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GTBank Shareholders Endorse N3.00 Total Dividend For 2020, Applaud Agbaje’s Leadership

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Shareholders of Guaranty Trust Bank (GTBank) Plc, at the weekend unanimously endorsed the payment of a total dividend of N3.00 per share to shareholders for the financial year ended Dec. 31, 2020.

This endorsement was made on Friday, April 9th, 2021, at the Bank’s 31st Annual General Meeting (AGM) held in Lagos. The bank had proposed a final dividend of N2.70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30k interim dividend earlier paid in June 2020. GTBank according to the results presented to and applauded by shareholders at the AGM, recorded an increase in all performance indicators despite the challenging operating environment that prevailed in 2020.

Speaking at the meeting, a shareholder, Mr. Tunji Bamidele, commended the bank’s board and management for sustaining profit and dividend payment in spite of the harsh and challenging economy experienced in the year 2020 as a result of the pandemic that challenged the world.

Applauding the Managing Director’s leadership acumen and dexterity, Bamidele noted that the MD/CEO’s steering of the bank in the past 10 years has been a blessing to shareholders and the bank’s well-meaning stakeholders.

In his comments, the Managing Director and Chief Executive Officer, Mr Segun Agbaje, noted that the year 2020 was arguably the most challenging year that the world has faced in decades and that in such unprecedented times, the bank has been at the forefront of safeguarding lives and livelihood across the communities where it operates.

“We continue to receive positive and goodwill messages for the role we played at the height of the pandemic; especially for putting together very timely, a 110-bed Isolation Centre, with an intensive care unit, in partnership with the Lagos State Government,” he said, citing the Bank’s Excellence in Leadership in Africa Award which was specially created by the renowned Euromoney Magazine to spotlight private institutions at the forefront of tackling the pandemic.

Mr Agbaje also spoke about GTBank’s solid performance in a very challenging year and his confidence in the organization’s ability to keep delivering for all its stakeholders. His words, “The strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned”, he added.

GTBank is one of Africa’s most profitable financial institutions. In 2020, the Bank reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Bank also continues to post the best metrics in the Nigerian Banking industry in terms of key Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.

BIG STORY

I’ve Not Declared Interest In 2023 Presidential Race —– Osinbajo

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The Office of the Vice President says permutations around the 2023 presidential race are a distraction as Vice President Yemi Osinbajo has not declared interest to contest.

Laolu Akande, the spokesperson to Mr Osinbajo, said in a statement on Monday in Abuja that the Office of the Vice President had no connection with an online attempt to rally support for him (Osinbajo).

“The attention of the Office of the Vice President has been drawn to a website: supportosinbajo.ng that is calling on Nigerians to join a volunteer group mobilizing support for Osinbajo ahead of the 2023 presidential election.

“Details of this website and the solicitation of the group are currently trending on WhatsApp with a suggestion that Osinbajo has “quietly” declared interest in the 2023 election.

“The Office of the Vice President is not in any way connected to this website or the group behind it and considers such an enterprise an unnecessary distraction.

“Osinbajo has not declared any interest whatsoever in the 2023 election; but he is rather focused on working in his capacity as vice president in the current administration to address all the compelling issues in the country and concerns of Nigerians, including finding effective and lasting solutions to the security challenges.

“Therefore, we ask that people desist from such unhelpful permutations while we all deal together with the challenges confronting us as Nigerians, and resolve them for the benefit of our people, peace, and prosperity in the land.’’

Mr Osinbajo was the running mate of President Muhammadu Buhari in the 2015 and 2019 presidential elections.

He had served as attorney general and commissioner for justice in the administration of former Lagos State governor, Bola Tinubu, who is reputed to be his political ally.

There are indications that Mr. Tinubu is warming up to run for president in 2023, though he is yet to confirm it.

 

(NAN)

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BIG STORY

BREAKING: EFCC Takes Over Nestoil Boss, Ernest Azudialu’s Ikoyi Residence

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Nestoil and NECONDE Boss, Ernest Azudialu, is caught up in the turbulence of steep and unforgiving commerce and the sad fact is that he lacks the instinct and judgment required to wade through the scary storm.

Yes, the truth dawned on the Anambra State-born flamboyant dude in a moment of profound terror.

According to The Capital, Azudialu’s massive mansion located in the pristine and prosperous Modupe Alakija Crescent formerly known as Ikoyi Crescent has been sealed by the Economic and Financial Crimes Commission, EFCC.

A reporter who was at the house affirmed that the anti-graft agency’s red ink embarrassingly announcing that the property was under investigation is boldly written on the building.

Whether Azudialu and his family can access the home is, however, not certain as at press time. What is sacrosanct, though, is that the property he calls home is now a subject of investigation by the EFCC.

This is coming at a time when the residents of the very serene and exclusive neighbourhood and Lagosians conversant with happenings in high society felt that what happened to Festus Fadeyi, the chairman of Pan Ocean Corporation, an indigenous independent oil and gas company, would not have an encore there. Fadeyi’s mouth-watering mansion, which had served as his family home for several decades in the same street, was confiscated by the Assets Management Corporation of Nigeria, AMCON, last year. The federal government agency took over Fadeyi’s Pan Ocean Corporation’s assets and its subsidiaries over bank loans totaling about N240billion.

Now, it is the turn of Nestoil’s Azudialu. This has left high-profile residents of Ikoyi shell-shocked because he was perceived to be a decent businessman despite his la Vida loca lifestyle. Although the reasons behind the EFCC’s action are sketchy, there are speculations that he is under investigation for financial crimes.

A while ago, he ran into stormy waters with a foremost commercial bank, which solely financed his Nestoil Towers straddling Akin Adesola and Saka Tinubu Streets in Victoria Island.

The allegation then was that he defaulted in servicing the facility that he obtained to build the towers.

In the past dispensation of former President Goodluck Jonathan, he benefited from juicy contracts and basked in luxury accruable from his position as Nestoil boss and a player in Nigeria’s oil industry. As cool cash flowed into his accounts, Ernest developed a taste for expensive luxury and soon he was known for his obsession with aircraft and his penchant for acquiring private jets and pricey automobiles.

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BIG STORY

Okorocha To FG: Give Me N76billion And I’ll Create One Million Jobs From Cattle Business

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Rochas Okorocha, former governor of Imo state, says he can create one million jobs from cattle rearing if provided with the financial capital.

In recent times, Nigeria has witnessed a spate of farmers-herders crisis in many parts of the country, which has led to the loss of lives and property.

As a result of the crisis, 17 southern governors, last Tuesday, resolved to ban open grazing in their region, after a meeting in Asaba, Delta state.

Speaking on the development in an interview on Sunday Politics, the senator representing Imo west said the country should look into the business of cattle rearing, noting that billions by not handling it well.

“Let me talk to Nigerians for the first time as a businessman. Do you know how many billions of dollars this nation is losing by not handling this business of cattle well in the Federal Republic of Nigeria,” he said.

“This business of cattle can create one million jobs for Nigerians, if well-managed. I wish Nigerians can call me or the government will call me and say Okorocha this seventy-six billion.

“We want to give you, it is your share, take it and fix the cattle business. If I do not create one million jobs within the shortest time, just know I’m not Rochas.

“This is business. See money and people are just joking with it. We used to be exporters of leathers, skins. What about dairy products and milk?

“Assuming we have this business, do you know how many welders and fabricators will build body carriers for the cows, while we import the head from China and fix it.”

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