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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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Ajia: Tunji Disu’s Leadership Offers Hope for Tackling Insecurity
By AbdulRahman Obaje
The Dan Amanan Fune Emirate of Yobe State and Nwanne Ukwu Di Na Mba of Amaba-Ukwu Item in Abia State, Alhaji Ibrahim Mohammed Ajia, Ph.D, has congratulated the newly appointed Inspector-General of Police, Tunji Disu, describing his appointment as well deserved and timely for Nigeria’s security challenges. js">
Ajia also commended President Bola Ahmed Tinubu for what he called a bold and thoughtful decision in appointing a highly experienced and celebrated police officer to lead the nation’s police force.
In a statement signed by his Director of Communications, Mallam Abdulrahman Aliagan, and made available to journalists in Abuja on Monday , Ajia praised Disu’s impressive educational background, professional training and operational experience, noting that Nigeria and Nigerians are fortunate to have him at the helm of the Nigeria Police Force at this critical time.
According to Ajia, the new IGP has built a reputation for professionalism, discipline and dedication to duty, qualities he said are necessary to reposition the police and strengthen internal security across the country.
He noted that the appointment has raised renewed hope that the country can decisively confront insecurity, insurgency, kidnapping and banditry if the police leadership fully deploys its experience, training and operational capacity.
Ajia, a celebrated retired Police Officer, however, advised the new police chief to prioritise the welfare and concerns of officers and men particularly the rank and file who carry out the bulk of policing duties across the country. He stressed that listening to their “yearnings and cries” would significantly improve their morale and operational effectiveness.
He urged the new IGP to see to the end of final exit from the Pencom system to an improved police pension system . Also to address structural imbalances within the force, particularly the growing disparity between senior officers and the rank-and-file personnel who are responsible for frontline policing.
According to him, the police system must return to a proper pyramidal structure that allows for balanced growth, professionalism and efficiency.
The security expert further called for the recruitment of more rank-and-file officers to strengthen community-level policing, noting that the current structure has too many officers in higher ranks while the operational base remains understaffed. He encouraged the new police boss to ensure that recruitment becomes a real and transparent exercise rather than routine announcements.
On welfare, Ajia urged the police leadership to work towards the realignment of police salaries with those of other internal security agencies. He recalled that approval had been granted during the administration of president Goodluck Jonathan but requires only full implementation.
He also advised the new IGP to work closely with the Nigeria Police Trust Fund to ensure that projects and interventions are based strictly on the operational needs assessment of the force . According to him, the National Assembly should also strengthen the legal framework guiding the Trust Fund so that it functions purely as a professional support institution rather than a political structure.
Fune Emirate title holder emphasised that with the establishment of the Trust Fund, funding for policing in Nigeria should no longer be a major challenge if properly managed.
Speaking on insecurity, he expressed confidence that Nigeria can significantly reduce insurgency, kidnapping and banditry if the police rise fully to the responsibility of internal security. He urged Disu to deploy his experience, networks and training to confront criminality decisively.
He also recommended the establishment of a special force counter-terrorism unit within the police, stressing that the Nigeria Police already possesses a model that can be strengthened into an effective national response unit for violent crimes
Ajia concluded that Nigerians are optimistic about the future of policing under Disu’s leadership and expressed confidence that with courage, strategic reforms and commitment to officers’ welfare, the new Inspector-General of police will leave a lasting legacy in the nation’s security system.
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Rev. Fr. Barkindo of the Kukah Centres highlights 2 points to tackle insecurity, at the Ashraaf Islamic Foundation Centre Ramadan Lecture
By AbdulRahman Obaje
The Rev. Fr. Atta Barkindo, Executive Director of The Kukah Centre (TKC), and Head of Secretariat for the National Peace Committee has identified two cogent points to tackle insecurity in Nigeria. adsbygoogle || []).push({});
He revealed this during the 9th Annual Ramadan Lecture and Prayer for the Nation, presented by Ashraaf Islamic Foundation in Abuja, Nigeria.
While answering questions from journalists at the event, Rev Fr. Barkindo highlights misrepresentation of religion as the first problem.
