This endorsement was made at the holding
company's 1st Annual General Meeting (AGM) held in Lagos.
The Group had proposed a final dividend of
N2.70 per unit of ordinary share held by shareholders in addition to the
interim dividend of 30 kobo interim dividend paid in June, bringing the total
dividend for the 2021 financial year to N3.00 per unit of ordinary share.
Shareholders commended the board for the
transition into a holding company and the financial performance achieved during
the period under review despite the operating environment and also unanimously
gave their approval the appointments of the new board membership.
Speaking on behalf of shareholders, the
patron, Nigeria Shareholders Solidarity Association (NSSA), Timothy Adesiyan,
appreciated the progress that the bank has made in its transition to a holding
company.
He said that the shareholders have great
expectations from the company and with the good corporate governance principle
with which the company is run, the future is bright.
The chairman of the Progressive
Shareholders Association of Nigeria, Boniface Okezie, commended the Board of
GTCO for being proactive in becoming a holding company.
Speaking to shareholders, the chairman of
GTCO, Hezekiah Adesola Oyinlola stated: "2021 was a pivotal year in our
corporate history.
"After years of revisioning and
planning, we successfully reorganised into a holding company to harness the
potential within our operating environment and consolidate our position as a
leading financial services provider in Africa.”
He said the company’s progress in its drive
to diversify its income streams and ensure long-term value creation for all
stakeholders.
"It is a privilege to serve as the
chairman of the Board of Guaranty Trust Holding Company and I am conscious of
our business environment and the many challenges to our profitability.
"However, I have complete confidence
in the ability of our leadership team to unlock new and exciting opportunities
that will unleash the potential of our diversification for long-term growth and
sustainable returns.
“When I look at the future-proofing of
every part of our organisation; from our talent base to our business models and
digital capabilities, I am reminded of just how forward-thinking our management
team continues to be in our company’s constant push to be ahead of the curve in
creating innovative financial solutions, delivering service excellence and
ensuring long-term value creation.
On the outlook of the company, Oyinlola
said, “I am excited by the potential of our new holding company structure.
"I see the immense opportunities
opened by our strategic investments in building up diverse lines of business.
"The future of financial services
belongs to the institutions that will seamlessly integrate the full range of
cutting-edge solutions in a people-centric digitally enabled ecosystem.
The Group Chief Executive Officer (GCEO) of
GTCO, Segun Agbaje said that the company started 2021 with its corporate
reorganisation and finished the year more robust and dynamic to consolidate its
lead across the ever-extending breadth of financial services.
“Following the shareholders' approval of
our transition to a holding company structure in December 2020, we worked with
regulators, the broad spectrum of our stakeholders and some of the most
experienced advisory institutions in the world, to ensure that we have, not
only a smooth transition but also the best people and the right structures to
drive our vision of becoming Africa’s leading financial services groups.
"In July 2021, we completed the
incorporation of Guaranty Trust Holding Company as our new parent
company."
Approved by shareholders as members of the
GTCO board include, Hezekiah Oyinlola, Chairman; Segun Agbaje, GCEO; Suleiman
Barau, Independent Non-Executive Director; Mrs Helen Lee Bouygues, Independent
Non-Executive Director; Catherine Echeozo, Non-Executive Director and Adebanji
Adeniyi, Executive Director.
On the results performance, Agbaje said
2021 results show resilient performance across all financial indices,
reaffirming the bank’s position as one of the best managed financial institutions
in Africa.
“The Group closed the year 2021 with total
assets of N5.436 trillion, up by 9.9 percent from N4.945 trillion the full year
2020 position.
“Across all its Banking Subsidiaries in
West Africa, East Africa and the United Kingdom, the Group continues to
maintain a diversified Balance Sheet.
“The Group closed 2021 with a profit before
tax of N221.5 billion, this is despite the challenges and headwinds presented
by the operating and regulatory environments in 2021.”