A Guaranty Trust Bank, GTBank, customer, Stella Adepegba, has accused the bank of negligence after fraudsters allegedly withdrew N2.59m from two accounts belonging to her and her daughter within 24 days.
Adepegba said the incidents occurred on October 8 and November 1, 2026, with the unauthorised transfers allegedly carried out without security notifications or her approval.
She accused the bank of failing to refund the funds despite repeated complaints and assurances that the matter would be resolved.
Adepegba said the first incident involved her daughter, Victoria Adepegba, whose Child Saver’s Account was allegedly compromised at about 8 p.m. on October 8.
She said N2.507m was transferred from the account in four transactions through the Nigeria Inter-Bank Settlement System Instant Payment channel, leaving a balance of less than N2,000.
The complainant identified three transfers of N399,000, N398,000 and N220,000 to a Moniepoint account bearing the name Abdulmalik Idris, while another N1.49m was allegedly sent to a GoMoney account registered in the name of Zainab Ibrahim.
She alleged that neither she nor her daughter received debit alerts. She added that a GTBank employee notified her of the transactions and offered to block the account after the funds had reportedly been withdrawn.
Adepegba said she lodged a complaint at the bank’s Kubwa branch in Abuja on October 9 and was asked to provide written details of the unauthorised transactions.
She, however, said the bank later sent an email attributing the transactions to compromised login credentials, an explanation she disputed.
The complainant further alleged that N80,000 was transferred fraudulently from her personal GTBank account on November 1 to a FairMoney account bearing the name Jamilu Ahmad.
The second incident brought the combined amount allegedly lost from both accounts to N2.587m.
“GTB could not explain how the hackers successfully stole my money despite changing my account’s log-in details after the attack on my daughter’s account. The bank must refund the stolen funds and go after those who masterminded the fraud,” she said.
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Adepegba maintained that her mobile phone, SIM card and Automated Teller Machine, ATM, card remained in her possession during both incidents.
She also denied disclosing her banking credentials or receiving any One-Time Password, OTP, requests.
“The implication of these targeted attacks on my bank accounts is that no customer’s funds are safe with GTB, and if anything happens, the bank will not accept responsibility or offer any succour whatsoever,” she lamented.
She said a compliance officer, Innocent Ukatu, and the bank’s media consultant, Cornelius Onuoha, initially assured her that the complaint would be addressed.
Reacting to the allegations, the Chief Communications Officer of Guaranty Trust Holding Company Plc, Mrs Oyinade Adegite, said the incidents had been investigated and feedback provided to the customer.
Adegite attributed the account compromise to security vulnerabilities on the customer’s side, explaining that fraudsters increasingly used sophisticated phishing techniques to obtain banking credentials.
“Immediately this came up, it was escalated and investigated, and feedback has been given,” she said.
She explained that customers could unknowingly expose their banking information by clicking malicious links that install malware capable of capturing sensitive details.
“Now it’s a phishing link you might click on that sometimes would actually install malware on your phone,” she said.
Adegite maintained that the bank had implemented the necessary security measures, including two-factor authentication, and insisted that the compromise originated from the customer’s end.
“All the measures the bank has to put in place for us, 2FA, everything was done. So, the compromise came clearly from the customer,” she stated.
She, however, expressed sympathy over the losses and promised to follow up on the second incident to explore possible intervention.
The allegations come amid regulatory scrutiny of Nigerian banks over consumer protection and compliance practices.
An earlier analysis of audited financial statements showed that Guaranty Trust Holding Company, the parent company of GTBank, incurred N383.65m in regulatory penalties in Nigeria in 2024.
The penalties included N56m for consumer protection violations, N160.4m following a Central Bank of Nigeria mystery shopping exercise, N149.25m for compliance-related issues and bank email returns, and N18m following a foreign exchange examination.
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