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GTCO Plc Releases Q3 2023 Unaudited Results, Reports Profit Before Tax Of ₦433.2billion

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated
and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange
Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦433.2billion, representing an increase of 155.2% over
₦169.7billion recorded in the corresponding period ended September 2022. The Group’s loan book (net)
grew by 17.7% from ₦1.89trillion recorded as at December 2022 to ₦2.22trillion in September 2023, while
deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September
2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’
funds closing at ₦8.6trillion and ₦1.3trillion, respectively. Full Impact Capital Adequacy Ratio (CAR)
remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans
improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at
4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as
macros worsened y-o-y, weighing negatively on the ECL variables.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc,
Mr. Segun Agbaje, said; Our 3rd Quarter performance underpins our strategic positioning as a leading
Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges
in our operating environment. Going into the final quarter of the year, we will continue to leverage the
strengths within our growing financial services ecosystem to improve our products and service offerings,
enhance customer experience, and maximise shareholder value.”

He further said; “We are proud of our work towards Promoting Enterprise across the African continent
over the years and remain committed to helping indigenous small businesses thrive through our
consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos,
Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-
business platform to showcase their diverse talents and creativity to a global audience.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in
terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4%, Pre-Tax Return on Assets
(ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa,
and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund
Administration. Its leadership in the banking industry and efforts at empowering people and communities
has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as
Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking
Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust
Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The
Banker.

BIG STORY

President Tinubu Returns From Trips To The Netherlands, Saudi Arabia

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia.

On April 22, Tinubu departed Abuja for the Kingdom of The Netherlands on an official visit.

According to presidential spokesperson Ajuri Ngelale, Prime Minister Mark Rutte invited the president to visit The Netherlands.

Following his commitments in the Netherlands, Tinubu travelled to Riyadh, Saudi Arabia, on April 28 and 29, where he attended a special gathering of the World Economic Forum (WEF).

Bayo Onanuga, special adviser on information and strategy to the president, had said the president and his aides will return to Nigeria on Wednesday.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

On Wednesday, Onanuga confirmed the president’s return by tweeting: “Welcome home Mr. President.”

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How I Killed My Sugar Mummy Over N100,000 — Murder Suspect, Akpoveta School

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The suspect arrested in connection with the murder of a lady, Glory Akpaku, in Delta State, Akpoveta School, has narrated how he allegedly killed the victim by stabbing her multiple times.

According to an interrogation video shared on X (formerly known as Twitter) by the Delta State Police Public Relations Officer, Bright Edafe, on Monday, the suspect disclosed that the victim was his sugar mummy before her demise.

It was gathered from the video that things went south between Akpoveta and the late Akpaku over the sum of N100,000 he allegedly kept with the deceased for safekeeping, but which the deceased allegedly refused to give him when he needed the money.

The suspect claimed that he had gone to Akpaku to demand the money but, instead of receiving it, she insisted that she would give it to him after returning from the market.

The suspect narrated further that he threatened the victim to report their relationship to her son, but the victim threatened back that if he did so, she would not give him the money in her custody.

He added that the threat from his alleged lover infuriated him, which led him to stab her with a knife in the neck, hand, and stomach.

Akpoveta narrated in pidgin English (now translated), “She asked me to save some money with her and that she would return the money to me later. But when I needed the money, she refused to give it to me. Rather, she became angry.

“She asked me to escort her to the market, and I thought she would give me the money, but she insisted that she would give it to me after she returned from the market.

“I told her that I would tell her child, and she said if I told the child, she would not return my money. While she was going in front, I took a knife that I had with me and stabbed her in the neck, hand, and stomach.”

The suspect stated further that he regretted his action but blamed the devil for it.

Reacting to the confession, Edafe urged members of the public to learn from it.

The PPRO wrote, “I share stories like this so we can learn from the mistakes of others. So this suspect allegedly murdered his sugar mummy over her failure to give him back the money she was helping him save. When asked why he did it, he said, ‘NA DEVIL WORK’.”

Meanwhile, giving further updates on the incident, the PPRO noted that the incident happened in April and the suspect would be charged in court upon the conclusion of the ongoing investigation.

“The incident happened in April. He will be charged in court as soon as the investigation is concluded,” Edafe concluded.

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Kaduna Assembly Probes ‘Multi-Million Dollar Loans’, Projects Under Former Governor el-Rufai

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The committee set up to probe the finances of Kaduna under the administration of Nasir el-Rufai, the immediate former governor of the state, has commenced an investigation.

The committee, which is made up of 13 members, was set up by the Kaduna assembly in April.

The panel is tasked with looking at loans, grants, and project implementation from 2015 to 2023, the period when el-Rufai was governor of the state.

Suraj Bamalli, the media aide to Yusuf Liman, speaker of the Kaduna assembly, announced the development in a statement on Tuesday.

“The adhoc committee set up to conduct a comprehensive fact-finding into financial dealings, the status of executed contracts, loans, grants, and project implementation from 2015-2023 has commenced its clarification session,” the statement reads.

“The committee has engaged in detailed discussions with several key present and past government officials, including former Commissioner of Agriculture and Commerce, Honorable Manzo Maigari; Former KADPPA Boss and Commissioner of Budget and Planning, Honorable Thomas Gyang, Commissioner and Administrator of Zaria Metropolitan Authority, Hajia Balaraba Aliyu, amongst others.

“The Kaduna State House of Assembly appreciates the cooperation and contributions of all individuals involved in this process and assures the public of their dedication to upholding the highest standards of governance during this process.”

On March 30, Uba Sani, governor of Kaduna, said his administration inherited a debt of $587 million, N85 billion, and 115 contractual liabilities from el-Rufai’s administration.

The Kaduna governor said the huge debt burden is eating deep into the state’s share of the monthly federation allocation.

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