EFCC Petitioned Over N2.5m GTBank Fraud, Unauthorised N138,000 Loan

By Bukar BOLORI

A customer of Guaranty Trust Bank (GTBank), Mrs Stella Adepegba, has petitioned the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent withdrawals of N2.587 million from two bank accounts belonging to her family, as well as an unauthorised N138,000 loan allegedly taken in her name.

The petitioner, Mr Adelani Adepegba, who filed the complaint on behalf of his wife and daughter, called on the anti-graft agency to investigate suspected insider collusion, alleged compromise of the bank’s security infrastructure and possible breaches of customers’ confidential banking information.

In the petition addressed to the EFCC Chairman at the commission’s headquarters in Jabi, Abuja, Adepegba alleged that the two accounts, both domiciled with GTBank, were compromised within 24 days through similar transaction channels.

According to him, his daughter’s Child Saver’s Account was allegedly accessed by fraudsters on October 8, 2026, at about 8 p.m., resulting in the unauthorised transfer of funds totalling N2.5 million through the bank’s Nigeria Inter-Bank Settlement System instant payment (NIP) channel.

He said three transfers of N399,000, N398,000 and N220,000 were made to a Moniepoint account belonging to one Abdulmalik Idris, while another N1.49 million was transferred to a Gomoney account operated by one Zainab Ibrahim.

The petitioner alleged that his wife, who operates the child’s account, received no transaction alerts and only became aware of the withdrawals after a GTBank staff member, identified as Boluwatife Akinwunmi, alerted her and offered to block the account.

By the time the intervention was initiated, however, the account had allegedly been emptied, leaving a balance of less than N2,000.

Adepegba said the incident was reported at a GTBank branch in Kubwa, Abuja, on October 9, where his wife was asked to document the complaint.

He, however, alleged that the bank subsequently responded by email, attributing the transactions to the use of his wife’s login credentials.

The petitioner said the incident was followed by another suspected breach on November 1, when N80,000 was allegedly transferred from his wife’s personal account to a FairMoney account belonging to one Jamilu Ahmad.

He put the combined withdrawals from the two accounts at N2.587 million.

Raising concerns over the circumstances surrounding the transactions, Adepegba insisted that his wife had physical possession of her mobile phone, SIM card and ATM card at their residence in Kubwa, Abuja, when the alleged fraud occurred.

He further maintained that she neither received any One-Time Password (OTP) prompt nor disclosed her PIN, password or USSD credentials to anyone.

He also denied that she clicked on phishing links or authorised a SIM swap.

According to him, the circumstances raised serious questions about the bank’s security controls and the possibility of unauthorised access to customers’ banking information.

The complaint also alleged that the financial losses may have been compounded by further unauthorised deductions from his wife’s account.

Adepegba said N24,000 was deducted by the bank two days before the petition, and that when his wife visited the bank for clarification, she was informed that the money represented repayment for a N138,000 loan allegedly obtained by the fraudsters through her account.

He added that a further N19,000 allegedly stolen from the account had also been discovered, bringing additional concerns about the extent of the suspected compromise.

The petitioner faulted GTBank’s handling of the incidents, questioning how two accounts linked through family relationships, BVN details and telephone contacts could have been targeted within 24 days without effective security intervention.

He identified the repeated targeting of related accounts, alleged circumvention of two-factor authentication, transfers to the same beneficiary channels and the reported breach of the account despite a PIN reset after the first incident as grounds for suspecting possible insider involvement.

He urged the EFCC to investigate the incidents, trace and recover the allegedly stolen funds and conduct a forensic examination of GTBank’s staff and systems to establish whether customer information was leaked or security protocols were compromised.

Specifically, he asked the commission to compel GTBank to provide complete transaction logs, internet protocol (IP) addresses, device identification records and NIP transaction trace records relating to the disputed transfers.

He also called on the EFCC to direct Moniepoint, Gomoney and FairMoney Microfinance Bank to provide the full Know Your Customer (KYC) details of the beneficiaries and place the identified accounts under appropriate restrictions pending the outcome of investigations.

The petitioner maintained that the investigation should establish how the transactions were initiated, the devices and channels used, the identities of those behind them and whether any bank employee or external actor facilitated the alleged fraud.

As of the time of filing this report, the petitioner’s allegations had not been independently established, and there was no response from GTBank or the other financial institutions named in the complaint.