Guaranty Trust Holding Company Plc has announced the appointment of Suleiman Barau as its new Group Chairman, subject to regulatory approval. He takes over from Hezekiah Oyinlola, who is exiting the position after years of great leadership under him which saw the company experienced exponential growth.
This decision came as part of the company’s succession plan and was revealed during the company’s fourth annual general meeting held virtually recently.
Barau, a former deputy governor of the Central Bank of Nigeria, has extensive experience in the financial sector. Having been a pioneering director of GTCO since its restructuring, his leadership is expected to guide the company through its next phase of growth and innovation.
The company’s outgoing chairman, Hezekiah Oyinlola, expressed confidence in Barau’s ability to lead the company to new heights, citing his strategic insight and proven leadership track record.
During the AGM, shareholders also approved the payment of a total dividend of N8.03 per share for the 2024 financial year. This is in addition to the previously declared interim dividend of N1 per share, bringing the total dividend payout for the year to N8.03 per share.
The company had earlier reported a remarkable 81.1 per cent surge in gross earnings, reaching N2.1tn, up from N1.19tn in 2023, which reinforced the decision to approve the generous payout.
In his address, Oyinlola highlighted the company’s historic achievements, including becoming the first Nigerian bank to surpass the N1 trillion profit mark in 2024
“In 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us.”
Also, the Group Chief Executive Officer of GTCO, Segun Agbaje, noted that the company’s banking subsidiary, Guaranty Trust Bank, continued to drive growth across Nigeria, West Africa, East Africa, and the United Kingdom.
Agbaje pointed to the Central Bank of Nigeria’s recapitalisation policy as a key factor in strengthening GTCO’s market position, which enabled the company to complete the first phase of its equity capital raising plan through a Public Offer. This raised N209.41 billion, significantly increasing the company’s shareholder base.
“This Public Offer attracted strong participation from both domestic retail and institutional investors, raising N209.41 billion and expanding our shareholder base from 332,000 to over 460,000,” he added.
Speaking on behalf of shareholders, the national coordinator of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, also praised the company’s resilience and success, noting the approval of the proposed final dividend declaration of N7.03 per share.
PUNCH Online reported that Guaranty Trust Holding Company Plc has reported a profit before tax of N1.27 trillion for the 2024 financial year, representing a 107.8 per cent increase from N609.31 billion posted in 2023.
- Culled from Punch
