By Ibrahim Alusine Kamara (Kamalo)
Once hailed as one of Sierra Leone’s most trusted financial institutions, Guaranty Trust Bank (SL) Ltd. now finds itself at the heart of a criminal prosecution that threatens to shake the foundations of the country’s banking sector.
In a landmark case currently before Justice A. R. Mansaray in the High Court, GT Bank and three of its senior officials — Ikubolaje Nicol (former Managing Director), Augustus IssaTuray, and Patrick Adeyemi Eegunnike — are facing five grave criminal charges. The indictments include Conspiracy to Defraud, Falsification of Accounts, Forgery, Uttering Forged Documents, and Failure to Keep Records under various legal provisions dating as far back as the 19th century and as recent as the Anti-Money Laundering Act of 2024.
But that’s not all.
In a parallel proceeding at the Magistrate Court, the bank is also being prosecuted for Fraudulent Conversion, underscoring the magnitude of alleged misconduct within its upper ranks.
From Trust to Turmoil
GT Bank’s name has long been synonymous with corporate reliability and modern banking. Its bright orange branding, tech-driven services, and expansion across West Africa helped cultivate a reputation of integrity among customers and regulators alike. However, behind the scenes, a different narrative was unfolding — one that now involves forged documents, phony loan agreements, and multi-billion-Leone liabilities tied to individuals who say they were never part of the deals.
At the center of the unraveling scandal is Mr. Hussein Ibrahim Bazzy, a well-known businessman operating under the firm Bazzy & Sons. According to court documents and multiple sworn testimonies, Mr. Bazzy was stunned to discover that GT Bank had not only listed him as a personal guarantor on a Le 7.6 billion loan — but had also allegedly forged his signature and misused his company’s letterhead to back the deal.
The loan in question was granted to Admiral Trading, a company owned by Mr. Jihad Saleh, with whom Bazzy had previous, legitimate dealings in 2015. But that partnership had long concluded. By 2017, Bazzy had neither stake nor interest in Admiral Trading — a fact that makes his alleged role in the 2017 loan all the more suspicious.
A Phantom Loan, A Falsified Paper Trail
What’s emerging from the ongoing trial is a troubling tale of how internal bank officials allegedly bypassed procedures, fabricated documents, and pushed through a fraudulent loan facility — all while keeping the supposed guarantor in the dark.
One of the most damning claims is that top executives, including Nicol and Turay, forged Bazzy’s signature on a May 31st, 2017 facility letter, falsely portraying him as a willing guarantor for Admiral Trading’s Le 7.6 billion loan. Shockingly, the bank proceeded to secure approvals for this facility — despite the absence of an application letter, consent documentation, or even basic customer verification.
And when Bazzy later sought to retrieve his collateral from the bank, what he received instead was a solicitor’s letter demanding he settle the very loan he never applied for.
The case now stands as a litmus test for Sierra Leone’s financial governance and judicial integrity. With more hearings scheduled in the coming weeks, public interest in the GT Bank case continues to grow — not just because of the billions of Leones at stake, but because it threatens the credibility of an entire sector built on public trust.