Business

Nigerians blast GTBank over customer’s stolen N3.1m

Published

2 years ago

March 4, 2024

Nigerians blast GTBank over customer’s stolen N3.1m

Guaranty Trust Bank Plc (GTBank) has come under severe criticism from Nigerians over the alleged theft of N3.1 million from the account of one of its customers, Banjo Adedayo.

According to the Foundation for Investigative Journalism (FIJ), “Adedayo’s ordeal started on Monday, April 17, 2023, when some men forcefully collected his phone at his estate in Ogun State in the morning.”

He informed FIJ that, to prevent the potential loss of his funds, he promptly contacted his network provider to bar his line and informed GTBank to impose restrictions on his account.

“To be sure my account was safe, I inserted my GTBank ATM card into a machine to withdraw, but the machine said my account had been deactivated.

“The same thing was said when I inserted my Zenith Bank ATM card in it, and it was because I had blocked them both,” Adedayo told FIJ.

Three days later, Adedayo retrieved his SIM card and traveled to a GTBank branch in Ogun State to get the restriction lifted from his account, which he accomplished, but the next morning, he couldn’t believe his eyes.

“I woke up to the rudest shock of my life on April 21,” Adedayo said.

“An email had popped up, and upon opening it, I saw that all my hard-earned N3,130,000 had been wiped out.

“I went to the bank to make complaints, and all they did was print me the statement of account. I went to the police and did all that I could but to no avail.”

In retrospect, Adedayo suspected foul play, speculating that the theft had been planned inside, given the password protection on his SIM card and the quick action to block his bank accounts.

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“Could the thieves be waiting for me to retrieve my SIM? Even if they did, they would not be able to steal my money. It was an inside job. I remember I was tired at the bank and wanted to go home, but this female cashier kept urging me to be patient,” he recalled.

“Later that day, she contacted me using her number and did not discuss anything related to banking matters. The next morning, my funds were gone. I strongly suspect an insider’s hand in this. It’s been nearly a year, and I demand restitution,” Adedayo stated.

In response to the statement, Ishowleck Omo Iya Pupa called GTBank and other banks in the country “incompetent.”.

“How could N3. 1 million miss in someone’s account, and you can’t account for it.

“An account you charge monthly maintenance on,” he said.

“All these banks are just so incompetent, with no maximum security for their customers after charging them high for maintenance. The ordinary digital bank is doing better than them.

“Aside from them deducting your money, being quick to charge you excess, and stressing you out, they have no other benefits they give to people. GTBank is one of them,” he added.

Jagaban Olu alleged that GTBank and other banks in the country are renowned for “nefarious” practices. He called on the Economic and Financial Crimes Commission, EFCC, to investigate the ‘unwholesome’ practice by banks.

Olu said, “Nigerian banks are a special case when it comes to nefarious practices like round-tripping, excessive charges, stealing from customer accounts, facilitating billion-dollar loans to politicians who have zero businesses, etc.

“EFCC should probe the banks just like they are doing with Binance! They should track where the forex they collect is going and how they facilitate corruption by some state institutions and governors.”

“GTB has too many incidences of these for it to be unintentional at this point. They should review their internal procedures because something is not working,” Taiwo, an X user, noted.

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Recounting a personal experience, a man simply identified as Diekolola on x states that “N150k was stolen from mine late last year. GTbank claims to still be making investigations.”

Also recounting a personal experience, Charles Ugwueze notes, “Each time I lodge substantial amounts, I will be getting a fishy email.

“I once lost some money through their Twitter handle. The guy was pretending to be helping me until I unknowingly gave out information that finished me.”

Balogun Olusegun argued that banks in Nigeria steal from their unsuspecting customers.

“I once said these people steal from us. You will notice some N5, and N10 deductions without seeing any details as to why they were deducted.

“Imagine a number like that from millions of customers monthly. I do notice this from my GTBank account. Most people may not notice,” Olusegun stated.

Ace Vinci notes that “banks in Nigeria are cooperated armed robbers. They take money out of people’s accounts without explanation.

