Confusion! As GTBank Customers Decries Unauthorized Transactions and Deductions in their Accounts
The crisis facing the Guaranty Trust Bank (GTBank), seems not to be abating. The bank that pride itself as one of the best in the country has been facing issues since it upgraded a couple of days ago. It initially kept the customers in the dark when the app is not opening after the bank had announced a successful upgrade thereby not giving them access to transact both banking and non-banking operations on their accounts.
As if that is not enough, the customers of the bank have also come to the social media to express their confusion and anger after they eventually gain access (though still not able to perform any successful transaction) to their accounts only to discover that there have been so many unauthorized transaction in their accounts. Whereas some are confused about the deposit and subsequent remover of monies into their supposed personal accounts, the complain of some is that there are unauthorized deductions carried out and still being carried out while their complains to the bank through digital and physical means are being treated with kid gloves.
It would be recalled that social media had recently reported that the website of the bank was hacked, though this was refuted by the bank at that time but the recent happening is questioning whether the bank is still in control of their banking platforms, and this is making slight the competence of the bank in securing the deposits of its numerous customers, who had been left in limbo by the management of the GTBank.
The bank is taking so many backlash over the recent issue as some customers are threatening seeking legal approach claiming the long disruption of banking activities has cost them huge loss.
Nigerians on the X (formally Twitter) had been coming up with several reasons for the unauthorized transactions on different accounts that. According to some Netizens, after discovering the evidence of the unauthorized transactions, expressed fear and suspicion that the transactions may be that some fraudsters within and outside the bank had hide under the upgrade to use their accounts to fraudulently transfer proceed of fraud.
GTBank has not responded in anyway to the accusations and suspicion, while giving the shocked and angry customers the silent treatment, some have taken to the social media to warn against banking with the bank over the shoddy treatment.
Below are links and screen shot of few customers on the current fiasco by the GTbank;
Segun Agbaje’s GTCO (GTBank) under Scrutiny over Huge Net Income Interest Profit Declaration, despite Pending Court Cases on Overcharging
Mark Twain, American humorist, journalist, lecturer, novelist and moralist was ascribed to have said “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.” This simply means one can’t expect bankers to be of help when they are really needed, this much can be used to describe how the Segun Agbaje led Guaranty Trust Holding Company Plc/ GTBank, has been working against its clients for personal profit.
There has recently been so much noise about the ₦1 Trillion plus profit declared by the financial institution. According to the report made available the Segun Agbaje led group was said to have made a large chunk of the announced growth of its income from the Net Interest Income (NII), which recorded a 176.9 per cent growth to ₦491.5 billion from ₦177.5 billion last year.
For a clearer understanding the Net Interest Income (NII), is the difference between the profit earned as interest on loans given to borrowers against the money it pays out as interest on deposits or loans to depositors and its lenders.
The most common effects of net interest income on borrowers according to findings includes; Higher Interest Rates (this is the period whereby financial institutions arbitrarily raise interest rates to enable them make money). Overcharging (this is such that the financial institution manipulate things so additional fees are imposed or charges on borrowers), Stifling Innovation and Growth and many more.
With Segun Agbaje’s GTCO announcing ₦314 billion increase on the previous year coupled with the current economic crisis facing the country, there is strong indication that the many accusations against the group as inherited from the GTBank on overcharging by several companies may be founded.
If it would be recollected, the bank before and after it metamorphous into the Holdings Company it currently is, is not new to sanctions that has to be with disregard for laid down rules, in 2018, the UK Financial Conduct Authority (FCA) stopped GTBank UK from taking on new customers, note GTBank UK is an independent subsidiary of the GTCO.
The bank was later fined £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019, the huge fine became necessary when lesser fine of £525,000 in August 2013 for serious and systemic failings fails to deter the bank.
In a similar action of disregard to rules for profit maximization the GTBank Ghana’s Foreign Exchange Trading License was suspended earlier this year over breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations for a month in accordance with the relevant law in Ghana.
The Segun Agbaje led organization’s knack for bending the rules for profit was a major reason most people are calling on CBN and other relevant agencies to investigate the announced profit especially with regards to NII as the litigation against the bank on issues that has to do with overcharging is still pending before various courts in Nigeria.
If it would be recollected, overcharging is the main bone of contention of the now more than ₦20 billion case between GTBank and Innoson Motors. Innoson had dragged the bank to court for over-charging on a loan facility it got from the Segun Agbaje led bank.
