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GTBank founder, Agbaje, to earn N124.88m dividend for 2020



The Chief Executive Officer of Guaranty Trust Bank (GTBank), Olusegun Agbaje, is to earn over N124.8 million for the twelve months period of last year financial season.

Agbaje will receive the payment due to his total direct and indirect holdings in the company as of the financial year ended December 31, 2020. The managing director of the bank holds a combined 41,628,001 ordinary shares.

His direct shares is put at 32.14 million, while his indirect holdings is 9.48 million, making him a substantial shareholder in the third most capitalised company in Nigeria.

Recall that the company recently announced that its total paid dividend for the 2020 financial year will be N3.00 kobo after the approval of a final dividend of N2.70 kobo at the 31st annual general meeting of the company held on April 9, 2021.

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According to Ripples Nigeria’s analysis of Agbaje’s direct holdings in GTBank, pegged to the approved paid out dividend, his 32.14 million shares will earn him N96.43 million for the twelve months. During the corresponding period, he received N90.01 million.

Agbaje’s 9.48 million indirect shares will see him earn N28.44 million for the same period under review. In 2019, he earned N26.54 million. Note that last year, the company increased its dividend by N0.20 kobo, as it paid N2.80 kobo as dividend in 2019.

This brings his combined earnings from 2020 dividend to N124.88 million between January to December. A year before, Agbaje’s take home from dividend was N116.55 million.

Meanwhile, the N124.88 million Agbaje will receive is subject to withholding tax at the point of payment. Between 2019 and 2020, the investment banker didn’t increase his direct or indirect shareholding in GTBank.

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