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BIG STORY

GTCO PLC Launches Public Offer To Raise N400.5Billion

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Guaranty Trust Holding Company plc (“GTCO PLC” or the “Issuer”) (NGX: GTCO) today announced the opening of its Offer for Subscription of 9,000,000,000 Ordinary Shares of 50 kobo each at N44.50 per Ordinary Share (the “Offer”) following the clearance of the Offer Prospectus and registration of the Offer Shares by the Securities and Exchange Commission, Nigeria (SEC Nigeria). Net proceeds of the Offer will be applied toward the recapitalisation of GTCO PLC’s principal banking subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria) as well as support Group-wide growth and expansion initiatives.

Application List for the Offer opens on Monday, July 15, 2024, and closes on Monday, August 12, 2024.

The Prospectus incorporating the Application Form is available in physical format at all GTBank Nigeria branches nationwide and in electronic format from www.gtcoplc.com. The Prospectus and Application Forms can also be obtained in physical and electronic formats at the offices and websites of the Issuing Houses to the Offer.

Issuing Houses:

  • Stanbic IBTC Capital Limited (Lead Issuing House).
  • ABSA Capital Markets Nigeria Limited.
  • FCMB Capital Markets Limited.
  • Vetiva Advisory Services Limited.

Websites:

  • stanbicibtccapital.com
  • cib.absa.africa
  • fcmbcapitalmarketsng.com
  • Vetiva.com

The Prospectus and Application Forms are also available from the Stockbrokers to the Offer and other Receiving Agents nationwide.

Commenting on the launch of the Public Offer, the Group Chief Executive Officer of Guaranty Trust Holding Company plc, Segun Agbaje, said: “This equity capital raise is timely and marks a significant milestone in our strategic plan to pivot the organisation for transformational growth across the Banking businesses in and outside Nigeria, and the non-banking businesses; differentiating it as a leading Financial Services Group in Africa. Over the last three years, we have diversified the earnings of the Group beyond pure banking play, through the creation of a Payments subsidiary and selective acquisitions in the Funds Management and Pension Fund Administration sectors; delivering exceptional value to our stakeholders whilst also enriching the lives of people in every community where we operate”.

GTCO is the most capitalised Banking stock on the Nigerian Stock Exchange and has consistently outperformed its peers in terms of key profitability indicators and other financial metrics. Widely regarded as a first-rate financial institution, GTCO’s leadership in the Nigerian financial services industry and continuing efforts at empowering people and communities across Africa has earned it many prestigious awards over the years.

Before subscribing, please read the Offer Prospectus and where in doubt, consult your stockbroker, fund/portfolio managers, accountant, banker, solicitor, tax consultant or an independent adviser registered by the SEC for guidance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About GTCO PLC

Guaranty Trust Holding Company Plc is the ultimate holding company of the GTCOPLC Group.

The GTCOPLC Group is one of the largest financial services institutions in Africa. Headquartered in Lagos, Nigeria, Guaranty Trust Holding Company Plc maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration and payment technology businesses.

More information on the Offer can be found at www.gtcoplc.com.

 

For enquiries, please contact:

Investor Relations:

+234 2012714580

[email protected]

BIG STORY

Lagos State Government To Concession Red And Blue Line Rails For Sustainability, Loan Repayment

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The Lagos State Government has announced plans to concession the operations of the Red and Blue Line rail systems to the private sector in order to ensure their sustainability and repay loans taken for the rail projects.

This announcement was made by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, during a recent TVC News interview, where he discussed the measures being implemented to ensure the continued viability of the state’s rail systems.

Osiyemi explained that the concessioning process would involve transferring the operations of the rail systems to private sector players for a defined period. This approach is intended to ensure the continued operation and effective management of the rail projects.

“The ultimate game is for all our rail systems we’ve done—that is, the Red Line and Blue Line—there is going to be some concessionairing with the private sector for a period of time to ensure sustainability and continuity,” he stated.

