Global Integrity Crusade Network (GICN) has retracted its corruption allegations against Guaranty Trust Bank (GTB), admitting they were baseless
[dropcap]A[/dropcap] Nigerian civil society organisation, Global Integrity Crusade Network (GICN), has formally retracted allegations of corruption and misconduct previously levelled against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc (GTCO).
Also read: GTBank leading the way: Restoring trust and setting new standards in banking
The group admitted that the claims made in its Private Investigation Report (PIR) were unfounded and did not reflect the true state of the bank’s affairs.
In a statement released in Abuja on Tuesday, the **President of GICN, Edward Omaga Esq.
**, clarified that the report was initially presented to the media on 3rd October 2024 before being submitted to various regulatory bodies in Nigeria, the United Kingdom, the United States, and Ghana for further investigation.
However, upon review, the organisation found that the documents used to compile the PIR were sourced from the internet and lacked factual accuracy.
Omaga admitted that GTB Limited, its management, and the broader GTCO brand were not under any financial or regulatory scrutiny either in Nigeria or internationally, contrary to the claims made in the PIR.
He also addressed the allegations regarding unsolicited account openings, stating that the bank operates with strict adherence to compliance standards and data privacy laws.
On the issue of profit declaration for the period ending 30th June 2024, he reaffirmed 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 released by GTCO Plc to the **Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE),” Omaga stated.
Addressing past regulatory concerns, Omaga acknowledged that financial penalties paid by Guaranty Trust Bank (UK) Limited and the suspension of its Foreign Exchange Trading Licence in Ghana were minor infractions that had long been resolved.
He further assured the public that GTB’s corporate image and integrity remain intact across all foreign markets.
GICN expressed sincere apologies for misleading the public and creating a negative perception of GTB Limited.
The group also made a direct appeal to Segun Julius Agbaje, Group Chief Executive Officer of GTCO Plc, requesting his forgiveness and pledging support for the bank’s mission to provide quality financial services across Nigeria, Africa, and beyond.
“In keeping with its resolve to set the records straight, the group had on Thursday, 27th February 2025, written to withdraw the PIR and all court cases related to the matter,” Omaga concluded.
Also read: GTBank eliminates POS processing fees to support businesses
This retraction reaffirms GTB Limited’s position as a reputable financial institution, committed to transparency, compliance, and ethical banking practices.
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