Economy
GT Holdings Will Deliver Value Under Demuren, Agbaje—Shareholders
By Dipo Olowookere
Shareholders of Guaranty Trust Bank (GTBank) Plc have expressed confidence on the leadership of Mrs Osaretin Demuren and Mr Segun Agbaje, the Chairman and Managing Director of the bank respectively, to take the new GT Holdings Plc to greater heights.
The investors, who spoke through their representatives last Friday at a Court-Ordered Meeting (COM) in Lagos, said GTBank has performed well under the leadership of the two board members and thus projected that the new brand would perform better if the duo is still in charge.
The shareholders of the tier-one financial institution were in Lagos over the weekend to take a decision on the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the GTBank held by them to GT Holdings Plc.
After the approval of this proposal, the founder of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the excitement of shareholders on the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.
“We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares,” Mr Nwosu said.
On his part, the President of Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, noted that, “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology-based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure.”
“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable,” he added.
In his remarks, the Mr Segun Agbaje, explained that in line with Central Bank of Nigeria (CBN)’s regulations, which require the separation of commercial banking business from other financial services businesses, the bank is adopting a Holdco structure.
He Mr Agbaje explained that the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.
“I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.
“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GT Holdings,” he said.
By Adedapo Adesanya
Nigeria’s first-ever domestic US Dollar bond has been named as the West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million.
Announced by the Debt Management Office (DMO) on August 19, 2024, the bond initially targeted $500 million but was oversubscribed by 180 per cent.
The raise came with a five-year tenor and was listed on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange.
The landmark issuance attracted a broad spectrum of investors, including local institutions, diaspora Nigerians, and international players. Africa Finance Corporation (AFC) served as Global Coordinator.
The Ministry of Finance said in a statement on X, formerly Twitter, that the Minister of State for Finance, Mrs Doris Uzoka-Anite, received the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa.
She formally presented it to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun in his office in Abuja on Thursday.
“This award marks an important step in our ambition to position Nigeria—and Lagos—as a leading international financial centre,” Mr Edun said.
“It also reflects growing confidence in the expertise and resilience of Nigeria’s financial system, which has once again delivered under challenging global conditions”, the Minister affirmed.
The ministry noted that the prestigious award underscores Nigeria’s commitment to developing its capital markets, improving its investment landscape, and attracting foreign investment, adding that it is also a testament to the country’s potential for economic growth and its determination to become a leading international financial centre.
By Adedapo Adesanya
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has cautioned refinery operators against importing substandard crude oil, following the expiry of the Naira-for-crude deal.
In a statement signed by its National Public Relations Officer, Mr Joseph Obele, the association said imported crude must meet global standards to ensure the production of high-quality petroleum products.
The group stressed that Nigerian crude oil, classified as Sweet Crude due to its low sulfur content of less than 0.5 per cent – ranks among the best in the world, and importation possess a high risk.
“We see no reason why imported crude oil should be of lower standards. The importation of substandard crude oil will compromise the quality of petroleum products, undermine the growth of Nigeria’s oil and gas industry, and ultimately harm consumers.”
PETROAN also expressed concern over speculations that petroleum product prices may rise following the expiration of the naira-for-crude arrangement and called for continued access to imported refined petroleum products to stabilize prices and ensure energy sufficiency.
“The permutations in the media that petroleum prices might increase as the Naira-for-crude deal comes to an end is a serious concern to PETROAN. In order to avoid this scenario, we advocate that the window for importing refined petroleum products should remain open.”
The group urged regulatory agencies to conduct rigorous laboratory testing on all crude oil imports to verify their quality.
“We call on regulatory agencies to be on high alert and conduct thorough laboratory analysis on all crude oil imports to ensure they meet the required standards. We also urge the relevant authorities to ensure that refinery operators adhere to the highest operational standards.”
The association further called on the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, to conduct a comprehensive review of the Naira-for-crude initiative to determine the next steps in Nigeria’s energy sector.
“The reforms introduced by the Petroleum Industry Act, PIA, encourage competition in the downstream sector. Competition is a catalyst for price reduction in any sector. We believe that as the market adjusts to the new realities, prices will stabilize and eventually decrease.”
PETROAN also announced plans to conduct independent laboratory testing on refined petroleum products.
“We will conduct laboratory testing on refined petroleum products to determine which refinery or depot our members should buy from. This is to ensure that our members and the Nigerian public are not sold substandard products.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange bounced back on Thursday, April 3 from its previous day’s loss, gaining 0.24 per cent at the close of business.
This increased the NASD Unlisted Security Index (NSI) by 7.78 points to 3,316.34 points from the preceding trading day’s 3,308.46 points and raised the portfolios of unlisted securities investors by N4.55 billion as the market capitalisation ended at N1.915 trillion compared with Wednesday’s N1.910 trillion.
This growth occurred after the bourse finished with three price gainers and one price loser, IPWA Plc, which shed 5 Kobo to end at 50 Kobo per share, in contrast to midweek’s value of 55 Kobo per share.
Business Post reports that FrieslandCampina Wamco Nigeria Plc gained N2.16 to close at N38.66 per unit versus N36.50 per unit, First Trust Microfinance Bank Plc appreciated by 2 Kobo to 58 Kobo per unit from 56 Kobo per unit, and Food Concepts Plc rose by 1 Kobo to N1.18 per share from N1.17 per share.
Data indicated that there was a decrease of 95.9 per cent in the volume of securities bought and sold by the market participants to 372,568 units from the 9.1 million units transacted in the previous trading day.
Equally, the value of transactions slid by 43.7 per cent to N4.1 million from N7.2 million, and the number of deals went up by 81.8 per cent to 40 deals from 22 deals.
When the market ended for the session, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 70.2 million units sold for N23.8 million, and Geo Fluids Plc with 44.2 million units valued at N89.4 million.
FrieslandCampina Wamco Nigeria Plc finished the trading day as the active stock by value on a year-to-date basis with 13.8 million units valued at N531.6 million, trailed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N364.2 million.
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