Questions as Segun Agbaje remains GTBank MD 3 months after promised replacement

Questions as Segun Agbaje remains GTBank MD 3 months after promised replacement

Guaranty Trust Bank (GTBank) is in the process of transforming into a Holding Company, but before the end of the restructuring, GTBank’s Chief Executive Officer, Segun Agbaje, was expected to step down. However, he is still holding the reins.

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Agbaje’s tenure was scheduled to end in the fourth quarter of last year. While exact month wasn’t mentioned, Agbaje was meant to vacate his position as the CEO and Managing Director between October and December of 2020.

He had made the disclosure himself during GTBank’s investor earnings call session six months ago, where he said the bank was looking for a new managing director, and five executives within GTBank have been selected to occupy his position.

“What we are looking for now is a Managing Director for Guaranty Trust Bank Nigeria. The process has started, we have 5 executive directors and so all of them are going through the process at the moment.

“We are working with a consulting firm in the UK where we are looking for based upon what we see for the Nigeria business, what we think the future will hold, what we think Nigerian Banking will look like, we will then at the end of this process which will end at the beginning of the fourth quarter, we will then have a Managing Director for GT Bank Nigeria”, Agbaje said.

However, almost three months after the fourth quarter, Agbaje’s tenure has been extended beyond the timeframe, as he is still occupying the position, and GTBank is yet to announce his replacement as promised to investors.

Agbaje has been heading GTBank for the past ten years, but his exit from GTBank won’t be the end to his grip on the Nigerian lender, as he is eyeing the top job of the HoldCo.

GTBank will restructure into a private limited company and delist from the Nigerian Stock Exchange and the London Stock Exchange, becoming a subsidiary of the Guaranty Trust Holding Company Plc, which will operate as the parent company.

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Agbaje is poised to head GT HoldCo after his replacement at GTBank. This means Agbaje will be taking over a higher position, as GTBank will remain under his control as head of the HoldCo.

The HoldCo will parent several subsidiaries which is projected to include Fintech, ecommerce, insurance and other companies it sees fit own for evenue expansion.

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