Reports reaching Nairametrics indicate two of Guaranty Trust Bank’s Executive Directors have resigned their positions at the bank. The directors are Olutola Omotola and Wale Oyedeji. We understand that they resigned about two weeks ago.
Guaranty Trust Bank is yet to issue a press release informing the market officially of their resignation. However, indications suggest this might be made public in the next few days.
Olutola Omotola was the Head of Corporate Services at the bank while Wale Oyedeji was the Executive Director and Head of Corporate Banking. Omotola and Oyedeji both joined the board on October 19, 2011. Segun Agbaje was appointed that same year as Managing Director.
Current Head of Wholesale Banking Division and General Manager at the bank Miriam Olusanya is thought to have been put forward by the bank as the next Executive Director. She also served as Divisional Head of Wholesale Banking Division and was Deputy General Manager, Head of Treasury Group and Senior Manager of Institutional Banking Division of the bank.
Why the resignation
Information from various sources with knowledge of the matter suggests the two directors may have been forced out over irreconcilable differences between them and the CEO, Segun Agbaje. GTB has denied these claims (see update below).
Analysts who spoke to Nairametrics expressed surprise at their resignations, especially that of Wale Oyedeji, who as we understand, was on track to be the next Managing Director. Another insider who pleaded anonymity believes there has been a strain in the relationship at the top management level of the bank for some months and this may have led to these resignations. GTB also denied these claims (see update below).
Former Deputy Managing Director at the bank Cathy Echeozo who retired last year March after 24 years at the bank, was said to have nominated Bolaji Lawal as a director. The decision was thought not to have gone down well with some senior executives at the bank. However, this is not a surprise as such decisions at this level can be highly contentious.
Does this affect GTB Performance?
Despite the resignations, analysts believe there is no immediate threat to the bank’s operations and by extension financial health. Segun Agbaje is believed to be a hands-on CEO who spares no blushes when it comes to going after powerful loan defaulters and recovering the bank’s loans.
However, there are subtle concerns that he is becoming “too powerful” as one insider mooted and that this is making some senior executives at the bank uncomfortable. With Wale Oyedeji and Olutola Omotola gone, Demola Odeyemi is now the most senior Executive Director at the bank.
Delayed announcement
We do not know for sure why this has not been made public yet. As at the time of writing this article, the bank’s website still has the profile of the two ex-Executive Directors on the website as directors of the bank. The Central Bank is expected to approve the appointment of any new executive director at the bank.
Update: Information reaching us from GT Bank reveals the two directors had tendered their resignations and that it was yet to be approved by the board. They explain this is the reason for the delay in officially informing regulators and making this public. They also informed us that there were no internal wranglings at the executive level of the bank.
We were also made to understand that there is no power tussle at the bank as opined in this article. According to an official of the bank, they are preparing for a younger generation of top executives at the bank who will take on the mantle of leadership in the next few years.
Current CEO, Segun Agbaje, is due to exit in three years, in accordance with CBN’s 10 year maximum tenure for Chief Executives of Commercial Banks.
(Nairametrics)