“If you call them out or sue them, you are still the one they will blame. A guy sent money to me, and when I checked it, the bank deducted my money without any reason.”

Osaze argues that GTBank “is a hacker’s delight.”

“They don’t want to admit their system is not foolproof. GTBank is a hacker’s delight. Their system is very vulnerable to hacks,” he said.

At the time of filing this report, GTbank had yet to comment on Banjo Adedayo’s alleged missing N3.1 million.

Nigerians blast GTBank over customer’s stolen N3.1m

Business

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Published

4 hours ago

June 2, 2026

Trends Admin

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Airtime lending services in Nigeria are making a strong comeback after weeks of uncertainty. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has confirmed that 40 million subscribers will soon regain full access to emergency credit facilities. This development follows Airtel Nigeria’s decision to restore its airtime credit service and the Federal Competition and Consumer Protection Commission’s (FCCPC) suspension of the controversial DEON Regulations 2025. For millions of prepaid and low-income users, these small airtime advances are a daily lifeline for communication and economic survival.

Airtel Nigeria and Globacom (Glo) have fully restored their airtime lending services after a six-week suspension. Ayo Stuffman, chairman of the Wireless Application Service Providers Association of Nigeria (WASPAN), confirmed on Monday, May 25, 2026, that the services in question are already active on Airtel and Glo. In contrast, MTN Nigeria has yet to resume the service. The return follows a decision by the FCCPC to suspend enforcement of its controversial DEON Regulations 2025 after a court order halted implementation. The suspension had disrupted services such as ‘Borrow Me Credit’ and other airtime advance platforms used by millions of Nigerians, especially low-income subscribers who rely on small airtime loans during emergencies or temporary cash shortages.

ALTON Chairman Gbenga Adebayo has stated that the regulatory landscape is now sufficiently clear for operators to resume operations. He commended Airtel for taking the lead in restoring access to subscribers, noting that the regulatory environment is now clear and that full restoration is imminent. Adebayo emphasized that the courts have spoken, the FCCPC has acted responsibly, and two of the four major operators have already restored services. He added that there is no ambiguity left, and the association expects every operator to act with the urgency their subscribers deserve.

The disruption began in April 2026 after the FCCPC classified airtime credit as a consumer lending product under its DEON Regulations 2025. The move prompted MTN Nigeria, Airtel, Globacom and T2mobile to suspend services. Nigeria’s airtime credit market is estimated at N300 billion to N400 billion annually. Adebayo argued the suspension showed airtime credit is a critical economic infrastructure, not a typical financial product. He explained that what this episode demonstrated is that airtime credit is not a financial product in the way regulators initially characterised it. He described it as economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. He warned that removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.

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The turning point came when the Wireless Application Service Providers Association of Nigeria (WASPAN) filed a lawsuit challenging the FCCPC’s authority. Justice A.L. Allagoa of the Federal High Court, Lagos, issued an ex parte order restraining the FCCPC from enforcing the framework, while Form 49 contempt proceedings were reportedly initiated against the Commission’s Executive Vice Chairman, Tunji Bello. In a statement on Friday, May 22, 2026, FCCPC Director of Corporate Affairs, Ondaje Ijagwu, confirmed the Commission’s compliance with the court order. Ijagwu stated that as a law-abiding institution, the Commission, in deference and in obedience to the rule of law, hereby suspends the implementation and the enforcement of the DEON Regulations 2025. Despite the temporary suspension, the FCCPC signalled plans to challenge the ruling, stating that its legal team had been instructed to contest both the court order and the competence of the suit filed against it. The Commission had earlier claimed it received more than 11,000 consumer complaints linked to digital lending operations, which partly motivated its regulatory push.

With Airtel and Globacom already back online, attention has shifted to MTN Nigeria, which serves over 95 million subscribers. MTN’s Chief Corporate Services and Sustainability Officer, Tobechukwu Okigbo, explained that the operator needs further legal clarity before restoring services. Okigbo stated that in terms of what needs to happen for them to resume the airtime advance service, there are essentially two conditions. First, they would require either a court ruling that sets aside the regulations empowering the FCCPC to license, which has not happened. Second, they would need a clear directive instructing them to reinstate the service.

