Journalist Accuses GTBank of Unauthorised N126,000 Debit, Customers Flood Social Media With Similar Complaints

A Nigerian journalist and communications strategist, Simbo Olorunfemi, has accused Guaranty Trust Bank (GTBank) of moving more than ₦126,000 from his account under unclear circumstances and frustrating resolution efforts for weeks.

Mr. Olorunfemi detailed his ordeal in a Facebook post on Thursday, sparking a wave of public outrage and renewed scrutiny of GTBank’s customer service and transaction integrity.

The Disputed Transactions

According to Mr. Olorunfemi, the problem began on 10 July 2025 when he attempted to book a flight using his GTBank debit card. Despite having transferred ₦300,000 into the account two days earlier, the payment failed with the message: “insufficient funds.”

Upon checking, he discovered that ₦127,000 had mysteriously vanished from his account without any debit notification. Later that day, two backdated entries suddenly appeared, each showing ₦63,138.86 deducted for “Facebook Ads.”

“These entries had no receipts or transaction trail,” he wrote, describing them as “dead links.”

Repeated complaints to the bank eventually yielded a dispute form, which he reluctantly completed and submitted two weeks later. But even then, no clarity came. Instead, GTBank credited his account with ₦61,590, backdated to July 11, under the narration: “Dispense error reversal EurFacebk.”

“To my mind, the Bank might have assumed this refund covered one of the fictitious debits. Even worse, it deducted ₦50 for email charges on the so-called reversal,” he lamented.

Mr. Olorunfemi said six weeks on, GTBank has yet to provide answers or apologies.

“45 Days to Investigate”

When he pressed further, his account officer told him the bank would need “a minimum of 45 days” to investigate, but only starting from the date the dispute form was acknowledged.

“In other words, GTBank assumes it proper to fiddle with a customer’s account, post imaginary transactions, debit as it pleases, and then push the burden on the customer — who must wait while the bank leisurely ‘investigates’ for 45 days,” he wrote.

He warned that such practices show disregard for customers’ rights, stressing that people may desperately need their funds for medical emergencies or urgent obligations.

Not the First Time

Mr. Olorunfemi said this was not his first brush with unexplained debits. In a past incident, he alleged, GTBank “wiped out all funds” on his dollar card, moved into his domiciliary account, and then his Naira account, in order to execute “another imaginary debit.”

He recalled how a fixed deposit once disappeared from GTBank’s books for months, leading to a court case that dragged for ten years before being disrupted by the burning of the Lagos Igbosere High Court during the EndSARS protests.

Customers Share Similar Experiences

Mr. Olorunfemi’s post opened a floodgate of complaints from other GTBank customers:

• Chukwuma Okeke: “GTB debited me ₦30,000 for a Starlink subscription that cost ₦36,000. That was the last straw. I moved to Opay.”
• Abraham Godwin: “This bank has long been in the forefront of unauthorized debits. I know a pastor who got debit alerts of ₦2.4m on sports betting transactions he never made.”
• Kunle Ojeleye: “I shut down my GTB account after more than 20 years of banking with them. Too many unresolved issues.”
• Olumide Olugbemi-Gabriel: “GTB once opened an account in my name without my consent. They thrive on malpractice.”
• Rashid Ahmed: “I was charged twice for Netflix upgrades. I don’t even have a Netflix account. No resolution till today.”
• Frank Ezekiel: “This is outright fraud. Nigerian banks and telcos often get away with these acts because people give up.”

Past Complaints Resurface

The backlash echoes earlier reports of system failures at GTBank. In November 2024, Premium Times documented widespread cases of missing funds after the bank migrated its core banking system.

Victims included Temilade Onilede, whose ₦50,000 account balance collapsed to just ₦1,500 overnight, and Silas Jonathan, who was left stranded abroad when both his Naira and foreign currency accounts were inexplicably blocked.

At the time, GTBank admitted to “technical glitches” but promised swift resolutions. Nearly a year later, some victims told reporters they still had not been refunded.

Silence From GTBank

When contacted Thursday evening, Mr. Olorunfemi confirmed that the issue remains unresolved.

Efforts to reach Charles Eremi of GTCO’s Corporate Communication Unit proved unsuccessful. Calls rang unanswered, and WhatsApp messages were delivered but not replied to as of press time.

Bigger Questions

The controversy raises critical questions about banking transparency, customer protection, and regulatory oversight in Nigeria’s financial sector.

“How can a bank casually debit customers, backdate entries, or create dead links with no explanation — then assign itself unlimited time to ‘investigate’?” asked one commenter.

For Mr. Olorunfemi and many others, the worry is not just about refunds, but about the erosion of trust in a bank once regarded as one of Nigeria’s most reliable.

👉 What’s your take: Have Nigerian banks become too unaccountable, or do customers simply lack adequate regulatory protection?