KEY POINTS

• GTCO appointed Suleiman Barau as chairman and declared N8.03 dividend.

• The group achieved record profits and expanded its shareholder base.

• GTCO raised over N209 billion through a successful Public Offer.

Guaranty Trust Holding Company Plc appointed Suleiman Barau as its new Group Chairman, subject to regulatory approval following succession plans.

The announcement came during the company’s fourth annual general meeting, held virtually with participation from shareholders and board executives on Thursday.

Barau, a former Deputy Governor of the Central Bank of Nigeria, has served as a director since GTCO’s restructuring into a holding company.

GTCO dividend and profits hit record numbers in 2024

GTCO reported a total dividend of N8.03 per share for 2024, which shareholders approved during the general meeting.

This figure includes an earlier interim dividend of N1 per share, making it a significant return on shareholders’ investment this year.

Chairman Hezekiah Oyinlola expressed confidence in Barau’s leadership, praising his experience and insight in navigating financial sector growth and transformation.

Oyinlola said the company became Nigeria’s first bank to exceed a N1 trillion profit mark in 2024, setting a national milestone.

GTCO achieved an 81.1 percent surge in gross earnings, which reached N2.1 trillion from N1.19 trillion recorded in 2023.

The impressive results reinforced shareholder confidence and justified the final dividend payout approved during the company’s general meeting.

GTCO expands shareholder base and solidifies market position

Group Chief Executive Officer Segun Agbaje said the bank continues to lead growth across Nigeria, West Africa, East Africa, and the United Kingdom.

He cited the Central Bank of Nigeria’s recapitalisation policy as a key factor in GTCO’s strengthened positioning and capital-raising strategy.

GTCO raised N209.41 billion in the first phase of its equity capital plan through a Public Offer involving domestic and institutional investors.

This capital raising expanded the company’s shareholder base from 332,000 to over 460,000, demonstrating investor confidence in GTCO’s strategic direction.

National coordinator of the Pragmatic Shareholders Association of Nigeria, Bisi Bakare, praised GTCO’s resilience and commended the approved final dividend payout.

PUNCH reported GTCO’s 2024 profit before tax reached N1.27 trillion, marking a 107.8 percent increase from N609.31 billion in 2023.