Connect with us


BIG STORY

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

Published

on

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

I’ve Never Sponsored Thugs, I Don’t Want To Miss Heaven — Rotimi Amaechi

Published

on

Former Rivers state governor, Rotimi Amaechi, has stated that he has never sponsored thugs during his political career.

Amaechi, who served as the governor of Rivers state from 2007 to 2015 and later as the minister of transportation under President Muhammadu Buhari, explained in an interview with ABN TV that his priest had warned him against promoting political violence, as it could jeopardize his chances of getting into heaven.

He said, “Let me quote former President Jonathan, he said, no life worth my ambition. You will not see me in any political meeting planning for thugs, you will not see me say this money is for thugs; I will not.”

He further explained, “My Priest tells me that anybody who dies in the course of that money, you will be held accountable. The society may not hold you accountable or send you to prison because you are a big man — but God will not allow you into heaven because he will hold you accountable. I don’t want to miss heaven.”

Amaechi emphasized that he teaches his family to live by these principles, adding, “That’s why I teach my children, my wife can testify, I teach it at home, we would like to go to heaven.”

He addressed public misconceptions, saying, “When they say I am stubborn it’s not correct; I’m only disciplined. Let one person, including my former boss, say that I betrayed him before, and you will see if it is true or not when I say my own story.”

His remarks come amid rising tensions between the current Rivers state governor, Siminalayi Fubara, and the Minister of the Federal Capital Territory, Nyesom Wike, over control of the state’s political structure.

The political crisis escalated after local government elections were marked by violence at secretariats in Emohua, Eleme, and Ikwerre.

In the interview, Amaechi described Rivers state as the “capital of betrayal,” claiming that many politicians in the state owe their careers to him.

He said his key principles in mentoring young politicians were honesty and public service, adding, “Name one politician in Port Harcourt that is in the space that didn’t pass through me.”

Referring to Fubara, he said, “Sim (Fubara) was an accountant under me, he was an accountant under Wike. When I became governor, Wike became Chief of Staff but, I don’t like calling his name; unfortunately, I don’t know why I’m calling his name.”

Amaechi continued, “Just name any Rivers politician that didn’t pass through me — only people you can mention are the likes of Prince Uche Secondus; we were contemporaries, maybe Senator Lee.”

He attributed the current political climate to a lack of character among today’s politicians, stating, “It’s not about mentorship; it’s about hunger. A lot of them are hungry and could not manage the situation.”

Reflecting on his own political journey, Amaechi said, “I joined politics at the age of 22 and there were two camps: Rufus George camp, very poor and broke; we hardly had food to eat and Abule’s camp which was very rich and everybody was rushing to him, he had a bank.”

He added, “But those of us who bothered about character, because my father taught me character, stood with Rufus without knowing if we would win or not. And at the end of the day, God delivered us and we became government. He became governor and I became Special Assistant.”

Finally, Amaechi contrasted today’s politicians with those of his time, saying, “The crop of politicians then are different from what we have now, I am not interested in politics…I will discuss politics at the right time.”

Continue Reading

BIG STORY

New Bill Mandates Tax ID For Opening Bank Accounts

Published

on

A new bill has been proposed in Nigeria that will require individuals using banking, insurance, stock-broking or other financial services to provide a Tax Identification Number (TIN) as a condition to open a new account or operate an existing one.

The bill aims to improve tax compliance and revenue collection. It requires anyone engaged in financial activities to register for tax and obtain a TIN.

Non-residents supplying taxable goods or services to Nigerians, or deriving income from Nigeria, must also register for tax and get a TIN. However, non-residents earning only passive income from Nigerian investments are exempt from registration but must provide relevant information.

The bill empowers the relevant tax authority to automatically register and issue a TIN to individuals who fail to do so themselves. Failure to comply may result in penalties.

Continue Reading

BIG STORY

It Will Be Undemocratic: Why Military Hasn’t Gone After Asari-Dokubo — DHQ

Published

on

The Defence Headquarters clarified on Thursday that it has refrained from taking action against former Niger Delta militant warlord, Mujahid Asari-Dokubo, to avoid accusations of acting “undemocratically.”

The Director of Defence Media Operations, Maj. Gen. Edward Buba, stated this in Abuja while addressing a recent report concerning Asari-Dokubo’s alleged threat to shoot down a military helicopter that had reportedly flown near his residence.

Speaking to journalists, the DHQ spokesman dismissed Asari-Dokubo’s threat as “laughable,” daring him to engage soldiers in actual combat if he felt confident enough.

Buba remarked, “Now, the comment by an individual that he can shoot down military helicopters is laughable. And I am about to laugh at that. We are in a democracy, and we are professionals. Of course, we cannot just, based on somebody’s comments, begin to take certain actions. They would accuse the military of being undemocratic.

“The military is not the only security force or department in the country. There are other security agencies that have a constitutional role to play in handling such issues.

“I tell you that he doesn’t have that capability, but I will allow the security forces responsible for such matters to take it up. As for us, come to the battlefield, and we’ll take you out. He should come to the battlefield and see whether we can react or not.”

Buba further emphasized that the military’s primary objective remains targeting terrorists across various regions of operations.

“For us, the enemy we fight are the terrorists. Some may choose to call them different names in the different theatres of operations where they exist. In the North-West and North-East, some will say terrorists; some may prefer to call them bandits.

“I tell you, they are all terrorists, and that is what we see. Troops are making significant progress. As I mentioned earlier, we prioritise eliminating terrorist leadership, and we have been doing just that. In the last three quarters, we have taken out over 300 terrorist commanders, not to mention their foot soldiers.

“Our aim is to diminish their fighting capabilities and damage their military capabilities, which we have been successfully doing. As indicated in the brief you received, you can see how many weapons and ammunition we have recovered.”

Buba also disclosed that a prominent terrorist leader in Jigawa State, known as Mai Hijabi, was neutralized in a recent operation conducted during the week.

He reported that 165 terrorists were killed, and 238 individuals were arrested.

“Our operations have destroyed a substantial part of the combat capacity of these terror groups and their leadership. For instance, one of the notorious terrorist commanders in Jigawa State, known as Mai Hijabi, was eliminated from the battlefield during the week. Troops are, therefore, increasingly making significant strides across all theatres of operations.

“During the week under review, troops neutralised 165 terrorists, arrested 238 persons, and rescued 188 kidnapped victims.”

Buba also mentioned the arrest of 35 suspected oil thieves in the South-South region and the prevention of oil theft worth an estimated N688,125,150.00.

“Troops in the Niger Delta area discovered and destroyed two dugout pits, 58 boats, and 39 storage tanks. Other items recovered include 13 cooking ovens, 35 drums, one motorcycle, one tricycle, four speed boats, 13 vehicles, and 65 illegal refining sites. Troops recovered 789,200 litres of stolen crude oil and 64,950 litres of illegally refined AGO.”

Buba went on to say that troops also recovered 153 assorted weapons and 2,182 rounds of ammunition.

The recovered items include 81 AK-47 rifles, 23 fabricated rifles, 27 Dane guns, 13 pump-action guns, five locally-made pistols, three revolver pistols, 30 AK-47 magazines, and one bayonet.

Other seized materials included, “1,561 rounds of 7.62mm special ammunition, 278 rounds of 7.62mm NATO ammunition, 70 rounds of 50mm ammunition, 72 rounds of 9mm ammunition, 87 live cartridges, one Baofeng radio, 19 vehicles, 21 motorcycles, 45 mobile phones, and the sum of N64,100.00, among other items.”

Continue Reading



 

Join Us On Facebook

Most Popular