For subscribers on Airtel and Glo, accessing emergency credit is now straightforward. Users can simply dial the harmonized USSD code *303# and select the “Borrow Credit” or “Airtime Advance” option. They can then choose their desired loan amount, which is repaid automatically on their next recharge. MTN subscribers, however, will continue to see an error message until the company decides to restore the service.

ALTON has used this episode to call for stronger coordination between the FCCPC and the Nigerian Communications Commission (NCC) to avoid future regulatory clashes. Adebayo noted that the recent disruption highlighted the importance of airtime credit services to millions of Nigerians, particularly those in lower-income communities who rely on the facility to stay connected. He argued that the FCCPC’s consumer protection mandate and the NCC’s telecom regulatory mandate can coexist without either displacing the other. The lesson, according to him, is that Nigeria’s regulatory agencies need formal coordination protocols for services at the intersection of telecommunications and financial products. He stated that ALTON is ready to participate in that conversation and urged both agencies to begin it without delay.

Looking ahead, the final outcome of the court battle will determine the future regulatory control of Nigeria’s fast-growing digital credit ecosystem. If the court rules in favor of the telecom operators, MTN will likely restore services quickly, and the NCC will retain oversight of airtime lending. If the FCCPC wins, stricter digital lending rules may apply, including licensing requirements, interest rate caps, and consumer complaint mechanisms. For now, Airtel and Glo subscribers can breathe easier knowing their emergency credit line is back. Millions of MTN users, however, must wait for either a court ruling or a clear directive before they can once again borrow airtime to stay connected.

40 Million Nigerians Await MTN as Airtel, Glo Bring Back Airtime Loans

Auto

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

Published

1 day ago

June 1, 2026

Trends Admin

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

4-Day Festival Kicks Off June 2, No Admission Fees

If you have ever wanted to get behind the wheel of a Land Cruiser, grill a Toyota engineer, or win prizes while learning how your engine actually works, tomorrow is your day.

Toyota Nigeria Limited will throw open the gates for its annual Toyota Motor Show on Tuesday, June 2, 2026. And for four days, Lekki becomes the city’s biggest car park, debate stage, and hangout spot rolled into one. The show runs through Saturday, June 6, with a break on Friday, 5th June, according to the organisers, TNL.

Forget the usual “stand-and-stare” motor shows. TNL says it is going full experience:

Day 1: Tuesday, June 2 – See It, Drive It, Hear It
Doors open for open vehicle viewing. But the headline is _PodCARst_ going live – Toyota’s new podcast recorded on-site. First guest? Celebrity guest Soma, in conversation with execs. Think cars, culture, and no script.

Day 2: Wednesday, June 3 – Youth Takeover
This is for students and young professionals. Expect debate competitions, quiz battles, and hands-on workshops. Kate Henshaw, screen legend, will be on ground to meet fans and judge the action.

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Day 3: Thursday, June 4 – Influencer Tours
Social media star Mama Deola leads guided vehicle tours. She will walk the arena, break down why the Hilux still owns Nigerian roads, and why the Corolla and other Toyota models make sense for fuel prices today. Public access continues all day.

Grand Finale: Saturday, June 6 – The Bump Off
The event will close with another _PodCARst_ recording popular social media influencer, Ride With Mee, then turn up the energy for the “Toyota Bump Off” – a mini-rave hosted by media personality Dotun. DJ, outdoor games, prizes, and one last round of test drives.

All Week Long, All Visitors Get:
1. Free vehicle diagnostics – TNL technicians will scan your car, no charges.
2. Test drives – From Camry to RAV4 to Hilux. Book a slot, feel the ride.
3. Open exhibitions – Touch, sit, and compare Toyota’s latest models and mobility solutions.

Why it matters: This isn’t just a car show. It’s Toyota Nigeria doubling down on connection. No sales pitch banners. Just real conversations, real cars, and real value for owners and future owners. After two years of record crowds, this 3rd edition is bigger, louder, and more interactive.

