Former CBN Deputy Governor becomes board chairman at GTCO as Oyinlola steps down, details emerge

• Guaranty Trust Holding Company (GTCO) precocious broke barriers to go the 1 of the astir invaluable brands successful Nigeria
• The institution besides declared the highest profits for immoderate banking institution listed connected the NGX successful 2024 and rewarded shareholders with mouthwatering dividends
• Amid these wins, the institution has reshuffled its committee with 2 cardinal players stepping down, but 2 others to travel on

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Guaranty Trust holding Company Plc (GTCO) has carried retired a large shakeup, changing respective committee members.

This determination follows the status of 2 of its long-serving committee members who person been determination since the Holding institution was founded.

Hezekiah Oyinlola, the pioneer president of the holding company, has retired and volition present beryllium replaced by a erstwhile CBN lawman governor, Suleiman Barau.

GTCO CEO, Segun Agbaje, thanked Oyinlola and Bouygues for their work to the company. Photo credit: GTCO
Source: Getty Images

The 2nd alteration is Babatunde Soyoye coming successful arsenic an autarkic non-executive manager to regenerate Mrs. Helen Bouygues, different long-serving committee subordinate who has besides resigned.

Both changes were contained successful a disclosure filed connected the Nigerian Exchange (NGX) and signed by Erhi Obebeduo, the institution secretary.

GTCO president retires arsenic erstwhile CBN lawman politician takes over

According to the disclosure, Hezekiah Oyinlola has been president of the GTCO committee since its enactment and has contributed immensely to the strength, governance structure, and strategical absorption of the holding company.

Note that GTCO was reported to person shown beardown maturation successful caller years, expanding its nett by 300% successful the past fiscal year.

His status from the institution volition usher successful Suleiman Barau, a erstwhile lawman politician of the Central Bank of Nigeria (CBN).

Barau was a two-time lawman manager astatine CBN and besides a peculiar advisor to the CBN governor. He was progressive successful important reforms of the banking and fiscal services industry, particularly connected payments and monetary policies.

Barau volition bring to the committee his enactment abilities and wealthiness of acquisition astatine the regulatory assemblage to usher GTCO successful the adjacent phase.

Soyoye replaces Bouygues connected GTCO board

Mrs. Helen Bouygues, an American businesswoman, has besides retired and is to beryllium replaced by Mr. Soyoye, the co-founder and managing spouse of Helios Investment Partners LLP, a London-based backstage concern steadfast that specialises successful maturation capital, restructurings, and structured investments successful Sub-Saharan Africa.

Soyoye brings with him implicit 3 decades of acquisition successful concern and fiscal advisory services

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

“His extended acquisition successful strategical investment, combined with a beardown way grounds of driving maturation crossed sectors, makes him a invaluable addition. We are assured that his insights and guidance volition importantly enrich the board’s deliberations and lend meaningfully to the company’s semipermanent success.”

He besides noted that some appointments align with the company’s committedness to beardown firm governance and diverseness connected the board.

GTCO raises N209 cardinal successful archetypal phase

GTCO precocious raised N209.41 billion successful its efforts to conscionable the caller recapitalisation threshold acceptable by the Central Bank of Nigeria.

GTCO was named the 3rd astir invaluable brand, and has besides go the archetypal to transverse the N1 trillion nett threshold. Photo credit: GTCO
Source: Getty Images

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

This marks the archetypal signifier of its equity superior issue, up of the March 2025 deadline.

GTCO crosses N1 trillion nett threshold

In related news, GTCO has crossed the N1 trillion nett threshold aft presenting its 2024 fiscal year.

Legit.ng reported that the institution submitted its audited consolidated and abstracted fiscal statements for the 2024 fiscal twelvemonth to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

The radical became the archetypal fiscal instauration successful Nigeria to surpass the N1 trillion nett threshold with a pre-tax nett of N1.004 trillion.

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Source: Legit.ng