Guaranty Trust Holding Company Plc, Nigeria’s leading lender, has firmly denied allegations that its banking subsidiary falsified accounts to report a historic N1 trillion profit in the first half of 2024. In a statement released on Monday, the bank dismissed all claims as unfounded.GTCO reported a record-breaking half-year revenue of N1.39 trillion from January to June 2024, a significant increase from N672.6 billion in the same period of 2023. The bank also declared a surprising pre-tax profit of N1 trillion and a profit after tax of N905.5 billion, which has raised concerns among stakeholders regarding the authenticity of its financial statements.Despite receiving praise for its performance, Alhaji Yusuf Kabir, President of the Arewa Consultative Movement, has signed a petition calling for a forensic audit of GTB and the suspension of its Chief Executive Officer, Segun Agbaje, to facilitate a thorough examination of the financial report.
The Ethnic Youth Leaders’ Council of Nigeria (EYLCN) has expressed support for the House of Representatives’ investigation into GTB’s management over serious allegations of a fictitious N1 trillion profit and questionable customer deductions. EYLCN stated, “Allegations have surfaced against Mr. Segun Agbaje, the Managing Director of Guaranty Trust Bank (GTBank), and the institution itself. These allegations include money laundering, corruption, round-tripping, and questionable financial practices that warrant immediate attention from regulatory bodies.”They further highlighted concerns regarding GTBank’s reported profits, stating, “Recent reports have indicated that GTBank may have reported fictitious profits of 1 trillion Naira. This raises significant concerns regarding the authenticity of their financial statements and whether these figures were manipulated to mislead stakeholders.”
Reports have surfaced suggesting that the operations of GTB are cloaked in secrecy. However, the bank has firmly denied any wrongdoing, labeling these claims as “false news reports on GTCO’s business activities, financial results, and its management team.” GTCO asserts that its executive management is not facing any financial or regulatory scrutiny as alleged. In a statement, the bank emphasized the need to clarify the situation and counteract attempts by certain groups to propagate a misleading narrative about the GTCO brand and its management.The bank described the false articles, which it claims are being sponsored through media channels, as centered around unfounded allegations against the Group’s operations and its executive team. As a responsible corporate entity, GTCO has taken swift legal action against the sources of these misleading reports and intends to utilize all legal avenues available to protect its reputation.
