GTBank Customer Raises Alarm After N4.6m Transfer From Account

A Lagos-based customer of Guaranty Trust Bank, Onifade Isaac, has alleged that N4.6 million was fraudulently transferred from his account without his knowledge and without him receiving an SMS alert for the transaction.

The incident reportedly occurred on August 22, 2026, when N4.6 million was transferred from Isaac’s GTB savings account through the bank’s mobile application to a Pocket App account bearing the name Zahara’u Iliyasu.

Isaac, a warehouse manager residing in Alimosho, Lagos State, said he only discovered the transaction later in the day when he attempted to withdraw money for a family need and was informed that his account balance was insufficient.

He said he checked his account and discovered that the entire N4.6 million had been transferred from his account at about 11:49 a.m.

According to him, he received neither an SMS transaction alert nor an OTP notification relating to the transfer.

“I wasn’t sent any SMS alert for that transaction. Immediately after I noticed, I called GTBank customer service, being a weekend, to notify them,” Isaac said.

He said the bank’s customer service team acknowledged his complaint and instructed that both his account and the recipient’s account be blocked. He was also informed that a “Do Not Debit” instruction had been placed on the receiving account.

However, Isaac said he later discovered that the money had already been withdrawn from the recipient’s account.

“I went straight to my bank to ask them if they had blocked the account and the recipient account, which they said yes, it has been done. After some days, I was told that the funds had been utilised by the recipient,” he said.

Isaac provided documents supporting his claim, including an affidavit sworn at the Chief Magistrate Court of Lagos State, Yaba Magisterial District, on August 26, 2026.

In the affidavit, he alleged that GTBank failed to send him an OTP to authorise the mobile-app login or transfer and also failed to send an SMS alert despite his phone being active and in his possession.

He requested the immediate reversal and full refund of the N4.6 million.

A police extract from the Nigeria Police Force crime diary, dated August 27, also documented Isaac’s complaint. The report stated that he alleged the bank failed to send an OTP or SMS alert for the transaction.

An email from GTBank’s E-Fraud, Analytics and e-Channel Security Group, sent to Isaac on the day of the incident, indicated that the bank had taken action on the complaint.

The bank informed him that his account had been blocked to prevent further unauthorised access and that the disputed debit had been escalated to the receiving bank.

Isaac’s bank statement for August 1 to August 24 showed an opening balance of N4,395,275.11 and a closing balance of N10,446.86. It also recorded a single outward transfer of N4.6 million on August 22 to a Pocket App account belonging to Zahara’u Iliyasu.

The transaction effectively emptied the customer’s account.

Attempts to obtain a response from GTCO management were unsuccessful. The bank’s Chief Communications Officer, Oyinade Adegite, reportedly did not respond to phone calls or a WhatsApp message seeking clarification on the matter.

The case has renewed concerns about the effectiveness of fraud-prevention and recovery mechanisms in Nigeria’s banking sector, particularly the enforcement of “Do Not Debit” instructions.

The incident also raises questions about how quickly banks and fintech companies can freeze disputed funds after an alleged fraudulent transfer has been reported.

Isaac’s case comes amid other complaints from bank customers alleging unauthorised withdrawals from their accounts. Two Access Bank customers have reportedly complained of unauthorised debits of N3 million and N500,000 respectively in recent weeks.

The development has also prompted questions about the roles of the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System in establishing recovery procedures and timelines for funds involved in disputed transactions.

For Isaac, however, the outcome remains uncertain as he continues to seek the recovery of his N4.6 million.

Source: Punchng