Guaranty Trust Bank has yet to refund ₦1 million allegedly stolen from the account of Titilola Olojede, several months after the incident, raising fresh concerns about customer protection and response to fraud complaints in Nigeria’s banking sector.
Olojede, a student in a Nigerian tertiary institution, said she has received neither reimbursement nor meaningful communication from the bank since reporting the unauthorised withdrawal.
“I have not received anything at all in form of a refund from GTB,” she said during an interview on Tuesday. “There hasn’t been any form of feedback from the financial institution on my missing ₦1 million. It has now been four months since the incident happened and no concrete step has been taken to ensure that the money is tracked, retrieved and refunded.”
How the Incident Happened
The issue reportedly began shortly after Olojede opened a domiciliary account with the bank in June 2025. As part of the onboarding process, she was required to submit reference forms from individuals operating current accounts with established banking histories standard compliance measures tied to Know Your Customer (KYC) and anti-money-laundering regulations mandated by the Central Bank of Nigeria.
After one of her initial references was rejected, she provided a replacement on July 2, 2025. The bank acknowledged receipt and informed her that verification was ongoing. However, according to Olojede, that communication marked the last update she received regarding the status of her account documentation.
Repeated attempts to obtain clarification through emails and social media channels reportedly yielded no response.
Fraudster Exploits Communication Gap
Amid the prolonged silence, a fraudster allegedly took advantage of the situation by posing as a bank representative through a fake account on X, ultimately gaining access to her details and withdrawing ₦1 million on November 5, 2025.
The case was later highlighted by Foundation for Investigative Journalism, which reported that the theft occurred only months after the account was opened and while the customer was still seeking confirmation that her documentation had been successfully verified.
Bank Yet to Respond Publicly
Efforts to obtain an official reaction from GTBank have so far been unsuccessful. Media inquiries sent to the bank’s customer care unit reportedly went unanswered, while attempts to reach a representative identified as a spokesperson also did not yield a response as of the time of reporting.
Broader Concerns Raised
The incident has sparked debate about the responsibility of financial institutions to maintain timely communication during compliance procedures, especially when delays may expose customers to fraud risks. Analysts say extended verification timelines without clear updates can create vulnerabilities that criminals exploit through impersonation and phishing schemes.
Consumer advocates are now calling for stronger safeguards, faster dispute resolution, and clearer escalation channels for fraud victims, warning that unresolved cases risk eroding public trust in digital banking systems.
