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GTCO Plc Releases 2021 Full Year Audited Results, Reports Profit Before Tax Of N221.5bn

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Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2021, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing FY 2021 at ₦5.44trillion and ₦883.2billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong closing at 23.8% while asset quality was sustained with an NPL ratio of 6.0% based on IFRS (6.92% based on CBN Prudential Guidelines) representing a marginal improvement over IFRS 6.4% impaired ratio and a slight increase over FY 2020 6.86% CBN Prudential Guideline NPL ratio. Also, the Cost of Risk improved to 0.5% from 1.2% during the same period.

The Group posted a Profit Before Tax of ₦221.5billion, representing a dip of 7.0% from ₦238.1billion recorded in December 2020. In the same period, the Group’s loan book (net) increased by 8.4% from ₦1.66trillion while deposit liabilities grew by 14.4% from ₦3.61trillion to ₦4.13trillion.

Speaking on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company, Mr. Segun Agbaje, said: “Our performance reflects the strength of our franchise and underscores our ability to deliver long-term value for our Stakeholders despite the challenges in the business environment and shifting economic conditions. As a Group, we have continued to explore newer ways to connect with our customers and better our communities by offering greater and more rewarding experiences.”

He further added, “2021 presented a crucial opportunity as we took strategic steps to reorganize our business and advance our position as a leading financial services company. With the recent addition of Pension Fund and Wealth Management businesses to the Group, we are well on our way to rapidly scaling our operations and strengthening our foothold in these key industry segments. Our goal is to consolidate our place at the top of Africa’s financial services value chain by leveraging technology to provide end-to-end financial solutions to more people and businesses across Africa.”

In terms of significant performance metrics, the Group maintained a decent showing with post-tax Return on Equity (ROAE) of 20.6%, post-tax Return on Assets (ROAA) of 3.4%, Full Impact Capital Adequacy Ratio (CAR) of 23.8%, and Cost to Income Ratio (CIR) of 42.3%.

GTCO Plc is a fully-fledged financial services group with banking operations across West and East Africa and the United Kingdom as well as non-banking businesses in several key industry segments including Payment, Funds Management and Pension Fund Management. With over 25 million customers and more than 10,000 employees, the Group remains one of the most profitable and best managed financial services companies out of Nigeria. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years including Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

BIG STORY

Police Arrest 26-Year-Old Housewife For Faking Own Kidnap, Collects N2.5m Ransom From Husband In Lagos

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The Lagos State Police Command has arrested a 26-year-old housewife and her 30-year-old accomplice for allegedly staging her own kidnapping and extorting N2.5 million from her husband.

The command’s spokesperson, Abimbola Adebisi, confirmed the arrest in a statement issued on Saturday in Lagos.

Adebisi said the command received a distress call on November 24 from the husband of the suspect through one of its emergency lines, reporting that his wife had been kidnapped by armed men.

She said the caller disclosed that the alleged kidnappers initially demanded a ransom of N10 million, which was later reduced to N3 million, adding that after he paid N2.5 million, the woman was still not released.

“Upon receipt of the complaint, the Command Special Squad immediately deployed human and technical assets to track the alleged kidnappers.

“The supposed victim was eventually released and reunited with her family,” Adebisi said.

Adebisi said that during police debriefing, the woman claimed she was abducted by six armed men in a silver Toyota Venza, taken to their hideout and dispossessed of her iPhone 12 Pro Max.

“She further claimed that the ransom paid by her husband was first credited into her bank account before being handed over to the kidnappers,” she said.

Adebisi, however, said police investigations revealed several inconsistencies in her narrative.

She said that on December 3, operatives apprehended the accomplice in the Ede area of Osun State, adding that a SIM card used to register the WhatsApp account through which ransom negotiations were conducted was recovered from him.

“During interrogation, the accomplice confessed that the suspect requested the use of his SIM card to create the WhatsApp account used for the ransom negotiations.

“He admitted providing the one-time password (OTP) sent to his line, which enabled her to operate the account,” Adebisi said.

According to her, following the confession, the suspect was confronted and admitted to faking her own kidnapping to extort money from her husband, who resides in South Africa.

She added that further investigation led to the recovery of the iPhone 12 Pro Max, which the suspect had earlier claimed was with the kidnappers.

“The phone was recovered from a 34-year-old man, who told investigators that he bought it from the suspect for N380,000 after being warned not to insert any SIM card into it,” she said.

