…Applaud Holdco Transition and Approve New Board Membership

Shareholders of Guaranty Trust Holding Company (GTCO) Plc have unanimously endorsed the payment of a total dividend of N3 per share for the financial year ended December 31, 2021.

This endorsement was made at the holding company’s 1st Annual General Meeting (AGM) held in Lagos. The Group had proposed a final dividend of N2.70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2021 financial year to N3.00 per unit of ordinary share.

Shareholders commended the board for the transition into a holding company and the financial performance achieved during the period under review despite the operating environment and also unanimously gave their approval the appointments of the new board membership.

Speaking on behalf of shareholders, the patron, Nigeria Shareholders Solidarity Association (NSSA), Timothy Adesiyan, appreciated the progress that the bank has made in its transition to a holding company.

He said that the shareholders have great expectations from the company and with the good corporate governance principle with which the company is run, the future is bright.

The chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, commended the Board of GTCO for being proactive in becoming a holding company.

Speaking to shareholders, the chairman of GTCO, Mr. Hezekiah Adesola Oyinlola stated that 2021 was a pivotal year in our corporate history. After years of revisioning and planning, we successfully reorganized into a holding company to harness the potential within our operating environment and consolidate our position as a leading financial services provider in Africa.”

He said the company’s progress in its drive to diversify its income streams and ensure long-term value creation for all stakeholders.

According to him, it is a privilege to serve as the chairman of the Board of Guaranty Trust Holding Company and I am conscious of our business environment and the many challenges to our profitability. However, I have complete confidence in the ability of our leadership team to unlock new and exciting opportunities that will unleash the potential of our diversification for long-term growth and sustainable returns.

“When I look at the future-proofing of every part of our organisation; from our talent base to our business models and digital capabilities, I am reminded of just how forward-thinking our management team continues to be in our company’s constant push to be ahead of the curve in creating innovative financial solutions, delivering service excellence and ensuring long-term value creation.

On the outlook of the company, Oyinlola said, “I am excited by the potential of our new holding company structure. I see the immense opportunities opened by our strategic investments in building up diverse lines of business. The future of financial services belongs to the institutions that will seamlessly integrate the full range of cutting-edge solutions in a people-centric digitally enabled ecosystem.

The Group Chief Executive Officer (GCEO) of GTCO, Mr. Segun Agbaje said that the Company started 2021 with its corporate reorganisation and finished the year more robust and dynamic to consolidate its lead across the ever-extending breadth of financial services, saying that “Following the shareholders’ approval of our transition to a holding company structure in December 2020, we worked with regulators, the broad spectrum of our stakeholders and some of the most experienced advisory institutions in the world, to ensure that we have, not only a smooth transition but also the best people and the right structures to drive our vision of becoming Africa’s leading financial services groups.

He added that in July 2021, we completed the incorporation of Guaranty Trust Holding Company as our new parent company.

Approved by shareholders as members of the GTCO board include, Mr. Hezekiah Oyinlola, Chairman; Mr. Segun Agbaje, GCEO; Mr. Suleiman Barau, Independent Non-Executive Director; Mrs Helen Lee Bouygues, Independent Non-Executive Director; Mrs. Catherine Echeozo, Non-Executive Director and Mr. Adebanji Adeniyi, Executive Director.

On the results performance, Agbaje said 2021 results show resilient performance across all financial indices, reaffirming the Bank’s position as one of the best managed financial institutions in Africa.

“The Group closed the year 2021 with total assets of N5.436 trillion, up by 9.9 percent from N4.945 trillion the full year 2020 position.

“Across all its Banking Subsidiaries in West Africa, East Africa and the United Kingdom, the Group continues to maintain a diversified Balance Sheet.

“The Group closed 2021 with a profit before tax of N221.5 billion, this is despite the challenges and headwinds presented by the operating and regulatory environments in 2021.”