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DataPro Affirms Guaranty Trust Bank Limited “AA+” Rating

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DataPro Affirms Guaranty Trust Bank Limited “AA+” Rating

DataPro, the Technology-Driven Credit Rating Agency (CRA) has in its latest report affirmed Guaranty Trust Bank Limited’s long-term rating of “AA+” with a Positive outlook for the year 2021/2022.

The “AA+” indicates Lower Risk. It shows Excellent Financial Strength, Operating Performance, and Profile when compared to the standards established by DataPro. This Bank, in our opinion, has a very strong ability to meet its ongoing obligation.

READ ALSO: 2021 FY: Dangote Cement, 2 Other Firms Projected To Surpass Their Revenue Targets

The DataPro Rating Committee approved the Rating after assessment of the Company’s Financial Performance, Capital Adequacy, Asset Quality, Liquidity, Profitability, Governance, Risk & Compliance, Risk Factors, and Future Outlook of its current healthy profile in the medium to long-term period.

The Rating of Guaranty Trust Bank Limited is supported by its diversified Revenue Base, Experienced Management, Strong Capitalization, and Brand Presence.

Guaranty Trust Bank Limited had a Short-Term Rating of “A1+” which indicates the Highest Credit Quality and the Strongest Capacity for timely payment of financial commitments.

DataPro notes that the Rating carries a maximum shelf life of 12 calendar months, in line with International Best Practice.

The Rating is therefore not an offer to trade in securities nor a substitute for the user’s judgment.

It is meant for reference purposes.

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Press Release

Dangote Empowerment Program Reaches N4.2billion in Disbursement

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Dangote Empowerment Program Reaches N4.2billion in Disbursement

The Aliko Dangote Foundation (ADF) has doled out a whooping N4.2billion as part of its unconditional Micro Grant Programme for empowering women in the rural areas across the country.

Speaking at the flag-off of its one-off unconditional Micro-grants Programme Tuesday in Bauchi, Chairman of the Aliko Dangote Foundation empowered twenty thousand vulnerable women across the 20 Local Government Areas of the State.

Dangote who was represented by the company’s Group Executive Director Government and Strategic Relations, Mansur Ahmed said so far over four hundred thousand poor women have benefited from the programme in the country.

He said in Bauchi State, N200million is currently being disbursed to vulnerable women across the 20 Local Government Areas.

According to the Africa’s top philanthropist, the unconditional micro grant is aimed at supporting the government effort’s in empowering poor families in the State.

He said the Foundation had earmarked N10billion to be disbursed to vulnerable women across the 774 Local Government Areas in the country.

READ ALSO: CACOVID To Earmark N25bn Empowerment Programme For Youths

Dangote said states that have also benefitted from the scheme include: Lagos, Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Niger, Nasarawa, Sokoto, Katsina and Kwara state.

He added that the next states to benefit from the programme are: Osun, Edo, Ogun, Rivers, Anambra and Ebonyi state respectively.

“The Micro-grants programme is one component of the Economic Empowerment pillar of the Aliko Dangote Foundation. It provides disadvantaged and vulnerable women with a one-off, unconditional N10,000,00 cash transfer to boost their household income generation. This we believe will help reduce their vulnerability and meet their livelihood needs,” he added.

He said it is gratifying to note that majority of women who benefitted from the scheme have been able to grow the seed capital.

While thanking Aliko Dangote Foundation to coming to assist the vulnerable women in  Bauchi State,  Governor Senator Bala Abdulkadir Muhammad said he was very elated with ADF’s intervention across the country and especially in his state.

He expressed optimism that the intervention will support lives and livelihoods of women, children and families in Bauchi State.

According to him: “Aliko Dangote is a beacon of hope for the Bauchi people. He has been creating not only business institutions at the highest levels but also touching lives at the lowest level. He seems to understand Nigeria more than some of us who are politicians. He’s supporting our mothers who will help put food on our tables and train their children in schools.

“We’ve just named the school of nursing and midwifery after him. This is to mark his huge contribution to our societies in Bauchi.”

“We are also using this opportunity to inform him that he should come and invest in Bauchi. We have the highest deposit of limestone in the country. We have the largest arable land and the largest forest. Bauchi is also very peaceful and secured.”

