Guaranty Trust Bank (GTBank Kenya) Limited has started looking for a new managing director after announcing that Jubril Adeniji will return to Nigeria at the end of his tenure.
The bank said Adeniji will remain in office for the next 90 days to oversee the leadership handover while it seeks regulatory approval for his successor.
The transition brings to a close Adeniji’s leadership of the Kenyan subsidiary, a role he assumed in 2023 after serving as the pioneer managing director of GTBank Tanzania.
During his time in Kenya, he also held responsibility as East Africa Regional Head, overseeing the group’s operations across Kenya, Rwanda, Uganda and Tanzania.
In a statement issued on Monday, the bank said: “To ensure a seamless leadership transition and effective handover, Mr Adeniji will continue to serve as Managing Director over the next 90 days. During this period, the Bank will complete the transition process while seeking the necessary regulatory approvals for the appointment of a new Managing Director.”
Adeniji joined GTBank in Nigeria in February 2006 and held several senior positions in commercial and international banking before helping the group establish its Tanzanian subsidiary in 2015.
He became managing director of GTBank Tanzania in July 2016 and supervised the bank’s launch before it received its operating licence in December 2017. He later moved to Kenya to strengthen the group’s presence in East Africa.
Under his leadership, GTBank Kenya expanded its agency banking network through GTExpress, a partnership with Posta Kenya that began with 46 locations across the country.
The bank also introduced the GTMalkia account, designed for women, and launched free PesaLink transfers for selected low-value transactions.
Speaking during the rollout of GTExpress in September 2025, Adeniji said: “Our priority is to make banking easier and more accessible for our customers, wherever they are. Through GTExpress, someone in Kisii, Nanyuki, or Kitengela can walk into a Posta outlet and carry out their transactions quickly, safely, and at a fair cost.”
Financially, the bank recorded mixed results during his tenure.
Gross non-performing loans fell from KSh2.72 billion in 2024 to KSh1.03 billion at the end of 2025 and were largely stable at KSh1.02 billion in March 2026, showing an improvement in asset quality.
Customer deposits rose 8.2% year-on-year to KSh19.27 billion, while net loans increased by 12.3% to KSh2.92 billion. However, total assets declined by 8.7% to KSh31.34 billion.
Profitability also weakened at the start of 2026, with profit after tax dropping 38.3% to KSh80.5 million in the first quarter, down from KSh130.3 million recorded during the same period a year earlier. For the full 2025 financial year, the bank posted a profit after tax of KSh396.5 million, while profit before tax stood at KSh573 million.
The board credited Adeniji with strengthening the bank’s governance framework, improving the quality of its earning assets and reinforcing internal controls while laying the foundation for future growth.
His departure comes as competition increases in Kenya’s banking sector, where larger lenders such as Equity Group and KCB Group maintain a strong lead in agency banking and retail deposits.
The incoming managing director is expected to continue the bank’s digital banking strategy while driving the next phase of GTExpress expansion and navigating Kenya’s evolving regulatory environment.
GTBank Kenya has not announced who will succeed Jubril Adeniji, saying the appointment will be made after the necessary regulatory approvals are secured.
