GTCO appoints new group chairman as shareholders approve N8.03 dividend
Guaranty Trust Holding Company (GTCO) has announced the appointment of a new Group Chairman during its recent shareholders' meeting, where shareholders also approved an impressive dividend payout of N8.03 per share. This development marks a significant leadership transition and reflects the company's strong financial performance. Stay updated on GTCO's latest corporate moves and investor-friendly decisions.
Guaranty Trust Holding Company Plc (GTCO) has unveiled the appointment of Suleiman Barau as its incoming Group Chairman, pending regulatory approval.
This announcement aligns with the company’s strategic succession plan and was disclosed during its fourth annual general meeting, which took place virtually on Thursday.
Barau, a former Deputy Governor of the Central Bank of Nigeria, brings a wealth of experience from the financial sector. As a founding director of GTCO following its restructuring, his deep understanding of the organization positions him to steer the company toward continued growth and innovation.
Outgoing chairman Hezekiah Oyinlola voiced strong confidence in Barau’s leadership capabilities, highlighting his exceptional strategic acumen and established track record of success. Oyinlola expressed optimism that Barau’s stewardship would elevate the company to even greater achievements in the future.
During the AGM, shareholders also approved the payment of a total dividend of N8.03 per share for the 2024 financial year. This is in addition to the previously declared interim dividend of N1 per share, bringing the total dividend payout for the year to N8.03 per share.
The company had earlier reported a remarkable 81.1 per cent surge in gross earnings, reaching N2.1tn, up from N1.19tn in 2023, which reinforced the decision to approve the generous payout.
Group Chief Executive Officer of GTCO, Segun Agbaje,
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In his remarks, Oyinlola emphasized the company’s landmark achievements, including its historic milestone as the first Nigerian bank to exceed the N1 trillion profit threshold in 2024.
He stated, “In 2024, we achieved a significant milestone by becoming the first Nigerian bank to surpass the N1 trillion profit mark. This accomplishment reflects the strength of our business model, the commitment of our team, and the unwavering trust of our customers.”
Furthermore, Segun Agbaje, the Group Chief Executive Officer of GTCO, highlighted that the company’s banking arm, Guaranty Trust Bank, continued to spearhead growth across key markets, including Nigeria, West Africa, East Africa, and the United Kingdom.
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Agbaje attributed the Central Bank of Nigeria’s recapitalization policy as a pivotal factor in bolstering GTCO’s market position. This policy enabled the company to successfully complete the first phase of its equity capital raising initiative through a Public Offer, which generated N209.41 billion and significantly expanded its shareholder base.
“The Public Offer drew robust participation from both domestic retail and institutional investors, raising N209.41 billion and increasing our shareholder base from 332,000 to over 460,000,” he remarked.
On behalf of shareholders, Bisi Bakare, the national coordinator of the Pragmatic Shareholders Association of Nigeria, commended the company for its resilience and achievements. She specifically highlighted the approval of the proposed final dividend of N7.03 per share as a testament to GTCO’s strong performance.
Additionally, Guaranty Trust Holding Company Plc reported a profit before tax of N1.27 trillion for the 2024 financial year, marking a 107.8% increase from the N609.31 billion recorded in 2023.
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