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 Vs Dollar: What To Expect This Week (2nd - 6th June 2025) 

Dollar Rate Rises To N1,421/$1 In Official Window

In the Nigerian foreign exchange market (NFEM), also known as the official window, the naira depreciated by 0.35 percent as the dollar rate increased to N1,421/$1 on Wednesday, January 7. The foreign exchange rate for the United States currency had increased by
Linkage Assurance's Revenue Rises To N19.29bn, Profit Drops By 23%

Linkage Assurance’s Revenue Rises To N19.29bn, Profit Drops By 23%

Between January and September 2025, Linkage Assurance Plc recorded N19.29 billion in revenue, representing a 17.47 percent rise, compared to the N16.42 billion turnover generated in the same period in 2024. In the company’s unaudited financial statements for the period ended September

Nigerian Mobile Users May Pay More Under New NCC Roadmap

By Prosper Okoye Nigerian mobile phone users may face higher call and data costs following a new five-year plan released by the country’s telecoms regulator. Prime Business Africa gathered that the Nigerian Communications Commission (NCC) has published a Draft Spectrum Roadmap outlining

Naira Appreciates Against Dollar Across FX Markets

On Tuesday, January 6, the foreign exchange rate for the United States dollar (USD) decreased by N17 or 1.18 percent to N1,416 on the Nigerian foreign exchange market (NFEM). According to data obtained from the Central Bank of Nigeria (CBN), the dollar
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

DSS Rearrests Emefiele After Tussle With Prison Officials

CBN Investigator Wants Union Bank, Keystone, Titan Trust Nationalised Over Emefiele’s ‘Fraud’

Former Central Bank Governor Godwin Emefiele, who is currently cooling
AGF Abubakar Malami

Malami, Family to Spend Another Week in Custody as Court Defers Bail Ruling to Jan 7

The Federal High Court in Abuja has adjourned the hearing