• Demand full refund, forensic probe
• Bank insists transactions authenticated
A Lagos-based law firm, Sholanke and Sholanke, has petitioned the Central Bank of Nigeria (CBN), urging the apex bank to direct Guaranty Trust Bank Plc (GTBank) to refund N9.98m allegedly withdrawn fraudulently from the account of its client.
In a petition dated March 26, 2026, and addressed to the Director of the CBN’s Consumer Protection Department, the solicitors accused the bank of failing to exercise reasonable care and skill in safeguarding the customer’s funds.
According to the petition, the disputed transactions occurred on February 21, 2026, when two withdrawals of N4.99m each were processed within a two-minute interval to separate accounts domiciled with a payment platform. The law firm maintained that the transfers were unauthorised and were promptly reported by the account holder.
The lawyers stated that their client neither authorised the transactions nor compromised his banking credentials, insisting that he exercised all necessary precautions expected of a customer.
However, the bank reportedly maintained that the transactions were authenticated using the customer’s login credentials and PIN, adding that it found no infraction on its part. GTBank also said efforts to trace the funds were carried out on a “best-effort basis,” noting that the money had allegedly been dissipated through cryptocurrency channels and third-party platforms.
Dissatisfied with the bank’s position, the solicitors argued that reliance on authentication alone does not absolve a financial institution of liability in fraud-related cases. They contended that modern banking standards require institutions to deploy advanced fraud detection mechanisms capable of identifying suspicious patterns.
They highlighted several “red flags” that should have triggered intervention by the bank, including the high-value nature of the transactions, the short time interval between them, the use of new beneficiaries, and the near-identical amounts involved.
The petition further stressed that the bank’s duty of care is primarily preventive, adding that attempts to recover funds after transactions had been completed do not excuse what it described as systemic lapses.
The firm also raised concerns over potential breaches of the CBN Consumer Protection Framework and cybersecurity guidelines, warning that such incidents could erode public confidence in the banking system if not addressed decisively.
Consequently, the lawyers urged the apex bank to compel GTBank to refund the full amount to their client, conduct a comprehensive investigation into the incident, and impose appropriate sanctions where necessary. They also requested that the bank be directed to provide a detailed forensic report on the alleged breach.
The petition described the incident as a clear case of institutional failure, calling on the CBN to intervene to ensure that the customer does not bear the consequences of alleged lapses within the banking system.
