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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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Soludo’s Economic Blockade of Onitsha Is ‘Declaration of War’ Against Igbo People
A U.S.-based organization, The Rising Sun Foundation, alongside the global coalition for Biafra restoration, has warned Governor Charles Soludo of Anambra State, condemning his blockade of Onitsha’s business district and accusing him of betraying the Igbo people. adsbygoogle || []).push({}); com/pagead/js/adsbygoogle.js">
In a statement released on Tuesday and signed by Dr. Maxwell Dede, representing The Rising Sun Foundation in the United States, the foundation described Soludo’s actions as “tyrannical” and a “flagrant betrayal” of promises he made four years ago to support a grand dialogue on the Igbo people’s future within or outside Nigeria.
“Governor Soludo stands accused of a profound and treacherous betrayal. Four years ago, he courted the support of Mazi Nnamdi Kanu and the aspirations of millions, publicly pledging to facilitate a grand dialogue for the Igbo people. Today, he actively persecutes the very people and principles that propelled him to power,” the statement said.
The group criticized the governor for deploying predominantly non-Igbo military and police personnel to blockade economic arteries, describing the move as “the act of a tin-pot dictator, not a democratic leader.”
It further claimed that the Onitsha crisis is “not a result of merchant disobedience but of gubernatorial failure and dictatorial impulse”.
“The governor is strangling the economic lifeblood of the people he swore to serve, shattering the fragile peace he claims to protect,” the foundation said.
It also condemned Soludo’s perceived comfort with the continued detention of Mazi Nnamdi Kanu by the federal government, calling it evidence that Soludo is “a politician of convenience, not conviction.”
The Rising Sun Foundation warned that any harm inflicted on peaceful protesters or merchants exercising their rights would be interpreted as “an open declaration of war against the Igbo people and their fundamental human rights. The blood will be on Soludo’s hands.”
The group added that the world should hold the Government House in Awka responsible for any breakdown of law and order, insisting that “Governor Soludo fired the first shot with this unjust and provocative blockade”.
“We are a peaceful people, but we say no more killings. The era of Igbo governors colluding to spill the blood of Igbo youths is over. We will not stand idly by and watch history repeat itself,” the statement said.
The foundation also announced it was initiating steps to have Soludo declared persona non grata internationally for what it described as gross violations of democratic norms and economic rights, asserting that “his welcome on the international stage will be rightfully rescinded.”
Calling on international observers, human rights organizations, and the Nigerian federal government to take action, the foundation said, “The siege on Onitsha must be lifted. The path to peace in the South-East is through justice, dialogue, and the release of Mazi Nnamdi Kanu—not through military barricades and economic suffocation.”
The group warned the governor, “Governor Soludo, you are at the brink. Pull back. Respect the people. Honor your forgotten promises. The world is watching.”
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- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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New Year: Gov Ododo Calls for Unity, Commitment to Security of Lives, Properties
From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo of Kogi state has called for Unity of the people in complementing government’s efforts to tackle rising insecurity in the state.
The Governor also solicited people’s support through hard work, and sustained patriotism as his administration intensifies efforts to deliver people-oriented governance. googlesyndication.com/pagead/js/adsbygoogle.js">
Ododo who made the call in his New Year message to the people of the state, thanked Almighty God for protection and guidance throughout the past year, noting that the period tested the resilience of the people but also strengthened their collective resolve.
The Governor said that despite challenges, the state recorded modest but significant gains across key sectors, including security, infrastructure, education, healthcare, agriculture, and youth and women empowerment, attributing the progress to discipline, unity of purpose, and the cooperation of citizens.
According to him, the New Year presents renewed hope and a stronger resolve by his administration to do more through prudent resource management, inclusive governance, and policies aimed at improving the quality of life of the people, expanding opportunities for youths, empowering women, and strengthening the state’s economy.
Governor Ododo reaffirmed that security remains a top priority of his government, assuring residents of deeper collaboration with security agencies and community stakeholders to sustain peace across the state, stressing that meaningful development can only thrive in a secure environment.
He called on all Kogites to continue to reject division and embrace cooperation, describing the state’s diversity as a strength that must be harnessed to build a Kogi that works for everyone, both in urban and rural communities.
Reiterating his pledge to serve with integrity, transparency, and compassion, the Governor expressed optimism that the New Year would usher in shared prosperity and greater accomplishments for the state.
Governor Ododo also urged continued support for the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that the President’s reforms have strengthened the economy and expanded resources available to sub-national governments for development.
