For the fiscal year that ends on December 31, 2024, Guarantee Trust Holding Company (GTCO) Plc’s shareholders have approved the payment of a total dividend of N8.03 per share. The company’s fourth annual general meeting, which was conducted virtually yesterday, made this choice.
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The company will now pay an extra N7.03 per share, increasing the total dividend for the 2024 fiscal year to N8.03 per share. Previously, the company had paid an interim dividend of N1 per share. In a speech to shareholders, GTCO chairman Mr. Hezekiah Sola Oyinlola highlighted the group’s capacity to stay flexible and progressive, which has enabled the business to produce record-breaking results.
“We became the first Nigerian bank to surpass the N1 trillion profit mark in 2024, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us,” Oyinlola said during his speech at the AGM. He asserts that three pillars—operational excellence, rigorous risk management, and an unwavering emphasis on customer-centric innovation—are the foundation for the company’s success in a shifting macroeconomic environment.
He pointed out that the banking industry is still exhibiting solid fundamentals, underpinned by a healthy capital base and efficient cost control. “We have strengthened our leadership in the financial services industry by generating complementary revenue streams through our strategic diversification into pension fund administration, asset management, and payments,” he continued.
Speaking about the group’s 2024 performance, Mr. Segun Agbaje, GTCO’s Group Chief Executive Officer, added, “We became the first Nigerian financial institution to reach a historic milestone in 2024, delivering over N1 trillion in profit before tax.” Guarantee Trust Bank, its banking arm, is still essential to its operations and propels growth in Nigeria, West Africa, East Africa, and the United Kingdom, he underlined. “We focused on enhancing our financial position and providing best-in-class banking services in 2024 while navigating a rapidly changing regulatory and macroeconomic environment,” he said.
Agbaje added that the group was able to finish the first stage of its equity capital raising plan through a public offer because of the Central Bank of Nigeria’s recapitalisation policy, which offered a chance to strengthen market leadership. “This Public Offer raised N209.41 billion and increased our shareholder base from 332,000 to over 460,000, thanks to the strong participation of both domestic retail and institutional investors,” he continued.
With this momentum, we are ready to start the second part of our capital raising plan in 2025, with a focus on large institutional investments from overseas, to further establish our standing as a competitive and internationally recognised financial services brand,” he continued. “Our focus will be on deepening digitalisation, improving customer experiences, and expanding our ecosystem of financial and non-financial solutions,” Agbaje said in reference to the future.
We will keep making investments in state-of-the-art technology, bolstering our cybersecurity infrastructure, and forming strategic alliances that open up fresh avenues for expansion. Above all, we will continue to pursue our goals of promoting financial inclusion, advancing economic growth, and generating long-term value for all parties involved.
Despite the difficult operating climate, shareholders praised the board for the financial performance attained during the examined period. Speaking on behalf of the shareholders, Chief Timothy Adesiyan commended GTCO’s management for the dividend payment and their outstanding financial performance in 2024.
The Pragmatic Shareholders Association of Nigeria’s national coordinator, Mrs. Bisi Bakara, also praised the board, management, and employees for their outstanding work and perseverance in the face of hardship. The proposed final dividend declaration of N7.03 per share, which equates to N8.03 in dividend payments, was approved by her. GTCO recorded a spectacular 81.1 percent increase in gross earnings for the year ending December 31, 2024, from N1.19 trillion in 2023 to N2.15 trillion.
Prior to the conclusion of the AGM, Oyinlola also declared that, subject to regulatory clearance, Mr. Suleiman Barau has been named the new Group Chairman as part of the company’s succession strategy. “He is a former Deputy Governor of the Central Bank of Nigeria, with a proven track record of leadership and strategic insight,” he said, highlighting Barau’s wealth of expertise and repute in the field. Since the reorganisation of GTCO, he has been a trailblazing director. He declared, “I have no doubt that under his direction, GTCO will keep growing, innovating, and providing all of its clients and stakeholders with exceptional value.”