Information was that Innoson has decided to conduct a proper auditing when they started getting strange charges in their account, it was the process that revealed GTBank has over-charged it to the tune of ₦786million over the course of several years dating back to 2004, after which Innoson informed the bank.
It was when the bank denied it and insisted that Innoson is still owing them that the company was forced to seek court help where a subsequently judgement was given in May 2013, and the Segun Agbaje led bank was asked to pay the sum of ₦559,374,072.09, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 since that was the interest rate on the loan, till satisfaction of the judgment debt.
The court also added a 100% penalty as stipulated in the CBN Guidelines for excess charges by banks, which brought the total judgment cost then to ₦2.4 billion, but is likely to be more that ₦2o Billion at the moment because the bank has been finding way to stop the execution of the judgement.
Another case pending in court against the Segun Agbaje led GTCO, was made public knowledge last year when GTBank through a receivers’ manager tries to illegally (by pronouncement of a court) take over properties of Stallion Group Nigeria over a purported ₦13 billion debt, whereas the CFO of Stallion Nigeria contends that it is not owing GTB any longer and that on the contrary, it is on record that it has paid more than what was outstanding to GTB by ₦6,423,700,000.
Stallion Nigeria in its application, which was granted by the Court had explained that the preliminary KPMG forensic audit report had established that GTB overcharged Stallion, in excess, fraudulent and illegal charges of ₦4,693,625,637.49, adding that GTBank had accepted this finding by the auditors.
Stallion has been in court with GTBank since 2019 over allegations and claims with Stallion winning against GTBank at the Court of Appeal, Nigeria. The Court of Appeal presided over by the Honourable Justices Daniel-Kalio, Sirajo and Banjoko, had previously delivered Judgment in favour of Stallion Nigeria against Guaranty Trust Bank Plc on 24 February, 2022 and set aside the Ruling of Honourable Justice Saidu in favour of GTBank.
The problems that come with the Overcharging and Higher Interest Rate are some of the profit driven actions the Segun Agbaje led group, has been heaping on many of their customers that makes doing profitable business difficult. While some are locked in prolong legal battle with the bank and the group as a whole, some had been forced to throw in the towel.
One of the companies that was not so lucky because of the nature of business is Toyin Subair led HiTV, in an interview the lawyer turned businessman granted a news media in 2019, he lamented how 25% – 27% interest rate becomes a burden that killed the company in his word “At 25-27% interest on debt, most businesses cannot survive and you will be a slave to the banks for life. That is why they take collateral from you. They lend against your collateral not your business case. Regardless of our strong cashflows, the funding requirements continued to increase.” He explained
Stating further while advising prospects, “HiTV was paying an average of 1.1billion Naira approximately in interests and guarantee charges annually, for over 5 years! For a new company, we did a damn good job but really got blown out. I never live by debt and so was really ignorant about how interest works up till HiTV and of course since then you won’t catch me near it. But what do you do when you have to? They say internationally that “equity is more expensive than debt”, but that is NOT true in Nigeria. Debt is way too expensive and destructive.” He continued.
Knowing the antecedent of the Segun Agbaje led financial group well-meaning Nigerians has been calling on relevant regulatory agencies to look into the declared Net Interest Income and put in place measures to make sure the effort of the government to revamp the economy will not be frustrated by the company’s insatiable appetite for profit.
The Segun Agbaje GTCo’s Underhand Tactics that Destroyed Toyin Subair‘s Highflying HiTV Media Dream
…Agbaje’s Record of Financial Betrayal: The HiTV Collapse and Beyond
By Abubakar Musa
You couldn’t have forgotten so soon, many years ago, inside the massive banking hall of GT Bank, Toyin Subair wept and wailed. Yet nothing happened. Toyin was down and out, grunting and growling, but the bankers were ready to fight to the finish.
Indeed, in the complex corridors of Nigerian power and business, tables often turn, and those once perceived as underdogs can quickly rise to newfound prominence. Such is the case of Toyin Subair, the former HiTV boss, who has re-entered the political elite as the Special Assistant on Special Duties and Domestic Affairs to President Bola Tinubu. Once ruthlessly hounded by Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company (GTBank), Subair is now determined to use his newfound clout to repay Agbaje for the calculated destruction of his once-promising digital satellite broadcaster, HiTV.
