The Global Integrity Crusade Network (GICN), a civil society organisation, has officially retracted its allegations of corruption and unethical practices against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc.
In a statement released in Abuja on Tuesday, GICN’s President, Edward Omaga Esq., acknowledged that the Private Investigation Report (PIR) presented to the media on October 3, 2024, and submitted to various agencies in Nigeria, the UK, the USA, and Ghana, was based on unreliable internet-sourced documents.
He admitted that the claims made in the report were unfounded and did not reflect the true state of affairs at GTB Limited.
“The stance taken by Global Integrity Crusade Network in the PIR was misguided. It has become clear that Guaranty Trust Bank Limited, its management, and the GTCO brand are not under any financial or regulatory scrutiny in Nigeria or abroad, as previously alleged,” Omaga stated.
Addressing concerns over unsolicited account openings, he clarified that GTB Limited operates in full compliance with regulatory standards, ensuring due process and data privacy protection.
Regarding the bank’s financial statements for the period ending June 30, 2024, he affirmed that GTB Limited adhered to all legal requirements set by the Central Bank of Nigeria (CBN), the Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).
He noted that questioning the bank’s audited financial statements, which were released to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE), was unnecessary.
Omaga also addressed past regulatory issues, stating that financial penalties paid by Guaranty Trust Bank (UK) Limited and the suspension of its Foreign Exchange Trading Licence in Ghana were minor matters that had long been resolved.
Apologising for any misconceptions caused by the PIR, he appealed to GTCO Plc’s Group Chief Executive Officer, Mr. Segun Julius Agbaje, to overlook the incident and consider GICN as a supportive stakeholder in the bank’s mission to deliver quality financial services.
He further disclosed that, in an effort to correct the misinformation, GICN had officially withdrawn the PIR and all related court cases on February 27, 2025.
