Faith Iwu, an Abuja-based master baker, has threatened to sue Guaranty Trust Bank (GTB) unless the alleged restriction on her account is lifted. Her lawyer, Mojisola George, issued the warning in a letter to GTB’s secretary dated September 12 and received by the bank on September 19.
The letter, a certified true copy shared with news outlets on Monday, described the bank’s actions as “unlawful and in flagrant disregard” for contractual banking obligations. George argued that while the restriction was allegedly linked to a civil transaction involving a third party, GTB lacks the legal or moral authority to impose such a restriction without an express court order.
George stated that the restriction has caused significant financial hardship and embarrassment for Iwu, who is unable to meet her obligations to suppliers and vendors. Iwu opened her account with GTB in 2016 and first noticed issues in August when she was unable to withdraw cash from ATMs, initially assuming it was a network issue. However, upon visiting the Kubwa Phase 4 branch, she discovered her account had been restricted without any explanation or lawful basis.
“This action has caused our client significant financial hardship and embarrassment, which we deem to be a blatant violation of her rights as a customer of your bank,” George stated. She emphasized that the restriction is a civil matter without any criminal elements, asserting that the bank has no authority to restrict Iwu’s account in such a manner.
The letter also outlined that the account restriction constitutes a breach of the bank’s fiduciary duty, violates Iwu’s rights to access her funds, and represents a serious breach of contract. George warned that if the restriction is not lifted within 48 hours, legal action for damages—including financial losses, reputational damage, and emotional distress—will be initiated.
Additionally, formal complaints will be filed with the Central Bank of Nigeria (CBN) for a thorough investigation into GTB’s conduct, along with seeking legal redress for breach of contract and other consequential losses suffered by Iwu.