Socio-cultural group, Arewa Youth Consultative Forum, has accused Segun Agbaje of Guaranty Trust Bank of being the brain behind the arrest of activists for criticizing the bank activities, calling on the Inspector General of Police to release them and as well probe Agbaje.
The Nigerian Guild of Investigative Journalists (NGIJ) had condemned in its entirety the alleged display of corporate intimidation by Guaranty Trust Holding Company (GTCO) and its alleged attempt to muzzle the press by arresting a journalist, Olurotimi Olawale, for simply doing his job.
In a statement jointly signed by the duo of Abdulrahman Aliagan and Rowland Olonishuwa; President and Secretary, respectively, the Guild highlighted that the recent arrest of its member, Olurotimi Olawale, is one of the miss recent attempt by the bank to gag the press.
Reacting to the development, Arewa Youths President, Alhaji Yusuf Kabiru, who has already petitioned the house of representatives, in a statement called on Agbaje to stop harassing and arresting those criticising him to avoid more troubles.
He said, “We are shocked and highly disappointed by alleged disturbing and undemocratic trend by Guaranty Trust and its CEO, Segun Agbaje who is allegedly trying the muffle the press and gag their freedom by arresting anyone who criticizes their activities.
“Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, should understand that no one is above the law and if some citizens and customers are concerned by your activities they have the right to. While we the Inspector General of Police, IGP to release the detained activists and journalist, we have also already petitioned the House of Representatives to look into the corruption and money laundering allegations against the bank.
“We are urging the police to thoroughly investigate the allegations include fictitious reporting of profits amounting to 1 trillion Naira, utilization of family members as fronts for illicit activities, round-tripping practices, fraud, corruption, and money laundering. The allegations suggest that GTBank may have engaged in deceptive accounting practices to artificially inflate profit figures. Such actions not only undermine investor confidence but also pose significant risks to the stability of our financial system.
“Fictitious Profit Reporting: It has come to light that GTBank may have reported profits that do not reflect its actual financial performance. Specifically, claims indicate that the bank reported a profit exceeding 1 trillion Naira without substantial evidence supporting such figures. Use of Family Members as Fronts: Credible reports suggest that Mr. Agbaje has utilized family members as fronts in various business dealings related to GTBank. This practice raises ethical concerns about conflicts of interest and transparency within the bank’s operations. Round-Tripping Activities: Allegations have surfaced regarding round-tripping—where funds are moved in and out through different accounts or entities to create an illusion of legitimate transactions. This practice is often associated with money laundering and other fraudulent activities.
“The combination of inflated profit reporting and unethical business practices points towards systemic issues within GTBank that could be indicative of broader fraud and corruption. Given the scale of these allegations, there is an urgent need for scrutiny regarding potential money laundering activities facilitated by GTBank’s operations. We are only demanding greater accountability from corporate entities and safeguard the rights of citizens.”
