Protesters storm NASS, demand probe of alleged financial irregularities against GTB

By Tunde Opalana

Protesters convened by the Global Integrity Crusade Network (GICN) on Monday stormed the National Assembly, Abuja to seek legislative probe into alleged “corruption, fraud and financial irregularities” in Guaranty Trust Bank, GTB.

The group said the protest was in consolidation of a press conference addressed in Abuja on Thursday, 3rd October ,2024.

The GICN said its gathering at the National Assembly was to bring Nigerians up to speed with the latest discoveries by its team of investigators concerning the Bank, which before now had been considered by unsuspecting customers/investors to be healthy

In an address signed by Amb. Comr. Adebayo Lion Ogorry, Director of Publicity and Mobilization, GICN, read to the media at the entrance to the National Assembly, the group said it has submitted to the relevant agencies both in Nigeria and abroad report of a private investigator which shows that GTB under the leadership of Segun Julius Agbaje, “is involved in; Unsolicited Accounts Opening, Declaration of Fictitious Profits, Round-tripping, Money Laundering, Terrorism Financing and Use of customers/investors’ funds to pay penalties in the United Kingdom.”

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Findings in the report as contained in the statement read “we have equally uncovered that GTB that one Mr. E complained to the Financial Ombudsman Service in the UK that GTB did not protect him from losing money to a scam. The said Mr. E stated that in March 2023 he made a payment from his GTB account due to a scam. He subsequently realized the scam and got in touch with the Bank, which later recovered part of the money from the recipient account held with another bank. Ultimately, GTB did not reimburse Mr. E’s remaining loss.

“Certain information was requested from GTB to clarify whether it acted reasonably in dealing with Mr. E at that time, but GTB refused to respond. Whilst handing down a well-considered decision, Ombudsman Neil Bridge held that good industry practice demands that GTB ought reasonably to have been on the lookout for payments that were out of character to the extent that they might have indicated a fraud risk.

“Accordingly, GTB was directed to refund the balance to Mr. E together with 8% simple interest per year from the date of payment to the date of settement.

“Back home in Nigeria, GTB featured prominently among the Deposit Money Banks (DMBs) indicted in the Report of the Special Investigation on Central Bank of Nigeria (CBN) and Related Entities (Chargeable Offences) which was submitted by Jim Obazee and his team to President Bola Ahmed Tinubu on 22 December, 2023.

“Part of the said Report indicted GTB for unlawfully diverting funds being percentage of the total disbursements paid to it for participating in the Nigerian Electricity Market Stabilization Facility (NEMSF). The fees were paid to the Banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial Statement of NESI Stabilization Strategy Limited.

“We have received complaints from many Nigerians that GTB has been trapping and diverting foreign currencies sent from their Intermediary Banks in Germany, UK, Switzerland and Ghana. In most cases, GTB forms a syndicate that would threaten the recipients of such funds that the anti-graft agencies have flagged same as proceeds of Money Laundering or Internet Fraud, even when that is not the truth.

“This unholy practice has caused so much losses for investors who tried to come back home and develop the country with their hard earned money.

The GICN, therefore demanded “that the EFCC, National Assembly, CBN, NFIU and other regulatory authorities should take immediate action against GTB in the overall interest of their teeming customers and investors.

“In the event that the relevant regulatory agencies fail, neglect or refuse to perform their duties in line with laid down laws, we shall not hesitate to file Mandamus Proceedings at the Federal High Court of Nigeria with a view to compelling them to do the needful. Meanwhile, we urge the Media not to relent in supporting us in this noble journey as we continue.”

The body said it stands in unwavering solidarity with Precious Eze, Olawale Rotimi, Rowland Olonishu and Seun Odunlami who are bloggers recently remanded in Ikoyi Prison by Justice Ayokunle Faji of the Federal High Court in Lagos State on the prompting of Segun Julius Agbaje.

“We submit that the two count charges of Cyberstalking and Disseminating False Information filed against them are baseless. The only reason for their ordeal is that they are courageous enough to fight against Guaranty Trust Bank’s alleged corruption.

“We condemn the attempt by Segun Julius Agbaje to silence the Civil Society and Media from speaking the truth.

“Let him know that we at GICN we are not cowards and will never be deterred by the threats of legal action. The fight against corruption is our collective responsibility and for us, it is no retreat, no surrender,” the statement added.