GTCO Appoints Suleiman Barau New Group Chairman As Shareholders Approve N8.03 Per Share Dividend Payout

Mr Suleiman Barau has been appointed as the new Group Chairman, Guaranty Trust Holding Company (GTCO) Plc, pending regulatory approval.

The outgoing chairman of GTCO, Mr Hezekiah Sola Oyinlola announced this Tbursday at the company’s fourth annual general meeting held virtually.

Oyinlola also announced that the shareholders of GTCO Plc approved the payment of a total dividend of N8.03 per share for the financial year ending December 31, 2024.

The decision was taken at the company’s annual general meeting.

The company had previously paid an interim dividend of N1 per share, and would now make an additional N7.03 per share, bringing the total dividend for the 2024 financial year to N8.03 per share.

Shareholders commended the board for the financial performance achieved during the reviewed period, despite the challenging operating environment.

Chief Timothy Adesiyan, speaking on behalf of the shareholders, praised the management of GTCO for their impressive financial performance in 2024 and the dividend pay-out.

The national coordinator of Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakara, commended the board, management, and staff for their stellar performance and success in the face of adversity.

Bakara expressed approval for the proposed final dividend declaration of N7.03 per share, which totalled N8.03 in dividend payments.

For the year ended December 31, 2024, GTCO reported a remarkable 81.1 per cent surge in gross earnings, reaching N2.15 trillion, up from N1.19 trillion in 2023.

Speaking to shareholders, Oyinlola emphasised the group’s ability to remain agile and forward-thinking, which had allowed the company to achieve record-breaking performances.

Oyinlola, in his address at the AGM, stated, “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.”

According to him, the company’s success in a changing macroeconomic landscape is built on three pillars: operational excellence, disciplined risk management, and a relentless focus on customer-centric innovation. He stated that the banking business continued to demonstrate strong fundamentals, supported by a robust capital base and effective cost management.

He added, “Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector.”

Oyinlola, who announced Barau’s appointment, said it was part of the company’s succession plan.

He highlighted Barau’s extensive experience and respect in the industry, stating, “He is a former Deputy Governor of the Central Bank of Nigeria, with a proven track record of leadership and strategic insight.

“He has been a pioneering director of GTCO since its restructuring. I am confident that under his guidance, GTCO will continue to thrive, innovate, and deliver superior value to all its customers and stakeholders.”

Equally speaking on the group’s 2024 performance, Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, stated, “In 2024, we reached a historic milestone, delivering over N1 trillion in profit before tax, becoming the first Nigerian financial institution to achieve this feat.”

Agbaje emphasised that GTCO’s banking subsidiary, Guaranty Trust Bank, remained central to the group’s operations, driving growth in Nigeria, West Africa, East Africa, and the United Kingdom.

He said, “In 2024, we navigated a rapidly evolving regulatory and macroeconomic environment with a focus on strengthening our financial position and delivering best-in-class banking services.”

Agbaje said the Central Bank of Nigeria’s recapitalisation policy presented an opportunity to reinforce market leadership, allowing the group to complete the first phase of its equity capital raising plan through a Public Offer.

“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.

Agbaje said, “With this momentum, we are prepared to launch the second phase of our capital raising plan in 2025, targeting significant foreign institutional investments to further solidify our reputation as a globally recognised and competitive financial services brand.”

Looking ahead, Agbaje stated, “Our focus will be on deepening digitalisation, enhancing customer experiences, and expanding our ecosystem of financial and non-financial solutions.

“We will continue to invest in cutting-edge technology, strengthening our cybersecurity framework, and building strategic partnerships that unlock new growth opportunities.

“Most importantly, we will remain true to our purpose: driving economic progress, fostering financial inclusion, and creating sustainable value for all stakeholders.”