May 5 (Lagos) - GTB (
GTCO ) is currently facing a backlash from retail customers in the social media space. The whole issue has to do with arrest of activist and media person called "VERYDARKMAN" who is known to take up social causes and highlight corruption issues in the Country.
He was allegedly arrested by EFCC in a GTB branch and without any charges.
People are calling for cancelling their GTB debit cards and changing their banks. It is getting quite loud in the social media space.
Whether this actually translates into any material effect on GTB business remains to be seen. Shares of GTB (
GTCO ) are lower a little more than 2% at the time of writing this article.
In more developed markets, where retail investors are really powerful such forms of protests can lead to real change at Organizations. Some recent cases have been backlash against Budlight beer in 2024 to the Game-stop saga of 2021 which say these company share prices get lowered and increased respectively.
In Nigeria, however we (RETAIL) are not that powerful to be able to cause a real change at an Organization from targeting its stock price. GTB will most likely be laughing this one off in a few days time.