He said, “I think for me, the first thing is to understand where is this problem coming from? Number one, we cannot keep denying that this thing has nothing to do with Islam or has nothing to do with Christianity. I think if you make this denial, you have not understand.
“If you have ten children and one of them becomes a thief, are you saying that that thief is no longer your child, is your child.”
“So, the first thing is that people are exploiting religion, they are misrepresenting religion and we need to get religious leader who understand the situation, who have the influence, the respect in order to proffer solutions and to help us to stop the exploitation and the misrepresentation of religion.
He further revealed that education is the second key element in the equation.
“And the second element for me actually is education. People are really not very educated and it is difficult for you to practice democracy in a context of illiteracy. So there has to be proper education that can offer jobs, meaningful jobs to people. And I think once people have this job they are likely going to leave atrocities and concentrate on their work.”, he continued.
While reacting to questions on why he is part of Muslim gathering, he said, “God is God, where are the human beings trying to make distinction, God has absolutely no problem.”
“The Christians are fasting, Muslims are fasting, there is nothing wrong for me to come and grow from the Islamic perspective. If I get to heaven and there is no Christianity, I have Islam, I will enter heaven; If I get to heaven and there is no Islam, I have Christianity, I will enter heaven; so, I am pretty very much okay with it.”
“My biggest interest was actually to look at the Islamic jurisprudence, either supporting or making illegitimate terrorist activities in this country. Does Islam support terrorism through jihad or does Islam prohibit terrorism and condemn jihad rather than personal effort and I think for me this is really an interesting aspect and I think this will afford the government in developing some very strong strategic policies recommendation from lectures of this nature.”
“To see how they can work with religious leaders particularly Islamic groups in supporting the justice system, the judicial processes that will hold perpetrators of atrocities accountable.”
“And at the same time, what sort of mediation, conflict resolution, reconciliation platform can communities create in their local area in order to mitigate the violence across this country.”
“We don’t have to wait for another country to come into Nigeria and tell us what is happening. We can all see for ourselves. It’s not Christians, it’s not Muslims, Nigerians are dying literally from every part of this country; in Sokoto, in Zamfara, in Katsina, in Benue, in Plateau, in Adamawa, Christians, Muslims, atheist; at the end of the day, Nigerians are dying.”
“And I think for me we should look at it from that perspective. Death is about Christians or Muslims. It is about the fact that Nigerian citizens are being killed and what can we do to stop the killing together?”.
The Ashraaf Islamic Foundation is always striving to tackle the socio-economic problem bedeviling the nation with its Annual Ramadan Lecture and Maolid Nabiyy. This year edition of the Annual Ramadan Lecture had gathered notable Nigerians focusing on the Islamic perspective on banditry and terrorism with theme “Faith & Justice, The Islamic Judicial Perspective on Terrorism, and Banditry in Nigeria.”
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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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News
Ashraaf Islamic Foundation Tackles Insecurity with 9th Annual Ramadan Lecture
By AbdulRahman Obaje
Many people, especially Nigerians were not happy when on October 31st, 2025, the United States of America led by Donald Trump had again designated Nigeria a country of particular Concern (CPC), citing severe systemic and ongoing violation of religious freedom. adsbygoogle || []).push({});
This is because Nigeria insiders know that impact of insecurity in Nigeria does not only affect a particular religion or sect or tribe or state as claimed by outsiders. The version of insecurity that Nigeria as a nation is currently experiencing has recorded significant blow to properties and loss of lives to Christians, Muslims, traditionalists and atheists alike; from the northern, southern, eastern, western and even the middle-belt parts of the country. So, concluding that a particular religion, sect or tribe is being targeted at might revealed that such does not actually understand the true nature of insecurity in Nigeria.
Notable among those that truly understand the real calculus of insecurity in Nigeria is the Founder/Chairman, Ashraaf Islamic Foundation, Imam (Dr) Sharafudeen Abdulsalam Aliagan. So, it is not surprising that the 9th edition of Ashraaf Islamic Foundation’s Annual Ramadan Lecture and Prayer for The Nation focused on assisting the government in tackling insecurity by bringing stakeholders together under one roof of discussion so as to channel a course of action for the nation.
