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Investors dump GTCO shares in aftermath of hackers’ attack on GTBank customers’ accounts

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Investors dump GTCO shares in aftermath of hackers’ attack on GTBank customers’ accounts

Investors have been dumping Guaranty Trust Holding Company (GTCO) shares since Ripples Nigeria reported hackers stole customers’ money in Guaranty Trust Bank (GTBank).

The report published on September 27 had disclosed that over N1.40 million was stolen from three GTBank customers’ accounts within January and April.

Hackers allegedly transferred N700,000 from Oyeyemi Oluwatobi’s account, which he said was money paid for a paint business. All efforts to make GTBank intervene and recover his money proved abortive. Instead, GTBank gave him the name of the account and bank the money was transferred to, and told him to approach the said bank himself.

The story was different for Ngozi Njoku, as N600,000 was allegedly transferred from her account after a GTBank employee offered to help with her bank app in the firm’s Egbe branch, Lagos State.

After discovering her account had been hacked, Njoku approached GTBank, and reported the employee, but the staff was said to have been shielded by the bank.

Read also: GTCO, NGX Group, Nigerian banks are stocks to watch this week

Another customer, identified as Simpleppearls, allegedly also lost N102,800 to hackers.

Following the report last week Tuesday, the share of GTCO has been plummeting, with shareholders losing 6.63% of their investment in the company since September 27.

Investors in the capital market have been distancing themselves from GTCO share, resulting in the stock price losing value, and depreciating to N17.6 kobo per share as at Wednesday, below the N18.85 kobo it sold for a day before the Ripples Nigeria hack report was published.

This led to GTCO shareholders losing N45.61 billion within two weeks, as investors dumping the shares caused the company’s market value to fall to N509.15 billion, from N554.77 billion.

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