A civil society organisation, Global Integrity Crusade Network (GICN) has filed a lawsuit at the Federal High Court sitting in Abuja seeking an order to compel the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to act on its recommendations, impose sanctions and prosecute Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company Plc and its Managing Director, Segun Agbaje. This is over the allegations against them 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. The GICN also asked the court to join the Nigerian government, the Director-General of 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 as respondents in the suit.
In an exparte motion filed at the court, GICN sought an “Order Of Mandamus compelling the respondents to within seven days 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 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. The GICN in the suit also sought an order compelling the CBN Governor to 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. An order compelling the CBN Governor to 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. The suit prayed the court that if found wanting in any area of Corporate Governance, the CBN acting jointly with the EFCC, ICPC, the Nigerian Financial Intelligence Unit (NFIU), the Nigeria Police Force and the DSS should prosecute Agbaje.
In addition, the GICN also said that the NDIC, Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) should urgently look into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors’ funds and portfolios before the bank fails completely. The organisation further asked the Senate Committee on Banking, Insurance and Other Financial Institutions, House Committees on Banking and Currency as well as on Banking Regulations to jointly or individually convene a Public Hearing whereat Agbaje will be summoned to appear and defend the allegations against him. The GICN said that all the properties allegedly acquired by Agbaje, using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world should be confiscated and forfeited permanently to the Nigerian Government. The GICN said that the refusal, failure and or neglect by the respondents to act on the its recommendations is unjustifiable, wrongful and tantamount to dereliction of duties of the respondents under the relevant laws that established them.
In an affidavit supporting its claims, GICN argued that the respondents are obligated under the relevant laws that established them to act on its allegations against Agbaje and GT Bank concerning the various financial misconduct and infractions. In the affidavit, counsel representing the GICN, Ogbeyialu Nnenna Okereke, said 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 GICN 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. The GICN stressed that it 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 its application. It further prayed the court to award N200 million in its favour as part of its claims against the respondents. However, no date has been fixed for the hearing of the suit.
