GTBank Dissociates Self from Purported List of New Board Members, Affirms Plan to Announce New MD Soon

Guaranty Trust Bank - Gtbank ceo

GTBank Plc, one of Nigeria’s most capitalized financial institutions, has openly dissociated itself from the purported list of new board members of the bank currently making the rounds in the social media space.

The financial giants admitted that though it is currently in the concluding stage of announcing a new MD and Board, however it reminded the rumour peddlers that there are due processes that guide such Board changes and that news of such magnitude as a matter of regulatory requirement, will be officially communicated by the bank.

Analysts believe that the disclaimer might be a tactical move to avoid sanction or a repeat of the First Bank Vs CBN scenario, where the apex regulatory institution annulled FBN Holdings board appointments. Although CBN cited insider related issues like poor corporate governance, bad credit decision, and high non-performing insider loans, among others. However, the apex bank also noted that the appointments were hastily carried out without proper consultation and approval from it.

To avert such infamous incident and adhere to regulatory procedures, GTBank in its recent press release signed by the company’s secretary, Erhi Obebeduo and seen by Naijabusiness.com.ng stated that: ‘’The attention of Guaranty Trust Bank Plc (the Bank) has been drawn to news circulating in the media about imminent changes on the Board and Management of the Bank.

‘’As an organization listed on the Nigerian Exchange Limited and regulated by the Central Bank of Nigeria, there are processes that guide such Board changes and channels of communication of such changes as required by regulation.’’

READ: How to Apply for Guaranty Trust Bank – GTBank Quick Credit Loan

Given the completion of the incumbent MD’s tenure and his decision to take a bow, rumours about his potential successor have been rife. In the purported list currently making the rounds as seen by NaijaBusiness.com.ng, Thomas John and Bayo Veracruz were touted as the next MD of GTB West Africa and GTB East Africa respectively.

Other prominent appointments contained in the list are; Olayinka Odusote (Divisional Head, Digital Banking), Ijeoma Esemudje (Divisional Head, Corporate Bank Mainland & Agric), among others. On the other hand, the notice revealed that the Board of the bank has approved changes in its constitution and is presently engaging its primary regulator on same. The bank promised to formally communicate these changes upon the conclusion of all required regulatory engagements. Sources informed Naijabusiness.com.ng that a part of the constitutional change includes a clean sweep of top management staff above the age of 45.READ