GICN Makes U-turn, Retracts Financial Impropriety Allegations Against GTB

In a surprising turn of events, a public interest civil society organisation (CSO), Global Integrity Crusade Network (GICN), has retracted its allegations of corruption and unwholesome activities made against Guaranty Trust Bank Limited and its top management.

The allegations were part of a Private Investigation Report (PIR) presented to the media on October 3, 2024.

However, according to GICN President, Edward Omaga Esq., the facts and documents relied upon to compile the report were baseless and did not accurately represent the bank’s affairs. Omaga acknowledged that the bank operated in line with the highest standards of compliance and due process, and that the issues raised about unsolicited account openings and profit declaration were unnecessary.

The retraction comes after GICN realised that Guaranty Trust Bank Limited and its management were not under any financial or regulatory scrutiny in Nigeria or abroad, contrary to the group’s previous claims.

In press statement signed by Omaga on Tuesday, the group also apologised for misleading the public and has implored the GTCo Group Chief Executive Officer, Mr. Segun Julius Agbaje, to forgive their shortcomings.

In a move to set the records straight, GICN has withdrawn the Private Investigation Report and all court cases related to the matter. This development marks a significant shift in the narrative surrounding Guaranty Trust Bank Limited, affirming that the bank’s corporate image and integrity remain intact in foreign countries where it operates.

“The group wishes to sincerely apologise 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,” Omaga stated.