Guaranty Trust Bank Disowns News on Changes in Management


Guaranty Trust Bank (GTB), Nigeria’s largest bank by market capitalization has disowned alleged news report that stated the bank changed its management and bank’s succession plans in the wake of the retirement of Segun Agbaje as MD/CEO of the Bank.

The alleged news read “CEO Succession: GTBank Sacks 3 EDs, 6 GMsOne of Nigeria’s top tier lenders, Guaranty Trust Bank (GTBank), has disengaged three Executive Directors and six General Managers, in a shakeup exercise  aimed at paving the way for the emergence of Miriam Olusanya as the next Managing Director/Chief Executive of the bank under a Holding Company (Holdco) structure, New Telegraphhas learnt.

Already, these changes, which are expected to take effect by end of this month – May 31, 2021, had triggered the resignation of Bolaji Lawal (ED in charge of Digital Banking) and Segun Fadahunsi, (GM, Systems and Control). Authoritative sources  told this newspaper yesterday that three of its five Executive Directors, Bolaji Lawal, Jide Okunola and Ademola Odeyemi, were asked to retire. Also asked to leave were six of the lender’s nine

General Managers, who are said to be seniors to the MD designate. Four of the affected GMs are, George Uwakwe – GM Risk, Femi Akerewusi – GM Corporate Bank, Lagos Mainland, Segun Fadahunsi – GM Systems and Control Division and Subuola Abraham – Chief Compliance Officer.

In a press release signed by Company Secretary, Erhi Obebeduo, the bank stated that it was engaging with regulators on the matter and will communicate if there will be changes in management of such officially once it obtains regulatory approvals.

See excerpt below:

“The attention of Guaranty Trust Bank plc (the Bank) has been drawn to news circulating in the media about imminent changes on the Board and Management of the Bank.

As an organization listed on the Nigerian Exchange Limited and regulated by the Central Bank of Nigeria, there are processes that guide such Board changes and channels of communication of such changes as required by regulation.

The Board of the Bank has approved certain changes in its constitution and is presently engaging its primary regulator on same and would formally communicate upon the conclusion of all required regulatory engagements.”

Banks are not allowed to make such announcements public until they obtain the approval of their regulators. Such announcements are also routed via the Nigerian Stock Exchange before being made public.

Some media house had reported on Monday that the bank had approved a slew of management and board changes that pave the way for new leadership at one of Nigeria’s most respected bank.

See the full press release below:

Dew of Hermon


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