This year Ramadan Lecture which theme is “Faith & Justice, The Islamic Judicial Perspective on Terrorism, and Banditry in Nigeria” gathered stakeholders from across the board; the judiciary, the executive and the legislative arms of government; religious leaders, politicians, business moguls among other notable Nigerians.
Those that speak with journalists among guest speakers at the event expressed enthusiasm hoping that outcome of the event will boost the fight against terrorism and banditry in no small measure.
Salisu Abubakar representing the grand cardy of the sharia court of appeal of FCT, Abuja while interacting with journalists at the event said, “the grand cardy had wanted to attend however, other engagement prevented him from doing so. And he sends his appreciation and congratulations to the organizer, Ashraaf Islamic Foundation, especially for coming up with a very timely topic on the issue of Islamic judicial perspective on terrorism and banditry in Nigeria.”
“This topic could not have come at a better time than now especially considering what the country is with lately presenting, Nigeria has been designated as a country of a particular concern by the United State of America.”, he continued.
“It is our belief that Islam has provided solution and prescription on how to fight terrorism and banditry. Allah clearly says in the Holy Quran in chapter 5, verse 33 on how bandits and terrorists should be dealt with. Incidentally and fortunately the terrorism prohibition acts in Nigeria has borrowed a leaf from most of the punishment prescribed in the Quran. So, what is left is the will to prosecute bandits and terrorists.”
“All hands must be on deck, the judiciary, the executive and the legislature to see to the end of banditry and terrorism in Nigeria.”, he charges.
“Fortunately, the organizer is able to empanel the right stakeholders to this program, the representative of Mr. president, the person of honourable minister of state for health and social welfare was here; a senator of the federal republic of Nigeria is here and the judiciary is represented by us.”
“So, all the three arms of government are here and we hope that this program will come up with solutions on how to implement the laws that we already have; both in the Quran and the Nigeria constitution and other relevant legislation
Also, a security expert and politician, Dr. Muhammad Ibrahim Ajia commending the organizer of the Annual Ramadan Lecture event while emphasizing its importance to the modern-day challenges bedeviling us as a nation said, “I must say to you that this Ramadan Lecture is a very unique one, the topic borders about typical issue that is confronting our nation.”
“The guest lecturers and all the speakers are looking at the perspective on how to assist the country in tackling the problems of insurgence, kidnapping and all sort of senseless killing that is going on across Nigeria. And from here today, we are going to deduce that if you go back to faith, if you go back to Islamic perspective on dealing with high level of crime, I can tell you the society will be free of such heinous crimes.”
While proffering solutions to the insecurity, Rev. Fr. Atta Barkindo, Executive Director of the Kukah Centre (TKC), and Head of Secretariat for the national Peace Committee highlights two cogent points as a take-home if we must get it right about the insecurity.
Fr. Barkindo said, “I think for me, the first thing is to understand where is this problem coming from? Number one, we cannot keep denying that this thing has nothing to do with Islam or has nothing to do with Christianity. I think if you make this denial, you have not understand.
“if you have ten children and one of them becomes a thief, are you saying that that thief is no longer your child, is your child.”
“So, the first thing is that people are exploiting religion, they are misrepresenting religion and we need to get religious leader who understand the situation, who have the influence, the respect in order to proffer solutions and to help us to stop the exploitation and the misrepresentation of religion.
“And the second element for me actually is education. People are really not very educated and it is difficult for you to practice democracy in a context of illiteracy. So there has to be proper education that can offer jobs, meaningful jobs to people. And I think once people have this job, they are likely going to leave atrocities and concentrate on their work.”
All hands must be on deck so as to see to the end of banditry and terrorism in Nigeria.
Imam Aliagan, the visionary founder of Ashraaf Islamic Foundation, has continuously worked towards educating and awakening the consciousness of Muslims and non-Muslims alike on topical issues of national concern. For years, his efforts have been showcased during the Annual celebration of his Foundation’s Maolid Nabiyy and Special Ramadan lectures and prayers.
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