GTBank under fire for N1 trillion profit, EFCC, FIRS investigate

Guaranty Trust Bank (GTBank) is embroiled in a financial scandal following its declaration of a suspicious N1 trillion profit, raising serious concerns within the banking sector.

The unprecedented profit figure has drawn the attention of the Economic and Financial Crimes Commission (EFCC) and the Federal Internal Revenue Service (FIRS), both of which are preparing to launch investigations into the legitimacy of the bank’s earnings.

Insiders suggest the reported profit, widely celebrated by GTBank’s leadership, may be an attempt to outshine competitors, casting doubt on the institution’s financial integrity.

At the center of the controversy is Segun Agbaje, GTBank’s Chief Executive Officer. Internal sources reveal that Agbaje is reconsidering the decision to approve the profit announcement, as it has sparked intense scrutiny and criticism from senior staff and board members.

Many within the bank accuse Agbaje of recklessly damaging GTBank’s reputation by declaring a profit they suspect to be exaggerated.

Tensions are reportedly high in the bank’s boardroom, with several directors expressing anger over what they see as a unilateral and unethical decision by Agbaje.

According to one senior board member, “This isn’t just about money—it’s about preserving the integrity of the institution. Declaring such a profit without proper oversight shows a lack of professionalism.”

There is growing speculation of a potential leadership shakeup, as board members discuss the possibility of a vote of no confidence in Agbaje.

This GTBank N1 trillion profit appears to be the tipping point for many, following a series of controversies during Agbaje’s tenure.

Amid the turmoil, GTBank’s staff are facing a climate of uncertainty and fear. Speaking anonymously, employees have criticized what they describe as a toxic work environment under Agbaje’s autocratic leadership.

Many fear repercussions for speaking out, while others worry they will bear the consequences if the profit declaration is proven to be falsified. “If this goes wrong, it’s the staff who will suffer the most,” said one senior employee.

Industry analysts warn that if GTBank is found guilty of manipulating its profit figures, the fallout could be devastating.

A financial expert noted that “trust is the foundation of any bank, and once it’s lost with regulators and investors, recovery becomes nearly impossible.”

Externally, GTBank risks losing the confidence of customers, investors, and regulatory authorities.

Internally, the strain on staff morale could result in higher turnover and declining productivity, further weakening the bank as it faces increasing competition in the sector.

This scandal is not just about potential financial mismanagement but also highlights broader concerns over corporate governance and leadership at GTBank.

“This points to deeper issues with how the bank is run,” said a financial watchdog.

As regulatory bodies prepare to step in, the future of GTBank—and its leadership—remains uncertain, with potential repercussions for both the bank and Nigeria’s broader banking industry.