A Federal High Court in Lagos has refused bail for four bloggers accused of defaming the management of Guaranty Trust Holding Company (GTCO) and its Group CEO, Mr. Segun Agbaje.
Justice Ayokunle Faji, presiding over the case, ordered an accelerated trial of the accused bloggers.
The four defendants—Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami—face 10 amended charges of defamation and cyberstalking.
The charges stem from allegations that they published false and damaging information about GTCO on social media platforms.
At the hearing on November 13 and 14, Justice Faji described the charges as serious and cited potential penalties of up to 14 years in prison for the accused.
One of the defendants, Precious Eze, was singled out for having a history of similar offences.
Justice Faji noted that Eze had committed the alleged acts while on bail for a separate case involving defamation.
The judge expressed concern that Eze’s actions showed a “tendency to reoffend” and posed a threat to the stability of the banking sector.
“These actions are capable of undermining the public’s trust in the financial sector,” Justice Faji said.
He also highlighted the cross-border nature of some of the charges, emphasizing the global implications of defamatory publications made online.
During the proceedings, defence counsel Afolabi Adeniyi pleaded for the court to grant bail to the defendants.
He argued that the charges were bailable and assured the court that the accused were prepared to face trial.
“Your Lordship, these defendants have no intention of evading justice,” Adeniyi said.
However, the prosecution, led by Chief Aribisala, SAN, opposed the bail application.
The prosecution warned that the defendants posed a flight risk and stressed the importance of swift justice.
“We cannot ignore the gravity of these charges and the potential impact on our financial system,” Aribisala stated.
In his ruling, Justice Faji sided with the prosecution and denied the bail applications.
The judge emphasized that the allegations were not just about personal disputes but involved broader implications for Nigeria’s financial stability.
“Such acts challenge the authority of regulatory bodies, including the Central Bank of Nigeria,” the judge said.
He directed that the trial proceed without delay, adjourning the case to December 10 and 12 for continuation.
This case has drawn significant attention due to its implications for cybercrimes and the use of social media to spread false information.
Legal experts have noted the court’s tough stance as a warning to those who exploit digital platforms for malicious purposes.
GTCO, one of Nigeria’s leading financial institutions, has remained tight-lipped about the case.
However, industry observers have highlighted the potential damage that false information can inflict on the banking sector.
