GTB Customer Alleges N2.59m Fraud, says Customers’ Funds Not Safe

An account holder with Guaranty Trust Bank, Stella Adepegba, has raised alarm over the safety of customers’ funds after fraudsters allegedly stole N2.59 million from two accounts belonging to her and her daughter within 24 days.

Adepegba, in an interview with The PUNCH, said the incidents occurred on October 8 and November 1, 2026, with the perpetrators allegedly transferring funds without authorisation or security alerts.

“The implication of these targeted attacks on my bank accounts is that no customer’s funds are safe with GTB, and if anything happens, the bank will not accept responsibility or offer any succour whatsoever,” she lamented.

She accused the bank of failing to refund the money despite repeated complaints and assurances that the matter would be resolved.

According to her, the first incident involved her daughter, Victoria Adepegba, whose Child Saver’s Account was allegedly compromised on October 8 at about 8 p.m.

She said N2.507 million was transferred through the Nigeria Inter-Bank Settlement System Instant Payment (NIP) channel in four transactions, leaving less than N2,000 in the account.

Adepegba said N399,000, N398,000 and N220,000 were transferred to a Moniepoint account bearing the name Abdulmalik Idris, while another N1.49 million went to a GoMoney account bearing the name Zainab Ibrahim.

She alleged that no debit alerts were received, adding that a GTBank staff informed her of the transactions and offered to block the account after the money had already been withdrawn.

She said she reported the incident at the bank’s Kubwa branch in Abuja on October 9 and was asked to document the unauthorised transactions.

However, she alleged the bank later sent an email attributing the transactions to compromised login credentials, an explanation she rejected.

Adepegba said another N80,000 was fraudulently transferred from her personal GTBank account on November 1 to a FairMoney account bearing the name Jamilu Ahmad, bringing the total loss to N2.587 million.

“GTB could not explain how the hackers successfully stole my money despite changing my account’s log-in details after the attack on my daughter’s account. The bank must refund the stolen funds and go after those who masterminded the fraud,” she said.

She insisted her mobile phone, SIM card and ATM card were in her possession during both incidents, adding that she neither disclosed her banking credentials nor received OTP requests.

When contacted, Oyinade Adegite, General Manager and Chief Communication Officer of GTBank, said she had issued a statement and promised to forward same to NATIONAL WAVES, but was yet to do so at the time of filing this report.

However, a reaction published by The PUNCH quoted an unnamed GTBank spokesperson to have said the incidents had been investigated and feedback provided to the customer.

The spokesperson attributed the compromise to customer-side security vulnerabilities, explaining that fraudsters increasingly deploy sophisticated phishing techniques to obtain banking credentials.

“Immediately this came up, it was escalated and investigated, and feedback has been given,” the spokesperson said.

“Now, it’s a phishing link you might click on that sometimes would actually install malware on your phone,” the spokesperson added, noting that customers could unknowingly compromise their accounts by clicking malicious links.

She maintained that the bank had implemented necessary security safeguards, including two-factor authentication, and insisted the compromise originated from the customer’s end.

“All the measures the bank has to put in place for us, 2FA, everything was done. So, the compromise came clearly from the customer,” she stated, while expressing sympathy over the losses and promising to follow up on the second incident.