GTBank: ‘We Didn’t Give N500m New Naira Notes To Tinubu On Election Eve’

March 1, 2023
GTBank Addresses Funding Tinubu’s Presidential Ambition With N500m

Guaranty Trust Bank (GTBank) has refuted claims that the financial institution financed the Presidential ambition of Bola Tinubu, the eventual winner of the election.

It was alleged by a Twitter user, (@)ifygold21, that Segun Agbaje, the former Managing Director of GTBank and current Group Managing Director of its parent company, Guaranty Trust Holding Company (GTCO), gave N500 million new notes to Tinubu.

Join our WhatsApp Channel

According to the claim, the money was allegedly given to Tinubu on the eve of the Presidential election on the order of President Muhammadu Buhari, who is the leader of Tinubu’s party, All Progressive Congress (APC).

This was made known in a statement posted on its social media platform, Twitter, late on Tuesday, hours before Tinubu was declared the winner of the Presidential election he contested with Peter Obi and Atiku Abubakar.

“Our attention has been drawn to a spurious post on Twitter by (@)ifygold21 alleging that the Bank gave the new Naira notes in the total sum of N500 million to one of the presidential candidates in the ongoing General Elections on the eve of the elections.

“The Bank wishes to refute this claim in its entirety and state categorically that it is completely false and is designed to bring the image of the Bank and its officers to disrepute,” GTBank said.

The lender pointed to misinformation in the claim, which states that Agbaje was the MD of GTBank, a position that Miriam Olusanya occupies.

“The fact that the post refers to Segun Agbaje as the Managing Director of the Bank further exposes the sponsors of the content as uninformed and malicious.

“Accordingly, we would like to clarify that Miriam Olusanya is the Managing Director of the Bank and has been at the helm of affairs of the Bank in that capacity since her appointment in August 2021.

“Guaranty Trust Bank hereby restates its commitment to being a responsible, non-partisan corporate citizen with strict adherence to the highest standards of global best practice as well as sound corporate governance in all aspects of our business operations,” GTBank wrote in the statement.

+ posts

Featured Stories

Latest from Business

Naira Falls Against Dollar Across FX Markets

Dollar, Pound, Euro Rates Drop In Official Market

The United States dollar (USD) depreciated in value by 0.33 percent against the naira after the official market’s foreign exchange rate dropped to N1,420.25 kobo per $1 on Tuesday, January 13. According to the data from the official market, also known as
Fidelity Bank Kicks Off N127 Billion Public Offer, Rights Issue Today

Fidelity Bank’s Profit Drops By 50% To N87.67bn

Fidelity Bank recorded gross earnings of N 366,11 billion in the third quarter (Q3) of 2025, according to the company’s financial statements for the period ended September 30, 2025. In the statement, Fidelity Bank said gross earnings increased by 8.04 percent during

Nigeria Tightens Rules for Courier Companies Using Prepaid Imports

Nigeria’s customs authority has introduced new rules for courier companies that handle imported goods under a system where duties are paid before delivery, Prime Business Africa reports. The Nigeria Customs Service said the changes affect companies operating under the Delivered Duty Paid

Malaysia, Indonesia Block Grok Over Sexual Deepfake Images

Malaysia and Indonesia have blocked access to Grok, an artificial intelligence chatbot linked to Elon Musk’s platform X, citing concerns over the creation of sexually explicit deepfake images. Regulators in both countries said the tool had been used to alter images of
US Increases Tourist Visa Validity To 5 Years For Nigerians
Previous Story

US Increases Tourist Visa Validity To 5 Years For Nigerians

Peter Obi writes Nigerians
Next Story

Presidential Poll: Obi To Address Nigerians Soon, As Datti Calls For Calm

Don't Miss

Oil Prices Surge Amid Middle East Conflict Fears, Brent Crude Nears $80 Per Barrel

Global Oil Prices Surge Amid Geopolitical Tensions, Supply Gap Concerns

In the early hours of GMT+1, Brent crude hit $82.65

We’ll Obey Govt, Conduct Elections Within 90 Days – ASPAMDA

AUTO Spare Parts and Machinery Dealers’ Association (ASPAMDA), Caretaker Committee