KINGSLEY BENNETH, ABUJA
ABUJA: The House of Representatives has moved to look into corruption and money laundering allegations against Segun Agbaje.
The allegations contained in a petition which was submitted to the House of Representatives by the Arewa Consultative Youth Movement accused Agbaje who is the GCEO of Guaranty Trust Holding Company Pls, and the bank.
The petition signed by the President of the group, Yusuf Kabiru, urged a forensic audit of the bank over alleged 1 trillion Naira profit, alleged use of family members as front, corruption and money laundering.
The petition described the bank’s profit declaration as “fictitious,” noting that the bank has been a prominent player in the country’s banking industry since its inception, but recent reports have raised concerns regarding the integrity of its financial practices under its present leadership.
Laid by Hon. Nnamdi Ezechi, at the resumption of plenary on Tuesday, the petition said a prompt consideration of the allegations would ensure justice and restore faith among investors and citizens in financial institutions.
The petition read in part, “We respectfully submit this petition to request a thorough investigation into serious allegations against Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, and the bank itself.
“The allegations include fictitious reporting of profits amounting to 1 trillion Naira, utilization of family members as fronts for illicit activities, round-tripping practices, fraud, corruption, and money laundering.
“The allegations suggest that GTBank may have engaged in deceptive accounting practices to artificially inflate profit figures. Such actions not only undermine investor confidence but also pose significant risks to the stability of our financial system.
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Fictitious Profit Reporting: It has come to light that GTBank may have reported profits that do not reflect its actual financial performance. Specifically, claims indicate that the bank reported a profit exceeding 1 trillion Naira without substantial evidence supporting such figures.”
The Arewa group further accused the duo of using Family Members as Fronts, adding “redible reports suggest that Mr. Agbaje has utilized family members as fronts in various business dealings related to GTBank. This practice raises ethical concerns about conflicts of interest and transparency within the bank’s operations.
“Round-Tripping Activities: Allegations have surfaced regarding round-tripping—where funds are moved in and out through different accounts or entities to create an illusion of legitimate transactions. This practice is often associated with money laundering and other fraudulent activities.
“The combination of inflated profit reporting and unethical business practices points towards systemic issues within GTBank that could be indicative of broader fraud and corruption. Given the scale of these allegations, there is an urgent need for scrutiny regarding potential money laundering activities facilitated by GTBank’s operations.
“In light of these serious allegations, we urge your esteemed committee to take immediate action by: Conducting a Thorough forensic Investigation: An independent investigation should be initiated to examine these allegations comprehensively. This should include forensic audits and interviews with relevant stakeholders.
“Suspension of Mr Segun Agbaje: Pending the outcome of this investigation, we call for Mr Agbaje’s suspension from his position as Group CEO of Guaranty Trust Holding Company Plc to prevent any potential interference with the inquiry.
“Involvement of Regulatory Bodies: We request that both the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) take immediate steps to secure depositors’ funds at GTBank during this period of uncertainty.
“It is crucial that measures are put in place to protect customers’ investments from any potential fallout resulting from these allegations. We recommend you seek assistance in this investigation by engaging relevant regulatory bodies such as the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).”
The Speaker, Rt. Hon. Tajudeen Abbas who presided over the plenary session, referred it to the House Committee on Public Petition for investigation.
