GTBank Appoints New Board Chairman
Lagos Nigeria – April 1, 2015
Guaranty Trust Bank plc has confirmed the impending retirement of the current Chairman of its Board of Directors, Mr. Egbert Ulogo Imomoh and the appointment of Mrs. Osaretin Afusat Demuren as the New and 6th Chairman of its Board of Directors, at the 25th Annual General Meeting of the Bank which held on Tuesday March 31st, 2015 at Oriental Hotel, Lekki-Epe expressway, Lekki, Lagos.
In addition to the receipt of the audited financial statement for 2014, declaration of dividend and the re-election of Directors which dominated the agenda of this year’s Annual General Meeting, the new Chairman of the Board, Mrs. Osarentin Demuren was presented to Shareholders as a replacement for the outgoing Chairman, Mr. Egbert Imomoh, who is retiring from the Board in compliance with the Bank’s code of corporate governance, which stipulates a retirement age of 70 years for Non-Executive Directors of the Bank.
Mrs. Osaretin Demuren joined Guaranty Trust Bank plc in April, 2013 as a Non-Executive Director. She served as a member of the Board Risk Management Committee from April 2013 and became the Chairman of the Committee in July 2014. She was also a member of the Board Remuneration Committee and the Board Information Technology Strategy Committee. Mrs Demuren had a successful career with the Central Bank of Nigeria which spanned over 33 years, during which she served as Director, Trade and Exchange Department and was deployed to serve as the Director, Human Resources Department in 2004; a position which she held until her retirement from the Central Bank of Nigeria in December 2009. She was the first female Director of the Central Bank of Nigeria.
She holds a Masters’ Degree in Economics and Statistics from the Moscow Institute of Economics and Statistics, Moscow, and a Diploma in Russian Language and Preliminary Studies from the Kiev State University, Kiev. She is a member of many professional associations including the Society for Human Resource Management of America, Nigerian Statistical Association, Chartered Institute of Personnel Management of Nigeria and the Chartered Institute of Bankers of Nigeria.
Commenting on the recent development, Segun Agbaje, Chief Executive Officer/Managing Director of Guaranty Trust Bank plc, said that “the Bank has a well-defined succession strategy to address management vacancies as well as statutory and planned retirements”. He thanked the outgoing chairman, Mr. Imomoh for his immeasurable contributions, commitment and distinction in service. Mr. Imomoh brought hands-on experience and business expertise to the Board which contributed to the growth of the Bank even during periods of policy reforms and market uncertainty”. Mrs Demuren brings a deep understanding of the Nigerian Banking environment and is a master at focusing on the real business issues thereby bringing the best out of people.
Mr. Egbert Imomoh was appointed as the 5th Chairman of the Board of Guaranty Trust Bank in 2014 and under his leadership the Bank went on to further cement its position as one of the most profitable, best run and ethical financial institutions in Nigeria.
Guaranty Trust Bank plc was established in 1990 and is regarded by Industry watchers as the best run and most ethical financial institution within the Nigerian Financial Services space, due to its bias for innovation, global corporate governance standards and excellent service delivery. The Bank is one of the few Nigerian financial institutions to have a well articulated succession plan and this has enabled it seamlessly undertake two management and several board changes since its inception 25 years ago.
The Bank operates from over 200 branches within the country and has banking subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Rwanda, Uganda, Kenya, Sierra Leone and the United Kingdom.
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