GTCO shareholders approve N8.03 Per share dividend payout
By Seun Ibiyemi
Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved a total dividend payout of N8.03 per share for the financial year ending 31 December 2024. This decision was reached during the company’s fourth annual general meeting, held virtually on Tuesday.
The total dividend includes an earlier interim payment of N1.00 per share, with a final dividend of N7.03 per share now sanctioned, bringing the total return for shareholders in the 2024 financial year to N8.03 per share.
Addressing shareholders, the Chairman of GTCO, Mr Hezekiah Sola Oyinlola, remarked on the group’s continued adaptability and progressive vision, which he said had contributed significantly to its record-breaking financial achievements.
“In 2024, we became the first Nigerian bank to cross the N1 trillion profit threshold,” he said. “This milestone reflects the strength of our business strategy, the commitment of our people, and the enduring confidence of our customers.”
Oyinlola explained that GTCO’s success amidst a volatile macroeconomic landscape was anchored on operational efficiency, prudent risk management, and an unwavering commitment to customer-focused innovation. He said the banking segment remains robust, bolstered by a strong capital foundation and a disciplined approach to cost control.
He also pointed to the group’s strategic expansion into areas such as payments, asset management, and pension fund administration as key contributors to its growing revenue streams, which have further reinforced GTCO’s standing in Nigeria’s financial sector.
Group Chief Executive Officer, Mr Segun Agbaje, also spoke on the group’s financial performance, noting the historic achievement of delivering over N1 trillion in profit before tax, a first for any Nigerian financial institution.
He underscored the importance of Guaranty Trust Bank, the group’s banking subsidiary, in sustaining GTCO’s momentum across Nigeria, West Africa, East Africa, and the United Kingdom.
“In 2024, we successfully navigated a challenging regulatory and economic environment, strengthening our financial position while delivering high-quality banking services,” Agbaje said.
He added that the Central Bank of Nigeria’s ongoing recapitalisation directive had provided a strategic opportunity for GTCO to reinforce its market position. The group successfully completed the first phase of its equity capital raising plan through a public offer, attracting broad interest from local retail and institutional investors.
“The public offer raised N209.41 billion and expanded our shareholder base from 332,000 to over 460,000,” he revealed. “With this momentum, we are on course to launch the second phase in 2025, targeting substantial foreign institutional investment to further cement our global competitiveness.”
Looking ahead, Agbaje said the group would prioritise accelerating digital transformation, improving customer experience, and expanding both financial and non-financial services.
“We will continue to invest in advanced technologies, fortify our cybersecurity capabilities, and cultivate strategic alliances that open up new pathways for growth,” he said.
“Above all, we remain committed to our purpose—driving economic development, fostering financial inclusion, and delivering long-term value to all stakeholders.”
Shareholders lauded the board’s stewardship and the company’s outstanding financial performance, especially given the economic headwinds of the past year.
Chief Timothy Adesiyan, speaking on behalf of shareholders, commended the leadership of GTCO for maintaining strong earnings and a generous dividend policy. Similarly, Mrs Bisi Bakara, National Coordinator of the Pragmatic Shareholders Association of Nigeria, praised the board, management, and staff for steering the company successfully through adversity.
She also expressed support for the final dividend of N7.03 per share, completing the N8.03 payout for the year.
GTCO’s financial results for the year ending 31 December 2024 showed a striking 81.1 percent increase in gross earnings, reaching N2.15 trillion, compared to N1.19 trillion in 2023.
As the AGM drew to a close, Oyinlola announced a significant development in the group’s leadership transition plan. Mr Suleiman Barau, a former Deputy Governor of the Central Bank of Nigeria, has been appointed as the incoming Group Chairman, pending regulatory approval.
Oyinlola cited Barau’s deep industry experience and longstanding service to the company, stating, “He has played a crucial role as a founding director since our restructuring. I have no doubt that under his stewardship, GTCO will continue to grow, innovate, and deliver outstanding value to its stakeholders.”