A former Deputy Governor of the Central Bank of Nigeria, CBN, Sulieman Barau has been appointed the Chairman, Board of the Guaranty Trust Holding Company, GTCO. His appointment is part of the ongoing reconstructing and succession plan of Nigeria’s most profitable financial institution, the company said on Thursday.
Barau’s appointment was announced during the Company’s fourth annual general meeting held virtually on Thursday. He took over from Hezekiah Oyinlola, who is exiting the position after years of great leadership under him which saw the company experienced exponential growth.
Also during the virtual AGM, the company’s shareholders approved the payment of a total dividend of N7.03 per share for the 2024 financial year. It had earlier declared interim dividend of N1 per share, bringing the total dividend pay out per share to N8.03.
The new chairman is expected to leverage on his experience in the banking and financial sector of the economy, to lead the company to new heights, the company said, saying Barau’s track record is not in doubt having previously served as a pioneering director of GTCO following its restructuring few years ago as a Holco.
Speaking the Group Managing Director of GTCO, Segun Agbaje said the Group has maintained its leadership role in the sector leveraging on the Central Bank of Nigeria, CBN’s recent recapitalization exercise, which saw the company raised N209.41 billion, thereby expanding its shareholder base from 332,000 to over 460,000.
Agbaje pointed out that the Group is now set to launch its second recapitalization exercise in 2025, targeting foreign capital investment into the company, hinting that the Group’s next growth trajectory will focus on “deepening digitalization, enhancing customer experiences, and expanding our ecosystem of financial and non-financial solutions,” he added that the company reached a milestone last year after ‘delivering’ N1 trillion Profit Before Tax, PBT, the first Nigerian bank to achieve the feat.
Agbaje: “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.
“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.”
On the public offer, he said “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.
“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 recognized and competitive financial services brand.
“Our focus will be on deepening digitalization, enhancing customer experiences, and expanding our ecosystem of financial and non-financial solutions. We will continue to invest in cutting-edge technology, strengthen our cybersecurity framework, and build 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,” the GMD said.
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