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City of Banjul
Thursday, February 25, 2021

GTBank MD may be replaced

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The managing director of the Guaranty Trust Bank has not been cleared by the CBG’s fit and proper person test, a reliable source at the Central Bank told The Standard.

The test makes reference to requirements for evaluating managers, directors and shareholders particularly, the ability to fulfill their duties (fitness) as well as their integrity and suitability (propriety) are examined.

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The concept is a standard in corporate governance of financial institutions. The Central Bank of the Gambia includes these requirements in their regulatory frameworks to ensure that institutions have a prudent and solid management. And senior management, directors and shareholders who hold influence over the entity’s operations must meet the “fit and proper” criteria.

A source further informed The Standard that since the GT Bank MD is not cleared by the process, the bank’s headquarters in Nigeria must find a replacement for him.

A letter from the Central Bank on the matter has been communicated to the GTBank last weekend.

Relations between Mr Adesina Adebesin and his staff have not been rosy of late, requiring the Central Bank’s intervention to calm the situation.

The latest was a nation-wide sit-down strike by the staff.

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