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| Branches close early for midyear audit checks |
GTCO will close its Nigerian branches early on Monday, June 30, 2025, for a six-month audit. Upcountry branches shut at 2 pm. Lagos branches at 3 pm . This allows audit teams to review accounts, verify balances, and test controls. Digital channels remain live 24/7 for payments, transfers, and enquiries .
Every six months, GTCO checks its books closely. Auditors confirm that loans, deposits, and fees are recorded correctly. They test risk controls and review compliance with Central Bank of Nigeria rules. A clean audit reassures investors, regulators, and customers that the bank’s accounts are sound .
In the first quarter of 2025, GTCO’s revenue dipped to ₦523.2 billion from ₦680.5 billion. Profit fell 43.5 percent year-on-year, hit by lower unrealised gains on bonds and treasury bills . This half-year audit will check how those shifts affect capital adequacy and asset quality. In June 2024, GTCO’s CAR stood at 21.0 percent and bad loans at 4.3 percent of gross loans .
Customers can still use GTCO’s mobile app, internet banking, USSD (737), ATMs, and merchant portals. These channels handle cash, bill payments, airtime top-ups, and bulk transfers. GTCO says its digital platforms saw a 25 percent rise in daily transactions in Q1 2025. That trend eases pressure on branches on audit days .
This isn’t the first time GTCO has paused branch services for audits. In June 2024, branches closed at identical times for the half-year review. Other large banks like Zenith and UBA follow the same practice. It’s a standard step in Nigeria’s banking cycle .
Banking analyst Amina Yusuf notes that an early shutdown helps spot gaps in controls. It also lets management adjust strategy mid-year. She adds that clear notices on social media and email help customers plan around closures. Customer care lines stay open to handle urgent queries after branch hours .
Customer consultant David Nwosu says many customers now prefer digital channels. He points out that GTCO’s USSD code hit 1 million daily uses in May 2025. That growth shows trust in non-branch options. Still, he urges customers with large cash needs to visit before closing time .
Branch managers across Nigeria will lead the audit on June 30. They’ll gather transaction records, cash counts, and loan files for review. Independent auditors from a big-four firm will join GTCO’s in-house team. This joint effort speeds up checks and cut-over to normal operations on July 1 .
The Central Bank requires banks to file audited half-year results by September. GTCO will send its review to the Nigerian Exchange Group and London Stock Exchange. Investors watch these numbers closely to set share prices and dividends. Last year, GTCO declared a ₦1.004 trillion profit before tax for H1 2024 .
After the audit, GTCO plans a strategy session. Teams will analyse performance by business lines: retail, corporate, and payments. They’ll set targets for the second half: grow digital lending, cut cost-of-risk, and boost fee income. Results will guide branch staffing and tech investments into 2026.
Some customers find the early close inconvenient. One small-business owner, Mrs. Adebayo in Ibadan, says she had to shift her deposit to digital. She praises GTCO’s clear alert but hopes branches stay open longer next audit .
Overall, GTCO’s half-year audit helps keep its books honest and its systems strong. Customers get a brief branch shutdown but full digital service. Investors see audited numbers, and regulators get proof of compliance. The bank resumes normal hours on Tuesday, July 1.
What’s your view? Did you visit a branch on June 30 before closing time? How did you manage urgent banking needs? Drop a comment below. Let’s share tips and make audit days smoother for everyone.