The management of Guaranty Trust Bank (GTBank) has been caught in a new net of controversy. The awkward situation derives from the preparations for a switch over in managerial directorship, aka Segun Agbaje’s pending retirement. According to the trending gist, GTBank’s Board of Directors refused and rejected Agbaje’s nomination for his position, contrary to all expectations.
Because of the tenure injunction of the Central Bank of Nigeria (CBN) against banking MDs (where MDs are not allowed to spend more than 10 years in the apex position), GTBank has been making preparations to ensure a smooth sailing for both Segun Agbaje and the soon-to-be MD. Much like the situation in other banks, the plan is to have the incoming MD riding on the success waves of the current MD and surpassing them. In other words, guts and experience are vital to successorship, and a visionary perspective that corresponds to the objectives of GTBank is very welcome.
Following the traditions of GTBank, Segun Agbaje—as the current MD—has quite a bit of say over who his successor will be. In fact, when the news of Agbaje’s impending retirement first debuted, there were speculations as to who he will nominate. Agbaje at that time hinted at the possibility of any one of GTBank’s five current Executive Directors: A. A. Odeyemi, H. Musa, M. J. Lawal, Miriam Olusanya, and Jide Okuntola.
Reportedly, Agbaje went with the last two—Miriam Olusanya and Jide Okuntola. To which the Board of Directors said no.
According to the news on this front, Agbaje’s nomination of Olusanya and Okuntola was rejected on the basis of insufficient experience and technical skills.
This rejection runs contrary to the relationship trend that Agbaje has cultivated with the Board since he assumed the MD role in 2011. The gist here is that the Board almost always acquiesces to Agbaje’s suggestions and demands. Not this time, apparently.
The current awkward situation at GTBank is allegedly already at the feet of Fola Adeola, the bank’s only surviving founder. Allegedly, only he can settle all difficulties, and decide on the final choice and successor of Segun Agbaje, come July 2021.