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BIG STORY

GTCO Shareholders Endorse N91.24bn Total Dividend Payout For 2022

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Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022.

This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

Shareholders commended the board for the financial performance achieved during the
period under review despite the operating environment. Speaking on behalf of shareholders, the immediate past President of Nigeria Shareholders Solidarity Association, Cheif Timothy Adesiyan commended the management of GTCO for the impressive 2022 financial performance achieved and the consistent dividend policy of the Group.

He also noted that the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others as seen in the Award obtained by the Group in the year.

Speaking to shareholders, the Chairman of GTCO, Mr Hezekiah Oyinlola said as I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution. As we look across our burgeoning GTCO Universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication toward expanding our influence and strengthening our position as a leading provider of financial services in Africa.

He said in 2022, our ambition was crystal clear, and we set out to achieve it with
unwavering focus. We completed the setup of our holding company and acquired full
ownership of Investment One Pension Managers and Investment One Fund Managers, now named Guaranty Trust Pension Managers and Guaranty Trust Fund Managers, respectively.

Our payment subsidiary, HabariPay Limited, also launched in 2022 and almost immediately introduced its flagship product Squad to the market with outstanding reviews. The highlight for me is that these newly created businesses – in payments, fund managers, and pensions ran successfully and were profit-before-tax positive by the end of the year.

On the outlook, Oyinlola stated that the momentum we have built up in recent years means that we are now in a position to leverage every opportunity to grow and sustain our superior financial performance. Our diversified business model and agile systems will enable us to adapt quickly to changing market conditions and turn economic tides in our favor. Our customer-centricity and focus on innovation and long-term value-creation, and will continue to be key drivers of our success in the years ahead.

The Group Chief Executive Officer, GTCO, Mr Segun Agbaje, said in spite of the varying
challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion representing a dip of 3.0 percent from N221.5 billion posted in full year, 2022. PBT contribution from West Africa decreased from 21.0 percent in December  2021 to 12.3 percent in December 2022 due to the significant impairment sum of N35.6 billion recognized on the Ghanaian sovereign
securities.

He also noted that during the same period, the size of the Nigerian Banking Subsidiary
increased to 84.3 percent from 79.5 percent, while East Africa’s contribution to the Group grew marginally to 3.4 percent from 3.0 percent. The Group also benefited from a 0.9 percent contribution from the Non-Banking Subsidiaries which compensated for the negative 0.8 percent contribution from the United Kingdom in FY-2022.
"Gross earnings increased by 20.4 per cent to N539.2 billion in full year, 2022 from
N447.8 billion in 2021.

Agbaje explained, 2022 was a year that tested our resilience and our determination. As we face the future, we do so with the confidence that we will maximize all opportunities and deal with challenges as they come. I strongly believe that the new holding structure of our organization will prove to be a propeller in our journey toward sustained growth and success.

According to GTCO CEO, what we have as Guaranty Trust Holding Company is not a conglomerate but a structure of complementary businesses that helps us remain agile,
innovative, and adaptable to changing market dynamics, whilst ensuring that we continue to deliver superior returns to our shareholders. We will also continue to dominate the financial services sector, not just because we will continue to pursue technological advancements and digital capabilities that keep us ahead of the curve, but because we will always stay true to the values of hard work, transparency, integrity and putting our customers at the heart of everything that we do.

Since commencing operations in February 1991, Guaranty Trust has maintained an
the unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Nigeria thanks to its strong service culture, efficient management,
world-class corporate governance standards and bias for innovation.

In April 2021, the reorganization of Guaranty Trust Bank Plc to a financial holding company, Guaranty Trust Group Holding Company was completed as part of the company’s strategy to position for future growth and deliver benefits beyond banking to the people, communities, and businesses who depend on the value we create to thrive.

BIG STORY

President Tinubu Commends NNPCL Over Reopening Of Warri Refinery

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President Bola Tinubu has expressed his profound joy at the re-opening of the Warri Refining and Petrochemical Company by the Nigerian National Petroleum Company Limited, describing it as another remarkable achievement in 2024 that has strengthened Nigerians’ hope in his administration.

Today, the Warri Refinery resumed operations weeks after NNPC Limited restarted the 60,000 Barrels per day at the Port Harcourt Refinery in November.

With Warri Refining and Petrochemical Company (WRPC) now operational after several years of inactivity, President Tinubu has reiterated his administration’s commitment to boosting local refining capacity and making Nigeria a hub for downstream industrial activities in Africa.

The All Progressives Congress-led administration of President Muhammadu Buhari awarded the contract for the complete rehabilitation and overhaul of the four state-owned refineries.

President Tinubu confidently stated that with the 125,000 (bpd) Warri Refinery now operating at 60% capacity, his administration’s comprehensive plan to ensure energy efficiency and security is fully on track.

He commended the Mele Kyari-led management of NNPCL for their efforts in restoring Nigeria’s status as a major oil-producing country.

“The restart of Warri Refinery today brings joy and gladness to me and Nigerians. This will further strengthen the hope and confidence of Nigerians for a greater and better future that we promised. This development is a remarkable way to end the year following the feat recorded earlier with the old Port Harcourt Refinery. I am equally happy that NNPC Limited is implementing my directive to restore all four refineries to good working condition.