The Governor also presented a book to the Aliko Dangote Foundation.

The book was written over a 100 years ago by Sheik Uthman Danfodio, and titled: The Principle of Leadership.

Speaking also the Speaker State House of Assembly Rt Hon Abubakar Y. Suleiman described the intervention as huge saying it would go a long way in supporting the poverty alleviation stride of the state government.

He said the state will continue to collaborate with the state in area of economic empowerment of womenfolk.

Commending the foundation, First Lady and wife to the Governor Mrs Aisha Bala Muhammad  said the intervention will help lift families from economic problems, even as she urged the women to invest it wisely.

Speaking, one of the beneficiaries Amina Musa, 50, said she would start micro business and use the profit to support her family.

Another beneficiary Jumai Rabiu, 47, described the intervention as huge and timely, adding that she will use the money judiciously and employ others too.

 

 

 

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NASCON Leverages New Salt Refinery To Boost Revenue, Pays N1.06bn Dividend

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NASCON Leverages New Salt Refinery To Boost Revenue, Pays N1.06bn Dividend

NASCON Allied Industries Plc has ended the 2020 financial year on a positive note, with a reason for cheer and greater optimism among the company shareholders, based on the expected revenue increase from its new state-of-art Salt Refinery.

Rising from its 2020 Annual General Meeting held at the Civic Centre in Lagos weekend, the company announced an improved turnover of N28.01 billion, representing a two per cent increase from the previous year (N2019: N27.49 billion), despite the economic headwinds generated by the COVID-19 pandemic globally and nationwide.

In its 2020 Annual Report themed ‘Protecting Our Core’, the company, for the financial year ended 31st December 2020 also recorded N2.69bn in Profit After Tax (PAT), a 46 per cent increase for the year, compared to N1.85bn in 2019. Earnings per share also increased to N1.02 in 2020 compared to N0.70 in 2019.

The Board of NASCON Allied Industries, at the meeting convened by the Chairperson, Mrs. ‘Yemisi Ayeni, also recommended a dividend payment of N0.40 per 50 kobo share, totalling N1.06bn, which was put to vote and passed by the shareholders and proxies.

The Chairperson, in her statement, noted, “During 2020, many manufacturing businesses faced numerous challenges associated with COVID-19 and the resulting economic downturn. While I strongly believe that these are short to medium term, we have taken decisive measures to ensure stakeholder expectations are continually satisfied. We are confident that our business model will enable us to successfully navigate global changes while seizing opportunities to continually create value for our stakeholders.”

“2020 was a challenging year for our business and the world in general. Yet it was also a year that provided our business the opportunity to review service delivery processes, reposition the salt business based on our additional capacity, and focus on our distribution models. It is the long-standing trust and loyalty of our shareholders that has allowed us to implement our long-term vision and benefit from the resilience it brings”, Ayeni added.

According to the Managing Director, Mr. Paul Farrer’s review in the annual report, “The major challenge in the Nigerian business environment in 2020 was the outbreak of the COIVD-19 pandemic resulting in major job losses and reduced income, across the country and a looming global recession which experts say may be one of the worst global recessions in recent history.

“Despite the diverse challenges faced during these trying times, we continue to demonstrate our resilience and optimism into 2021. We are focused on maximising the gains from our capacity expansion, human capital development, operational efficiency and aggressive trade in all market segments.

“In terms of market expansion, we have heavily invested in our new salt refinery. This is a state-of-the-art refinery plant, using best practices to produce high quality products for our discerning customers. The future for NASCON looks very bright. We have installed our new salt refinery and as a result, established a strong platform for future growth.

“I want to specifically thank our trade partners, consumers, suppliers, team members and strategic stakeholders for contributing to our success story in 2020. We look forward to continuing these mutually beneficial relationships in the future,” he added.

Also, the Executive Director, Commercial, NASCON Allied Industries, Fatima Aliko-Dangote, noted, “The COVID-19 restrictions affected our route-to-market, but we are constantly engaging customers to improve our productivity. Although the bulk of our volume is consumed in the north, our investment in the new salt refinery will increase our productivity and our coverage of the other regions.”

