UNCOVERING TRUTH: House of Reps Set To Investigate GTCO’s Corruption Allegations

Oru Leonard 

In a startling turn of events, the House of Representatives has given the green light to investigate corruption and money laundering allegations against Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), and the bank itself.

The decision comes after a petition submitted by the President of Arewa Consultative Youth Movement, Alhaji Yusuf Kabiru and presented by Hon. Nnamdi Ezechi, Delta state raised serious concerns regarding the financial practices under Agbaje’s leadership.

The petition, presented to the Speaker of the House, Hon. Tajudeen Abbas, highlighted disturbing allegations, including the fictitious reporting of profits amounting to a staggering one trillion Naira, the use of family members as fronts for illicit activities, corruption, money laundering, and fraudulent practices within GTBank.

The petition called for a thorough investigation into these allegations to uphold justice and restore confidence among investors and citizens in the financial institutions. It emphasized the need for a forensic audit to uncover the truth behind the inflated profit figures and unethical business dealings allegedly orchestrated by Agbaje and his associates.

Moreover, the petition requested the immediate suspension of Mr. Segun Agbaje from his position as Group CEO of Guaranty Trust Holding Company Plc to prevent any potential interference with the inquiry. It also urged regulatory bodies such as the Central Bank of Nigeria (CBN), and the Nigeria Deposit Insurance Corporation (NDIC) to safeguard depositors’ funds and protect customers’ investments during this period of uncertainty.

The Speaker, Rt. Hon. Tajudeen Abbas, has referred the petition to the House Committee on the Public Petition for a thorough investigation. The gravity of the allegations and the call for a forensic audit underscore the atrocity of the situation at GTBank and the urgent need to address these alarming claims of corruption and financial misconduct.

As the investigation unfolds, the future of GTBank and the fate of its embattled GMD, Segun Agbaje, hang in the balance, awaiting the truth to be uncovered and justice to be served.

Power Play and Press Suppression

In a disturbing tale of power, influence, and alleged press suppression, four Nigerian journalists found themselves at the center of a media storm. Their crime, they published a story that questioned Guaranty Trust Bank’s (GTBank) inflated profits, favoritism towards the bank’s Group CEO’s sister, and his high-handed management style, which is the subject matter in the ongoing investigation by Nigeria’s House of Representatives.

The journalists were arrested by Nigeria Police Force, allegedly on the orders of GTBank’s CEO, Mr. Segun Agbaje, they were arraigned, Friday at the Federal High Court, Ikoyi, Lagos, and remanded at Ikoyi Correctional Center till October 4th on charges bothering on cyberstalking and spreading false information, with claims that their report insulted the CEO of GTCO Plc.

However, this incident raises grave concerns about press freedom and the rule of law. The Nigerian Guild of Investigative Journalists, NGIJ intervened, seeking an amicable settlement of the matter. Notable individuals attempted to mediate on the matter but to no avail.

The police’s Gestapo-style arrest, without registering the arrests with local authorities, has been condemned by the Kwara and Ogun states councils of the Nigeria Union of Journalists (NUJ), raising questions on breach of the journalists’ fundamental human rights, particularly as they were kept in police custody for over 48-hour detention limit stipulated by Nigerian law.

The media’s response is equally disturbing as some major newspapers initially reported the resolution by the House of Representatives to probe the allegations against GTCO, only to delete the report online, leaving behind faint links. This has raised questions about the independence of Nigeria’s press and the influence of powerful individuals and organizations.