He wished the people of Kogi State a peaceful, prosperous, and fulfilling New Year, while praying for continued progress for the state and the nation.
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One Community, One Honour: Item Okpi Kingdom Celebrates Prof. Arunma Oteh’s Global Legacy
By Abdulrahman Aliagan,
The ancient town of Item in Bende Local Government Area of Abia State was agog on Tuesday, December 30, 2025, as the Item Development Association (IDA) Incorporated trustees hosted the 2025 Item Day Celebration, a historic edition specially designed to honour a single, outstanding personality — Chief, Prof. js">
The celebration, held at the playground of Akanu Item Primary School, Akanu Item, was attended by top government officials, traditional rulers, community leaders, clergy, captains of industry and sons and daughters of Item from across Nigeria and the diaspora.
Themed “Building a Greater Item Through Collective Action: The Work Continues,” the 2025 Item Day marked a significant departure from previous editions that featured multiple awardees. This year’s event was deliberately structured around a single award and traditional honour, in recognition of Prof. Oteh’s exceptional contributions to the growth and development of Abia State, Nigeria, Africa and the global community.
A major highlight of the event was a Grand Civic Reception in honour of the Executive Governor of Abia State, His Excellency, Dr. Alex Chioma Otti, OFR, whose presence further underscored the importance of the occasion.
At the ceremony, the Item Development Association formally presented the Item Grand Merit Award to Chief Arunma Oteh, OON, describing her as a worthy daughter of the soil whose global achievements have brought immense honour to Item Okpi Ancient Kingdom, Abia State and Nigeria at large.
The award plaque cited her “distinguished leadership and transformative contributions to global development and in appreciation of the great honour this has brought to our community.”
Prof. Oteh was also specially celebrated for her consistent role as a global ambassador of the Amaba-Ukwu Item community, projecting its image positively across international platforms. This singular contribution, the organisers noted, was a key reason she was singled out for the prestigious award.
The event was chaired by Chief Ojay Obasi Eke (Udoka), with Chief Chukwuemeka Ogwo, MBA (Ugwuchukwuemere I of Item) serving as Co-Chairman.
Other dignitaries present were Hon. Dr. Ibekwe Nnamdi Chimdi, Member representing Bende North Constituency in the Abia State House of Assembly; Hon. Okwu Ukoha, Speaker of the Abia State House of Assembly; and Hon. Uwabunike Bassey, Executive Chairman (Mayor) of Bende LGA.
Traditional blessings were led by the Royal Father of the Day, HRH Eze Jerry Akpala Igwe (JP), Chairman of the Item Traditional Rulers Council, alongside HRM Eze Silas Okafor Igwe (JP), the Okpi of Item, and other royal fathers.
Religious leaders, including His Grace, Dr. Sunday Ndukwo Onuoha, Archbishop of Umuahia, also offered prayers for the community and the awardee.
The newly conferred Nwanne Ukwu Di Na Mba of Amaba-Ukwu Item, Abia State, Alhaji Chief Dr Ibrahim Mohammed Ajia, congratulated Prof. Arunma Oteh on the well-deserved honour.
He described her as a pride of Item and a shining example of what dedication, integrity and excellence can achieve, noting that her global impact has placed Amaba-Ukwu Item firmly on the world map.
He prayed for greater strength and wisdom for her to continue serving humanity and inspiring future generations.
In her acceptance speech, an emotional Prof. Arunma Oteh expressed profound gratitude to the Item Development Association, the people of Amaba-Ukwu Item, the traditional institution, the Abia State Government and all stakeholders who contributed to the success of the programme.
She pledged to continue projecting the image of her community globally, describing the honour as a renewed call to service.
Prof. Oteh urged sons and daughters of Amaba-Ukwu Item, Abia State and Nigeria at large to embrace courage, resilience and hard work, stressing that “the sky is only the beginning of success for those who dare to dream and work relentlessly.”
She thanked Governor Alex Otti for his support for community development initiatives and commended the leadership of IDA for sustaining the vision of unity, selfless service and progress captured in the association’s motto: “Faith in God and Selfless Service to Our People.”
A Historic Item Day led by Dr. Cyril Onyekachi O. Kalu, President of IDA, and Ambassador Dr. Anthony Chukwudum Okorie, Chairman, Board of Trustees, the 2025 Item Day Celebration has been widely described as historic — not only for honouring one of Item’s most illustrious daughters, but also for reaffirming the community’s commitment to collective development and global relevance.
For many attendees, the celebration was more than an award ceremony; it was a statement of identity, pride and a renewed resolve to build a greater Item for generations yet unborn.
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