By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s tier one lender, Guaranty Trust Bank Plc (GTBank) said on Friday Akindele Akintoye and Andrew Alli has retired from its board as independent non-executive directors effective June 30, 2016.

According to the lender the duo were appointed to its board in June 2008 and served meritoriously during their tenure. “The retirement is in compliance with the provisions of the Code of Corporate Governance for Banks in Nigeria, which stipulates that the tenure of independent non-executive directors shall not exceed two (2) terms of four (4) years each; eight (8)  years,” GTBank said in its issuers announcement with the Nigerian Stock Exchange (NSE).

The bank says both directors having spent eight (8) years have accordingly retired from the board.

At the close of Friday’s session on the Nigerian bourse, shares of GTBank declined 0.26 percent to close at N23.20 compared to N23.26 traded the previous day; losing 0.06 kobo per share.