GTBank to Appoint Miriam Olusanya as new Managing Director as Segun Agbaje Steps Down

The coast is clear for Miriam Olusanya to be appointed as the new Managing Director and CEO of Nigeria’s commercial bank, Guarantee Trust Bank, multiple sources privy to the matter have claimed.

Although there is no official communication from the bank yet, Olusanya would take over from Segun Agbaje, who is the incumbent MD/CEO of the bank, all things being equal,

Agbaje is stepping down after completing a 10-year stipulated tenure at the bank. He would now take up the MD/CEO role at the bank’s Holding Company, according to an insider report.

As seen in an internal memo dated April 28, 2021, the bank also carried out a major management shakeup targeted at staff above the age of 45. Two of the oldest Executive Directors and four General Managers were retired, with plans to replace them with younger executives.

According to the memo, the bank appointed Thomas John as the Managing Director of GTB West Africa and Bayo Veracruz as the Managing Director of GTB East Africa.

In line with its mission to transition to a full-fledged digital bank, the company appointed Olayinka Odusote as Divisional Head, Digital Banking while Ijeoma Esemudje was appointed Divisional Head Corporate Bank Mainland & Agriculture.

It was learnt that the bank has already notified the Central Bank of Nigeria (CBN) on the major appointments.

Last year, Agbaje had revealed that the company was shopping for a new Managing Director, noting that the five Executive Directors were already going through a process that would leave one of them at the helm of affairs of the bank.

“We are working with a consulting firm in the UK ….. at the end of this process which will end at the beginning of the fourth quarter, we will have a Managing Director for GT Bank Nigeria,” Agbaje disclosed this during the bank’s investor earnings call in September 2020,

Miriam Olusanya was touted as the most qualified candidate for the position and insiders said her appointment would be announced publicly anytime soon.

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Olusanya, who until she was appointed Agbaje’s replacement, was an Executive Director at the bank. She has over 20 years of banking experience across various units including Transaction Services, Asset and Liability Management, Financial Markets, Corporate Finance and Investor Relations.

She joined GTbank as an Executive Trainee and rose to the position of a General Manager until she was appointed Executive Director.