1 week ago
3
A Nigerian civil society organization, Global Integrity Crusade Network (GICN), has filed a lawsuit at the Federal High Court in Abuja, seeking an order to compel the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to impose sanctions on Guaranty Trust Bank (GTBank) and its Managing Director, Segun Agbaje. The organization is calling for regulatory action in response to allegations of financial misconduct, including corruption, unauthorized account openings, fictitious profit declarations, round-tripping, money laundering, terrorism financing, and the alleged misuse of customer funds to cover penalties in the United Kingdom.
GICN has also requested that the Nigerian government, along with leaders from various regulatory bodies—including the Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), and Independent Corrupt Practices and Other Related Offences Commission (ICPC)—be named as respondents in the case. According to GICN, these agencies must investigate and act on the claims outlined in their Private Investigation Report (PIR).
The suit specifically seeks a court mandate compelling the respondents to address the allegations within seven days of judgment, as well as to immediately dissolve GTBank’s board and management to allow an independent review of the bank’s financial practices and regulatory compliance. Furthermore, GICN is pushing for the suspension of Agbaje from his role as Group CEO of Guaranty Trust Holding Company Plc (GTCO) to prevent potential interference with ongoing investigations.
GICN has also appealed for regulatory bodies like the NDIC, SEC, Nigerian Stock Exchange (NSE), and Financial Reporting Council of Nigeria (FRCN) to scrutinize GTBank’s operations to safeguard investors and customers’ interests. Additionally, the organization has called on legislative committees to hold public hearings where Agbaje would address the allegations.
The civil group has urged for the seizure of properties allegedly acquired by Agbaje using illegal funds across Nigeria, the UK, the USA, and other countries, demanding that they be forfeited to the Nigerian government. GICN claims that the lack of action by regulatory agencies constitutes a violation of their responsibilities, emphasizing that they are legally required to respond to allegations of financial infractions within the banking sector.
In support of its claims, GICN filed an affidavit detailing the legal obligations of the respondents to investigate and address financial misconduct. The organization further argues that such oversight is essential for protecting the integrity of Nigeria’s financial sector and preventing risks to investors and the economy. Additionally, GICN has requested a N200 million award in its favor as part of the legal action.
A hearing date for the lawsuit is yet to be determined.
About Global Integrity Crusade Network (GICN)
The Global Integrity Crusade Network (GICN) is committed to promoting accountability and transparency within Nigeria’s financial institutions. GICN’s advocacy includes pushing for investigations into financial irregularities to enhance regulatory compliance and protect public interests.
English (US) ·