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Error or Fraud? How GTBank Ruined a Corporate Customer’s Business and Life Over a Missing Deposit
While Guaranty Trust Bank (GTBank) continues business as usual—most recently celebrating its annual Food and Drinks Festival—one of its corporate customers has been left destitute, his business ruined and life upended after trusting the bank with his money. His ordeal began last year when he attempted to move his funds to another bank after discovering unauthorized transactions on his account during GTBank’s infamous system upgrade.
According to a source close to the victim, the problem began more than seven months ago during the bank’s system upgrade. Unauthorized transactions were being made from his account, yet he was locked out and had no access to monitor or prevent the activity. Alarmed by alerts showing withdrawals he didn’t authorize—and unable to access the account—the businessman, whose supply business operations depended entirely on that account, did what any rational person would do: he decided to move his funds to another institution.
When partial access was eventually restored, he initiated a transfer to move his funds. The account was debited, but the money never arrived at its destination. It has remained “pending” or “hanging” ever since.
The source revealed that the victim immediately rushed to the bank to fill out the necessary dispute forms, desperate to save his business. His corporate account held his entire capital, operational funds, and staff salaries. Despite assurances that the issue had been resolved, and despite repeated visits to the bank, the funds—several millions of naira—are still unaccounted for.
The only glimmer of hope came when his account officer reportedly informed him that the failed transaction had finally been marked as such and that the funds would be reversed into his account. That was nearly six months ago, yet nothing has been done.
Frustrated, he enlisted the help of a lawyer—also a personal friend—to write multiple letters to GTBank. When these yielded no result, he had no choice but to initiate legal proceedings against the bank.
A disturbing trend has emerged in how GTBank handles legal disputes. The bank, one of Nigeria’s most influential financial institutions, often engages Senior Advocates of Nigeria (SANs) to stretch litigation indefinitely. A notable example is the long-standing case between GTBank and Innoson Motors, which has dragged on for nearly two decades despite what appeared to be a final Supreme Court judgment in 2019—later reversed due to technicalities.
GTBank’s reluctance to admit fault, even when evidence appears damning, suggests a strategy designed to frustrate and exhaust complainants. In this case, the aggrieved businessman now risks not only losing his business but also his entire livelihood.
One might expect the Central Bank of Nigeria (CBN), as the nation’s top financial regulator, to intervene in such situations. However, the CBN’s silence on past controversies involving GTBank casts doubt on whether the aggrieved party can obtain justice through that channel.
The broader implications are dire. If issues like this continue to go unchecked, they could undermine President Bola Ahmed Tinubu’s campaign to attract foreign investment. No serious investor will commit funds in a system where depositors’ money can vanish without resolution or accountability.
In countries like the United States, banks face heavy sanctions and are required to compensate customers promptly for unauthorized or erroneous transactions. Nigeria must adopt similar standards if it hopes to restore public confidence in the banking sector.
Meanwhile, the customer’s life has deteriorated rapidly. He is reportedly preparing to withdraw his children from private school and move them to public institutions, having lost most of his clients due to his inability to fulfill transactions for over seven months. What initially seemed like a system error is increasingly looking like a case of corporate negligence—or possibly outright banking fraud.
