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.
READ ALSO: Here’s why MTN, Linkage, Daar Comms, GTBank should be on your stock-to-watch list
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...