Why many crisis rocking GTCO may sinks the bank'

*Its N2bn crisis with Innoson Motors

*As Segun Agbaje refuses to let go of the Bank’s affairs

Information gathered has showed that Guaranty Trust Holding Company Plc (GTCO), formerly known as Guaranty Trust Bank (GTBank) has continually exhibited unethical behaviour which has made different stakeholders labelled the lender has a fraudulent bank.

In fact, for many years, the bank has been in the news for being indicted for one fraudulent activity to the other, hence, dragging the name of the bank, investors and its customers to the mud.

For instance, if the bank is not engaging in one illegal deduction, it would be over charging the innocent customers on already paid loans.

Just recently, a farmer who’s a customer of the bank had lamented how the lender has been withholding a Central Bank of Nigeria (CBN) intervention loan which has been disbursed for four years now.

A similar development were some bank’s customers, who recently took to Twitter to register their dissatisfaction over the illegal deduction of their money by the bank.

One of the bank branches in Ojodu was at the centre of the fresh crisis of illegal deduction and transaction gone sour with one Mr Tunji.

It was gathered that, for some time, Mr Tunji who has not been operating his account for many years decided to reactivate his account. Surprisingly, he was told he has N500,000 loan on it which simply means a staff of the Bank has been using the account to commit fraud.

After dragging the bank on social media, he was asked to be patient with the bank so the issue could be resolved. But was later told that the error was internal somewhere within the bank system.

However, he was called a few days ago with apologies following which the case became a social media issue thus provoking other complains from other customers. @Nwokocha_P_O

https://twitter.com/Nwokocha_P_O/status/1510178302639628291?s=20&t=QoUckNnbcLVCX9DwiEc9ng

Guys pls help me. It’s like it’s my turn today with @gtbank
So I woke up to multiple debit alerts for SMS charges from as far back as 2019 for about #4000. I dnt knw what’s happening but I know I need my money back. @gtbank_help This is nt the way to start a new month @cenbank pic.twitter.com/ch7Wr6fXSS

— QEEZOLA🧘🏽 (@JustQeeZ) April 2, 2022

I woke up to over 20 debit messages from Gtbank@gtbank @gtbank_help clarify why there are multiple debits …

I can't be the only one suffering this.. pic.twitter.com/KrrCULMZJ2

— Little Fish🐟🐟 (@OnuohaNneoma) April 2, 2022

Meanwhile, sources have disclosed that the bank is in a serious mess because the former Managing Director/ Chief Executive Officer, Segun Agbaje is yet to let go of some of the bank activities rendering the current MD Miriam Olusanya redundant.

It is also no longer news that the financial house has been in and out of court over the issue with Innoson Motors under Segun Agbaje which has been inherited by Miriam Olusanya.

This legal battle between Innoson GTB dates back to 2011 when Innoson Nigeria said it realised that GTBank had wrongly debited its account with charges in excess of N700m (then:$4.7m; now: $1.9m) but has dragged up to billions in naira.

The bank is allegedly owing Innoson over N30 billion in accrued interest by 22 percentage
“GTBank is only prolonging the doomsday, if they like they should change their names as many times as possible, once I’m ready, I will take over the bank” according to Innoson Motors boss.

In a case, GTBank has been allegedly instigating the Economic and Financial Crimes Commission (EFCC) to victimize Innoson Motors’ lawyer, in many reports.
In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgment of the Court of Appeal, Ibadan Division.

“The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

“Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTBank by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22 per cent interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

“Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.

“However, in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 billion to Innoson with a 22 per cent interest, per annum, on the judgment until the final liquidation of the judgment.

The Judgment debt of N2.4billion has an accrued interest as of today of about N6,717,909,849.96 which results in about N8.8billion.

“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court
“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”

Nigerians, however, need to note that, excess charges are unlawful, illegal and fraudulent and it is a crime and what should be the fate of Gtbank customers.