New management expected to take over at GT Bank

Guaranty Trust Bank, one of Nigeria’s most reputable commercial banks, is nearing the end of a significant management restructuring.

As current maverick MD/CEO Segun Agbaje prepares to retire as MD/CEO of the bank and continue as MD/CEO of the bank’s Holding Company, a clean sweep of top management workers over the age of 45 has been effected.

After a 10-year stint as Managing Director of the bank, Segun Agbaje is expected to step down.

The bank is expected to name Miriam Olusanya as its new Managing Director, according to multiple reports. According to our sources, the Central Bank has already been informed, and a formal announcement may come as soon as tomorrow.

Thomas John has been named Managing Director of GTB West Africa, according to an internal memo dated April 28, 2021. Bayo Veracruz has been named Managing Director of GTB East Africa.

Others include Olayinka Odusote, who has been appointed Divisional Head, Digital Banking, a significant role given the bank’s ambition to become a fully digital bank. Ijeoma Esemudje has been promoted to Divisional Head Corporate Bank, Mainland & Agriculture.

Two of the bank’s oldest and most respected Executive Directors have already been asked to resign after illustrious years of service to the bank as part of the ongoing management restructuring. Four out of nine General Managers have been asked to leave the bank, making room for younger executives, mostly under the age of 45, to take over.

A list of purportedly approved board appointments and exits has already been circulated through many WhatsApp and Telegram groups. While officials at the bank did not confirm the list’s validity, they confirmed that a press release announcing the appointments would be issued soon.

What is the difference between a recruitment and a selection process?

During the bank’s investor earnings call in September 2020, Agbaje revealed that GTBank was already searching for its next Managing Director. Five of the bank’s Executive Directors, he said, were in line for the top job and were nearing the end of the hiring process.

He said, “

“For Guaranty Trust Bank Nigeria, we are currently looking for a Managing Director.

The process has begun; we have five Executive Directors, and they are all working through it right now.

We’re working with a UK consultancy company…. At the end of this phase, which will wrap up in the first quarter of next year, we’ll have a new Managing Director for GT Bank Nigeria.”