GTCO Chairman Steps Down in Major Leadership Change, Former CBN Deputy Governor Takes Over

• Guaranty Trust Holding Company (GTCO) recently broke barriers to become one of the most valuable brands in Nigeria
• The company also declared the highest profits for any banking company listed on the NGX in 2024 and rewarded shareholders with mouthwatering dividends
• Amid these wins, the company has reshuffled its board with two key players stepping down, and two others coming on board

Legit.ng journalist, has over a decade of experience in business reporting across digital and mainstream media.

Guaranty Trust Holding Company Plc (GTCO) has carried out a major shakeup, changing several board members.

This move follows the retirement of two of its long-serving board members who have been there since the Holding company was founded.

Hezekiah Oyinlola, the pioneer chairman of the holding company, has retired and will now be replaced by a former CBN deputy governor, Suleiman Barau.

The second change is Babatunde Soyoye coming in as an independent non-executive director to replace Mrs. Helen Bouygues, another long-serving board member who has also resigned.

Both changes were contained in a disclosure filed on the Nigerian Exchange (NGX) and signed by Erhi Obebeduo, the company secretary.

GTCO chairman retires as former CBN deputy governor takes over

According to the disclosure, Hezekiah Oyinlola has been chairman of the GTCO board since its formation and has contributed immensely to the strength, governance structure, and strategic direction of the holding company.

Note that GTCO was reported to have shown strong growth in recent years, increasing its profit by 300% in the last financial year.

His retirement from the company will usher in Suleiman Barau, a former deputy governor of the Central Bank of Nigeria (CBN).

Barau was a two-time deputy director at CBN and also a special adviser to the CBN governor. He was involved in significant reforms of the banking and financial services industry, especially on payments and monetary policies.

Barau will bring to the board his leadership abilities and wealth of experience at the regulatory body to guide GTCO in the next phase.

Soyoye replaces Bouygues on GTCO board

Mrs. Helen Bouygues, an American businesswoman, has also retired and is to be replaced by Mr. Soyoye, the co-founder and managing partner of Helios Investment Partners LLP, a London-based private investment firm that specialises in growth capital, restructurings, and structured investments in Sub-Saharan Africa.

Soyoye brings with him over three decades of experience in investment and financial advisory services.

Regarding this appointment, the CEO of GTCO, Segun Agbaje, said:

“His extensive experience in strategic investment, combined with a strong track record of driving growth across sectors, makes him a valuable addition. We are confident that his insights and guidance will significantly enrich the board’s deliberations and contribute meaningfully to the company’s long-term success.”

He also noted that both appointments align with the company’s commitment to strong corporate governance and diversity on the board.

GTCO raises N209 billion in first phase

GTCO recently raised N209.41 billion in its efforts to meet the new recapitalisation threshold set by the Central Bank of Nigeria.

The CEO, Segun Agbaje, confirmed that the process followed the necessary clearances from the Central Bank of Nigeria and the Securities and Exchange Commission.

This marks the first phase of its equity capital issue, ahead of the March 2025 deadline.

GTCO crosses N1 trillion profit threshold

In related news, GTCO has crossed the N1 trillion profit threshold after presenting its 2024 financial year.

Legit.ng reported that the company submitted its audited consolidated and separate financial statements for the 2024 financial year to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

The group became the first financial institution in Nigeria to surpass the N1 trillion profit threshold with a pre-tax profit of N1.004 trillion.

Source: Legit.ng