LEADERSHIP TUSSLE IN GTBANK
SEGUN AGBAJE SET TO SACK EX MD’S BOYS

The leadership tussle ravaging one of Nigeria biggest financial institutions, GTbank has taken another dimension with the plans of the acting MD, Segun Agabje to sack the loyalist of the late MD, Tayo Aderinokun.
Information made available to Newsstar by the bank insider divulged that though Segun Agaje was approved by CBN to act as the managing director until the next Annual General Meeting where the shareholders will unanimously select the right person for the job, there is an indication that some will not want Segun for the plum job and so, he is engaging on a prearranged restructuring exercise which has led to the elevation of over 20 young executives, most his loyalist within the Bank’s ranks to key management positions overseeing various areas of the Bank’s operations while some now have no choice than to throw in the towel and walk out of the bank.
In his bid to secure the seat, information revealed that Segun his presently doing reshuffling of top management staffs who could possible pose threat to his chances of being the managing director. It was also gathered that there is division among the board of directors as some did not want Segun Agbaje to assume the post of an MD but they prefer Mr Ade Adebiyi who happens to be the managing director of the United Kingdom subsidiaries of GTbank.
The Board of Guaranty Trust Bank plc which comprises of Fourteen (14) members, including the Chairman, Managing Director, Deputy Managing Director, Four (4) Executive Directors and Seven (7) Non-Executive Directors his now divided as more than half of the board are against Segun Agbaje’s ambition to become Tayo Aderinokun;s successor.
Among those who never want Segun as the MD includes most of the non-executive directors who complain about his attitude during the days of Tayo and now, most especially now that he hardly consult them to take decision on issues that affects the board looking at the fact that he is Fola Adeola’s loyalist that most of them respects.
Source revealed that Segun Agbaje only fear and stumbling block of being the MD is Ade Adebiyi looking at the fact that they both have the same years of service in the bank and also privilege to the same information of the bank. Record has it that whenever new branch was opened, Ade Adebiyi is always the choice of Tayo to go and start operations before leaving it for others to follow, an example of these was Gambia, Ghana and the UK branch.
Impeccable source added that when the UK branch was opened, Segun Agbaje thought he will be the one to oversee activities before handling to subordinates but Tayo choose his loyalist, Ade Adebiyi who was the third in command in Nigeria.
Ade, who was at the sick bed of his boss always in UK before his death, was transferred immediately Segun Agbaje assumed the acting MD and he was posted to Sierra Leone while Ayoku Liadi, a loyalist of Segun agbaje the former MD in Sierra Leone was posted to act in UK until the AGM.
Our source revealed that when summon by the board on his action, Segun walked out on the board of director in a closed meeting when it generated to an argument on why he has to transferred Ade Adebiyi from UK where the bank has one of its highest turn over to tackle the financial challenges’ in most Africa countries
Segun Agbaje who joined GTB as a pioneer staff in 1990 and worked in several units, rising to the position of Assistant General Manager in 1998, a position he maintained till January 2002 when he was appointed Executive Director, according to our sources his set to reshuffle the management team most especially those who are Tayo Aderinokun loyalist and post whoever will stand against his ambition to countries we there votes will not count when the AGM will be taking place.
It was also gathered that some of the board are presently instructing some shareholders not to vote for Segun Agbaje as the next managing director if they still want to see their money grow in the bank. And the shareholders EXCO, penultimate week gathered to debate on who their candidate will be looking at the track records of the four contest for the post. The managing director post contestants are Segun Agbaje (now acting MD), Ade Adebiyi (UK MD), Titi Osuntoki (Executive Director, board member) and Jide Ogundare (Executive Director, board member).
Registered on January 17, 1990 by Central Bank of Nigeria, GTB Plc was incorporated in July 1990, as a private limited liability company wholly owned by Nigerian individuals and institutions. The approval as Commercial Bank followed in August 1990 and operations were started in February 1991 since its been rendering cutting edge services to its teeming customers across the globe.