A Federal High Court in Ikoyi, Lagos, has dismissed the cyberstalking and defamation charges filed by Guaranty Trust Holding Company (GTCO) against four journalists, following an out-of-court settlement between the parties.
Presiding Justice Ayokunle Faji struck out the case (FHC/L/774C/2024) on Thursday after GTCO’s prosecution team, led by Chief Ajibola Aribisala (SAN), notified the court of the resolution. The bank withdrew all allegations, submitting formal documentation to confirm the settlement.
The journalists—Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami—were initially arrested in September 2024 by the Police Special Fraud Unit (PSFU) in Lagos, based on a petition by GTCO. The case drew widespread scrutiny, with critics accusing the financial institution of exploiting legal frameworks to silence media criticism.
Charges escalated in October 2024 when the Nigeria Police re-arraigned the defendants on 10 amended counts, including conspiracy, cyberstalking, extortion, and financial harm, up from the original two counts. GTCO had alleged that the journalists published “false and misleading” reports targeting CEO Segun Agbaje and the Nigerian banking sector, aiming to incite financial panic.
Prosecutors claimed the group violated the Cybercrimes Act (2015) and Criminal Code Act, arguing they sought to extort GTCO by damaging its reputation and share value. However, the journalists pleaded not guilty, with their counsel, Olakunle Afolabi, condemning the amended charges as a tactic to prolong their detention. Justice Faji had earlier ordered their remand at Ikoyi Correctional Centre, sparking outcry from press freedom advocates.
The dismissal marks the end of a contentious legal battle, with the court affirming the withdrawal of all charges. The case had intensified debates over corporate accountability and media freedom in Nigeria, underscoring tensions between institutional power and journalistic independence.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
