GICN issues apology to GTB over corruption claims
A civil society organisation, Global Integrity Crusade Network (GICN), has officially retracted its allegations of corruption and other unwholesome activities previously made against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc (GTCO Plc). The group has also issued a formal apology.
In a statement made available to journalists on Tuesday, the President of GICN, Edward Omaga Esq., acknowledged that the Private Investigation Report (PIR), which was presented to the media on October 3, 2024, and submitted to various agencies in Nigeria, the UK, the USA, and Ghana, was based on unverified internet-sourced documents that did not reflect the actual state of affairs at GTB Limited.
“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 previously alleged,” Omaga stated.
Addressing concerns raised about unsolicited account openings, Omaga affirmed that GTB Limited operates in compliance with the highest standards of due process, ensuring adherence to data privacy laws.
Regarding profit declaration for the period ending June 30, 2024, Omaga noted that GTB Limited fully complied with all legal requirements set by the Central Bank of Nigeria (CBN), the Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).
“It was therefore inappropriate for GICN to question the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, as released by GTCO Plc to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE),” he added.
Omaga further clarified that the corporate image and integrity of GTB Limited remain intact in foreign markets where it operates. He described past financial penalties paid by Guaranty Trust Bank (UK) Limited and the temporary suspension of its Foreign Exchange Trading Licence in Ghana as minor regulatory issues that had long been resolved.
GICN issued a public apology for misleading the public and creating a negative perception of GTB Limited.
The group also specifically sought the forgiveness of Mr Segun Julius Agbaje, the Group Chief Executive Officer of GTCO Plc, and expressed a willingness to collaborate in promoting the bank’s vision of delivering quality financial services across Nigeria, Africa, and beyond.
In its commitment to setting the record straight, GICN confirmed that on February 27, 2025, it formally withdrew the PIR and all related court cases.
