Guarantee Trust Bank has said that it was engaging with the Central Bank of Nigeria on its succession plans as its Managing Director and Chief Executive Officer, Segun Agbaje, will retire by May 2021.
The reaction follows media reports suggesting the bank has approved replacement for Agbaje and other board members.
The report also claimed that senior staff above 45 years would be affected.
According to the report, the bank is set to announce Miriam Olusanya as its new Managing Director.
But GTB said in a statement on Wednesday signed by the Company Secretary, Erhi Obebeduo, that such changes were yet to be made public.
The bank admitted it had made adjustments to its constitution, adding that it was still seeking regulatory approval.
GTB said, “As an organisation listed on the Nigerian Exchange Limited and regulated by the Central Bank of Nigeria, there are processes that guide such Board changes and channels of communication of such changes as required by regulation.
“The Board of the bank has approved certain changes in its constitution and is presently engaging its primary regulator on same and would formally communicate upon the conclusion of all required regulatory engagements.”
CBN had in 2010 introduced a policy which limits the tenure of CEOs to a maximum of 10 years.
At the first instance, CEOs appointment must not exceed five years and renewable for another five years provided the cumulative period does not exceed the ten years approved by the apex bank.
Agbaje became the company’s MD in 2011 after the death of Tayo Aderinokun.