First Bank

Wednesday, March 17, 2021

Why Many Can't Wait To See GTBank M.D Segun Agbaje Leave As His Mandatory 10yrs Lapse

Segun Agbaje, the 57yr old Chief Executive Officer at Guaranty Trust Bank (GTB) leaves office this year.


clocks the mandatory 10 years for someone in his position to leave office this year.

But it is very apparent, going by what the balance book says, several people will not be happy to see Agbaje who was appointed substantive Managing Director in June 2011 leave.

Agbaje has been a darling of the investors taking the bank on a fantastic run of increasing profits since he took reigns of affairs at GTBank to date. checks revealed clear evidence of what Agbaje has done – along with inputs from his fantastic team of administrators – is obvious in what was and what is.

Findings revealed that in its 2010 financial report, GTBank posted a Profit Before Tax of N48.5Billion. And Profit After Tax of N38.3Billion.

The bank’s Total Assets and Contingents in 2010 were N1.6 trillion and closed the year with a balance sheet size of N1.2 trillion.

This was after twenty years (20) of operations of the bank founded in 1990.

As of the year ended December 31, 2019, Agbaje had overseen an operation that grew the Profit Before Tax to N231.7 billion while Profit After Tax stood at N196.85 billion.

The Total Assets had leaped to N3.76 trillion.

Agbaje tripled the total assets of the Bank in Nine (9) years of his administration.

“Going by the numbers and achievements recorded, Agbaje is a darling of the investors and related public. He provided amazing returns and took all stakeholders on a fantastic run. Many of them don’t want him to go because of this, they want the good time to continue” learned.

Insiders disclosed that this perception may play heavily in favor of Agbaje in the undercurrents over who takes charge of the Holdco (Holding Company) that is underway at the bank.

Further information available to, however, revealed that some cannot wait to see the back of the no-nonsense husband of Derin as the Chief Executive Officer at GTBank.

“Achieving such amazing results comes with sacrifices and Agbaje has no qualms in doing the needful to get things done” learned.

Insiders disclosed that in taking GTBank to the enviable height that it is, Agbaje took no prisoners when it comes to achieving results.

“His pragmatic approach in grinding out results had some people at the receiving end and alienated such persons and their sympathizers in and out of the system..naturally for these people, the earlier Agbaje leaves as M.D (Managing Director) the better they feel” learned.

Multiple sources, however, insist that despite these ill-feelings, there are strong indications, even if he leaves office as M.D this year, the romance between Agbaje and GTBank is far from over – especially with Total Assets grown to N4.574trillion and shareholders’ funds groomed to N755.5 billion as at September 30, 2020.

“Because in this business it is always about the numbers, he has proven his mettle in that regard and there is a strong push to keep him involved somehow” learned.

No comments:

Post a Comment