Adebisi said investigations were ongoing and that the suspect and her accomplice would be charged to court upon the conclusion of the investigation.

She added that the Commissioner of Police in Lagos State, Olohundare Jimoh, reiterated the command’s commitment to protecting lives and property, while warning the public against false reporting, criminal deception, and acts capable of diverting critical security resources.

The spokesperson urged residents to remain law-abiding and to promptly report suspicious activities through the command’s emergency numbers: 07061019374, 08065154338, 08063299264, and 08039344870.

(NAN)

 

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BIG STORY

President Tinubu’s Bold Economic Policies Are Yielding Tangible Results — Obasa

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Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa has declared “progress that cannot be stopped, peace that cannot be shaken, and prosperity that cannot be denied for our Assembly, our state, and our beloved nation.”

In the same breath, he praised President Bola Ahmed Tinubu, GCFR, for implementing bold economic reforms, which he says are already transforming Nigeria’s economy and restoring confidence in the nation’s future.

Speaking at the 23rd Thanksgiving and End-of-Year Service organized by the Assembly’s Christian Forum, on Friday, December 19, with the theme, ‘I Declare (Isaiah 46:10)’, Obasa said, “Our theme is more than a phrase – it is a trumpet call of faith and vision. Isaiah 46:10 reminds us that God declares the end from the beginning…We declare protection, guidance, and greater wisdom for President Bola Ahmed Tinubu, GCFR, under whose leadership bold economic policies are already yielding results.”

Obasa noted that under President Tinubu’s leadership, Nigeria has begun to rise “like the morning sun after a long night,” with clear signs of economic recovery and growth. Inflation, he said, has eased significantly, GDP growth has accelerated to its fastest pace in four years, and non-oil revenue has reached historic levels, strengthening the country’s fiscal foundation.

“Trade surpluses have been sustained for five consecutive quarters, signalling that the economy is not just recovering but thriving. These are not just numbers – they are proof that bold reforms work,” Obasa said.

However, he cautioned, “Let us not forget that the work is not finished. Families still feel the weight of yesterday’s struggles. That is why we must press forward, hand in hand, heart to heart. The APC is committed to ensuring that every home tastes the sweetness of progress, that every child sees the light of opportunity, and that every citizen walks in the dignity of prosperity.

“As elections draw near, this is our moment to stand united, not out of routine, but out of purpose. Let us rally behind the APC with passion and conviction, for together we can keep the wheels of progress turning.”

In his homily, the guest minister, Apostle Dele Johnson, Senior Pastor of the Jesus Liberation Ministry, harped on the need to always declare positively into one’s life, adding that understanding the power in the words declared in Genesis 1 vs. 3, 11, 14, and 20 is key to a better life.

Apostle Johnson averred, “You are a product of the word you speak into your life. God has given us the power of words. Whatever you say, the universe will say Amen to it. As we go into the New Year, be conscious of the words you speak to your children and to yourself. The power of life and death is in the tongue.”

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Court Okays Ex-AGF Abubakar Malami’s Further Detention By EFCC

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A Federal Capital Territory High Court in Abuja has upheld the continued detention of a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), by the Economic and Financial Crimes Commission.

Justice Babangida Hassan, on Thursday, dismissed a bail summons filed by Malami challenging his detention by the anti-graft agency.

A statement issued by the EFCC spokesperson, Dele Oyewale, said the ruling was delivered on Thursday, December 18, 2025.

According to the statement, Malami, through his counsel, Suliaman Hassan (SAN), had approached the court seeking bail from EFCC custody, contending that his detention in the course of an ongoing investigation was illegal.

However, counsel to the EFCC, J. S. Okutepa (SAN), argued that the former minister was being held pursuant to a valid remand order issued by the FCT High Court and granted by Justice S. C. Oriji.

Oyewale said Justice Hassan, while quoting Section 35 of the 1999 Constitution (as amended), held that the Administration of Criminal Justice Act provides for lawful detention under a court-issued remand order, adding that Malami’s detention was therefore legal.

“Asking this court to grant this application is tantamount to inviting the court to sit as an appellate court over an application made by a court of coordinate jurisdiction, which this court has no power to do,” the judge was quoted as saying.

Malami has been in detention since December 8 after failing to meet the bail conditions set by the EFCC.

It was earlier reported that the former minister is being investigated for 18 alleged offences, including abuse of office and terrorism financing.

The EFCC confirmed searching his houses and offices in Abuja and Kebbi State. However, Malami has accused the anti-graft agency of bias in the handling of his case.

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