Subair’s ascension to the presidency’s inner circle has rattled Agbaje, whose insidious role in bringing HiTV to its knees is widely known. What was once a professional and financial downfall for Subair has transformed into a determined vendetta. With the tables now turned, Subair is poised to extract his pound of flesh from the GTBank boss, using his leverage to settle the score.
Agbaje’s Role in HiTV’s Collapse: A Plot of Financial Ruin
HiTV was once a beacon of innovation in Nigeria’s media landscape. Launched with the ambitious goal of bringing premium football leagues such as the English Premier League and UEFA Champions League to millions of Nigerians, HiTV held a unique position as an indigenous digital broadcaster that was competing with global media giants. Its visionary founder, Toyin Subair, was widely hailed as a trailblazer in the media industry.
However, Segun Agbaje saw an opportunity not to support Subair’s promising enterprise, but to exploit and eventually crush it. Under the guise of financial assistance, GTBank extended a series of loans to HiTV between 2007 and 2010. The N9.5 billion loan package was structured not as a genuine lifeline, but as a trap—a set of onerous terms that would suffocate the company’s cash flow and make it impossible to meet its obligations.
What followed was a carefully orchestrated financial downfall. The loans were designed to bleed HiTV dry, with crippling interest rates that drained the company’s resources. Agbaje, in his role as GTBank’s chief, weaponized the bank’s facilities to ensure HiTV’s inevitable collapse. It wasn’t a failure of business on Subair’s part; it was a deliberate and calculated plot by Agbaje to eliminate HiTV as a business rival.
By 2011, HiTV had crumbled under the weight of its debts. Agbaje’s shrewd manipulation of financial instruments, paired with GTBank’s ruthless collection tactics, ensured that Subair would never reclaim the dream he had built. Agbaje’s successful exploitation of HiTV stands as a grim case study in how far some banking executives will go to assert control and crush competition.
Corporate Warfare: How Agbaje Weaponized GTBank and Law Enforcement
Agbaje’s destruction of HiTV wasn’t limited to financial instruments alone. When the company began to falter under the weight of its debts, he ramped up pressure through more aggressive and overt tactics. With HiTV on the verge of collapse, Agbaje called in the debts and unleashed a barrage of lawsuits against Subair and his company. Legal petitions flooded the courts, and Subair found himself embroiled in a vicious legal battle, while HiTV was buried under an avalanche of litigation.
Agbaje’s cunning extended beyond the boardroom and into the legal sphere. Leveraging his influence over law enforcement and legal agencies, he ensured that HiTV would have no chance of recovery. Law enforcers and banking regulators, seemingly bent to his will, became instruments of HiTV’s demise. Subair, once a celebrated entrepreneur, was left helpless as Agbaje systematically dismantled everything he had built.
Pundits argue that if Subair had been more cautious and courageous, he might have found a way to defy Agbaje’s vampiric tactics and reclaim HiTV. But Agbaje’s elaborate scheme left little room for maneuvering. The GTBank chief’s playbook for exploiting corporate clients was perfected to such an extent that few could withstand his onslaught.
Agbaje’s Reputation as a Corporate Villain
In many circles, Agbaje’s reputation as a shrewd but morally bankrupt banking executive has only grown since his success in neutralizing HiTV. His modus operandi—extend generous loans under predatory terms, then crush the debtor when repayment becomes impossible—has been employed in multiple instances, with Subair’s case being one of the most publicized.
Agbaje’s track record of exploiting and extorting promising entrepreneurs has earned him the image of a corporate thug—someone more interested in financial domination than in legitimate business growth. As critics point out, he has turned GTBank into a weapon of financial destruction, targeting companies like HiTV, only to leave them in ruins while the bank walks away unscathed.
The collapse of HiTV was not an isolated event but part of a broader pattern of corporate treachery. Agbaje, through his shadiness and corporate criminality, has positioned himself as a figure more feared than respected in the world of Nigerian banking. His critics argue that his success comes not from brilliance or innovation, but from his ability to manipulate financial systems to serve his personal ambitions at the expense of others.
