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Positioned for Growth: Guaranty Trust Bank Completes Corporate Reorganization

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Aiming to strengthen its long-term competitiveness and growth prospects, Guaranty Trust Bank plc has completed its re-organisation to a Holding Company Structure. Under the terms of the re-organisation, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.

The newly established Guaranty Trust Holding Company Plc is also pleased to announce its new Board of Directors as well as changes to the Board of its banking subsidiary, Guaranty Trust Bank Limited. All the appointments have been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group.

Guaranty Trust Holding Company Plc (“GTCO Plc”) will be governed by a Board of Directors comprising, Mr. Sola Oyinlola as Chairman of the Board and Mr Segun Agbaje as the Group Chief Executive Officer, Mr Adebanji Adeniyi as Executive Director, Mrs Cathy Echeozo as Non-Executive Director, Mr. Suleiman Barau and Mrs. Helen Bouygues as Independent Non-Executive Directors

The Banking subsidiary, Guaranty Trust Bank Limited will be governed by a Board of Directors comprising, Mr Ibrahim Hassan as Chairman of the Board, Mrs Miriam Olusanya as Managing Director, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefala as Independent Non-Executive Directors.

Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said: “We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base. We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success. As a Proudly African and Truly International band, we will continue to live by these values—of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.”

Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders. It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24million customers in 2020, and profit before tax from ?45.5 billion at the end of the 2010 financial year to ?238.1billion at the end of the 2020 financial year.

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LAWMA Showers Encomium on Dangote Sinotruk

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LAWMA Showers Encomium on Dangote Sinotruk

Lagos Waste Management Authority (LAWMA), heaped praises on world Dangote Sinotruk, a company owned by Dangote Industries Limited and Sinotruk of China.

 

In an exclusive interview with NEWSRAND during a visit to the company’s plant factory at the Ikeja area of Lagos, Engineer Ajayi Abimbola, Assistant General Manager, (AGM) Engineering Services, LAWMA, said the automobile company is customer-friendly, adding that the trucks and other products from the company are world-class.

 

In the course of the conversation, Abimbola disclosed that the agency has procured waste management trucks, numbering 102, from the company.

 

“For over a year now, we’ve been working with Dangote Sinotruk to achieve a cleaner Lagos. So far, we were able to patronise 102 trucks to ensure that Lagos environments are clean and wastes are properly managed. The trucks are ready, and we hope to commission them any moment from now,” he stated.

READ ALSO: Dangote Cement Acquires 2,000 Trucks for Distribution of Products

While assuring that the partnership between LAWMA and Dangote Sinotruk will continue, Abimbola explained that the newly-purchased trucks from the company will “ensure that we have a cleaner environment, the health hazard will be totally eliminated.”

 

According to him, amongst the new-purchased trucks are -24cbl and 12cbl, adding that the waste management operations in Lagos will experience a new revamp.

 

“Unlike before, it takes 2-3 days to lift waste, what we are looking forward to doing with the new trucks is a turnaround evacuation of market wastes. The marine waste too, will be taken care of, because the truck is will guarantee us that capacity we need to do it,” he added.

 

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

The newly appointed Managing Director of Nigeria Reinsurance Corporation, Mr Olugbenga Falekulo, has declared the readiness of his team to take the company to the next level in the market.

Falekulo, in a statement issued on Wednesday said that he would adopt a new dimension to push the Reinsurance firm into a new era.

He explained that the reorganisation of the board and executive management of the reinsurance company was to ensure that the firm continued in its quest for transparent and accountable management of insurance in the country.

The managing director said he would bring to fore his wealth of experience and professionalism gathered in the insurance sector for over 25 years to transform the firm.

READ ALSO: Reps. Move To Suspend Recapitalization Of Insurance Companies

Recall that the National Insurance Commission (NAICOM) had on Monday approved a new board and management for NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

The commission said the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) .

“BPE is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations , enhance smooth running, efficient and effective management of the two firms”.

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

Months after a plethora of court cases with counter judgments the investment community was greeted on the evening of Monday July 19, with the news of an amicable settlement to the long-standing dispute between the Securities & Exchange Commission (SEC) and the management of Oando PLC.

 

Unsurprisingly, Oando has since joined the Nigerian Stock Exchange (NSE) top gainers with a 9.87% increase in its share price from N3.97 on Friday, July 23, 2021, to N4.36 on Monday, July 26, 2021. The share price appreciation can be attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organization. Following the settlement news, investors poured into the stock helping it top the gainer’s chart.

 

Speaking on the jump in share price, an Oando shareholder in Lagos said, “We are glad that the dispute is finally over, and we thank the regulator and the management of Oando PLC for resolving the issue in the best interests of the shareholders. For four years, we the shareholders have been the ones on the receiving end. In just one week of settling, our share price has seen a significant increase. I am confident in the management of the company led by Wale Tinubu, other CEOs in his shoes might have caved in but he did not. He held strong to his belief and forged on till the end of the issue. I am hopeful that now that they are able to be fully focused on the business, we the shareholders will soon start to see a return on our investment.”

READ ALSO: Oando Foundation to Promote Environmental Education and Sustainable Action In Schools

A statement by the regulator reads that Oando neither denied nor accepted liability and the settlement will lead to the withdrawal of all pending court cases. Recall that Wale Tinubu and some of the company’s affected Directors had sued the regulator for infringement of their fundamental human rights in 2019. However, with the settlement, Wale Tinubu and all affected Directors will be required to withdraw said court cases while remaining in their respective executive leadership roles managing the company.

 

In addition, there will also be “payment of a monetary sum; and an undertaking by the company to implement corporate governance improvements.”

 

Speaking on the settlement, another shareholder said: “The regulator has done what it ought to have done months ago. I commend them for making this landmark settlement. This is not a time to erode homegrown businesses but to nurture them so they can continue to create value for the capital market and country at large seeing as we are currently in a recession. I especially commend the resilience and perseverance of Wale Tinubu for seeing this dispute through to resolution.”

 

Market players will be watching the impact of the signaling effect of the SEC settlement on Oando’s share price in subsequent days.

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