In a Nigeria grappling with inflation that erodes the purchasing power of its citizens and where startups wither under financial strain, one might mistake GTBank’s recent declaration of a staggering N1 trillion profit as a beacon of corporate triumph. But this is no triumph. Rather, it is frantic fibbing taken to unimaginable heights. Aside from being a desperate lie from the pit of hell, Segun Agbaje’s recent declaration that GTBank has made N1 trillion in profit, also resonates as a warning of the dark forces at play in a financial ecosystem that thrives not on innovation or economic stewardship but on posturing, predation, exploitation, and dubious practices that have siphoned wealth from countless corporate clients and individual depositors alike.
Under Agbaje’s leadership, GTBank has morphed into the epitome of what is wrong with the Nigerian banking industry—a system that does not nurture growth but feeds on the vulnerability of its customers. Agbaje, now proudly boasting a one-trillion-naira profit, is seen by many as a man out of his depth—a soulless liar and opportunist who, despite his criminality and shady deals, lacks the brilliance and finesse to cover his tracks. What lies beneath the glossy surface of this astronomical profit is a tale of overcharges, illicit deductions, shady loans, and the systematic destruction of depositor trust.
The Fragile Facade of GTBank’s Triumph
Nigerians watched in disbelief as GTBank announced a mind-boggling N1 trillion profit, a sum so grand and implausible in today’s distressed economy. How is it that in a nation where inflation gallops unchecked, where startups buckle under financial weight, and corporate ventures scale back operations to survive, GTBank could emerge with such monumental gains? The numbers defy reason, drawing suspicions and raising the alarm across the financial sector.
Banking industry pundits and auditors are not buying the triumph narrative. What should be a victory lap is instead a grim reality check—a warning that something is deeply amiss. At the core of GTBank’s windfall lies a ruthless, almost predatory, profit-making machine that thrives by exploiting its customers, from corporate giants like Innoson and Stallion Group to the everyday Nigerian who places their trust in the bank.
GTBank’s profits, far from being earned through ethical banking practices or savvy investments, appear to have been built on a foundation of systemic overcharging, illicit deductions, and questionable fees imposed on both corporate and individual accounts. These practices have long eroded the savings and wealth of countless customers, leaving them depleted while Agbaje and his team celebrate ill-gotten gains.
It is no coincidence that Agbaje’s GTBank has become synonymous with the term “banksters”—a derogatory moniker that highlights the bank’s transformation from a financial institution into a predatory cartel. The accusations are mounting. Corporate clients who have had long-standing relationships with GTBank, some stretching back decades, have begun to call for forensic audits of their accounts. They suspect that GTBank’s impressive profit figures are not the result of sound financial management but rather of illegal deductions, overcharged fees, and fraudulent practices.
Notably, billionaire entrepreneur Femi Otedola’s forensic audit of his accounts with GTBank set off a wave of alarm bells across the corporate sector. Others have followed suit, delving into years of financial transactions only to discover that they, too, had been victims of the bank’s profit-maximizing schemes. Many corporate clients are now realizing that their loyalty was repaid with blackmail and exploitation, as GTBank siphoned off their wealth to fuel its bottom line.
Far from contributing to Nigeria’s economic development, GTBank under Agbaje has perfected the art of round-tripping and blackmailing its customers. Instead of financing industry, supporting innovation, or fostering business growth, the bank has become a machine designed to generate profits at any cost—even if it means crippling the very companies and individuals who once depended on its services.
For all his clever maneuvering, Agbaje’s façade is beginning to crack. Those who have worked closely with him describe a man out of his depth, someone who—despite his ruthlessness—lacks the superior intellect and brilliance to effectively cover his tracks. The more one digs into the inner workings of GTBank, the more evident it becomes that Agbaje’s so-called triumph is built on a fragile foundation. His ill-acquired profit may seem like a victory today, but the mounting scrutiny could very well lead to his undoing.
Agbaje is no visionary leader. His success is not built on strategic brilliance or financial acumen but on a desperate, cynical exploitation of the most vulnerable in society. He is not the mastermind behind a banking revolution; he is, instead, the figurehead of a failing system that thrives on destruction, both financial and personal.
As the outcry over GTBank’s N1 trillion profit intensifies, pressure mounts on the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, to intervene. Stakeholders are demanding that Agbaje and GTBank be held to account for their ill-acquired wealth, calling on Adedeji to ensure that the full 35% tax on the bank’s profit is collected. The sheer size of GTBank’s profit suggests that there is more to the story than meets the eye, and there are rising calls for a thorough investigation into the bank’s practices.
But the issue is larger than just collecting taxes. There is a growing demand for systemic reform in Nigeria’s banking sector. Customers are calling for transparency, for an end to the predatory practices that have become all too common in Nigerian banking. There is a palpable sense of betrayal as more and more people realize that the banking institutions they trusted with their money have, in fact, been working against their interests.
