Nnamdi Atu, a resident of Enugu State, has accused Guaranty Trust Bank (GTBank) of unlawfully withholding N1 million after clearing a bank draft that was later reversed, forcing him to cover the amount from his own funds.
Speaking to FIJ, Atu recounted how the ordeal began shortly before Heritage Bank’s liquidation in June 2024. On May 31, he requested a bank draft of N1 million from his Heritage Bank account and deposited it into his GTBank account.
Initially, the deposit showed up as a shadow balance in his GTBank account—indicating receipt but not yet available for use. On June 4, just one day after the Central Bank of Nigeria (CBN) officially revoked Heritage Bank’s license and placed it under the control of the Nigeria Deposit Insurance Corporation (NDIC), the draft was fully cleared and the funds became accessible in Atu’s account.
He began using the funds immediately, making transfers including some to his brothers and completing several transactions. However, on June 5, he encountered an unexpected problem while trying to make a purchase at a neighborhood store. His card was declined. Upon checking his account, Atu found that it was suddenly overdrawn by exactly N1 million.
“When I got to the bank to complain, I was told by a staff member that the issue stemmed from the Heritage Bank draft I deposited,” Atu said. “They had reversed the transaction without any formal notification and treated it as though I had borrowed the money.”
GTBank allegedly provided no written explanation and treated the cleared draft as invalid. This reversal left Atu responsible for repaying the full amount.
Desperate for answers, Atu visited Heritage Bank’s head office, now under NDIC management. There, an NDIC official reportedly told him that if he reimbursed GTBank the N1 million, the NDIC could consider reprocessing the original draft.
In an effort to resolve the situation, Atu said he used his personal funds to clear the negative balance in his GTBank account. Armed with his GTBank and Heritage Bank account statements, along with a formal letter, he returned to GTBank—only to be stonewalled again.
“GTBank refused to issue any confirmation to NDIC,” he said. “Despite multiple letters from me and my lawyer, the bank neither responded nor offered any help. All they did was stamp our letters as received.”
Frustrated, Atu escalated the matter to the CBN’s Consumer Protection Department in September 2024. It wasn’t until December that GTBank responded to CBN’s inquiry, claiming they had addressed the issue and sent a letter to NDIC. But when Atu approached NDIC again in December and January, officials denied receiving any such communication from GTBank.
“That means GTBank misled not only me, but also the CBN and NDIC,” Atu stated.
Nearly a year later, the issue remains unresolved. Atu said he has yet to recover the money or receive any official closure. However, he observed a curious monthly occurrence in his account statement.
“On the first of every month, an interest payment of N8,000 is credited to my account, then disappears by the next day,” Atu said. “That interest suggests the bank is still internally acknowledging the N1 million, even though it is not visible or accessible to me. It’s like the money exists on paper but is being kept away.”
The situation has also affected members of his family. Atu alleged that GTBank froze the accounts of his brothers who had received part of the original N1 million through transfers before the reversal occurred. The bank reportedly flagged the transactions as fraudulent and placed their accounts under investigation.
“We have explained everything to the CBN. GTBank’s actions were not only unjust, but they also punished my entire family for what was a legitimate banking transaction,” he said.
As of now, there appears to be no resolution in sight, and Atu is calling for full accountability from GTBank and oversight from regulatory authorities to rectify the matter.
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