Guaranty Trust Bank Nigeria will reveal a new managing director and chief executive officer in October, according to an update into the bank’s succession plans at an investor earnings call session on Monday.

Already, five of executive directors are in line for the top job and are at the final stages of the recruitment process.

Segun Agbaje, MD/CEO, whose 10-year term as MD/CEO ends this year, said that the bank will be concluding the process for selecting a new MD/CEO by the fourth quarter of 2020.

A UK based hiring consultant is helping the bank with the process.

According to Agbaje, “What we are looking for now is a Managing Director for Guaranty Trust Bank Nigeria. The process has started, we have 5 executive directors and so all of them are going through the process at the moment. We are working with a consulting firm in the UK where we are looking for based upon what we see for the Nigeria business, what we think the future will hold, what we think Nigerian Banking will look like, we will then at the end of this process which will end at the beginning of the fourth quarter, we will then have a Managing Director for GT Bank Nigeria,”.

He also affirmed that everything was going as planned and expects they will pick an MD/CEO by the beginning of the fourth quarter which falls within October.

“We have 5 executive directors going through the process and one will emerge before the end of the fourth quarter. So succession for GT Bank Nigeria is well under control,” he added.

The bank is in advance stages of obtaining approval for a Holdco from the central bank and has laid out plans to expand its subsidiary interests. GTB will for now be divided into 4, GTB Nigeria, GTB West Africa, GTB East Africa, and GTB UK.

Judging by Agbaje’s comments, it appears a new MD/CEO will be revealed early October and will be between Mr. Demola Odeyemi, Mr. Bolaji Lawal, Mr. Haruna Musa, Mrs. Miriam Olusanya, and Mr. Babajide Okuntola.