By Jeph Ajobaju, Chief Copy Editor
GTBank’s new Managing Director is up against herculean challenges in a male-dominated environment, in the bank and across the financial industry, but she can use soft power and influence to rise above obstacles and achieve great results.
Miriam Olusanya will have to be a positive person, though, to be able to use female virtues for great good and overcome the temptation to counterfeit them to wreck things.
By nature, women are resilient and resourceful. Women have staying power. Under conducive circumstances, they absorb pressure, quietly, better than men.
God created women with multiple skills. They can multitask. And God created women with influence.
And every woman has an influence on men and fellow women around her. When a woman is well focused, is determined, and she exercises her natural influence positively, she achieves far better results than a man.
Comparison with other bank CEOs
Olusanya is the first-ever female Guarantee Trust Bank MD, and also one of the seven female Chief Executive Officers (CEOs) in Nigerian banks.
Men and women, including she herself, will inevitably compare her performance with that of Nneka Onyeali-Ikpe, another recent first female Fidelity Bank CEO appointed in January.
Onyeali-Ikpe combines bank products with her own visibility to champion children’s education, support women in business, and lift Small and Medium-Sized Enterprises (SMEs), among other good social and economic causes – with an eye on profit.
In the first quarter of 2021 (Q1 2021), under her watch, Fidelity Bank grew gross profit 53.9 per cent to N10.1 billion, despite operational challenges posed by the pandemic.
Unaudited results showed Profit Before Tax (PBT) grew 53.9 per cent from N6.6 billion in Q1 2020 to N10.1 billion by March 31, 2021. Net revenue rose 13.4 per cent from N30.3 billion to N34.4 billion.
Besides achieving a black balance sheet, which determines business success, Onyeali-Ikpe is also using her female soft power and influence to attract much goodwill to Fidelity Bank.
Nearly everyone watching will also compare Olusanya with Cecilia Ibru, who was Oceanic Bank CEO before it was acquired by Ecobank on October 25, 2011. Ibru was one of the earliest female bank CEOs in the country and held the job for 12 years.
This is all apart from assessing Olusanya’s achievements or failures with those of male bank CEOs. Both men and women often judge women harshly, in public and private life.
So Olusanya is under pressure from all sides.
The bright side is, if she gets it right, manages human and material resources effectively to deliver appreciable profit, and burnishes both personal and corporate goodwill, she will get standout applause – from men, and from women.
Then she will fly higher. And it will help other talented women to climb the corporate ladder and do well. Like her.
Seven female bank CEOs
The seven female CEOs out of Nigeria’s 23 banks are
· Ireti Samuel-Ogbu (Citibank)
· Oluwatomi Somefun (Unity Bank)
· Bukola Smith (FSDH Merchant Bank)
· Halima Buba (Suntrust Bank)
· Yemisi Edun (First City Monument Bank, FCMB)
· Nneka Onyeali-Ikpe (Fidelity Bank)
· Miriam Olusanya (GTBank)
GTBank tops market valuation with N840.26b
A market capitalisation of N840.26 billion places GTBank ahead of other banks in Africa’s largest economy in a ranking of the top seven based on their valuation at the Nigerian Stock Exchange (NSE).
The data was collated based on end of day prices as of June 25, which categorise market as cumulative value of a financial institution that includes all subsidiaries and commercial assets.
Market valuation is further calculated from the stock exchange price of shares multiplied by total unit of shares held, according to Nairametrics which did the ranking below:
Suspension in the trading of GTBank shares took effect on June 18, 2021 in preparation for its eventual delisting and subsequent listing of its holding company, Guaranty Trust Holding Company Plc on the NGX.
GTBank, a tier 1 bank, earlier reported that its total deposit in the first quarter of 2021 (Q1 2021) grew to N3.717 trillion, a 3.0 per cent surge compared to N3.611 trillion in Q1 2020.
The Agbaje years
It was announced in May that GTBank MD/CEO, Segun Agbaje, would step down as CEO having served in this capacity for the maximum allotted period of 10 years.
It was also announced that a holding company would be created, to be led by Agbaje as CEO.
On July 14, the bank announced the completion of the reorganisation which produced Guaranty Trust Holding Company Plc (GTCO), board members for GT Bank and GTCO, and the appointment of Olusanya as MD of GTB.
Abgaje has transitioned to a higher office as head of GTCO and will oversee the new parent company, GTBank as well as various other subsidiaries anticipated to include fintech, insurance, and e-commerce.
Agbaje ran GTBank for 10 with an aggressive focus on increasing customer base which grew to over eight million.
According to Nairametrics, the growth arose from the implementation of a retail strategy which focused on “excellent customer service delivery, digital innovation and a well cut-out partnerships and collaboration strategy.”
Despite a -8.96 per cent decline in share price year-to-date, GTBank is one of the most successful companies in the country with a market value of over N840.26 billion and more than 3,000 employees.
The bank has paid N621 billion in dividends to investors in the past 10 years, competing with fierce rival Zenith Bank.
Agbaje raised GTBank profit by N1.305 trillion in a decade and grew the balance sheet 12.07 per cent on average each year.
Priorities in Olusanya’s in-tray
Agbaje’s achievements show that Olusanya is filling big boots in a bank perched on an enviable height.
She has a bachelor’s degree in pharmacy from the University of Ibadan and a master’s in business administration (MBA) majoring in finance and accounting from the University of Liverpool, England.
Onsasanya was appointed as an Executive Director of the bank in 2018 after serving as General Manager/Head, Wholesale Banking.
Notable among her achievements is GTBank’s appointment as a Primary Dealer/ Market Maker in Federal Government of Nigeria (FGN) Bonds with the Debt Management Office (DMO).
During her tenure in the post, GTBank was also appointed as a Money Market Dealer in Nigerian Treasury Bills (NTBs) by the Central Bank of Nigeria (CBN).
Olusanya’s journey of 17 years in the bank has taken her through various phases of its evolution, from when it was a high-end wholesale bank to its expansion of retail segment from 2008.
Having spent much of her career in the wholesale banking division, it will be interesting to see what direction she steers the bank during her tenure as MD.
GTBank has its own challenges, like other business entities. In recent times, complaints and drawbacks plaguing the bank and its customers have surfaced.
Cases of lagging bank application system have been reported by customers trying to use the app to make payments and settle bills, per Nairametics.
The functionality of the bank’s USSD code has also been less than stellar in recent times, despite being one of the pioneers of the platform in Nigeria.
Reports have also surfaced that employees are disgruntled.
Both former and current employees have alleged that internal leadership are faltering because of delayed promotions, overwork, and high staff turnover leading to loss of experienced hands and gap in service delivery.
One testimony alleged that at a time, more than half of the members of a development resigned within six months.
Anticipation of visionary leadership
An employee of GTBank who spoke to Nairametrics on the condition of anonymity said: “Miriam is an astute leader who is very skilled at her work. Her focus and visionary leadership will definitely impact the bank’s operations going forwards.”
Another said: “She has the grit and charisma to take over from Mr Agbaje. She has been a top performer and a great team-builder from her time as a general manager.
“She also has the requisite experience in various sectors of the bank that we are hopeful will come to bear in her leadership of the bank.”
Olusanya’s experience in industry is expected to help her transition smoothly into her new job and influence her actions as she strives to attain additional milestones and propel GTBank further than her predecessor.