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The fraud in Guaranty Trust Bank is likely not to end soon, as customers have contacted our medium to express their grievances on the GTB fraud.

One of the customers who came in from Benin Republic, made withdrawals in Lagos, using his visa debit card, and was charged at exorbitant rate, against the official rate of the country’s exchange rate.

One of the customers lamented to Secret Reporters how he used their ATM machine nine times, and for each of those times, he was charged at the official 10,000naira = 32,000cfa rate.

Meanwhile, the black market rate is 10,000naira = 18,000cfa.

GTB’s exchange rate is even worse than the black market rate because it was approximately 10,000naira = 16,500cfa.
Although there are two exchange rates, the black market rate which is determined by demand and supply and the official rate, but GTB chooses which rate to follow.

According to our sources, withdrawal of 10,000naira from any Nigeria GTB card in Benin Republic is only 16,500cfa, while withdrawal of 10,000 naira in Nigeria, GTB gets 32,000cfa.

With the withdrawals of N20,000 each which was made, which would have been 40kcfa at most, but was charged 66,000cfa.
For each withdrawal, a customer lost 26,000cfa(about 14,000naira) which for the 9 transactions, 126,000naira was lost.
Although the customer could not get debit alerts immediately, but was shocked when he returned to Nigeria and found out that GTB had successfully swindled him of N126,000.

Knowledgeable sources in the banking sector confirmed to us that even though GTB buys at official rate from the Central Bank of Nigeria, they purposely hoard the money as petroleum marketers hoard fuel, and then sell it with profit to desperate businessmen, who give them kickback in return. The Directors are known to use this hard currency for round tripping, the source affirmed.

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