The Global Integrity Crusade Network (GICN) publicly admitted that the allegations of corruption and misconduct against GTB were baseless and sourced from unreliable online materials.
The Guaranty Trust Bank Limited (GTB), a subsidiary of Guaranty Trust Holding Company Plc (GTCO), has been fully exonerated following the retraction of baseless allegations by the Global Integrity Crusade Network (GICN). This landmark development underscores GTB’s unwavering commitment to transparency, compliance, and ethical banking practices. The GICN, a public interest Civil Society Organization, has formally withdrawn its Private Investigation Report and issued a public apology, reaffirming that GTB remains a model institution operating within the highest standards of corporate governance.
Background: Baseless Allegations and Subsequent Retraction
On October 3, 2024, GICN, through its President, Edward Omaga Esq., released a Private Investigation Report that accused GTB of corruption and unwholesome activities. These allegations were widely publicized and even submitted to various regulatory agencies in Nigeria, the United Kingdom, the United States, and Ghana for further action.
However, following a meticulous review, GICN has now acknowledged that the report was based on unreliable online sources and lacked factual merit. In an official press release dated March 3, 2025, GICN stated that the information used to compile the report did not reflect the true state of affairs. Consequently, it has fully retracted its claims and apologized to GTB, its management, and its stakeholders.
Key Points Favoring GTB
- GTB is Not Under Any Investigation
- GICN categorically admitted that GTB is not subject to any financial or regulatory investigation in Nigeria or abroad.
- The bank’s corporate image remains untarnished, reinforcing public trust in its financial integrity.
- GTB’s Financial Compliance is Impeccable
- The allegations questioning GTB’s profit declaration for the period ended June 30, 2024, have been refuted.
- GICN now affirms that GTB complied with all statutory requirements of the Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).
- GTB’s Audited Consolidated and Separate Financial Statements were accurately prepared and submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE) in accordance with international financial standards.
- Clarification on Regulatory Matters
- GICN previously misrepresented certain regulatory actions concerning GTB’s subsidiary in the UK and its operations in Ghana.
- The financial penalties paid by Guaranty Trust Bank (UK) Limited and the temporary suspension of its Foreign Exchange Trading License in Ghana were minor regulatory infractions that have long been resolved.
- GICN acknowledged that these issues were not indicative of systemic corruption or financial mismanagement.
- Full Public Apology and Legal Withdrawal
- In an unprecedented move, GICN publicly apologized for misleading the public about GTB.
- The organization formally withdrew its Private Investigation Report and all court cases related to the matter on February 27, 2025.
- GICN has appealed to GTCO’s Group Chief Executive Officer, Mr. Segun Julius Agbaje, for forgiveness, recognizing GTB’s pivotal role in the financial sector.
GTB’s Commitment to Ethical Banking and Excellence
GTB has consistently maintained its reputation as one of Africa’s most reliable and ethically sound financial institutions. Over the years, the bank has built a legacy of accountability, transparency, and innovation, ensuring that its operations comply with local and international banking regulations.
Unwavering Compliance with Regulatory Standards
GTB operates within the strictest regulatory frameworks, ensuring that it upholds:
- Robust internal controls to prevent fraud, financial mismanagement, and operational lapses.
- Full adherence to corporate governance best practices, as required by the CBN, SEC, and other global financial regulatory bodies.
- Commitment to data privacy and compliance with international standards such as the General Data Protection Regulation (GDPR).
Unrivaled Financial Performance and Market Integrity
Despite the misleading allegations, GTB continues to demonstrate financial resilience and market dominance:
- The bank has consistently reported strong financial results, reinforcing investor confidence.
- Its shares remain highly valued on the NGX and LSE, reflecting unwavering stakeholder trust.
- GTB’s corporate governance and risk management structures ensure that it remains a top-tier banking institution in Nigeria and beyond.
Impact of GICN’s Retraction on GTB’s Reputation
The retraction and public apology by GICN serve as a significant vindication for GTB, solidifying its status as an institution that upholds integrity, professionalism, and regulatory compliance. This development further strengthens the trust of investors, customers, and regulatory bodies in the bank’s commitment to excellence and ethical banking practices.
The withdrawal of allegations and the subsequent public apology from GICN have cleared GTB of any wrongdoing, reaffirming that the bank operates at the highest standards of corporate governance and financial integrity. With this official exoneration, GTB can continue to focus on its mission of providing top-tier financial services across Nigeria, Africa, and the world.
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This development highlights the importance of responsible reporting and due diligence in financial investigations. It serves as a reminder that organizations must verify facts before making allegations that could damage reputations. GTB stands stronger than ever, with its integrity intact, reaffirming its position as a leader in the banking sector.
Here below is a copy of the PRESS RELEASE proving the retraction of allegations of corruption and unwholesome activities made against Guaranty Trust Bank Limited (GTBank) by GICN.
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PRESS RELEASE
Monday, 3rd March 2025.
GLOBAL INTEGRITY CRUSADE NETWORK (GICN) RETRACTS ALLEGATIONS OF CORRUPTION AND UNWHOLESOME ACTIVITIES MADE IN A PRIVATE INVESTIGATION REPORT AGAINST GUARANTY TRUST BANK LIMITED AND ITS TOP MANAGEMENT, SETS THE RECORDS STRAIGHT AND APOLOGIZES FOR MISLEADING THE PUBLIC
A public interest Civil Society Organization, Global Integrity Crusade Network (GICN) has retracted the allegations of corruption and unwholesome activities made in a Private Investigation Report against Guaranty Trust Bank Limited, a subsidiary of Guaranty Trust Holding Company Plc. In a Press Release made available today, President of the organization, Edward Omaga Esq. stated that he presented the Private Investigation Report to the media on 3rd October, 2024 and later submitted same to certain agencies in Nigeria, UK, USA and Ghana for further action.
According to Edward Omaga Esq., the facts and documents relied upon as obtained from the internet to compile the Private Investigation Report were baseless and do not depict the true state of affairs about Guaranty Trust Bank Limited and its Management. In other words, the position taken by the anti-corruption Civil Society Organization in the Private Investigation Report 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. The issues raised about Unsolicited Accounts Opening for customers were unnecessary, as the Bank operates in line with the highest standards of compliance and due process, whilst preventing the breach of data privacy laws.
On the issue of profit declaration for the period ended June 30, 2024 Omaga stated that records abound to show that Guaranty Trust Bank Limited fully complied with the applicable legal requirements of the Central Bank of Nigeria (CBN), Financial Reporting Council of Nigeria (FRCN) as well as 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). In the same vein, the corporate image and integrity of Guaranty Trust Bank Limited remains intact in foreign countries where it carries on business. The financial penalties paid in the United Kingdom by Guaranty Trust Bank (UK) Limited coupled with the suspension of its Foreign Exchange Trading Licence in Ghana were minor regulatory issues, which have been sorted out long time ago.
The group wish to sincerely apologize through this medium for misleading the public towards having any negative perception about Guaranty Trust Bank Limited. Specifically, GICN implores Mr. Segun Julius Agbaje, being the Group Chief Executive Officer of GTCO Plc 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. In keeping with its resolve to set the records straight, the group had on Thursday, 27th February 2025 written to withdraw the Private Investigation Report and all court cases relating to this matter.
Signed by:
Edward OMAGA, Esq.
(President, GICN)
