CEO Succession: GTBank in crisis as Segun Agbaje battles 3 directors, 6 GMs out to pave way for his candidate

One of Nigeria’s top tier lenders, Guaranty Trust Bank (GTBank) led by Segun Agbaje, has disengaged three Executive Directors and six General Managers, in a shakeup exercise aimed at paving the way for the emergence of his candidate, Miriam Olusanya as the next Managing Director/Chief Executive of the bank under a Holding Company (Holdco) structure.

According to inside sources, Agbaje is said to be backing Olusanya believed to be his close associate ahead of other most qualified directors in the bank.

The source further divulged that the executive directors, Miriam Chidiebele Olusanya (currently in charge of Wholesale Banking Division) lack the adequate experience and technical skill to run the bank.

Already, these changes, which are expected to take effect by end of this month – May 31, 2021, 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, 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.

-Additional information by New Telegraph