A civic organization, the Global Integrity Crusade Network (GICN), has filed a lawsuit in the Federal High Court in Abuja, demanding that the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) impose sanctions and prosecute Guaranty Trust Bank Limited (GTBank) and its Managing Director, Segun Agbaje. The lawsuit arises from allegations of corruption, unsolicited account openings, fictitious profit declarations, round-tripping, money laundering, terrorism financing, and the misuse of customer and investor funds to pay penalties in the UK.
GICN has also requested the court to include several government bodies and officials as respondents in the suit. These include the Nigerian government, the Director-General of the Securities and Exchange Commission (SEC), the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), the Group Managing Director/CEO 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 a motion ex parte, GICN seeks an “Order of Mandamus” compelling the respondents to act within seven days of the judgment on the recommendations in the Private Investigation Report (PIR). The report details alleged misconduct by Guaranty Trust Bank under Segun Agbaje’s leadership.
The organization is also calling for the CBN Governor to dissolve GTBank’s Board and Management to allow a thorough investigation of its financial practices and ensure compliance with banking laws. Additionally, GICN wants Agbaje suspended as Group CEO of Guaranty Trust Holding Company Plc to prevent interference with the inquiry.
If the allegations are confirmed, GICN urges that Agbaje be prosecuted by the CBN, EFCC, ICPC, the Nigerian Financial Intelligence Unit (NFIU), the Nigeria Police Force, and the DSS. Furthermore, they recommend immediate action by the NDIC, SEC, Nigerian Stock Exchange, and Financial Reporting Council of Nigeria (FRCN) to protect customer and investor funds.
GICN has suggested convening public hearings by the Senate Committee on Banking, Insurance and Other Financial Institutions, and House Committees on Banking and Currency, where Agbaje would be required to respond to the allegations. The organization also demands the confiscation and forfeiture of properties allegedly acquired by Agbaje through criminal proceeds in Nigeria and abroad to the Nigerian Government.
The lawsuit claims that the respondents’ failure to act on these recommendations constitutes a dereliction of duty. GICN has filed an affidavit supporting its claims, arguing that these bodies are legally bound to investigate and address the alleged breaches of banking regulations and anti-money laundering laws.
GICN maintains a vested interest in the case, as it holds an account with GTBank, and is seeking a court award of N200 million as part of its claims. The court has not yet set a date for the hearing of the suit.