Subair’s Return: Poised for Payback
Fast forward to today, and Toyin Subair is no longer the defeated entrepreneur licking his wounds after the HiTV collapse. As a close aide to President Bola Tinubu, Subair has regained his footing and now wields significant influence in Nigeria’s political high society. This newfound relevance has become a source of anxiety for Segun Agbaje, who must now reckon with the possibility that Subair will use his position to seek retribution for the destruction of HiTV.
Pundits speculate that Subair is leaving no stone unturned in his quest for payback. The scars of HiTV’s collapse remain fresh, and Subair’s determination to even the score has only grown stronger over the years. Now, with the backing of the country’s highest office, Subair is in a position to bring Agbaje to book for the calculated corporate warfare that ruined his digital broadcasting dream.
Agbaje, once the predator in control, may now find himself vulnerable as Subair eyes the opportunity to extract his pound of flesh. The former HiTV boss is poised to turn the tables, using every tool at his disposal to ensure that Agbaje faces the consequences of his ruthless tactics. For Subair, this isn’t just about financial retribution—it’s about justice for a dream destroyed and a legacy stolen.
As Agbaje continues to face public scrutiny for his role in the collapse of HiTV, the rise of Toyin Subair serves as a stark reminder that power dynamics can shift dramatically. And for Segun Agbaje, the reckoning may have only just begun.
N1 Trillion Profit: GTCO’s CEO Segun Agbaje under the Searchlight as EFCC, FIRS to Allegedly Investigate Suspected False Half-Year Declaration
Guaranty Trust Holding Company Plc (GTCO) is under scrutiny following its recent declaration of a staggering N1 trillion half-year profit, prompting investigations by the Economic and Financial Crimes Commission (EFCC) and the Federal Internal Revenue Service (FIRS). The extraordinary profit figure has raised suspicions, with insiders suggesting it may be an attempt to outshine competitors, casting doubt on the bank’s financial integrity.
Chief Executive Officer Segun Agbaje is at the center of the controversy. Reports indicate he is reconsidering the profit declaration amid mounting pressure from board members who are unhappy with the lack of transparency. Many directors feel that this decision could tarnish the bank’s reputation, with one board member stating, “This isn’t just about money—it’s about maintaining the integrity of the institution.”
Tensions are rising within the board, with discussions of a possible vote of no confidence against Agbaje, reflecting growing dissatisfaction with his leadership amid a series of controversies. Employees, caught in a toxic work environment, fear repercussions if the profit claim is found to be false. Many express frustration over an autocratic culture where dissent is discouraged.
Analysts warn that if GTCO is found guilty of profit manipulation, the implications could be severe. Trust, crucial in banking, may erode, jeopardizing the institution’s market position and customer confidence. The scandal raises broader concerns about corporate governance and leadership ethics within the bank.
As investigations unfold, the future of GTCO hangs in the balance, with potential ramifications not only for the bank itself but for Nigeria’s banking sector as a whole.
Segun Agbaje led GTCO’s Controversial N1 Trillion Profit: A Facade of Financial Triumph?
In a country facing soaring inflation and struggling startups, Guaranty Trust Holding, GTCO’s recent claim of a staggering N1 trillion profit raises eyebrows rather than celebrations. This figure, announced by CEO Segun Agbaje, appears less a beacon of success and more a troubling indicator of systemic issues within Nigeria’s banking sector.
Critics argue that GTCO’s reported profits stem from questionable practices rather than genuine financial growth. Many see Agbaje’s announcement as emblematic of a banking culture that prioritizes profit over customer welfare. Instead of nurturing innovation, GTCO’s approach has allegedly involved significant overcharging, dubious fees, and predatory lending practices that have eroded trust among its clients.
The disbelief among Nigerians is palpable. In an economy where businesses are cutting back and inflation is rampant, GTCO’s reported profits seem implausible. Industry experts and auditors have raised alarms, questioning the legitimacy of such gains. The prevailing sentiment is that these profits are not the result of sound banking practices but rather of exploiting customers.
Accusations against GTCO are mounting, with corporate clients like Innoson and Stallion Group calling for forensic audits. These businesses are beginning to suspect that their long-standing loyalty has been met with exploitation, as they uncover discrepancies in their accounts. A notable case is billionaire Femi Otedola, whose audit has prompted others to scrutinize their dealings with GTCO, revealing patterns of overcharging and illicit deductions.
Instead of contributing positively to Nigeria’s economic landscape, GTCO under Agbaje has been accused of engaging in practices that harm the very clients it serves. The bank’s focus appears to be on profit maximization at any cost, raising concerns about its impact on businesses and individuals alike.
