Global Integrity Crusade Network, GICN  a civil society organization  has gone to  the Federal High Court, Abuja seeking a  court  order compelling multiple financial regulatory and anti-corruption agencies  including the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC)  to act on its recommendations, calling for imposition of sanctions and commencement of prosecution against Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company Plc and its Managing Director, Segun Agbaje over a cocktail of allegations including corruption, unsolicited accounts opening, declaration of fictitious profits, round-tripping, money laundering, terrorism financing and use of customers/investors’ funds to pay penalties in the United Kingdom.



Other federal government agencies  joined as respondents in the suit include the Director-General, Securities  and Exchange Commission, SEC, the Managing Director, Nigeria Deposit Insurance Corporation, NDIC, the Group Managing Director/CEO, Nigerian Stock Exchange, the chairman, Independent Corrupt Practices and Other Related Offences Commission, ICPC, the Director-General, Department of State Services, DSS and the Inspector General of Police





In a motion exparte filed at the court, the civil society organisation sought an "Order Of Mandamus compelling the respondents to within 7 (Seven) from the date judgment is delivered in this suit to act on the recommendations contained in the Private Investigation Report (PIR) attached as exhibit GICN 5 concerning alleged acts of corruption, unsolicited accounts opening, declaration of fictitious profits, round-tripping, money laundering, terrorism financing and use of customers/investors’ funds to pay penalties in the United Kingdom committed by Guaranty Trust Bank Limited, a Subsidiary of Guaranty Trust Holding Company Plc under the leadership of Segun Julius Agbaje"  in line with the duties of the respondents under the relevant laws that established them"


Amongst the recommendations the GICN is  seeking a court order compelling the respondents to act on include the following: That the Governor of the CBN should forthwith dissolve the Board and Management of Guaranty Trust Bank Limited to  pave way for thorough scrutiny of the accounting books of the Bank with a view to ascertaining its level of compliance with relevant banking laws, regulations and guidelines; That the Governor of the CBN should immediately suspend Segun  Agbaje as Group CEO of Guaranty Trust Holding Company Plc and retrieve from him all files or documents relating to Guaranty Trust Bank Limited to prevent interference with further inquiry into the issues raised herein;  That if found wanting in any area of Corporate Governance, the  CBN acting jointly with the EFCC, ICPC, Nigerian Financial Intelligence Unit (NFIU), the Nigeria Police Force and Department of State Services (DSS) should deal decisively with Segun  Agbaje and prosecute him like other bank Executives, who practically milked Deposit Money Banks (DMBs) dry before the Banks Consolidation era in Nigeria.


In addition , the GICN recommended that the NDIC, Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) should urgently step into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors’ funds and portfolios before the bank fails completely; That the Senate Committee on Banking, Insurance and Other Financial Institutions, House Committees on Banking and Currency as well as on Banking Regulations should jointly or individually convene a Public Hearing whereat Segun  Agbaje will be summoned to appear and defend the allegations contained in the PIR; That all the properties acquired by Segun Agbaje using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world be confiscated and forfeited permanently to the Federal Government of Nigeria; And that the refusal, failure and or neglect by the respondents to act on the recommendations contained in the PIR forwarded by the applicant to the respondents vide cover letters dated 7th October, 2024 is unjustifiable, wrongful and tantamount to dereliction of duties of the respondents under the relevant laws that established them.


 In an  affidavit supporting it's claims, GICN listed as the sole applicant argued that the respondents are obligated under the relevant laws that established them to act on its  allegations contained in the PIR attached as exhibit GICN 5 concerning the various  financial misconduct and infractions against GTB Limited and Segun Agbaje


In the affidavit, counsel  representing the GICN, Ogbeyialu Nnenna  Okereke maintained that the failure of the respondents to address the allegations constitutes a dereliction of their duties, which could have serious implications for the financial sector and the interests of customers and investors. The applicant further asserts that these bodies are legally bound to investigate and act upon such allegations, especially in cases involving potential breaches of banking regulations and anti-money laundering laws


   In a statement, GICN's Director of Publicity and Mobilization, Amb. Adebayo Lion Ogorry explained that the organisation is  an indigenous pro-democracy, anti-corruption and justice sector civil society organization dedicated to promoting integrity and accountability in public offices and  duly registered with relevant authorities.


 He added that the organisation maintains an account at Guaranty Trust Bank Limited titled “Global Integrity Crusade Network” with Number 0467705086 and therefore has  sufficient interest to protect by bringing it's application. 


GICN is  equally praying  the Court to award it  costs of N200 million as part of its claims against the respondents.


No date has been fixed for the hearing of the matter.