GTBank CEO Segun Agbaje Earns Over N266 Million in 4 Days as Bank's Shares Soar
- Segun Agbaje, the CEO of GTbank, has seen his wealth increase by over N266 million in four days
- The wealth increase is thanks to thanks to the excellent performance of his investments in GTB
- GTbank, through its parent company, is one of the 13 banks listed on the Nigerian Exchange
Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (the parent company of GTBank), has become N267.3 million richer.
The substantial financial gain resulted from the soaring value of the GTCO shares after four days of trading on the stock market.
Data obtained from the Nigerian exchange limited(NGX) showed that during the trading period from Monday, May 15, 2023, to Thursday, May 18, 2023, GTCO shares increased by 8.71%.
How Segun Agbaje made over N200 million in four days
GTCO shares opened the week trading at N24.1 per share, but as of Thursday, May 18, it has increased to N26.2 per share.
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As a result, Agbaje, one of the bank's major shareholders, reaped substantial profits from the surge in stock prices.
Agbaje, a highly respected and influential figure in the Nigerian banking industry, has consistently guided GTbank towards success during his tenure as CEO.
As GTCO's shares reached new highs, Agbaje, who holds a 126.9 million (126,960,152) direct and indirect stake in the bank, enjoyed substantial financial gains.
On Monday, when GTCO's share price started at N24.1 per share, the value of his 126.9 million stood at N3.05 billion.
By Thursday, Agbaje's stock value had increased by N33.2 billion, earning him a lucrative windfall of N266.6 million in just four days—a sweet reward for his investment.
Africa’s 10 biggest banks by asset base, Nigerian banks missing
In another report, Legit.ng revealed that despite their claim of continental spread, Nigerian banks have missed out on the latest list of the 10 biggest banks in Africa.
Banks in Africa’s biggest economy have been aggressive in their push for a continental expansion in recent years but have not been able to catch up with their counterparts elsewhere as assets of much larger African banks have dwarfed them.
United Bank for Africa (UBA) has a presence in 20 countries and is regarded as one of the fastest-growing banks on the continent.