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GTBank Releases Q1 2021 Unaudited Results, Reports Profit Before Tax Of N53.7bn

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Guaranty Trust Bank plc has released its unaudited Financial Results for the period ended March 31, 2021, to the Nigerian and London Stock Exchanges.

A review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa. The Group reported Profit before tax of ₦53.7billion, representing a drop of 7.8% over ₦58.2billion recorded in the corresponding period of March 2020. Deposit Liabilities increased by 3.0% from ₦3.611trillion in December 2020 to ₦3.717trillion in March 2021, whilst the Group’s Loan book (Net) dipped by 1.4% from ₦1.663trillion recorded as at December 2020 to ₦1.639trillion in March 2021.

Guaranty Trust Bank’s Balance sheet remained well structured and diversified with Total assets and Shareholders’ Funds closing at ₦4.993trillion and ₦837.2billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 26.1%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.1% (Bank: 5.6%) and 0.11% (Bank: 0.02%) in March 2021 from 6.0% (Bank: 5.9%) and 0.08% (Bank: 0.01%) in March 2020 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment. This is a reflection of the resilience of our franchise, our prudent approach to risk management, and the efficacy of our digital-first customer-centric business strategy.”

He further stated that; “Looking forward, we are optimistic about the long-term value that we will continue to create as an organization. We strongly believe that our new growth strategy, together with the enduring loyalty of our customers, the hard work and dedication of our staff, and the unwavering support we continue to enjoy from our shareholders, will enable us to drive and deliver best-in-class financial solutions for people, businesses and communities across Africa and beyond.”

Guaranty Trust Bank plc continues to post one of the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Return on Equity (ROAE) of 26.0%, Return on Assets (ROAA) of 4.3%, Full Impact Capital Adequacy Ratio (CAR) of 26.1% and Cost to Income ratio of 42.6%.

Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey, and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

BIG STORY

Agric Ministry Declares Three-Day Prayer, Fasting For Food Security

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The federal ministry of agriculture and food security has announced a three-day programme of fasting and prayer aimed at seeking divine intervention for the country’s agricultural sector.

An internal circular dated June 11, seen by TheCable, and signed by Adedayo Modupe, director of human resource management, stated that the spiritual activity is meant to request God’s guidance in Nigeria’s pursuit of food security.

Modupe stated that all staff members are expected to participate in the fasting and prayer sessions.

“This is to invite all staff of the federal ministry of agriculture and food security to a solemn prayer session for God’s guidance and success in supporting the government’s efforts to achieve food security,” the circular reads.

The session is themed “Divine Intervention for Protection and National Development”.

The circular noted that the prayer sessions will be held at Conference Hall ‘B’ of the FMAFS headquarters in Area 11, Garki, Abuja, from 12:00 p.m. to 12:30 p.m. on each scheduled day.

Staff are expected to fast on Monday, June 16, and continue on June 23 and June 30.

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BIG STORY

Wike Defends N39bn Renovation Of Abuja International Conference Centre, Says “We Have Taste”

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Nyesom Wike, the minister of the Federal Capital Territory, has responded to criticisms regarding the N39 billion renovation of the Abuja International Conference Centre, saying those who are opposed to the project “do not have good taste”.

He made these remarks on Friday during the commissioning of the newly built left-hand service carriageway in Abuja.

Back in March, Wike disclosed that the FCT administration allocated N39 billion for the renovation of the centre, which has now been renamed in honour of President Bola Tinubu following its commissioning on Tuesday.

The renovation has sparked public backlash over the amount spent on the project.

As reported by Channels Television, Wike stated, “The only thing in that International Conference Centre that was not changed is just the block work.”

He continued, “Everything in that Bola Ahmed Tinubu International Conference Centre was changed.”

Wike emphasized that Nigeria must reflect its status as the Giant of Africa in both substance and appearance. He said, “Nigeria, as the Giant of Africa, must not only show that it is the giant of Africa; people must see what makes you to be the giant of Africa. Nobody who loves this country would criticise the International Conference Centre.”

He addressed the argument about the naming of the centre, noting, “They said we did not name the International Conference Centre after someone who built it. Nnamdi Azikwe International Airport was not built by Nnamdi Azikwe. Moshood Abiola International Stadium was not built by Moshood Abiola.”

Wike also countered claims that the centre, originally constructed for N240 million in 1991, should not have required N39 billion for refurbishment in 2025.

He responded, “What was the exchange rate in 1991? Compare the exchange rate to what we have in 2025.”

He stressed his commitment to quality, stating, “We have taste; we want the best for the country, and the president has given the best for the country.”

Wike concluded by defending his loyalty to the president, saying, “If you did not do well to defend your boss when you had the opportunity, it is your business. I am here, and I will defend my boss.”

“I have done it, and I have no regret at all.”

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BIG STORY

EFCC Arraigns Sun Trust Bank MD, ED Halima Buba Over Alleged ‘$12m Fraud’

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The Economic and Financial Crimes Commission has charged Halima Buba, the managing director and chief executive officer of SunTrust Bank Ltd, with allegations of money laundering.

Buba appeared before Justice Emeka Nwite of the federal high court in Abuja on Friday, alongside Innocent Mbagwu, the bank’s executive director and chief compliance officer.

They are facing a six-count charge from the EFCC, which accuses them of laundering up to $12 million.

According to the commission, Buba and Mbagwu were involved in the unlawful handling of large sums of cash on several occasions, bypassing financial institutions in violation of Nigeria’s money laundering regulations.

One of the charges alleges that on March 10, 2025, in Abuja, the two assisted Femi Gbamgboye in paying $3 million in cash to Suleiman Muhammed Chiroma and his associates.

The funds were allegedly handed over without using a financial institution, breaching the Money Laundering (Prevention and Prohibition) Act, 2022.

Another charge claims they arranged another $3 million in cash to be delivered on March 13, 2025, in Lagos to Mukhtar Miko, who is said to be an associate of Chiroma, also without routing it through a bank.

Buba and Mbagwu denied all allegations when arraigned.

After their plea, lead EFCC counsel Rotimi Oyedepo informed the court that the commission was ready to proceed with trial and requested an expedited process.

Defence lawyer J.J. Usman asked the court to grant bail based on an application submitted on May 27.

Oyedepo challenged the request, stating that the defendants were not in custody when they filed the application and should not be permitted to seek bail while outside detention.

He urged the court to dismiss the existing application and require new bail submissions.

After considering arguments from both sides, Justice Nwite approved bail for each defendant in the sum of N100 million, with one surety each of the same amount.

The sureties must have landed property in Abuja, submit the property documents to the court, and provide their passports along with two recent passport photos.

The judge ruled that the accused be held in a correctional facility until they fulfill their bail conditions and scheduled the trial to continue on July 17 and 18.

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