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GTBank Shareholders Approve Planned Holdco Structure

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The shareholders of GTBank Plc have approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure.

At the Court ordered meeting held on Friday, the investors gave their approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc. This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.

Expressing his members excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, explained that the shareholders are excited because the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.

According to him, the bank has performed well under the leadership of the Chairperson and the Managing Director and thus projected that the HoldCo would perform better if the duo is still in charge of the new brand.

He said, “We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares.”

Also commending the bank’s leadership and ingenuity, The President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, noted that, “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology-based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure”.

“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable”, he added.

Also speaking at the Court-Ordered Meeting, on Friday, Managing Director/CEO, GTBank Plc, Mr. Segun Agbaje, explained that in line with Central Bank of Nigeria (CBN)’s regulations, which require the separation of commercial banking business from other financial services businesses, the bank is adopting a HoldCo structure.

He said, “I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.

“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GTHoldings.”

While explaining the benefits of the HoldCo structure, Agbaje explained that the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.

BIG STORY

Kano Government Declares Two-Week Sallah Break For Schools

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The Kano State Government has declared a mid-term holiday for all primary and secondary schools within the state in celebration of the upcoming Eid-el-Kabir festivities.

As per a formal statement from the state’s Ministry of Education, the holiday will begin on Wednesday, June 4, 2025, with schools expected to resume academic sessions on Sunday, June 15, 2025.

This directive covers both day and boarding institutions. The ministry also advised parents and guardians of boarding students to pick up their children early on June 4.

The ministry clarified that this decision aligns with the existing 2024/2025 academic calendar, which remains unchanged despite the holiday, emphasizing that both academic and holiday plans will be followed as scheduled.

In the announcement, the Commissioner of Education, Ali Makoda, encouraged parents to ensure that students return to school promptly after the break.

“We also urge parents and guardians to ensure their children comply with the official resumption date for a smooth continuation of the academic term,” Makoda stated.

He also offered good wishes to the students and school staff, saying, “We wish our students and pupils a peaceful and successful Sallah break.”

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BIG STORY

The Man Who Carried A City: Lanre Alfred Celebrates Sanwo-Olu At 60 With Landmark Book

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Renowned author and biographer, Dr. Lanre Alfred, has unveiled a significant new title, “The Man Who Carried a City”, an in-depth literary biography of Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu. The launch of the book serves as a heartfelt celebration of the governor’s upcoming 60th birthday on June 25, 2025.

Recognized for his elegant prose and detailed chronicling of modern Nigerian leadership, Alfred, popularly known as the “Doctor of Letters”, presents another impactful narrative of resilience shaped by vision. This latest release is his eighth publication, adding to his impressive catalogue which includes The Titans…The Amazing Exploits of Nigeria’s Greatest Achievers, Pacemaker – Triumphs of Igho Sanomi at 40, and Dapo Abiodun: The State House As His Pulpit.

Nigeria At 60’, Highlife – Amazing Lifestyles of Nigeria’s Rich and Famous, The Lion of Afia Nsit -Triumphs of Scott Tommey at 45; and Julius Rone…The Jewel of the Delta. Nigeria @ 65 etc.

In “The Man Who Carried a City,” Alfred offers a detailed portrayal of Sanwo-Olu’s career in public service, tracking his journey from early influences to his current role as the leader of Nigeria’s most dynamic state. The coffee table book, published by Old English Partners, features fourteen chapters spread across more than 250 glossy, full-color pages, brought to life with striking photography and Alfred’s signature poetic writing style.

The opening chapter, “The Clockmaker’s Spawn,” explores Sanwo-Olu’s background and the early forces that shaped him, creatively linking the discipline of timekeeping to his methodical and structured approach to leadership. Another notable section, “Lagos in His Lungs,” delves into Sanwo-Olu’s deep connection with the city, illustrating how his personal and professional life is intricately aligned with the rhythm of Lagos.

In “The Politics of Listening,” Alfred portrays Sanwo-Olu not just as a leader issuing orders, but as a servant of the people, in tune with public needs and translating those into governance. Other insightful chapters include “His Tailored Creed”, which connects his fashion choices to his administrative philosophy; “2020… The Year Lagos Trembled”, which examines his leadership during the pandemic and #EndSARS protests; and “Legacy as a Living Covenant,” a reflection on the future of Lagos under his watch.

