Stakeholders and financial experts have responded to a series of allegations against Guaranty Trust Holding Company (GTCO) Plc, following a report by the Global Integrity Crusade Network (GICN) accusing GTCO’s subsidiary, Guaranty Trust Bank Limited, of engaging in unethical and criminal activities. The report, released on September 4, 2024, has circulated widely on social media, sparking a range of reactions.
In response, GTCO has refuted the allegations, describing them as false and aimed at damaging the company’s reputation. A statement from the bank, signed by Charles Eremi, GTCO’s corporate communications representative, said, “GTCO Plc has taken swift and decisive legal actions against the sources of these false reports. We will continue to safeguard our reputation through the rule of law.”
The statement emphasized that the allegations were baseless and called on customers, shareholders, and stakeholders to disregard them. It also affirmed that GTCO’s Executive Management team remains fully operational and is not under any financial or regulatory scrutiny.
Alhaji Mukhtar Mukhtar, chairman of the Trusted Shareholders Association of Nigeria, condemned the accusations, calling them a deliberate attempt to undermine one of Nigeria’s strongest financial institutions. He warned that such actions could lead to negative consequences, including job losses, impacts on investor assets, and disruptions to the economy.
Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, also criticized the accusations, noting that banking is a highly regulated industry. He expressed disbelief in the claims, urging the public to disregard them.
Similarly, stockbroker and investment expert Dr. Paul Uzum dismissed the allegations, emphasizing GT Bank’s strong market position and corporate governance. “GT Bank is a strategic institution in the financial sector, and such rumors cannot undermine its performance,” he said.
Sam Ndata, a veteran stockbroker, also advised against rushing to conclusions, stressing that unverified claims could harm GT Bank’s corporate image.
Despite the allegations, GTCO posted impressive financial results in H1 2024, reporting a profit before tax of N1.004 trillion—a 206.6% increase compared to the N327.4 billion recorded in June 2023, marking the first time a Nigerian financial institution has crossed the N1 trillion profit mark.