Banking
Experts, Stakeholders Association React to Baseless, Unfounded Allegations Against GTCO
Stakeholders and financial industry experts have reacted to the series of allegations against Guaranty Trust Holding Company (GTCO) Plc.
A civic organization, Global Integrity Crusade Network (GICN), had on Friday, September 4, 2024, released a Private Investigative Report signed by its President, Edwin Omaga, alleging a series of “unscrupulous, unethical and criminal activities” against Guaranty Trust Bank Limited, the flagship subsidiary of the GTCO group.
The report, which has been actively circulating in social media showing the leadership of GICN in a prolonged press conference on the subject matter, highlighted damning allegations of corporate misconduct which many social media followers have strongly commented on.
However, GTCO has refuted the allegations and described the report as false.
In a statement made available to THEWILL by the group’s head of corporate communications, Charles Eremi, the foremost financial services group said GICN set out to create a false narrative about the GTCO brand and its management.
“Being a responsible corporate citizen and a first-class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports,” the statement read, adding “We will continue to use the full extent of the rule of law available to safeguard our reputation.”
“Based on the incessant release of false news reports on GTCO’s business activities, Results and its Management Team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management.
“The false news articles which are being sponsored using the media, centre around baseless allegations against the Group’s business activities and its Executive Management.
“We urge all our Customers, Shareholders and Stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles. All of our Executive Management team continue to operate in their full capacities as appointed, and are not under any financial or regulatory scrutiny as alleged,” the statement reads.
An investment expert and chairman of the Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar condemned the development as a calculated attempt by the GICN group to pull down one of Nigeria’s major financial services institutions.
In a telephone chat with THEWILL, Mukhtar lamented over the deliberate efforts of some people to pull down an institution like GT Bank without considering the consequences – loss of employment, negative impact on investors’ assets and depositors’ funds as well as the support to the economy through granting loans and advances to customers.
“GT Bank is one of the strongest new-generation banks. It has been making profits over the years paying dividends to the shareholders, providing employment to Nigerians and giving value to investors. Much as I would not condone wrongdoing, I do not believe that a reputable institution would descend so low to dabble in such wrongdoings it is being accused of,” he said.
He added: “There are better ways of approaching a matter like this, such as petitioning the various regulatory bodies instead of coming to the media to malign a reputable institution like GT Bank.”
The National Coordinator of Progressive Shareholders Association of Nigeria, Boniface Okezie, lambasted the accusing group for wrongfully playing the role of the regulator. He noted that banking is a highly regulated sector and that no such misdemeanour could happen in a financial services institution without being detected.
“I watched the press conference online. I do not believe the allegations. Who is the group making the allegation? Are they the regulators of the industry? You don’t call a press conference to malign an institution. It is uncalled for; I do not believe in the rumours being spread by those people and I urge the public not to believe them, either.
“The CBN is there, the NDIC, the Financial Reporting Council – are all there. If a customer has a complaint, he knows where to take it to. And that will be resolved. GT Bank is a strategic and important institution in the financial services industry and should not be maligned for any reason,” Okezie told THEWILL by telephone.
In his reaction, Dr Paul Uzum, a stockbroker and investment expert urged Nigerians to dispel the rumour being spread against GT Bank. He told THEWILL via telephone that GT Bank is a very strong and strategic bank that cannot be associated with the allegations being peddled by the accusing group.
He said, ‘GT Bank is one of the strategically cut-out banks. If anything happens to GT Bank, the market is gone because we do not have many of its kind in the industry. How many companies do we have like that? They are one of the flagships in the market and cannot be pushed over in terms of performance and corporate governance. The story must have been sponsored by an aggrieved party, but that is not the right way to go about it.”
Sam Ndata, an investment expert and Doyen of the Stockbrokers urged Nigerians and others not to rush into believing the allegations without proof because that would be injurious to the corporate image of GT Bank
GTCO reported an impressive result in its H1 2024 performance. It posted a profit before tax of N1.004 trillion, becoming the first Nigerian financial institution to cross the N1 trillion mark in profit. This milestone figure represents an increase of 206.6% over N327.4 billion recorded in the corresponding period ended June 2023.
The Group’s loan book (net) Increased by 25.5% from N8trillion recorded as of December 2023 to N3.11trillion in June 2024, while deposit liabilities grew by 39.8% from N7.55trillion in December 2023 to N10.55trillion in June 2024.
Culled from The Will
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
