A customer of one of Nigeria’s foremost banks, Guaranty Trust Bank (GTBank), Mrs. Stella Adepegba, is mulling drawing the Economic and Financial Crimes Commission (EFCC) to investigate circumstances surrounding her missing money after accusing the financial institution of negligence over the alleged fraudulent withdrawal of N2.587m from two bank accounts belonging to her and her daughter within 24 days.
A family source disclosed on Wednesday that a petition is on its way to the anti-graft agency to thoroughly investigate what actually transpired.
Adepegba alleged that the incidents occurred on October 8 and November 1, 2026, with unauthorised transactions carried out without corresponding debit alerts or security notifications.
But the bank is pushing back, insisting that the compromise of the accounts came from the customer’s side.
Adepegba also accused the bank of failing to refund the funds despite repeated complaints and assurances that the matter would be investigated and resolved.
According to her, the first incident involved her daughter, Victoria Adepegba, whose Child Saver’s Account was allegedly compromised at about 8pm on October 8.
She said a total of N2.507m was transferred from the account through the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment platform in four separate transactions, leaving a balance of less than N2,000.
Adepegba identified three transfers of N399,000, N398,000 and N220,000 allegedly made to a Moniepoint account bearing the name Abdulmalik Idris. Another transfer of approximately N1.49m was reportedly made to a GoMoney account bearing the name Zainab Ibrahim.
She claimed that neither she nor her daughter received debit alerts for the transactions, adding that a GTBank employee notified her of the suspicious activity and offered to block the account after the funds had reportedly been withdrawn.
The complainant 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 that the bank subsequently sent an email attributing the incident to compromised login credentials, an explanation she disputed.
Adepegba further alleged that N80,000 was fraudulently transferred from her personal GTBank account on November 1 to a FairMoney account bearing the name Jamilu Ahmad.
The second incident brought the total amount allegedly lost from the two accounts to N2.587m.
Reacting to the allegations, the Chief Communications Officer of Guaranty Trust Holding Company Plc, Oyinade Adegite, said the incidents had been investigated and feedback provided to the customer.
Adegite attributed the account compromises to security vulnerabilities on the customer’s end, noting that fraudsters increasingly use sophisticated phishing techniques to obtain sensitive banking information.
“Immediately this came up, it was escalated and investigated, and feedback has been given,” she said.
She explained that customers could unknowingly expose their banking information by clicking on malicious links capable of installing malware on their mobile devices.
“Now it’s a phishing link you might click on that sometimes would actually install malware on your phone,” she added.
The GTCO spokesperson maintained that the bank had implemented the necessary security measures, including two-factor authentication, and insisted that 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.
However, Adegite expressed sympathy over the reported losses and said she would follow up on the second incident to explore possible intervention.
However, Adepegba said: “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 maintained that her mobile phone, SIM card and ATM card remained in her possession during both incidents, insisting that she did not disclose her banking credentials or receive any requests for one-time passwords (OTPs).
Adepegba expressed concern over what she described as repeated security breaches, arguing that the incidents had raised questions about the safety of customers’ funds and the bank’s response to fraud complaints.
The latest allegations have renewed concerns about banking security, the protection of customers’ deposits and the accountability of financial institutions when unauthorised transactions occur.