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Crisis Rocks GTBank Over Outgoing MD/CEO, Segun Agbaje’s Successor

A seeming boardroom crisis that may rock one of Nigeria’s leading financial institutions, Guaranty Trust Bank Plc to its foundation is currently brewing in the bank. Lagos community digest learnt authoritatively that the internal unrest and skirmishes border on the succession of the current Managing Director and Chief Executive Officer of the bank, Mr. Segun Agbaje, whose tenure ends in June 2021. According to inside sources, Agbaje is allegedly said to be backing two executive directors believed to be his close associates to succeed him as MD/CEO and Deputy Managing Director respectively, ahead of other most qualified and experienced directors in the bank.

The sources further divulged that the executive directors, Miriam Chidiebele Olusanya (Wholesale Banking Division) and Babajide Okuntola (Financial Technology Division), lack the adequate experience and technical skills to run the bank, whose total assets and shareholders’ funds stood at ₦4.057 trillion and ₦661.1 billion respectively at end of the first quarter of 2020. While Okuntola is being positioned and tipped by as the head-honcho, Olusanya is said to be favored by Agbaje as deputy managing director of the bank. The decision did not go down well with other members of the board, who are vehemently opposing the emergence of the two EDs, on the premise that there were more senior and experienced executive directors in the financial institution. It was gathered that the development led to a heated argument between Agbaje and other members of the board at a meeting held on Wednesday July 22, 2020 at the bank’s headquarters situated at Plot 635, Akin Adesola street, Victoria Island, Lagos. The bank’s outgoing CEO, said to be enjoying the blessings of the bank’s chairman, Osaretin Demuren, had insisted on his candidates. Oyinade Adegite, Head, Communication and External Affairs Group of the bank, did not respond to inquiries as at press time.

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