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. However, we also understand that the directors resigned amicably and that there is no power tussle or acrimony.
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.
Other sources indicate that no one had been earmarked to be “the next” Managing Director but rather the company had only started the process of preparing the bank for the next set of leaders.
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 believed 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.
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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.
Why it is yet to be made public
As at the time of writing this article, the bank still had the profile of the two ex-Executive Directors on its website as directors of the bank.
We understand that the delay being experienced in announcing the result is to allow for a minimum notice period during which the board will need to accept the resignation. Also, their resignation is not effective until the notice period lapses.
The Central Bank is expected to approve the appointment of any new executive director at the bank.
Note: This article has been updated to reflect new information.