GTCO Names New Chairman Amid Record Dividend Payout
Barau, a former Deputy Governor of the Central Bank of Nigeria, brings decades of financial expertise to the role.
Guaranty Trust Holding Company Plc (GTCO) has announced the appointment of Suleiman Barau as its new Group Chairman, pending regulatory approval. The news was disclosed during the company’s fourth annual general meeting, which was held virtually on Thursday.
Barau, a former Deputy Governor of the Central Bank of Nigeria, brings decades of financial expertise to the role. His appointment is part of GTCO’s structured succession plan aimed at steering the company through its next growth phase. A long-standing board member since the company’s restructuring, Barau is seen as a natural fit to lead the group.
Outgoing chairman Hezekiah Oyinlola expressed confidence in Barau’s leadership, describing him as a seasoned executive with “strategic insight and a solid track record of results.”
Shareholders Approve N8.03 Dividend Amid Strong Financials
The AGM also saw shareholders approve a final dividend of N7.03 per share, adding to the N1 per share interim dividend declared earlier. This brings the total dividend for the 2024 financial year to N8.03 per share.
The move follows GTCO’s impressive performance for the year, marked by an 81.1% increase in gross earnings. The company generated N2.1 trillion in 2024, up from N1.19 trillion the previous year, reinforcing its financial strength and justifying the dividend payout.
Oyinlola highlighted a major milestone in the company’s history, stating, “In 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us.”
Capital Raising Boosts Shareholder Base
Group CEO Segun Agbaje also noted that GTCO’s banking arm, Guaranty Trust Bank, remained a key growth driver across Nigeria, West and East Africa, and the UK. He credited the Central Bank of Nigeria’s recapitalisation policy for further strengthening the company’s position.
As part of this policy, GTCO completed the first phase of its equity capital raise through a Public Offer. This move brought in N209.41 billion and significantly widened the shareholder base from 332,000 to over 460,000.
“This Public Offer attracted strong participation from both domestic retail and institutional investors,” Agbaje said.
Representing shareholders, Bisi Bakare of the Pragmatic Shareholders Association of Nigeria commended the company’s resilience and growth, welcoming the approval of the final dividend.
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