cause a lot of flooding. That will also not be good for the people living around there. So sometimes we should not be emotional. She’s crying.
“She did the wrong thing. she caused the problem. But we are giving the human face by saying, okay, we’ll give you some funds so that yiu can find an alternative. Ordinarily, we don’t need to have done that. What she has done was to violate the building regulation”, he said.
For 2026, Wike, said Abuja residents should expect more infrastural development that will lift the lives of the people, that will improve the economic activities.
“We have started procurement around all our health centres. So next year, we believe that what you see in 2025 will be nothing to compare to what we’ll see in 2026. And I must tell you the truth, in 2026, we are not likely to put any new projects.
“We want to make sure that the projects we have started this year will be completed in 2026. Those projects will come in the 2026 budget. Mind you, that year appears to be a political year. So, you don’t expect to start projects that you may not be able to finish within the period that you’re appointed to stay. So, we want to make sure all projects we have started, by the grace of God, were completed”, he noted.
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NDLEA Stumbles in Asset Declaration Case Against Abba Kyari as Cross-Examination Ends in Confusion
By Our Correspindent
The NDLEA on Wednesday suffered a major setback in its asset-declaration case against Deputy Commissioner of Police (DCP) Abba Kyari at the Federal High Court, Abuja, after the cross-examination of the first respondent ended with little progress and several moments of courtroom tension. adsbygoogle || []).push({});
The case, instituted by the National Drug Law Enforcement Agency (NDLEA), alleges that Kyari failed to declare his assets. However, during cross-examination, the prosecution — led by counsel Sunday Joseph —unsuccessfully struggled to establish inconsistencies in Kyari’s statements, especially regarding inheritance and property ownership.
At the previous sitting, Joseph attempted to compel Kyari to admit that all properties left by his late father were exclusively his. Kyari firmly corrected the claim, explaining that the properties belonged to the entire family and would be shared among his 29 siblings whenever the family decided to do so.
Kyari also reiterated to the court that he declared all his assets and bank accounts, insisting that over 90% of the properties the NDLEA claimed belonged to him were completely false. He stated that the legitimate owners of those properties had already come forward, tendered their documents in court, and exposed NDLEA’s media-trial narratives as fabricated.
He further informed the court that all his bank account statements are before the court, showing that he has less than ₦4 million combined across all his accounts — accounts which NDLEA has blocked for more than three years. Kyari emphasized that not a single kobo in any of his accounts has ever been linked to any criminal activity despite NDLEA’s public allegations.
> “My late father left over 20 houses for his children in Maiduguri. About four were sold to cater for his medical treatment,” Kyari told the court.
Attempts by the prosecution to shift their questioning toward unrelated matters were swiftly rejected by Justice Omotosho, who cautioned the NDLEA counsel against straying into irrelevant territory.
> “I won’t allow that. This case has nothing to do with cocaine. This is strictly about alleged non-declaration of assets. You cannot come here and ask irrelevant questions,” the judge warned.
“If you waste your allotted time, I will end your case. Stick to what is before the court.”
Tension rose again when Joseph made what the court described as a “parable,” prompting an even sterner warning from Justice Omotosho.
> “Be careful. Do not come here and impugn this holy temple. What do you mean by that? Are you trying to teach the court its job? It appears you are not ready,” the visibly irritated judge stated.
During Wednesday’s resumed hearing, the prosecution presented a police document and repeatedly asked Kyari to refer to specific pages, causing confusion in court.
“Page 20?” Joseph asked.
Kyari responded, “Page 20 contains details of drug suspects arrested by the Police and the transfer of suspects and exhibits to NDLEA.”
On page 19, Kyari again clarified that it contained similar arrests of the drug suspects by the Police IRT and handover NDLEA — none related to the asset-declaration charge.
Justice Omotosho later allowed the prosecution more time to verify the document.
Kyari then pointed out that the document being relied upon was merely an interim police report, stressing that a final and superior police report is available and contradicts the three-year-old interim version.
Kyari also detailed several false claims the NDLEA had made against him, including publicly alleging that he owned the Borno State Government polo ground — a property belonging to the state government long before he was born. He reminded the court that NDLEA also filed false statements in the Federal High Court, Maiduguri, claiming he confessed to owning properties belonging to innocent Nigerians. Those real property owners, armed with their documents, have since filed cases against NDLEA.
After these exchanges, the NDLEA counsel abruptly announced that he had no further questions, surprising both the court and observers. Chief Onyechi Ikpeazu (SAN), counsel for the defence, also confirmed he had no additional cross-examination.
The matter has been adjourned for the filing and adoption of final written addresses, after which judgment will be delivered.
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