Admission is free. Bring your questions, bring your car keys, and bring your appetite for prizes.

Venue: The Podium. I24 Tunde Kuboye Road. Lekki. Lagos
Dates: Tuesday June 2 – Saturday June 6, 2026. No Show on Friday June 5.

Toyota Motor Show Roars into Lagos Tomorrow with Test Drives, Debates, Free Diagnostics, Others

Auto

Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model

Published

1 day ago

June 1, 2026

Trends Admin

2026 Toyota RAV4

Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model

Toyota-by-CFAO Nigeria has unveiled the all-new 2026 Toyota RAV4, bringing the latest generation of the globally acclaimed SUV to the Nigerian market in a move that signals a new era for local vehicle buyers.

For the first time, Nigerian customers will have access to the same-generation RAV4 available in leading international markets, eliminating the years-long delay that has traditionally separated local buyers from global launches.

The new SUV is backed by a three-year manufacturer’s warranty, Toyota-certified after-sales support and nationwide access to genuine spare parts, with customer deliveries already underway.

Speaking at the unveiling, Managing Director of Toyota-by-CFAO Nigeria, Boye Ajayi, said the company was raising the benchmark for vehicle ownership in the country.

“The 2026 RAV4 is here. Nigerian customers are no longer waiting years behind global markets or settling for older specifications. They are receiving the same vehicle available internationally, at the same time, with full manufacturer support,” Ajayi said.

Available in three variants — Active (2.0L 2WD), Comfort (2.0L 4WD) and Limited (2.0L 4WD) — the SUV is powered by a 2.0-litre DOHC petrol engine producing 172 horsepower and features Sport, Normal and Eco driving modes.

Designed to balance comfort, performance and practicality, the RAV4 offers a 481-litre cargo space, 201mm ground clearance and a 55-litre fuel tank suited for both city commuting and long-distance travel.

Standard features across the range include Apple CarPlay and Android Auto connectivity, dual-zone climate control, LED headlamps, 18-inch alloy wheels, SmartKey keyless entry, push-button start and a rear-view camera.

Toyota also equipped the SUV with an extensive safety package, including Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD), Vehicle Stability Control (VSC), hill-start assist and multiple airbags.

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While the entry-level Active variant targets urban motorists seeking reliability and efficiency, the Comfort model adds all-wheel-drive capability, heated front seats, roof rails and additional convenience features for customers who frequently travel outside city limits.

The flagship Limited variant comes with a larger 12.8-inch infotainment screen, panoramic sunroof, premium leather upholstery, power-adjustable front seats and seat heating, offering a more luxurious driving experience.

Ajayi described the new RAV4 as more than a routine upgrade, noting that the improvements are both visible and practical.

“This is not a minor refresh. The upgrades are evident in the technology, interior refinement, driving experience and overall convenience offered to customers,” he said.

To strengthen ownership confidence, Toyota-by-CFAO Nigeria said the vehicle is supported by a robust after-sales ecosystem comprising trained technicians, genuine parts inventory and service centres in Lagos, Abuja and Port Harcourt. The company plans to expand its authorised service network to 75 locations nationwide by March 2027.

The launch has already generated strong market interest, with several customers placing confirmed orders ahead of the official unveiling.

According to Ajayi, the early demand reflects a growing shift among Nigerian buyers towards brand-new vehicles backed by manufacturer warranties and structured after-sales support, rather than used imports with uncertain histories.

Managing Director of CFAO Mobility, Denis Martin, said Nigeria’s inclusion in the global launch schedule demonstrates the progress made by Toyota-by-CFAO Nigeria in building world-class sales and service infrastructure.

The 2026 Toyota RAV4 is now available at Toyota-by-CFAO showrooms in Lagos, Abuja and Port Harcourt, with financing options offered through partner institutions. A public launch event featuring test drives and on-site vehicle orders is scheduled for June 11 at the company’s Victoria Island showroom in Lagos.