“₦4.6M Vanished In One Click”: Lagos Man Accuses GTB of Silent Fraud, Zero OTP, Zero Alert

Account wiped out in minutes. Bank says funds already “utilised” despite block order

In less than 60 seconds on a Friday morning, warehouse manager Onifade Isaac watched his life savings disappear.

₦4.6 million was swept out of his Guaranty Trust Bank account through the GTB Mobile App. No SMS. No OTP. No warning.

By the time he checked his balance that evening to pay a family bill, the account that opened the month with ₦4,395,275.11 had just ₦10,446.86 left.

—THE MONEY JUST LEFT—

The incident happened on August 22, 2026 at 11:49am, according to Isaac, who lives in Alimosho, Lagos.

“On the 22nd of August 2026 at 11:49 am, the sum of N4.6m was fraudulently moved out of my account through the GTB Mobile App,” a report by NATIONAL WAVES depending Isaac to have said.

“I did not know of this transaction until evening when I needed to withdraw a small amount of money to settle a family need, and I was told I had insufficient balance.”

Bank records obtained by this paper show a single debit that day: “Outward Transfer to Pckapp – Zahara’u Iliyasu” for ₦4,600,000. It cleared the account in one move.

Isaac says he never authorised it.

“Guaranty Trust Bank completely failed to send me an implied/mandatory One Time Password to authorise this mobile app login/transfer, nor did I receive any SMS transaction alert despite my phone network being fully active and in my possession,” he stated in an affidavit deposed at the Chief Magistrate Court, Yaba, on August 26, 2026.

—BANK BLOCKED ACCOUNTS, BUT IT WAS TOO LATE—

Panicked, Isaac called GTB customer service that weekend. The bank, he said, told him both his account and the recipient’s account would be blocked, with a “Do Not Debit” placed on Zahara’u Iliyasu’s Pocket App account.

An email from GTB’s E-Fraud, Analytics and e-Channel Security Group sent hours after the fraud confirmed it: “Please be informed that your account has been blocked to prevent unauthorised access to your account. The debit has been escalated to the receiving bank.”
Signed: Hannah Oguntade.

But when Isaac walked into his branch on Monday, the news turned worse.

“I went straight to my bank to ask them if they had blocked the account and the recipient account, which they said yes, it has been done. After some days, I was told that the funds had been utilised by the recipient,” he said.

In other words: the money was gone before the block could stop it.

—POLICE, PAPERS, AND PRESSURE—

Isaac has since reported the case to the Nigeria Police Force. A Crime Diary Extract dated August 27, 2026 records his complaint: that GTB failed to send an OTP or SMS alert while his phone was active.

He is now demanding an immediate reversal of the ₦4.6m.

The case has reignited fears over “silent debits” — unauthorised transfers that hit accounts without triggering the security alerts banks promise customers.

—GTB RESPONDS—

According to the report by NATIONAL WAVES, GTCO Plc Chief Communications Officer, Oyinade Adegite, said the bank is engaging Isaac directly.

“Good morning Mr Jimmy [Editor-in-Chief of National Waves]….. we are already working with the customer with a view to resolving the issue. I will provide an update shortly,” she said.

For Isaac, the wait continues. For millions of Nigerians who rely on mobile banking daily, the question is louder: If ₦4.6m can leave without an OTP or alert, who is next?