• Business - Banking & Finance
  • Updated: September 11, 2020

GTBank Reveals Segun Agbaje's Replacements, As Agbaje Aim To Remain Head

GTBank Reveals Segun Agbaje's Replacements, As Agbaje Aim To

Possible replacement for Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc, Segun Agbaje, have been revealed following Agbaje's tenure completion. Agbaje is set to be replaced by one of five candidates in the fourth quarter of 2020.

Agbaje has been the MD and CEO of GTBank since 2010, spending ten years on the seat, which will now be vacant in the fourth quarter of this year. While the company hasn't been precise with the month, note that fourth quarter falls between October to December.

Agbaje's Possible Replacement Are Five Executives

During GTBank's investor earnings call session on Monday, AllNews gathered that the company has been searching for Agbaje's succession. His replacement will not be coming from outside, as the company is looking inward.

[READ ALSO: GTBank Accused Of Using Customer's Money To Play Bet, As Customers Lose About N770,000]

There are six executives at GTBank vying for the MD/CEO position. It was gathered that the competition is between Demola Odeyemi, Bolaji Lawal, Haruna Musa, Miriam Olusanya, and Babajide Okuntola.

“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.

[READ ALSO: Sterling Bank Accused Of Opening Fake Accounts To Secure Loan]

Agbaje Aiming To Take Over GTBank Holding Company

In March, Agbaje had disclosed that GTBank plans to restructure into a Holding Company. Agbaje said becoming a Holding Company will enable GTBank venture into other businesses that are outside pure banking, and helps grow their earnings.

"As an organisation, we have that in the world that we live in today as opposed to ten years ago, and if you look at the landscape — what the fintechs are doing, what the telcos are doing, what asset management companies are doing, what insurance companies are doing in the financial space— that as an organisation and with the approval of the board, that it is time to consider a holding company structure,” Agbaje said during an earnings call in March.

[READ ALSO: Just In: Chaos As Bayelsa Govt Shutdown GTBank, Ecobank Branches]

Note that Holding Company will enable GTBank to have control over several companies or subsidiaries that are directly or not directly in the financial sector, and this restructuring, if approved by several regulators, will create a new and higher role than the MD/CEO.

Agbaje has been pushing for the restructuring of GTBank into a Holding Company, as the role that will be created is expected to be occupied by Agbaje, AllNews gathered. So while he will be stepping down from being the MD/CEO of GTBank, he will take a higher position by heading the Holding Company which will become the parent company of GTBank. The company didn't reply AllNews email or calls for comment.

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