GTCO has appointed Suleiman Barau as Chairman and declared ₦8.03 dividend amid record-breaking profit.
NaijaOnPoint Nigeria reports that Guaranty Trust Holding Company Plc (GTCO) has announced the appointment of Mr. Suleiman Barau as its new Group Chairman, subject to regulatory approval.
The announcement was made by outgoing Chairman, Mr. Hezekiah Sola Oyinlola, during the company’s fourth Annual General Meeting held virtually on Thursday.
The AGM also saw shareholders approve a total dividend payout of ₦8.03 per share for the financial year ended December 31, 2024. The approved dividend includes an interim payment of ₦1.00 per share and a final dividend of ₦7.03 per share.
Commending the board’s performance, shareholders applauded GTCO’s financial achievements despite prevailing economic headwinds. Chief Timothy Adesiyan and Mrs. Bisi Bakare, representing shareholder groups, praised the company’s resilience and expressed satisfaction with the dividend declaration.
GTCO recorded a landmark 81.1% increase in gross earnings, surging to ₦2.15 trillion in 2024 from ₦1.19 trillion the previous year. Oyinlola described the company’s performance as historic, noting GTCO became the first Nigerian bank to cross the ₦1 trillion profit-before-tax threshold.
“In 2024, we achieved a profit-before-tax exceeding ₦1 trillion, a milestone that highlights our robust business model and the trust of our customers,” Oyinlola said. He also emphasized the company’s continued focus on operational excellence, risk management, and customer-centric innovation.
Oyinlola said Barau’s appointment is part of GTCO’s long-term succession strategy. “Suleiman Barau brings deep expertise and strategic insight to the role,” he noted. “As a former Deputy Governor of the Central Bank of Nigeria and a key figure in GTCO’s restructuring journey, his leadership will steer the company into its next phase of growth.”
Group CEO, Mr. Segun Agbaje, echoed the sentiment, calling 2024 a “defining year” for the group. “Our strong financial position enabled us to deliver record results, including a landmark profit and a successful ₦209.4 billion capital raise that expanded our shareholder base from 332,000 to over 460,000,” Agbaje stated.
He added that GTCO’s banking arm, Guaranty Trust Bank, remains the engine of growth across its markets in Nigeria, West Africa, East Africa, and the UK. Looking ahead, he revealed plans for a second capital raise in 2025, targeting foreign institutional investors to further enhance GTCO’s global competitiveness.
“Our focus remains on driving digital innovation, enhancing customer experience, and unlocking new growth opportunities,” Agbaje said. “We are committed to fostering financial inclusion and delivering sustainable value for all our stakeholders.”