How Guaranty Trust Bank (GTBank) Illegally Converted My $250,000 and Got Away with It—Until Now
By Sunday Eniayo Ogunsola & Oluwatoyin A. Ogunsola
In October 2013, my wife and I experienced what can only be described as outright banking fraud at the hands of Guaranty Trust Bank (GTBank)—one of Nigeria’s most prominent financial institutions. Without our authorization, GTBank unilaterally converted and transferred $250,000 from our Dollar Domiciliary Account to our Naira Savings Account, using an exchange rate that resulted in an immediate financial loss. Despite numerous complaints, emails, and even legal action, GTBank has refused to take responsibility.
This is our story, and we are making it public because we refuse to stay silent while a bank entrusted with customers' funds operates with impunity.
How It All Started: A Simple Banking Request Gone Wrong
As long-time customers of GTBank, my wife and I maintained a Joint Non-Resident Nigerian Dollar Domiciliary Account (No. 0138257472) and a Joint Non-Resident Naira Savings Account (No. 0138257458). In October 2013, we instructed the bank to invest our funds in Central Bank of Nigeria Treasury Bills—a common low-risk investment.
However, GTBank declined our request, claiming that our account had restrictions. They advised us to handle the foreign exchange transaction ourselves via their online banking platform.
Since they rejected our investment instruction, we immediately revoked it in writing and instead requested that our funds be placed in a Dollar Call Deposit.
GTBank acknowledged our revocation and confirmed that they required fresh instructions before executing any conversions or transactions on our accounts.
Or so we thought.
The Unauthorized Transaction That Changed Everything
On October 22, 2013, GTBank unilaterally and without our consent converted and transferred $250,000 from our Dollar Domiciliary Account to our Naira Savings Account—directly violating our instructions.
The bank did not just conduct an unauthorized transaction; they also shortchanged us on the exchange rate.
When we contacted GTBank for an explanation, they ignored our emails for nine months. Finally, in July 2014, they responded with a false claim that the conversion was based on a foreign exchange sales request—something that never happened.
Legal Action Blocked by the System
Determined to fight for justice, we filed a lawsuit against GTBank through our legal representatives at LeLaw (lelawlegal.com), led by Afolabi Elebiju. But in a twist that reveals the depth of corruption in the Nigerian judicial system, the case was never heard.
After years of delay and stonewalling, our lawsuit was ultimately dismissed on the technicality of being “statute-barred”—meaning the court refused to hear the case because too much time had passed.
This was not an accident.
In legal terms, this tactic is known as "Catch and Kill"—where powerful institutions intentionally delay justice until a case expires. GTBank, aided by the system, effectively buried our case before it even had a chance.
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Why We Are Taking This Public Now
For nearly a decade, GTBank has refused to acknowledge or correct its wrongdoing. They stole our money, manipulated exchange rates, and relied on the broken judicial system to escape accountability.
But we will not let them win.
We are taking our case to the court of public opinion and exposing the corruption that allows banks like GTBank to act with impunity.
We Demand:
How You Can Help
This fight is bigger than just us—it’s about protecting Nigerian bank customers from corporate fraud. If GTBank can do this to us, they can do it to anyone.
?? Share this article on social media using #GTBankFraud #JusticeForOgunsola #BankingCorruption ?? Tag GTBank and demand accountability:
Final Words
This is not just a financial dispute. It is a fight against corruption, banking fraud, and abuse of customer trust. GTBank stole our money, and they must be held accountable.
The Nigerian people deserve better banking practices, real accountability, and a system that protects depositors, not corporations.
We will not stop until we get justice.
Join us in this fight.
#GTBankFraud #JusticeForOgunsola #BankingCorruption #NigeriaDeservesBetter
Miriam Olusanya Guaranty Trust Adeola Fayehun Seun Okinbaloye Sahara Reporters Media Group Femi Falana, SAN Babajide Okuntola AHMED LIMAN
Business Develpment Manager/Sales Engineer at BRY-AIR
1 周I am sorry for your loss. It is a pity we live in a banana republic like Nigeria. Nigeria as far as I am concerned is a failed state. Quote me any where. In a sane clime this wouldn't happen and go unresolved for this long. Regulatory bodies like CBN sit mute and do nothing. EFCC is only a tool to hunt your enemies in Nigeria, within the political circles. At best raiding night clubs to arrest alleged fraudsters at best. We are dealing with serious systemic failures in this country. I had a funny experience with GTB recently that has left a sour taste in my mouth. I used my Master Naira debit card to make a withdrawal some time in November 2024, as I was not in an area where I could easily access banks to use their service or ATM. The transaction failed. This was confirmed at the time. But I was debited all the same. I waited 24 hours, there was no reversal. I contacted my bank, GTB. They said it will be reversed. It is almost 3 months, I can confidently tell you GTB has refused to reverse the funds. It has been one story or another. I have stopped all transactions to my GTB account. They are unreliable, shameless and petty thieves. So I understand your pain.
MD/CEO at KingdomEx.com
1 周Please if anyone knows how to contact Mrs. Miriam Chidiebele Olusanya, Managing Director, GTBank PLC, kindly contact me. Also, if you have not yet signed the petition, kindly do so here: https://www.change.org/GTBankSilenceFraud
FOUNDER & CEO | ENZEE GROUP LIMITED
1 周This is a very unfortunate story
Strategic thinker, Analytics professional, Risk, Audit, Compliance and Governance expert.
1 周Honestly, I think GTB has lost it. There has to be a complete overhaul from within in addition to a detailed forensic audit of its systems, processes and people. While I do not know the full details of what transpired above, atleast I can speak about how they fraudulently posted non existence debit transactions of 20k from my wife's account. In addition, there is no limit to the number of small amounts taken out without explanation (salami technique), a clear sign of system vulnerabilities which needs to be investigated. The worst and ironic part is that their customer service, via multiple channels is always never responsive. The narrative is same from multiple friends we related the story to. So, we decided to let go and vow not to operate the account again. But this is too bad from a bank we once cherished and respected so much.
Innovation | Process Improvement | Digital Transformation | Project Management | Business Analysis | Strategy Formulation | Technology Implementation | Technical Documentation | Customer Experience | Agile (Scrum)
1 周Sorry for the loss accrued. I am curious as to why you are requesting a $250k reimbursement when you said your savings account was credited with the naira equivalent? Also, I hope that the money wasn't left in the naira account from the time it happened till date?