Guaranty Trust Bank (GTBank) has obtained a court order to recover ₦1.9 billion that was erroneously credited to various customer accounts in October 2024. The bank, in a statement released on its official channels, explained that the funds were mistakenly transferred due to a technical error in its system.
The error was identified after several customers noticed unusual balances in their accounts and subsequently raised concerns. In response, GTBank conducted an internal audit and discovered that the credits had been made mistakenly, affecting a number of accounts.
Following the discovery, GTBank moved swiftly to seek legal recourse, and the court order now allows the bank to reverse the transactions and recover the funds. The bank has assured customers that their accounts will be adjusted accordingly, and that no funds will be lost in the process.
Customers who were affected by the error have expressed mixed reactions. While some are understanding of the technical mishap, others have raised concerns about the inconvenience and potential financial implications of the adjustment. GTBank has assured them that the process will be handled with minimal disruption.
The incident has sparked discussions on the need for improved banking system security and internal controls. Industry experts have called for banks to implement more robust mechanisms to prevent such errors in the future, to safeguard both customer trust and institutional integrity.
