Group Retracts Corruption Allegation Against GTCO, Tenders Apology

A civil society organisation, Global Integrity Crusade Network (GICN), has retracted allegations of corruption and unwholesome activities made in a Private Investigation Report (PIR) against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc.

In a statement in Abuja Tuesday and signed by President of the organisation, Edward Omaga Esq., he stated that he presented the PIR to the media on 3 October, 2024 and later submitted same to certain agencies in Nigeria, UK, USA and Ghana for further action.

He however said the documents relied upon to compile the PIR were obtained from the internet, were baseless, and do not depict the true state of affairs about GTB Limited and its management.

“In other words, the position taken by Global Integrity Crusade Network in the PIR was misguided. It has become clear that Guaranty Trust Bank Limited, its Management and the entire GTCO brand are not under any financial or regulatory scrutiny in Nigeria or abroad as alleged.

“The issues raised about Unsolicited Accounts Opening for customers were unnecessary, as the bank operates in line with the highest standards of compliance and due process, whilst preventing the breach of data privacy laws,” he said.

On the issue of profit declaration for the period ended June 30, 2024, Omaga stated that records abound to show that GTB Limited fully complied with the applicable legal requirements of the Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRCN) as well as the Securities and Exchange Commission (SEC).

“It was therefore not appropriate for GICN to query the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, released by GTCO Plc to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

“In the same vein, the corporate image and integrity of GTB Limited remains intact in foreign countries where it carries on business.

“The financial penalties paid in the United Kingdom by Guaranty Trust Bank (UK) Limited coupled with the suspension of its Foreign Exchange Trading License in Ghana were minor regulatory issues, which have been sorted out long time ago.

“The group wishes to sincerely apologize through this medium for misleading the public towards having any negative perception about GTB Limited.

“Specifically, GICN implores Mr. Segun Julius Agbaje, being the Group Chief Executive Officer of GTCO Plc, to forgive its shortcomings and consider the group as a partner in the sustained drive of the bank to provide quality financial services across Nigeria, Africa and the world at large.

“In keeping with its resolve to set the records straight, the group had on Thursday, 27th February 2025 written to withdraw the PIR and all court cases relating to this matter,” he added.