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Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the period grew by 39% to ₦104.66billion from ₦75.39billion reported in March 2016; driven primarily by growth in interest income. Profit before tax stood at ₦50.39billion, representing a growth of 64% over ₦30.68billion recorded in the corresponding period of March 2016. The Bank’s loan to customers dipped marginally by 2% from ₦1.591trillion recorded in December 2016 to ₦1.563trillion as at March 2017. Deposit from customers grew marginally by 1% from ₦1.986trillion in December 2016 to ₦2.012trillion in March 2017.

The Bank’s balance sheet remained strong with a 1.6% growth in Total Assets as the Bank closed the quarter ended March 2017 with Total Assets of ₦3.16trillion and Shareholders’ Funds of ₦546.9Billion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.62% (Bank: 3.27%) with adequate coverage of 231.6% (Bank: 266.6%). Capital remains strong with CAR of 20.03%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 31.55% and 5.28% respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said that “Given the significant progress we made in 2016, we came into the year better equipped to navigate any further economic headwinds, and our performance in the first quarter demonstrates our ability to deliver sustainable long-term growth. We remain committed to maximizing shareholders’ value and delivering superior and sustainable return, guided by our founding values of hard work, discipline and integrity.

He further stated that “As we transform our organization into a platform for enriching lives, we are providing our customers with information and access they need to thrive. We are also leveraging our brand and networks to support small businesses through free business platforms and capacity building initiatives.

GTBank has consistently played a leading role in Africa’s banking industry and reported the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 31.55% and a cost to income ratio of 38.75%, evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry.

In due recognition of the Bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank was recognized in 2016 as the Best Bank in Nigeria by Euromoney, Most Innovative Bank in Africa by African Investor and Best Banking Group Nigeria by World Finance Magazine.

BIG STORY

NUPRC Revokes Licence Of Oritsemeyin Rig

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of Oritsemeyin Rig and directed it to cease all operations upon the completion of its current well operations.

The notice is contained in a letter dated September 11, 2025, addressed to Selective Marine Services Limited (SMSL) and signed by the Commission Chief Executive, Engineer Gbenga Komolafe.

The NUPRC said in a statement on Friday 12 September, 2025 that the decision followed a thorough review of the circumstances surrounding the drilling of UDIBE-2 wellbore during which a kick was recorded, resulting in several Non-Productive Time (NPT) with consequential cost and a forced well sidetrack.

A kick on an oil rig is the unwanted flow of formation fluids (oil, gas, or water) into the wellbore due to a temporary pressure imbalance, where the pressure inside the wellbore becomes lower than the formation pressure. This phenomenon, if left unmanaged, can lead to a potentially catastrophic uncontrolled release of fluids called a blowout.

Subsequently, the NUPRC in accordance with Section 97 of the Petroleum Industry Act 2021, issued a formal notice of culpability via a letter dated June 5, 2025 with a timeline of 21 days followed by a reminder dated July 9, 2025 to ensure an amicable resolution which was not achieved even beyond the stipulated time.

“Consequent upon the forgoing and pursuant to the relevant powers conferred on the commission under the extant Petroleum Industry Act 2021, the annual licence to operate granted to Selective Marine Services Limited for the Oritsemeyin Rig is hereby revoked,” the commission stated.

The upstream regulator also disqualified the Oritsemeyin Rig from all renewal protocols in strict compliance with the applicable provisions of the law forthwith.

The NUPRC noted that this action is in line with the Petroleum Industry Act, 2021 which empowers the commission to ensure compliance with good oilfield and international best industry practices, operational safety and optimization as well as promote technical excellence and preserve commercial and environmental sustainability.

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BIG STORY

Dangote Refinery To Launch Free Nationwide Petrol Delivery September 15, Sets Ex-Gantry Price At N820

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The Dangote refinery has announced that it will begin free direct delivery of petrol to stations across Nigeria starting September 15.

In a post shared on its official X handle on Thursday, the refinery said the rollout would cover 11 states in the first phase before extending nationwide.

According to the statement, petrol will be sold at an ex-gantry price of N820 per litre. It added that filling stations in Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti will receive deliveries at N841 per litre, while Abuja, Delta, Rivers, Edo, and Kwara will get supplies at N851 per litre.

“All petrol station owners nationwide are invited to register for free delivery and other benefits,” the refinery said.

The plant noted that the scheme would ease distribution challenges and ensure affordable access for end users.

Earlier in June, the refinery said it had acquired 4,000 compressed natural gas (CNG)-powered trucks to strengthen fuel distribution across the country. It also projected that its nationwide delivery programme would save Nigerians more than N1.7 trillion annually.

Industry analysts have welcomed the initiative as a potential relief for consumers but cautioned that it could disrupt existing operators in the downstream sector.

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BIG STORY

NUPENG Threatens To Resume Strike, Accuses Dangote Refinery Of Breaching Agreement

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Barely 48 hours after suspending its nationwide strike, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has accused Dangote Refinery of reneging on an agreement reached during government-brokered talks.

In a statement signed by NUPENG President Williams Akporeha and General Secretary Afolabi Olawale, the union warned it may resume its suspended industrial action if the refinery continues to disregard the resolution.

“We are by this statement placing all our members on red alert for the resumption of the suspended nationwide industrial action,” the union said, calling on the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and civil society groups to show solidarity.

The union alleged that despite agreeing to allow workers unionise, Dangote management directed truck drivers to remove NUPENG stickers from their vehicles on Wednesday — a move the union described as a clear violation of the deal.

The agreement was reached earlier this week at a meeting convened by the Department of State Services (DSS), attended by Finance Minister Wale Edun, labour leaders, and representatives of the Dangote Group.

A Memorandum of Understanding (MoU) signed by all parties had affirmed workers’ rights to unionisation, with the process expected to begin immediately and be completed within two weeks. It also guaranteed that no employee would be victimised for union activity.

Dangote Refinery has denied allegations of anti-labour practices, dismissing them as “cheap blackmail.”

The refinery — commissioned last year with a capacity of 650,000 barrels per day — is Africa’s largest. While it has helped drive down petrol prices and reduce imports, its market dominance has raised monopoly concerns.

NUPENG’s Petroleum Tanker Drivers branch had first launched the strike on Monday, alleging that the company was hiring new drivers on the condition that they avoid union membership.

The Ministry of Labour is expected to issue a formal statement on the dispute, while parties are to report back on the unionisation process later this month.

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