Guaranty Trust Holding Company Plc (GTCO) has appointed Suleiman Barau, a former deputy governor of the Central Bank of Nigeria (CBN)as its new group chairman, following shareholders’ approval of a total dividend payout of N8.03 per share for the 2023 financial year.
The announcement, made at the group’s fourth Annual General Meeting held virtually on Thursday,
is subject to regulatory approval.
Mr Barau served at the CBN from 2007 to 2017. His appointment is part of GTCO’s succession plan and comes at a time when the group is navigating regulatory reforms and capital requirements within Nigeria’s banking sector.
According to PUNCH, outgoing chairperson Hezekiah Oyinlola expressed confidence in Mr Barau’s ability to lead the group, citing his strategic acumen and years of board-level experience.
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Mr Barau has served as a non-executive director on GTCO’s board since the firm’s restructuring into a holding company.
The AGM also saw shareholders approve a total dividend payout of N8.03 per share for the 2024 financial year. This includes the N1.00 interim dividend previously declared and a final dividend of N7.03.
This will bring its potential payout for the year to a record N269.4 billion.
GTCO’s performance in 2024 reinforced the board’s decision. The company had earlier reported a 107.8 per cent surge in profit before tax to N1.27 trillion. Gross earnings rose by 81.1 per cent, climbing from N1.19 trillion in 2023 to N2.1 trillion, largely supported by a substantial increase in interest income, its main revenue source.
Mr Oyinlola described the milestone as a testament to the strength of GTCO’s business model, the unwavering dedication of its people, and the trust and confidence placed in the company by its customers.
“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,” he said.
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Group Chief Executive Officer Segun Agbaje attributed the performance to continued growth in the company’s banking subsidiary, Guaranty Trust Bank, across Nigeria, West Africa, East Africa, and the United Kingdom.
Mr Agbaje also noted the central bank’s recent recapitalisation directive as a turning point for the industry. In response, GTCO completed the first phase of its equity capital raising plan through a public offer, raising N209.41 billion and expanding its shareholder base from 332,000 to over 460,000 investors.
“This public offer attracted strong participation from both domestic retail and institutional investors,” he said.
Speaking on behalf of retail shareholders, Bisi Bakare, national coordinator of the Pragmatic Shareholders Association of Nigeria, commended the company’s governance and financial strength, applauding the dividend payout and strategic clarity of the leadership transition.
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