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Positioned For Growth: GTBank Completes Corporate Reorganization Into Holding Company

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Aiming to strengthen its long-term competitiveness and growth prospects, Guaranty Trust Bank plc has completed its reorganization to a Holding Company Structure.

Under the terms of the re-organization, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.

The newly established Guaranty Trust Holding Company Plc is also pleased to announce its new Board of Directors as well as changes to the Board of its banking subsidiary, Guaranty Trust Bank Limited. All the appointments have been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group.

Guaranty Trust Holding Company Plc (“GTCO Plc”) will be governed by a Board of Directors comprising, Mr. Sola Oyinlola as Chairman of the Board and Mr Segun Agbaje as the Group Chief Executive Officer, Mr Adebanji Adeniyi as Executive Director, Mrs Cathy Echeozo as Non-Executive Director, Mr. Suleiman Barau and Mrs. Helen Bouygues as Independent Non-Executive Directors

The Banking subsidiary, Guaranty Trust Bank Limited will be governed by a Board of Directors comprising, Mr Ibrahim Hassan as Chairman of the Board, Mrs Miriam Olusanya as Managing Director, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefala as Independent Non-Executive Directors.

Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said: “We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base. We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

He further stated that “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success. As a Proudly African and Truly International band, we will continue to live by these values—of excellence, hard work, and integrity, even as we create faster, cheaper, safer, and more diverse products for people and businesses of varied types and sizes.”

Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders. It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24million customers in 2020, and profit before tax from ₦45.5 billion at the end of the 2010 financial year to ₦238.1billion at the end of the 2020 financial year.

BIG STORY

Adron Homes Throws Grand Party To Celebrate Customers [PHOTOS]

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In a momentous gesture of gratitude and recognition, the Adron Homes Management Team orchestrated a surprise celebration at the esteemed West Park & Gardens Estate, Paradise City, Ayegun Adron City, Ibadan, Oyo State, Nigeria, on the 12th of May 2024. This grand event, meticulously organized by the Directorate of Estate at Adron Homes, aimed to honor and appreciate the valued residents and homeowners of this prestigious estate.

Under the distinguished chairmanship of Aare Adetola EmmanuelKing, the Chairman/CEO of Adron Homes, the event unfolded with an air of elegance and prestige. Accompanied by many top senior directors including :

Mrs. Ajobo Adenike – Deputy MD, Southern Nigeria;Ms. Shola Orunmuyiwa – Group Director Legal Bureau ;Engr. Stephen Ogunbiyi – Technical Director;Engr Sola Okanlawon – CPC Southern Nigeria;Arch. Bolaji Mustapha – PD Upland World;Mr. Christopher Adeogun-Director Internal Control & Compliance;Engr Kole – Chief Director Power & Energy ;TP Rotimi Dipeolu -Director of Physical Planning and Development ;Ms. Omotola Alonge – Director of Construction & Building Materials,Mr. Michael Oyadele -Director of Public Affairs; Engr Festus Fatunbi-Deputy Project Director Upland World;Mr. Kunle Aliyu -Director of Estate Western World and other esteemed Partners and consultants ,the occasion was a true testament to the community’s significance and vitality.

A highlight of the celebration was the official inauguration of the New Executive Committee of the West Park & Gardens Estate Residents Association (WEPAGERA) by the esteemed Chairman/CEO, Aare Adetola EmmanuelKing himself. With Mr. Idris Adejumo leading as Chairman and a stellar team of executives by his side,which include :

-Elder Abayomi Olatunji – Vice Chairman;

-Mr. Akintunde Akinpelu – General Secretary;

-Mrs. Aderonke Adelakun – Assistant General Secretary;

-Mr. Musbau Yekini – Financial Secretary/Treasurer;

-Mr. Babatunde Adesesan – Assistant Treasurer;

-Mr. Sakiru Opeyemi Aliu – Publicity Secretary;

-Mr. David Akinbi – Assistant Publicity Secretary;

-Dr. Sola Popoola – Ex-Officio/Adviser;

-Dr. Ademola Adebayo – Ex-Officio/Adviser;

-Grandma Esther Adeyemi – Ex-Officio/Adviser;

-Alhaji Ismail Adeyemi – Security Coordinator;

-Mrs. Gbemisola Adelakun – Projects/Maintenance Coordinator;

-Rev’d Olufemi Tokede – Zone 1 Coordinator;

-Mr. Oyewumi Adelakun – Zone 2 Coordinator;

-Mrs. Elizabeth Olade – Zone 3 Coordinator

the committee embodies a vision of unity, progress, and excellence, promising to steer the community towards greater heights.

Residents, professionals, and top senior officials from Adron Homes alike were swept up in the joyous atmosphere of the event. Questions were entertained by the Adron Team, fostering an environment of open dialogue and camaraderie. Residents were encouraged to embrace a culture of inclusivity and neighborly love, transforming West Park And Gardens Estates into a beacon of hospitality and warmth, attracting potential landlords seeking solace in its tranquil surroundings.

The Adron Homes Management Team pledged their unwavering support to the newly inaugurated WEPAGERA committee, vowing to work hand in hand to make West Park & Gardens Estate the epitome of excellence in the entire southwest region. The residents, in turn, expressed their heartfelt appreciation for this initiative, applauding the management of Adron Homes for their commitment to their well-being and happiness.

As the celebration drew to a close, filled with laughter, music, and entertainment, it symbolized not just a moment of revelry, but a reaffirmation of the strong bonds that unite West Park & Gardens Estate. In this enclave of luxury and harmony, residents and management alike come together to create a thriving and prosperous community, setting a shining example for others to follow.

See photos below:

 

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BIG STORY

Interest Rates Would Stay High Until Inflation Is Curbed — CBN Governor Cardoso

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The Central Bank of Nigeria (CBN), Olayemi Cardoso has hinted interest rates would remain high until inflation rate subsides.

Cardoso, on Monday, in a Financial Times report also noted that orthodox policies would be implemented to tame inflation.

In March, Nigeria’s inflation rate rose to 33.20 percent, from 31.70 percent in February.

Consequently, CBN’s monetary policy committee (MPC) raised the interest rate by 200 basis points in March to 24.75 percent.

Cardoso said there is “every indication” that MPC would “do whatever is necessary” to rein inflation.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso said.

“Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

“We want to go back to using an orthodox method, and it will take us to where we want to go.”

Cardoso said the apex bank had been “reoriented” to focus on “price and monetary stability”.

He said the official window of the foreign exchange (FX) market has been stabilised.

According to the governor, investors previously had a “tendency to head for the window” in response to currency fluctuations, however, there has been a “fundamental shift”.

“They’re getting more comfortable with the market,” Cardoso said.

The naira fell to its lowest level of N1,627.40/$ in the official FX window on March 8 but rallied to N1,154.08/$ on April 18, after which the local currency began to lose its gains.

As of May 10, the official FX rate stood at N1,466.31/$.

Also, Cardoso maintained that raising interest rates has been crucial.

He hoped that high interest rates would not linger for too long and act as a disincentive to investment and production.

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate. It’s not a zero-sum game. You lose on one side, you get on the other,” he said.

He said inflation was higher than he had hoped, blaming “distortions” mainly due to high food prices.

Cardoso said it is not directly within CBN’s control.

Food inflation rose to 40.01 percent in March, compared to the 24.45 percent rate recorded in the same month last year.

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BIG STORY

Access Bank (SL) Ltd. Strengthens Leadership Team With Key Board Appointments, Names New Chairman

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Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy.

These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”

Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

About Access Bank PLC 

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

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