“I congratulate Mele Kyari and his team at NNPCL for working hard to restore our national pride and make Nigeria a hub for crude oil refining in Africa,” President Tinubu said.

President Tinubu urged NNPCL to expedite repair work on the Kaduna Refinery and the 150,000 (bpd) second refinery in Port Harcourt to solidify Nigeria’s position as a global energy provider.

WRPC will focus on producing and storing critical products, including Straight Run Kerosene (SRK), Automotive Gas Oil (AGO), and heavy and light Naphtha.

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BIG STORY

JUST IN: Warri Refinery Has Resumed Operations — NNPCL

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Barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational.

This was disclosed by the NNPCL Group Chief Executive Officer, Mele Kyari, during a tour of the facility on Monday.

A video posted by Channels TV on Monday showed Kyari addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

Before the tour commenced, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

According to him, although the repairs on the facility are not yet 100 per cent complete, operations have commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

Located in Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant produces 13,000 metric tonnes per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

Commissioned in 1978 and managed by NNPCL, the WRPC was built to supply markets in the southern and southwestern regions of Nigeria.

The mechanical completion of the facility was initially scheduled for the first quarter of 2024, according to the NNPCL spokesperson, Olufemi Soneye.

“Warri should be done by Q1 (first quarter) 2024,” Soneye stated.

The WRPC is one of Nigeria’s four refineries, alongside the old and new Port Harcourt Refining Company in Rivers State and the Kaduna Refining and Petrochemical Company in Kaduna State.

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BIG STORY

Wike Slams Peter Odili, Says I Brought You Back To Life Politically

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The Minister of the Federal Capital Territory, Nyesom Wike, on Sunday, strongly criticized ex-Rivers State Governor, Peter Odili, calling him a rent seeker and an ingrate for supporting the current Governor, Siminalayi Fubara.

Wike was responding to Odili’s recent statement that Fubara stopped him (Wike) from turning Rivers into his personal estate.

According to a statement on Sunday from his media aide, Leke Olayinka, Wike made his remarks at a Special Thanksgiving Service organized by the factional Speaker of the Rivers State House of Assembly, Martin Amaewhule, at the Church of Nigeria (Anglican Communion), Oro-Igwe/Eliogbolo Archdeaconry Church of the Holy Spirit, Eliozu Parish, Port Harcourt.

Wike, who labeled Odili an ingrate, recounted how he built a house for the former governor and mentioned that Odili also had some of his family members in government positions, turning Rivers into his private estate.

“Must you be a trader all the time? As governor for eight years, what else are you looking for? You know, I didn’t want to say anything. But somebody called me last night, and told me what someone said in the social media. I said until I read it myself. This morning, I read in the newspapers, what our former Governor, Sir Dr Peter Odili said.”

“What did he say? He said that the present governor has been able to stop one man who wanted to convert Rivers State to his personal estate. Between him and myself, who has turned Rivers State to his personal estate? His wife is a Chairman of Governing Council, his daughter is a commissioner, his other daughter is a judge and he is the general overseer. Who has now turned Rivers State to his private estate? I am sure if care is not taken, if there is a chance, he can even arrange a marriage for the governor.”

“In 2007 after he left office, he couldn’t come near power in the State because Amaechi was the governor then. He was gone! Like somebody said that God will use someone to lift up someone. When I came in as governor in 2015, I won’t use the word resurrected, but I brought him back to life,” Wike said.

The Minister also mentioned that Odili had previously praised him as being better than past governors in the state, asserting that the former Governor had reduced himself to a laughingstock.

“All of you here remember when I was governor, this same Odili praised me to high heaven. In fact, he said then that all past governors in Rivers State combined did not do better than me. Now, because you have organized a Christmas Carol for the governor, I didn’t say you should not do your Christmas Carol. But why reduce yourself to such a laughing stock? People will still see it on television how he was telling the whole world then how God used me to bring him back to life politically.”

“The governor that all of us made has not spent one year in office and the same Odili was already saying that the governor has beaten the records of all the past governors of Rivers State. When I was there, he said I had surpassed the records of all the past governors, including himself. What can he even show that he did in his eight years as governor? But a governor has not spent one year, you are saying he has done more than all the past governors.”

The Minister further emphasized that the former Governor had no significant accomplishments during his eight years in office. He added that Odili failed in his Presidential bid and opposed Fubara’s emergence as Governor of Rivers State.

“You spent eight years as governor and someone who hasn’t spent one year has surpassed your records, what manner of elder talks like that? Is that what an elder statesman should be known for?”

“When I was plotting who will be governor after me, was he (Odili) there? Then, he was complaining about this governor, saying that he couldn’t stand before the public to talk. But today, he is organizing Christmas Carol for the same governor he was against then.”

“He has forgotten all that he said in the past. I named this after you, I named that after your wife. What have I not done? This is a man who wanted to run for President then, he didn’t have the balls, he chickened out. Simply because Obasanjo said no, he will not contest, he ran away. Because of him, I never invited Obasanjo to Rivers State to inaugurate projects. I felt it would humiliate him,” Wike said.

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