GTBank Shareholders Dividend Approval to make Olusegun Agbaja N124.88million Richer
- Olusegun Agbaje's dividend payout for 2020 will be higher than that of 2019 when he received N116.55 million - GTBank shareholders approved N3.00kobo as total dividend payout in 2020, increasing it from N2.80kobo paid in 2019. - The chief executive officer earned the amount due to his direct and indirect shares held in the commercial baank PAY ATTENTION: Join a community of CEOs, founders and decision-makers: subscribe for a free monthly business newsletter Digital Talks and succeed BIG!
Due to the company's financial performance last year, Olusegun Agbaje, the chief executive officer of Guaranty Trust Bank (GTBank) will receive N124.88 million as dividend payment. The money is for the 2020 financial year which falls between January to December of the same year. GTBank had increased their dividend payment for last year to N3.00kobo per ordinary share from N2.80kobo paid in 2019. The increase in the dividend payout also jacked Agbaje's entitlement up to N124.88 million in 2020 when compared to the corresponding period when he earned N116.55 million. Agbaje is entitled to the capital due to his direct holdings and indirect stake in GTBank which are 32.14 million and 9.48 million respectively. His total shares in the commercial bank makes him a substantial stakeholder.
Source: Twitter
With 32.14 million direct shares, the investment banker will earn N96.43 million for 2020 calendar year, against the N90.01 million received during the same period two years ago. During the period under review, he will earn N28.44 million from his indirect shareholding which got him N26.54 million in dividend at the corresponding period of 2019 financial year. Note that Agbaja is set to vacate his managerial seat in GTBank, with plans to head Guaranty Trust Holding Company when a parent company is finally established. The banker had stated that he will be replaced last year. He set fourth quarter for the change of leadership in GTBank, but he's still heading the lender as the company is yet to announce his replacement. Meanwhile, Legit.ng had earlier reported that MTN is considering offering the shares of its mobile money business through an initial public offering in the next twelve months. The company's decision to sell a part of its MoMo business to investors is part of the network provider's strategy to unburden itself from financial weight which MTN has been carrying. The public listing of shares is expected to drive the valuation of MTN to about $5 billion to $6 billion, making the company more valuable than its market rival's business.
Source: Legit.ng