The foreword, written by Olawale Olaleye, Deputy Editor at ThisDay newspaper, affirms the depth of Alfred’s work. In a piece titled “His Burden of Grace”, Olaleye praises the biography as “probing and profound,” noting that “Dr. Alfred’s book has not only done justice to the leadership of Sanwo-Olu as he steps into the sixth floor on June 25th, 2025, it has also done so without taking anything away from the truth of the accounts of his stewardship thus far.”

Olaleye further reflects, “From one crisis to another, Governor Sanwo-Olu has experienced such hard-to-believe baptism of fire in the last seven years… Yet, he has taken his travails of leadership with equanimity and rare grace, a quality that sets him apart and establishes a different standard for whomever eventually succeeds him.”

Dr. Lanre Alfred explained that writing “The Man Who Carried a City” was more than a literary project; it was a personal homage to a leader whose approach stands in contrast to the usual noise of politics, offering steady and sincere service to the people. According to Alfred, “Governor Babajide Sanwo-Olu is not simply a public servant. He is a civic artisan, meticulous, selfless, and deeply humane. He governs with empathy, listening more than he speaks, and building more than he boasts.”

He added, “In today’s world where leadership is often reduced to spectacle, Sanwo-Olu exemplifies a different path — one of humility and substance. He has mastered the rare skill of being genuinely present for the people without seeking attention. This book aims to preserve that unique ethos of governance.”

Alfred pointed out Nigeria’s failure to preserve the legacies of genuine public servants, calling it a serious shortcoming in national consciousness. He said, “One of the great failings of our nation is our inability to document the journeys of those who have truly served. Nigeria is poor not for lack of heroes, but for lack of memory. We do not archive greatness when it blooms among us; we let it wither in silence. I wrote this book because Sanwo-Olu’s story—his sacrifices, his vision, his silent triumphs—must not be left to the mercy of rumour or forgetfulness.”

For Alfred, the legacy of the governor is more than physical infrastructure — it lies in the calm strength of a man who carried Lagos through intense trials, including the darkest periods of 2020, while also pushing for the city’s renewal. “It would be unjust to history,” he said, “to let such a profound burden of grace pass undocumented.”

To him, the book is not just a birthday memento; it represents a meaningful civic effort. He sees “The Man Who Carried a City” as a guiding document for both young people and current leaders in a time that desperately needs authentic role models.

The biography highlights Sanwo-Olu’s accomplishments in areas such as infrastructure, social welfare, crisis response, and cultural revival, while also painting a vivid picture of the man behind the political role. In the chapter “Ibijoke”, Alfred takes a closer look at the First Lady, emphasizing the strength and partnership between the couple as a foundational part of Sanwo-Olu’s life, portraying love as both support and legacy.

The book concludes with the section “Sixty Portraits in a Single Soul”, summarizing Sanwo-Olu’s six-decade-long journey of service and dedication into a visual and narrative tribute that echoes not only his personal story but the spirit of Lagos itself.

Looking ahead, “The Man Who Carried a City” serves as both a reflection of past leadership challenges and a guide for future city-bearers who aspire to lead with purpose and resilience.

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BIG STORY

FG Declares 6th, 9th June, 2025 Public Holiday To Mark Eid-Ul-Adha Celebration

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The Federal Government has announced Friday, 6th, and Monday, 9th June, 2025 as public holidays in observance of this year’s Eid-ul-Adha celebration.

Dr. Olubunmi Tunji-Ojo, the Minister of Interior, who made the announcement on behalf of the Federal Government, extended his congratulations to all Muslim Ummah within the country and abroad on the occasion.

He encouraged the Muslim Ummah to uphold the values of sacrifice and faith as demonstrated by Prophet Ibrahim (Peace be upon Him), and to take the time to offer prayers for a peaceful and prosperous Nigeria.

The Minister gave assurance to Nigerians that the people-focused reforms and policies being implemented as part of President Bola Tinubu’s Renewed Hope Agenda are intended to put the country back on a path of development.

In his message wishing the Muslim Ummah a joyful Eid-ul-Adha celebration, the Minister appealed to all Nigerians to support the current administration’s drive to return Nigeria to its esteemed position as a great nation.

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