One of the shareholders at the meeting, Sir Sunny Nwosu, acknowledged that the dividend for the year 2020 was more than that of last year. He also appreciated the corporate governance structure and the commitment of the management to the affairs of the company. He hailed the issue of reduced borrowing as a good sign, and called for a wider geographical spread of the revenue base, to the East and West of the country.

At the AGM event, motions for the acceptance of the Annual Report and for the acceptance of the dividend of N0.40 per 50kobo share were moved, seconded and passed by the shareholders and proxies. Also, three Directors, Olakunle Alake, Chris Ogbechie and Sada Ladan-Baki were re-elected into the Board by the shareholders.

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Press Release

Dangote, German Govt Partner To Address Skills Deficit In Nigeria

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Dangote, German Govt Partner To Address Skills Deficit In Nigeria

The Aliko Dangote Foundation in partnership with Germany’s VDMA (the German Association for Mechanical and Plant Engineering) and its Foundation for Young Talent in Mechanical Engineering (NWS) have officially launched a technical training program in Nigeria, in a bid to significantly address the skill deficit in all the key sectors of the nation’s economy.

Speaking at the official launching of the programme on Wednesday, the president of Dangote Group, Aliko Dangote said that the landmark program is a Seven-million Euro investment, a large percentage of which is for the specialized, leading-edge equipment that has been shipped from Germany and installed in five workshops purpose-built for this program at Dangote Academy in Obajana. He also said the beneficiaries will be trained, using these machines, so they can learn practical skills that will be transferable as they enter the workforce.

This program, according to him, is the first of its kind in Nigeria and will be replicated in all the six geo-political zones of the country.

Noting that vocational and technical skills are vital to the well-being of any economy, as key levers for growth, specifically in the manufacturing sector, Dangote said significant skills gaps exist in Nigeria, which is what this program is seeking to address.

According to him: “The trainees that successfully pass through the full vocational training will be prepared as well-rounded professionals. In addition to the technical training, they will also get personal effectiveness training of same quality as our staff”

Germany’s minister for economic cooperation and development, Dr. Gerd Muller, lauded the Aliko Dangote Foundation and VDMA for the enviable program that can transform and develop the economy of Nigeria. He said his ministry has supported the initiative with €3.6 million and will not hesitate to do more for the purpose of the initiatives to be achieved.

The VDMA past president, Dr Reinhold Fostge stated that “I am very happy that this has become reality eventually in Nigeria. We started six years ago. Four years ago, we signed a memorandum of understanding to establish a Nigerian German training project. This program is to raise the skill level of workers and make the youth employable…our vision in VDMA is that, in the future, we should be able to exchange highly skilled professionals between Nigeria and Germany, and as a matter of fact, I have no objection to inviting Nigerian specialists to help me in Germany and vice versa”

Meanwhile, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, enjoined both the Aliko Dangote Foundation and VDMA to consider citing the second training workshop in Lagos, with a promise to make funds available for the take-off of this laudable programme.

He said: I am truly excited to be part of this epoch and nation-changing event…for us in Lagos, I am happy to announce that we have six well maintained vocational training schools… but we are going to not just talk here today, we are going to be making a public commitment that given what I have listened to now, we are not going to leave this to Dangote Foundation alone, we have to upscale our commitment.

“We won’t wait for him to replicate this in the six geographical zones of the country. Lagos State will work with him and ask the VDMA what level of commitment is required from the state government…to ensure that in no distance future, we can replicate and bring a full arm of the Dangote academy to Lagos State…we do not want government bureaucracy to stall this, if it is to raise finance that is required, I can assure you that Lagos state is ready to that and why are we making this commitment?

“It is because of where we see Lagos… the amount of the teeming youth that we have in our country and our state. Lagos has continued to be the biggest economy in our country and even in Africa, and what this present to us is an opportunity to bridge that will help to significantly reduce the unemployment level in the state”

Congratulating the trainees, Dangote said: “I understand that we chose only 120 of you out of over 4,000 applicants. This means you are smart, you are the best and the brightest, we believe in you, and expect great things from you. I urge you to make use of this wonderful opportunity and become productive for the well-being of our country.”

He also promised that more youth will be admitted and very soon, all the six geo-political zones of the country will witness massive development through the scheme.

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