Master Baker Threatens to Sue GTB Over Alleged Account Restriction

Abuja, Sept. 30, 2024 (TheGavel) – An Abuja-based master baker, Miss Faith Iwu, has threatened legal action against Guaranty Trust Bank (GTB) over the alleged unlawful restriction placed on her bank account.

Iwu’s legal representative, Mojisola George, issued the warning in a letter addressed to the bank’s secretary, dated Sept. 12, and acknowledged by GTB on Sept. 19. A certified true copy of the letter was shared with newsmen in Abuja.

The lawyer accused GTB of acting unlawfully and in violation of contractual banking obligations, stating that the bank had no legal right to restrict her client’s account without a court order or legitimate justification. The restriction, reportedly linked to a civil transaction involving a third party, has caused significant financial hardship and embarrassment to Iwu, affecting her ability to meet obligations to suppliers and vendors.

According to George, Iwu has been banking with GTB since 2016, and the issue first arose in August when she noticed that she could not withdraw funds from ATMs or use the GT World app. A visit to the bank’s Kubwa Phase 4 branch revealed her account had been restricted, but no explanation was provided.

The lawyer emphasized that the restriction constituted a breach of fiduciary duty and a violation of Iwu’s contractual rights to access her funds. She demanded the immediate and unconditional removal of the restriction and warned that failure to comply within 48 hours could lead to legal action for damages caused by financial losses, reputational harm, and emotional distress.

George also mentioned that formal complaints would be filed with the Central Bank of Nigeria (CBN) to investigate GTB’s conduct. (NAN)

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