By Annette Ikponmwonba | November 10th, 2026
Key Points
· GTBank customer Stella Adepegba has accused the bank of negligence after fraudsters allegedly stole N2.59m from two accounts belonging to her and her daughter within 24 days
· The incidents allegedly occurred on October 8 and November 1, 2026, with funds moved without authorisation or security notifications
· N2.507m was allegedly transferred in four NIP transactions from her daughter Victoria’s Child Saver’s Account, leaving less than N2,000
· Another N80,000 was allegedly taken from her personal account on November 1, bringing the total to N2.587m
· Adepegba says her phone, SIM and ATM card were in her possession, and she received no OTP requests or debit alerts
· GTBank’s parent company says the incidents were investigated and blames customer-side compromise, though it expressed sympathy
Main Story
A customer of Guaranty Trust Bank, Stella Adepegba, has accused the bank of negligence after fraudsters allegedly stole N2.59m from two accounts belonging to her and her daughter within 24 days. She said the incidents occurred on October 8 and November 1, 2026, with the perpetrators transferring funds without authorisation or security notifications. She accused the bank of failing to refund the money despite repeated complaints and assurances that the matter would be resolved.
According to her, the first incident involved her daughter, Victoria Adepegba, whose Child Saver’s Account was allegedly compromised on October 8 at about 8pm. She said N2.507m was transferred through the Nigeria Inter-Bank Settlement System Instant Payment channel in four transactions. N399,000, N398,000 and N220,000 went to a Moniepoint account in the name of Abdulmalik Idris, while N1.49m went to a GoMoney account in the name of Zainab Ibrahim.
She alleged that no debit alerts were received, and that a GTBank employee informed her of the transactions and offered to block the account only after the money had been withdrawn. She reported the incident at the bank’s Kubwa branch in Abuja on October 9 and was told to document the transactions. The bank later sent an email attributing them to compromised login credentials, an explanation she rejected. Another N80,000 was then allegedly transferred from her personal account on November 1 to a FairMoney account in the name of Jamilu Ahmad.
The Issues
The dispute centres on who bears responsibility. Adepegba says she never shared her credentials, received no OTP requests and still held her phone, SIM and card, and she questions how hackers got into her personal account even after she changed the login details following the first attack. The bank’s position is that the compromise came from the customer’s side.
The case highlights how phishing and malware have become a major source of banking fraud, and how hard it can be for customers to prove they were not at fault. The lack of debit alerts, if accurate, would raise further questions about the bank’s transaction monitoring and notification systems.
The account is Adepegba’s own version of events, and the bank’s explanation is a general one. Neither has been independently verified, and the report notes the allegations come amid regulatory scrutiny of Nigerian banks over consumer protection and compliance.
What’s Being Said
Adepegba said the bank must act. “The bank must refund the stolen funds and go after those who masterminded the fraud,” she said. She added: “The implication of these targeted attacks on my bank accounts is that no customer’s funds are safe with GTB, and if anything happens, the bank will not accept responsibility or offer any succour whatsoever.”
The Chief Communication Officer of Guaranty Trust Holding Company Plc, Mrs Oyinade Adegite, said: “Immediately this came up, it was escalated and investigated, and feedback has been given.” She explained that customers can unknowingly compromise accounts by clicking phishing links that install malware. “All the measures the bank has to put in place for us, 2FA, everything was done. So, the compromise came clearly from the customer,” she said. She expressed sympathy for the losses and said she would follow up on the second incident to explore possible intervention.
What’s Next
Attention will turn to whether GTBank follows up on the second incident as promised and whether any refund or intervention results. Adepegba may escalate the matter to the Central Bank of Nigeria or other consumer protection channels, Observers will also watch whether the receiving banks and fintechs, Moniepoint, GoMoney and FairMoney, trace or freeze the accounts that received the funds.
Bottom Line
A mother and daughter say they lost N2.587m to unauthorised transfers while GTBank insists the breach started on the customer’s side, leaving a dispute over fraud, proof and responsibility that only a fuller investigation or regulatory step is likely to settle.