He added, “The concessioning would help pay back the loans taken for the rail projects.”

The commissioner emphasized that the concessioning strategy aims to ensure efficient operations and long-term financial sustainability, in line with the state’s vision for a world-class transportation network.

  • More Insight

Osiyemi further highlighted the substantial financial and technical challenges involved in operating rail systems, describing them as capital-intensive projects that require significant resources and specialized expertise.

To tackle these challenges and build local capacity, he noted that the Lagos State Government has enlisted foreign partners to temporarily manage the operations of the trains.

These partners are expected to not only ensure smooth operations during their tenure but also transfer critical skills to Nigerian personnel. The plan includes a structured training program lasting one to two years, after which the management of the rail systems will be fully handed over to local operators.

“What we have done is we have consulted foreign partners who, of course, would run these trains for a particular period of time and train our people—that is, transfer of skills.”

“They will train our people for one to two years, then hand over for our own management,” Osiyemi explained.

  • Things You Should Know

The Lagos State Government, under its Lagos Strategic Transport Master Plan, has set out an ambitious vision to develop a network of rail systems across the state.

Currently, only the first phases of the Red Line and Blue Line rail systems have been completed, with passenger services already in operation.

The Blue Line is a 27km electric rail line designed for sustainable operations. Its first phase, covering 13km from Lagos Marina to Mile 2, was completed in 2023 and began commercial operations in September, carrying over 2 million passengers to date.

The Red Line, spanning 37km from Agbado in Ogun State to Oyingbo in Lagos, operates on diesel. Its first phase, a 27km stretch, includes eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

The construction of the second phases of both the Red Line and Blue Line rail systems is being managed by the China Civil Engineering Construction Corporation (CCECC), which also oversees the operation of the trains.

Beyond the Red and Blue Lines, the state has plans for additional rail systems, including the 68km Green Line (Lekki Free Trade Zone to Marina), the 85.7km Purple Line (Redemption Camp to Ojo), the 48km Orange Line (Ikeja CBD to Agbowa), and the Yellow Line, all aimed at enhancing the state’s transportation network.

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BIG STORY

Lagos Commissioner Tokunbo Wahab Condoles With Families Of Epe Accident Victims

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Condolence Message from the Honourable Commissioner for Environment and Water Resources, Lagos State, Mr. Tokunbo Wahab.

I am deeply saddened by the tragic incident that occurred in our community, Epe, claiming the lives of two promising young adults, a dedicated tricycle driver, and leaving several other people injured. This heartbreaking accident has left our hearts heavy, as we mourn the loss of these young souls who were full of hope and dreams, and an industrious individual who worked tirelessly for his livelihood.

As a member of this community, I extend my heartfelt condolences to the families and friends affected by this terrible loss. I can only imagine the pain you must feel, and I want you to know that you are not alone in this moment of grief.

Let us honor the memories of these individuals by advocating for safety and awareness on our roads. As we move forward, may we find comfort in community and strength in one another. May their souls rest in peace, and may their families find solace and healing in the days to come.

Our thoughts and prayers are with you all.

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BIG STORY

JUST IN: Monday Okpebholo Sworn In As Edo State Governor

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Monday Okpebholo, a serving senator, has been sworn in as the governor of Edo State.

Okpebholo took his oath of office at about 1pm on Tuesday during the inauguration ceremony in Benin, the state capital.

As the candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP), who came second with 247,274 votes.

Olumide Akpata, the candidate of the Labour Party (LP), came third with 22,763 votes.

Dennis Idahosa was also sworn in as the deputy governor of Edo.

Dignitaries, including Vice-President Kashim Shettima, Abdulrahman Abdulrazaq, chair of the governors’ forum; Philip Shaibu, reinstated deputy governor of Edo; and other governors from the party, were present as Okpebholo took the oath of office.

The new governor later rode in an open-top van around the stadium, acknowledging cheers from supporters.

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