Exclusive: GTBank gets court order to recover ₦1.9 billion erroneously credited to customer accounts in October 2024

Guaranty Trust (GTBank), a tier-1 Nigerian bank with a market capitalisation of ₦1.68 trillion, has been granted a court order to recover ₦1.9 billion mistakenly credited to customer accounts between October 28 and 29, 2024. The error occurred when the bank processed duplicate transactions while handling unapplied NIP (NIBSS Instant Payment) inflows. 

Upon discovering the error, GTBank…