GTCO appoints Barau as new group chairman

Guaranty Trust Holding Company Plc has announced the appointment of Suleiman Barau as its new Group Chairman, subject to regulatory approval.

The announcement was made during the company’s fourth annual general meeting (AGM), which was held virtually on Thursday.

Barau, who formerly served as the Deputy Governor of the Central Bank of Nigeria, brings a wealth of experience in the financial sector. As a key figure in the company’s restructuring and a long-serving director of GTCO, his leadership is expected to steer the company toward continued growth and innovation.

The company’s outgoing Chairman, Hezekiah Oyinlola, expressed his confidence in Barau’s ability to lead the firm into its next chapter, commending his strategic vision and leadership qualities.

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During the AGM, shareholders also gave their approval for a total dividend of N8.03 per share for the 2024 financial year, which includes the interim dividend of N1 per share declared earlier. This brings the total dividend payout for the year to N8.03 per share.

The approval follows a stellar performance by the company, which reported an 81.1% increase in gross earnings, reaching N2.1 trillion compared to N1.19 trillion in 2023. Oyinlola took the opportunity to highlight GTCO’s significant milestones, including becoming the first Nigerian bank to surpass the N1 trillion profit mark in 2024.

Additionally, Segun Agbaje, the Group CEO of GTCO, noted the bank’s sustained growth across multiple regions, including Nigeria, West Africa, East Africa, and the United Kingdom. He also pointed out that the company’s strategic response to the Central Bank of Nigeria’s recapitalisation policy strengthened GTCO’s market position. This led to the successful completion of the first phase of its equity capital raising plan, which raised N209.41 billion through a public offer, expanding the shareholder base significantly.

Bisi Bakare, national coordinator of the Pragmatic Shareholders Association of Nigeria, expressed satisfaction with the company’s performance, particularly the approval of the N7.03 per share final dividend.

GTCO also reported a remarkable profit before tax of N1.27 trillion for the 2024 financial year, marking a 107.8% increase from the N609.31 billion posted in 2023.