As pressure builds, stakeholders are urging the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, to investigate GTCO’s practices and ensure that the full 35% tax on the reported profits is enforced. However, the call for accountability extends beyond tax collection; there is a growing demand for broader reforms within Nigeria’s banking sector to promote transparency and ethical practices.
As scrutiny of GTCO intensifies, Agbaje’s claims of financial success are increasingly viewed as a fragile façade, raising questions about the integrity of the banking system as a whole.
Africa’s Biggest Food And Drink Festival Is Back!… 2022 GTCo Food And Drink Festival
Guaranty Trust Holding Company Plc (GTCO Plc), is set to continue its long-running showpiece event– The Food and Drink Festival. For the 5th Edition, this headlining event will hold from Saturday, April 30 to Monday, May 02, 2022, at the GTCentre, Plot 1 Water Corporation Drive, Oniru, Lagos.
The GTCO Food and drink festival brings together the biggest chefs and food lovers from ALL OVER the world in a celebration of all things delicious with family and friends. Over the years, the Food and Drink festival has hosted millions of people and featured enlightening and engaging masterclasses by world-renowned chefs and food business experts. This year, the free to attend three-day festival will feature cooking masterclasses of cuisines chosen from all around the world and over 140 free retail stalls showcasing everything from the best of Nigeria’s street food to bite-sized gourmet treats and fresh farm produce from the farmers’ market. The well-fitted play area is designed to add another layer of excitement for children and keep them meaningfully engaged.
Commenting on the 2022 GTCO Food and Drink Festival, the Group Chief Executive Office of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Africa’s history and rich cultural heritage is beautifully reflected in its cuisines. The primary objective of the GTCO Food and Drink Festival is to showcase our diversity and industry as a people whilst delivering a sumptuous culinary experience to food enthusiasts across the continent. As our contribution to the development of local SMEs, we want to see our retail customers who also own small businesses thrive by giving them more opportunities to connect with consumers from around the world.”
He further added: “At GTCO Plc, we are committed to offering our customers and communities great experiences with every nteraction and will continue to promote viable enterprises particularly in the food and fashion industries, given the massive capabilities and countless multiplier effects inherent in these critical industry segments.”
Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including Payments, Wealth Management, and Pension Fund Management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry.
The 2022 GTCO Food and Drink Festival promises to be an experience of a lifetime. If you have been keen to try all the local street food and would like to go on exhilarating culture-filled culinary adventures, this is your chance!
GTCO Plc acquires the Mutual Fund and Pension Subsidiaries of Investment One Financial Services Limited; Investment One Funds Management Limited and Investment One Pension Managers Limited.
Guaranty Trust Holding Company Plc (GTCO Plc or the Group), a diversified financial services provider, today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or the Seller).
IOPM is licensed by the Nigerian Pensions Commission (PenCom) to operate as a Pension Fund Administrator in Nigeria. On the other hand, IOFM is licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser. The Seller is regulated by the SEC and offers a wide range of services including Investment Management, Trust Services, Financial Advisory Services, Security Brokerage and Pension Funds Management. Forthwith, the Companies cease to be subsidiaries of the Seller and have become wholly owned subsidiaries of GTCO Plc.
In line with GTCO Plc’s aspirations to operate across the financial services sector value chain in Africa, these acquisitions would expand the product and service offerings of the Group into the Assets and Funds management segments whilst positioning GTCO Plc as a dominant player for all critical financial services.
Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), said: “We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.
He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continue to drive our financial success. As a Proudly African and Truly International brand, we will continue to live by these values — of excellence, hard work and integrity, even as we create faster, cheaper, safer and products for people and businesses through every stage of life.”
The acquisitions were facilitated by Exotix Advisory Limited and Vetiva Capital Management Limited as Financial Advisers, Aluko & Oyebode as Legal Adviser and Deloitte & Touche (Nigeria) as Financial Due Diligence Adviser.
GTCO Plc is a diversified financial services company with N5.144trillion in assets, providing commercial banking services and non-banking financial services across eleven countries, including the United Kingdom. The Group offers a wide range of banking as well as non-banking financial services in Nigeria, West Africa, East Africa, and the United Kingdom. The Group is rated B- by S&P, a reflection of the Group’s stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.
