GTB reacts to news on changes in management - News at its peak

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GTB reacts to news on changes in management

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GTB neither confirmed nor denied media reports but admitted it was engaging with regulators on the matter.

The Nigeria’s largest bank by market capitalization, GT Bank has reacted to a Nairametrics report which revealed the bank’s succession plans in the wake of the retirement of Segun Agbaje as MD/CEO of the Bank.

In a press release signed by Company Secretary, Erhi Obebeduo, the bank neither confirmed nor denied the report but did admit it was engaging with regulators on the matter and will communicate such officially once it obtains regulatory approvals.

See excerpt below:
“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.

The Board of the Bank has approved certain changes in its constitution and is presently engaging its primary regulator on same and would formally communicate upon the conclusion of all required regulatory engagements.”

Banks are not allowed to make such announcements public until they obtain the approval of their regulators. Such announcements are also routed via the Nigerian Stock Exchange before being made public.

It had reported on Monday that the bank had approved a slew of management and board changes that pave the way for new leadership at one of Nigeria’s most respected bank.

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