A civil society organization, Global Integrity Crusade Network (GICN), has officially retracted allegations of corruption and other unwholesome activities previously made against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc (GTCO).
In a statement released in Abuja on Tuesday, the President of GICN, Edward Omaga Esq., admitted that the Private Investigation Report (PIR) presented to the media on October 3, 2024, and submitted to regulatory agencies in Nigeria, the UK, the USA, and Ghana, was based on unverified information obtained from the internet.
Omaga acknowledged that the documents used to compile the PIR were baseless and did not accurately reflect the true state of affairs regarding GTB Limited and its management.
“In other words, 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 alleged,” he stated.
Addressing concerns raised in the PIR, Omaga clarified that GTB Limited operates in strict compliance with regulatory standards. He dismissed allegations of unsolicited account openings, stating that the bank adheres to due process while upholding data privacy laws.
On the issue of profit declaration for the period ending June 30, 2024, Omaga affirmed that GTB Limited had fully complied with 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 not appropriate for GICN to query the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, released by GTCO Plc to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE),” he added.
Omaga further stated that GTB Limited’s corporate image and integrity remain intact in all foreign markets where it operates. He downplayed previous concerns about financial penalties paid in the UK and the temporary suspension of the bank’s Foreign Exchange Trading Licence in Ghana, describing them as minor regulatory matters that had long been resolved.
As part of its retraction, GICN issued a public apology to GTB Limited and its management, particularly GTCO’s Group Chief Executive Officer, Mr. Segun Julius Agbaje.
“The group wishes to sincerely apologize through this medium for misleading the public towards having any negative perception about GTB Limited. Specifically, GICN implores Mr. Segun Julius Agbaje to forgive its shortcomings and consider the group as a partner in the sustained drive of the bank to provide quality financial services across Nigeria, Africa, and the world at large,” Omaga stated.
He further disclosed that GICN had, on Thursday, February 27, 2025, formally withdrawn the PIR and all court cases related to the matter.
