GTBank Under Scrutiny As House of Reps Launches Probe into Alleged Corruption, Money Laundering
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The House of Representatives has launched an investigation into serious allegations against Guaranty Trust Holding Company Plc and its Group Chief Executive Officer, Mr. Segun Agbaje.
The allegations include fictitious profit reporting, utilization of family members as fronts for illicit activities, round-tripping practices, fraud, corruption, and money laundering.
The probe was sparked by a petition submitted by Alhaji Yusuf Kabiru, President of Arewa Consultative Youth Movement, to the Speaker of the House, Hon. Tajudeen Abbas.
The petition claims that GTBank has engaged in deceptive accounting practices to artificially inflate profit figures, undermining investor confidence and posing significant risks to the stability of Nigeria’s financial system.
The petition also raises concerns about conflicts of interest and transparency within the bank’s operations, particularly regarding the use of family members as fronts in business dealings related to GTBank.
Lawmakers are urging prompt action to investigate these allegations, ensure justice, and restore faith among investors and citizens in financial institutions. The Speaker has referred the petition to the House Committee on Public Petition for investigation.
The investigation is expected to include forensic audits and interviews with relevant stakeholders.
Additionally, there are calls for Mr. Agbaje’s suspension pending the outcome of the investigation to prevent potential interference.
ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE reports that regulatory bodies, including the Central Bank of Nigeria and the Economic and Financial Crimes Commission, may be engaged to assist in the investigation and protect customers’ investments.
