One of Nigeria’s top tier lenders, Guaranty Trust Bank (GTBank), has disengaged three Executive Directors and six General Managers, in a shakeup exercise aimed at paving the way for the emergence of Miriam Olusanya as the next Managing Director/Chief Executive of the bank under a Holding Company (Holdco) structure.
Already, these changes, which are expected to take effect by end of this month – May 31, 2021, had, according to a report by New Telegraph, triggered the resignation of Bolaji Lawal (ED in charge of Digital Banking) and Segun Fadahunsi, (GM, Systems and Control).
Three of its five Executive Directors, Bolaji Lawal, Jide Okunola and Ademola Odeyemi, were asked to retire. Also asked to leave were six of the lender’s nine General Managers, who are said to be seniors to the MD designate.
Four of the affected GMs are, George Uwakwe – GM Risk, Femi Akerewusi – GM Corporate Bank, Lagos Mainland, Segun Fadahunsi – GM Systems and Control Division and Subuola Abraham – Chief Compliance Officer.
The two others were still unknown as at the time of filing this report. Amongst the criteria used was that all the GMs above the age of 45 should resign.
Besides, the medium reported, as part of restructuring process, the lender has made new senior level appointments.
Those appointed include, John Thomas – MD West Africa, Bayo Vera Cruz – MD East Africa, Angela Koech – Regional CFO East Africa, Caleb Osei – Regional CFO West Africa, Olumide Oguntuase – Divisional Head ERM and Olayinka Odusote – Divisional head Digital banking.
Others are Osa Aimerioghene – CCO Compliance group, Muinat Lanre Kasim – Divisional Head Syscom and Ijeoma Esemudje – Divisional Head, Corporate bank / Mainland / Agric. Attempts by the medium to get the bank’s reaction were not successful.
According to the sources, however, the new appointments follow the conclusion of a selection process that started about eight months ago to choose a successor to the current Managing Director/Chief Executive Officer, Mr. Segun Agbaje, who would be retiring from the bank, after serving 10 years having been appointed MD/CEO in 2011.
The Central Bank of Nigeria’s (CBN) tenure limit for bank CEOs is a maximum of 10 years. Speaking on the bank’s succession plan during the lender’s half-year 2020 investor call in September last year, Agbaje had said: “What we are looking for now is a Managing Director for Guaranty Trust Bank Nigeria.
The process has started and I have always told people that we have five Executive Directors and so all of them are going through a process at the moment.
“We are working with a consulting firm in the United Kingdom. We are looking at what we think the future would hold and what we think the Nigerian banking industry would look like.
“At the end of the process which would end at the beginning of the fourth quarter we will have a Managing Director for GTBank Nigeria. So, we are on track.
So, succession in GTBank Nigeria is well under control.”
Meet Miriam Olusanya, Lady who will be GTBank MD/CEO
New Telegraph reported that with the United Kingdom consulting firm having completed its assignment, the bank is only waiting for regulatory approval before announcing Miriam Olusanya as successor to Agbaje.
The name of the incoming MD/CEO, Mrs. Miriam Chidiebele Olusanya, might not ring a bell, but she is one of the top ladies calling the shot at GTBank.
With her wealth of experience and expertise of over 20 years in financial related issues, financial risk management, transaction services, Treasury, Assets and Liability Management, Corporate Finance and Wholesale Banking, she has carved a niche for herself thereby steadily rising with an intimidating resume.
She bagged a Bachelor of Pharmacy degree from the Premier University of Ibadan, 1995 and a Master of Business Administration (Finance and Accounting) from the University of Liverpool in 2011.
Analysts, however, believe that filling Agbaje’s shoes could be a tough task for his successor. In his 10 years as MD/ CEO, he transformed.