GTB’s Wale Oyedeji and Olutola Omotola resigns as power tussle takes new dimension

Wale Oyedeji is seated on the left of this image wearing a red tie.

Reports reaching mrCaesar.com indicate two of Guaranty Trust Bank’s Executive Directors have resigned their position at the bank. The directors are Olutola Omotola and Wale Oyedeji. We understand that they resigned about two weeks ago.

Guaranty Trust Bank is yet to issues a press release informing the market officially of their resignation. However, indications suggest this might be made public in the next few days.

Olutola Omotola was the Head of Corporate Services at the bank while Wale Oyedeji was the Executive Director and Head of Corporate Banking. Omotola and Oyedeji both joined the board on October 19, 2011. Segun Agbaje was appointed that same year as Managing Director.

Current Head of Wholesale Banking Division and General Manager at the bank Miriam Olusanya is thought to have been put forward by the bank as the next Executive Director. She also served as Divisional Head of Wholesale Banking Division and was Deputy General Manager, Head of Treasury Group and Senior Manager of Institutional Banking Division of the bank.

Why the resignation

Information from various sources with knowledge of the matter suggests the two directors may have been forced out over irreconcilable differences between them and the CEO, Segun Agbaje. 

Analysts who spoke to Nairametrics expressed surprise at their resignations, especially that of Wale Oyedeji, who as we understand was on track to be the next Managing Director. Another insider who pleaded anonymity believes there has been a strain in relationship at the top for some months and this may have culminated into these resignations.

Former Deputy Managing Director at the bank Cathy Echeozo who retired last year March after 24 years at the bank was said to have nominated Bolaji Lawal as a director. The decision was thought not to have gone down well with some senior executives at the bank. However, this is not a surprise as such decisions at this level can be highly contentious.  

Does this affect GTB Performance?

Despite the resignations, analysts believe there is no immediate threat to the bank’s operations and by extension financial health. Segun Agbaje is thought to be a hands-on CEO who spares to blushes when it comes to going after powerful loan defaulters and recovering the bank’s loans.

However, there are subtle concerns that he is becoming “too powerful” as one insider mooted and that this is making some senior executives at the bank uncomfortable. With Wale Oyedeji and Olutola Omotola gone, Demola Odeyemi is not the most senior Executive Director at the bank.

Delayed announcement

We do not know for sure why this has not been made public yet. As at the time of writing this article, the bank’s website still has the profile of the two ex-Executive Directors on the website as directors of the bank. The Central Bank is expected to approve the appointment of any new executive director at the bank.