A succession crisis seems to be brewing in GTBank and unless the only surviving member of the founding team, Fola Adeola intervenes, it might create a major crisis of multiple dimensions for the bank.
A lot has been swept under the carpet under Agbaje who is serving his second and final term as the Managing Director of the Bank. His power and influence over the board has over time meant anything goes to the discomfiture of many including some of the directors and other top management staff.
Abujareporters gathered that some time last week, a meeting of the board was held with the sole aim of picking a Deputy Managing Director who.will take.over from Agbaje whose term expires mid 2021.
The board, which allegedly appears to always approve everything sent by Agbaje, was simply embarrassed by the choices submitted to them by the MD, considering the array of more senior and experienced Executive Directors.
It was obvious that the two rookie Executive Directors being proposed by Agbaje to be fast tracked were to serve as his 3rd term and may not be able to match-up in experience and technical skills with the challenges of the exalted post.
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Hence to save its face, the board was said to have rejected Agbaje’s nominees. This has set the stage for another meeting which may see Agbaje insisting on.his nominees or coming up with another set of persons.
According to reports, one of the highly respected non Executive Directors on the board resigned at the meeting as a protest against Agbaje’s alleged domineering attitude over some of the board members.
Whichever way it goes, Agbaje seems bent on having a third term by proxy and the board is divided over backing him or standing up to him.
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