Guaranty Trust Bank

18.05.2022 Featured GTB Failed to Release Customer’s $2000 Project Seed Fund. Now, They Are Denying Ever Receiving It

Published 18th May, 2022

By Mariam Hamzat

Samual Fajana, a student ambassador of Paragon One, a US-based company that promotes remote externship among students, has accused Guaranty Trust Bank (GTBank) of failing to disburse the $2000 seed fund he is meant to use in prosecuting a project.

Fajana told FIJ that the bank refused to release the funds despite first confirming receipt of it in April.

“Now, GTBank is denying ever receiving the money and the project deadline is near. I may face unpleasant consequences if I fail to deliver on the project,” Fajana said.

The student also said he had never had any issues in the past when receiving funds from the organisation.

“The first time I was to be paid $500 at the end of my internship with Paragon One, I had no domiciliary account. I had to use my uncle’s domiciliary account to receive the fund and I had no issues at all,” Fajana said.

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The student said he decided to open his own domiciliary account after he was asked by the organisation that he needed to provide his personal account details to receive funds.

Receipt of payment from Paragon
Receipt of payment from Paragon

“When my project at Paragon One was selected for seed funding, I was asked to provide a personal account. So, I opened a domiciliary account with GTBank and the organisation sent me $2,000 in April,” Fajana said.

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However, after the student was unable to receive the money amounting to over N700,000, he visited one of the bank’s branches in Ekiti State.

Fajana conversation with Paragon on the payment
Fajana conversation with Paragon on the payment

At the branch, he was told the money had been received, but he would have to receive it in naira despite having a domiciliary account.

“I was asked to show evidence of the funds transfer and all other types of transaction proofs and I did. I even agreed to their terms to get the money in naira in order to start my project on time, but still they didn’t send the money the following day as promised,” Fajana said.

“When I visited the branch a second time, the customer service officer I met denied they ever received the money. When I tried to raise my voice and attract attention in the bank, they referred me to the manager, but I could not meet him. I was however able to talk to one of the top staff members, and he told me he would work on it.”

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Fajana said the bank officer claimed they had been sending messages to their head office to clarify things, but nothing significant had come out of it.

The student lamented how he is expected to finish the project the money is meant for by August, but has not been able to start because of the bank’s refusal to make the funds available.

Although the organisation has sent him a loan of $500 through PayPal for the commencement of the project, Fajana said the entire fund is needed for its success.

“Using the domiciliary account, I have received another fund of $300 and I was able to withdraw that. So, I don’t know what’s happening with the $2000,” the student said.

FIJ called Cornelius Onuoha, one of GTBank’s consultants, but he refused to comment.

Published 18th May, 2022

By Mariam Hamzat


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