The Global Integrity Crusade Network (GICN), a civil society organization, has filed a lawsuit at the Federal High Court in Abuja, seeking a court order to compel the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to impose sanctions on Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company Plc, and its Managing Director, Segun Agbaje. This legal move arises from allegations including corruption, unsolicited account openings, fictitious profit declarations, round-tripping, money laundering, terrorism financing, and the use of client funds to settle penalties in the United Kingdom.
GICN has also requested the court to join the Nigerian government, as well as several key agencies and officials, as respondents in the case. These include the Director-General of the Securities and Exchange Commission (SEC), the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), the head of the Nigerian Stock Exchange, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Director-General of the Department of State Services (DSS), and the Inspector General of Police.
In its motion filed with the court, GICN sought a “Mandamus Order” directing these respondents to act on recommendations from a Private Investigation Report (PIR) attached as Exhibit GICN. This report documents alleged acts of corruption, unsolicited account creation, fictitious profit reporting, and financial misconduct by GTBank under Agbaje’s leadership. The group argues that these actions fall within the respondents’ duties under laws governing their operations.
Additionally, GICN requested an order for the CBN Governor to dissolve GTBank’s Board and Management to facilitate a comprehensive audit of the bank’s records and ensure compliance with banking regulations. It further sought Agbaje’s immediate suspension as Group CEO of Guaranty Trust Holding Company Plc, with all files and documents related to GTBank seized to prevent potential interference in the investigation.
The GICN also urged that if Agbaje is found guilty of any corporate governance violations, the CBN, EFCC, ICPC, Nigerian Financial Intelligence Unit (NFIU), Nigeria Police Force, and DSS should initiate his prosecution. Furthermore, the group called on the NDIC, SEC, Nigerian Stock Exchange, and the Financial Reporting Council of Nigeria (FRCN) to promptly examine GTBank’s financial affairs to protect client investments and assets from potential collapse.
In a broader appeal, GICN has asked the Senate Committee on Banking, Insurance, and Financial Institutions, along with the House Committees on Banking, Currency, and Banking Regulations, to jointly or individually hold a public hearing to review these allegations. GICN wants Agbaje to testify and defend himself against these charges.
The organization also requested the confiscation and permanent forfeiture of all properties allegedly acquired by Agbaje through criminal proceeds in Nigeria, the United Kingdom, the United States, and other countries. GICN claims that the inaction by the relevant agencies on its recommendations is both unjustifiable and a neglect of their legal responsibilities.
In an affidavit supporting its claims, GICN asserted that these agencies are legally mandated to investigate and address its accusations against Agbaje and GTBank, given the gravity of the alleged financial infractions and the potential risks to the financial sector. Ogbeyialu Nnenna Okereke, GICN’s legal representative, emphasized that the respondents’ failure to act on the allegations could have significant consequences for investors and the financial sector at large.
The GICN stated it holds an account with GTBank (Account Number 0467705086, under the name “Global Integrity Crusade Network”), establishing its vested interest in ensuring compliance with banking laws. Additionally, the group requested N200 million in compensation from the respondents.
A date for the hearing has yet to be scheduled.
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