Foremost business concern, Guaranty Trust Holding Company (GTCO) Plc is set to launch the second phase of its recapitalisation programme, building on the success of the first phase.
At the annual general meeting yesterday in Lagos, Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje said that the Central Bank of Nigeria (CBN)’s recapitalsation policy presented the group with an opportunity to reinforce market leadership.
He outlined that the first phase of the group’s capital raising in 2024 attracted strong participation from both domestic retail and institutional investors, raising N209.41 billion and expanding the group’s shareholder base from 332,000 to over 460,000. “With this momentum, we are prepared to launch the second phase of our capital raising plan in 2025, targeting significant foreign institutional investments to further solidify our reputation as a globally recognized and competitive financial services brand,” Agbaje said. He said the group’s focus would be on deepening digitalization, enhancing customer experiences, and expanding ecosystem of financial and non-financial solutions.
According to him, the group would continue to invest in cutting-edge technology, strengthening cybersecurity framework, and building strategic partnerships that unlock new growth opportunities.
“Most importantly, we will remain true to our purpose: driving economic progress, fostering financial inclusion, and creating sustainable value for all stakeholders,” Agbaje said.
He pointed out that in 2024, the group reached a historic milestone, delivering over N1 trillion in profit before tax, becoming the first Nigerian financial institution to achieve this feat.
He emphasized that its banking subsidiary, Guaranty Trust Bank remains central to its operations, driving growth in Nigeria, West Africa, East Africa, and the United Kingdom.
“In 2024, we navigated a rapidly evolving regulatory and macroeconomic environment with a focus on strengthening our financial position and delivering best-in-class banking services,” Agbaje said.
Shareholders approved payment of a total dividend of N8.03 per share for the 2024 financial year. At the company’s fourth annual general meeting, which was held virtually yesterday, shareholders approved a final dividend of N7.03 per share in addition to an interim dividend of N1 per share, representing a total dividend per share of N8.03.
Chairman, Guaranty Trust Holding Company (GTCO) Plc, Mr Hezekiah Sola Oyinlola, emphasised the group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances.
He said the group’s N1 trillion profit underscored the resilience of its business model, the dedication of its people, and the trust the customers place in the group.
According to him, the company’s success in a changing macroeconomic landscape is built on three pillars of operational excellence, disciplined risk management, and a relentless focus on customer-centric innovation.
He noted that the banking business continues to demonstrate strong fundamentals, supported by a robust capital base and effective cost management.
He said: “Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector”.
Shareholders commended the board and management of the group for sustained growth.
Chief Timothy Adesiyan, speaking on behalf of shareholders, praised the management of GTCO for their impressive financial performance in 2024 and the dividend payout.
Also, Mrs. Bisi Bakara, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the board, management, and staff for their stellar performance and success in the face of adversity. She expressed approval for the proposed final dividend declaration of N7.03 per share, which totals N8.03 in dividend payments.
For the year ended December 31, 2024, GTCO reported a remarkable 81.1 per cent surge in gross earnings, reaching N2.15 trillion, up from N1.19 trillion in 2023.
Oyinlola before the end of the AGM also announced that as part of the company’s succession plan, Mr Suleiman Barau has been appointed as the new Group Chairman, pending regulatory approval.
He said: “Barau is a former Deputy Governor of the Central Bank of Nigeria, with a proven track record of leadership and strategic insight.
“He has been a pioneering director of GTCO since its restructuring. I am confident that under his guidance, GTCO will continue to thrive, innovate, and deliver superior value to all its customers and stakeholders”.
Credit: thenationonlineng.net
