26 Apr 2010 16:22
Guaranty Trust Bank plc
The Appointment of Non - Executive Directors
The Board of Guaranty Trust Bank plc has decided to adopt the Code of Corporate Governance as set out by the Central Bank of Nigeria that stipulates that Non - Executive Directors should not serve for more than twelve years. Accordingly the Board is pleased to announce the following appointments to the Board with immediate effect:
1. Mr. Adebayo Adeola
Mr Adeola holds a B.Sc (Bachelor of Science) degree in Civil Engineering, and an M.Sc (Master of Science) degree in Civil Engineering Hydraulics and has over 34 years experience in Engineering and Project Management at the highest levels. He is the founder and pioneer Managing Director of Comprehensive Project Management Services Limited, a firm of project managers.
2. Mr. Olabode Agusto
Mr. Agusto is a fellow of the Institute of Chartered Accountants of Nigeria, with experience spanning over 30 years in various organizations including PriceWaterhouse, Nigeria International Bank and Agusto & Co. Limited. He also held various public positions including Director of the National Pension Commission, Member of the Central Bank of Nigeria Monetary Policy Committee and Director - General of the Budget Office of the Federation.
Mr. Agusto holds the National honour of Member of the Order of the Federal Republic (MFR).
3. Mr. Ibrahim Hassan
A Petroleum Geologist, Mr. Hassan holds an M.Sc degree in Oil and Gas Enterprise Management from the University of Aberdeen, United Kingdom. He is an experienced economic analyst with over 15 years work experience in the Oil and Gas industry with various multi-disciplinary oil and gas service companies.
He is currently the Managing Director and CEO of Summit Energy Limited.
4. Mrs. Stella Okoli
Mrs. Okoli is the founder and CEO of Emzor Pharmaceutical Industries Limited, one of Nigeria's leading Pharmaceutical Manufacturing companies.
A holder of an M.Sc. in Bio-pharmaceutics from the University of London Chelsea College, she is currently the National Vice-President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.
She holds the National honour of Officer of the Order of the Niger (OON)
These appointments have also been approved by the Central Bank of Nigeria ("CBN")
The following have resigned from the Board of the Bank, as they have already served 12 years as Non - Executive Directors.
1. Mr. Alhaji M. K. Jada;
2. Mr. Victor G. Osibodu;
3. Mr. Tokunbo Adesanya.
In addition to the above persons, the Chairman of the Board, Owelle G.P.O Chikelu, who has also served over 12 years on the Board, will be retiring after the Annual General Meeting of the Bank, which is scheduled to hold on May 5, 2010.
A new Chairman of the Board will be announced thereafter by the Bank.
Olutola Omotola, Company Secretary commented;
"The New directors are distinguished professionals who have been carefully selected by the Board of the bank to ensure a good mix of skills. The new Directors also have the wealth of experience to add immense value to the Board of the Bank, in addition to possessing the core values stipulated in the Bank's Code of Corporate governance ".
26 April 2010
Enquiries:
| GTBank | +234-1-2714591 |
| Lola Odedina, Head, Communications & External Affairs |
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| Pascal Or |
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| College Hill | +44 20 7457 2020 |
| Peter Pantlin |
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| Tony Friend |
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Notes to editors:
The Group operates as one of the leading Nigerian banks offering a wide range of financial services and products throughout Nigeria and in the West African sub-region. According to the most recently published audited financial statements of Nigerian banks prepared in accordance with Nigerian GAAP, among Tier 1 banks in Nigeria as identified by Agusto & Co., the Bank is the most profitable bank measured in terms of return on assets, the most efficient bank measured in terms of cost to income, has the second best asset quality measured in terms of non-performing loan ratio and, among all banks in Nigeria, the Bank is the sixth largest bank in terms of total assets.
Historically, the Group has focused its business on large- and medium-size corporate clients. However, the economic reforms that followed Nigeria's return to democracy in 1999 led to an increase in liquidity of retail customers and a corresponding increase in demand by such customers for banking services. As a consequence, since 2005, the Group has placed an increasing emphasis on building its retail business. Initially the Group targeted only high-end retail customers that were employed by large, reputable companies. Recently, the Group has re-branded itself to emphasise its retail focus, in particular its evolution as a bank with a nationwide network and focus on the provision of banking services to nearly all segments of the Nigerian economy.
The Bank has five banking subsidiaries established outside of Nigeria - Guaranty Trust Bank (Gambia) Ltd ("GTB Gambia"), Guaranty Trust Bank (Sierra Leone) Ltd ("GTB Sierra Leone"), Guaranty Trust Bank (Ghana) Ltd ("GTB Ghana"), Guaranty Trust Bank (Liberia) Ltd ("GTB Liberia") and Guaranty Trust Bank (United Kingdom) Ltd ("GTB UK"). The Bank services its customers from 154 branches in Nigeria, as well as other branches of its subsidiaries throughout the region.
The Bank also has five non-banking subsidiaries: Guaranty Trust Assurance Plc ("GTB Assurance"), which provides insurance services in Nigeria, GTB Registrars Limited ("GTB Registrars"), a securities registrar, GTHomes Limited ("GTHomes"), which provides mortgage services, GTB Asset Management Limited ("GTB Asset"), which provides asset management and other investment services and GTB Finance B.V. ("GTB Finance"), a finance subsidiary located in The Netherlands. In each of the past three years, profit from the Bank accounted for over 90.0% of the Group's total income.
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