Segun Agbaje, CEO, GTBank

OBINNA EZUGWU

Guaranty Trust Bank Plc., has maintained that its ongoing corporate reorganisation was ratified by its shareholders at a meeting held on court order.

The Bank said in a statement on Tuesday, that to maintain optimum operational efficiency, there would be a holding company board of directors, made up of seven members and a bank board of directors with eight members.

In the statement titled ‘Update on ongoing Guaranty Trust Bank Plc corporate reorganisation,’ the bank maintained that in order to maintain optimum operational efficiency, there will be a holding company board of directors made up of seven members and a bank board of directors with eight members.

“Recall that during the Guaranty Trust Bank Plc half year 2020 investors/analysts call held on September 7, 2020, Mr Segun Agbaje, the managing director and chief executive officer of Guaranty Trust Bank Plc, confirmed the commencement of the succession process for Guaranty Trust Bank Nigeria and noted that all executive directors of the bank are participating in this process,” the statement said.

“At the full year 2020 investors/analysts call held on March 22, 2021, Mr Agbaje provided an update on the succession process for Guaranty Trust Bank Nigeria, confirming that it has been completed.

“He also confirmed the ongoing corporate reorganisation has been ratified by shareholders at the court-ordered meeting of the holders of the fully paid ordinary shares, held on December 4, 2020.

“He noted that in order to maintain optimum operational efficiency, there will be a holding company board of directors made up of seven members and a bank board of directors with eight members.”

According to the Bank, members of boards of directors would be announced, and all other details of the ongoing corporate reorganisation would be provided once all regulatory approvals had been obtained.

There has been disquiet in the Bank over its succession plan, with suggestions emerging that Agbaje whose 10-year tenure comes to an end this year, has designs of remaining as MD of its proposed Holding Company, in an arrangement similar to what obtains in First Bank.

Meanwhile, a list of new management set to be announced by the Bank has emerged.

According to Nairametrics, sources with knowledge of the matter informed it that a clean sweep of top management staff above the age of 45 has been effected as Agbaje prepares to retire as MD of the bank and proceed as MD/CEO of the bank’s Holding Company.

The medium quoted multiple sources to have disclosed that the bank is set to announce Miriam Olusanya as its new MD, with the Central Bank already notified and a formal announcement could be made anytime soon.

The Bank had in an internal memo dated April 28, 2021, announced that Thomas John has been appointed Managing Director of GTB West Africa while Bayo Veracruz was appointed Managing Director of GTB East Africa.

Others are Olayinka Odusote appointed as Divisional Head, Digital Banking; Ijeoma Esemudje appointed as Divisional Head Corporate Bank Mainland & Agric.

As part of the management restructuring already in effect, two of the oldest and revered Executive Directors of the bank have already been asked to retire after illustrious years of service to the bank, Nairametrics reported.

According to it, four General Managers out of nine have also been asked to exit the bank paving the way for younger executives mostly under the age of 45 to take charge.