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.
Bitfinex Lists World’s First Mobile-Native Token Wrapped Minima
By Adedapo Adesanya
Bitfinex has listed the wrapped Minima ($WMINIMA) token, an ERC-20 token, aimed at helping build a truly decentralized network that empowers freedom worldwide and increases access to Web3 for any person with a mobile or IoT device.
Bitfinex is one of the first crypto exchanges to list WMINIMA, built on the world’s first mobile-native Layer 1 blockchain.
Minima’s presale for WMINIMA started on February 14, 2023, with 10 million tokens currently acquired out of the total supply of 125 million $WMINIMA tokens.
Traders on Bitfinex are taking this new innovation as a huge opportunity to become early adopters of the $WMINIMA token, by making deposits and purchases during the presale period. Effective 21st of March, 2023, on Bitfinex, trading for WMINIMA against the US Dollar (USD) and Tether tokens (USDt) will be available for all traders.
Wrapped Minima (WMINIMA) is a wrapped version of Native Minima (MINIMA), which has been issued on the Ethereum blockchain. Wrapped Minima (WMINIMA) enables Minima to be tradable on exchanges shortly after its Token Generation Event, without waiting for the technical integration of Native Minima ($MINIMA) onto exchanges, scheduled for Q3/Q4 2023. WMINIMA has an initial circulating supply of 98,100,000 coins and a total supply of 125,000,000 coins, with a listing price of $0.30.
The move is part of Bitfinex’s efforts to bring financial inclusion and financial freedom to less-advantaged and emerging communities around the world, particularly where there is currency volatility.
By becoming an owner of Wrapped Minima on Bitfinex, users will be helping build a truly decentralized network that empowers freedom all around the world.
The Minima protocol and its network have already been built, with Mainnet recently launching after several years in Testnet, yet Minima is still relatively unknown.
As a result, there is still a huge opportunity to become an early adopter of the world’s first mobile-native layer 1 blockchain before it becomes widely adopted.
How to trade WMINIMA on Bitfinex
WMINIMA is available to trade with US Dollar (USD) and Tether tokens (USDt). To sign up now, follow these few easy steps:
- Visit the Bitfinex website or download the Bitfinex mobile app and click on the sign-up button.
- Use the African Bitfinex LEOs community affiliate code “9r9ifKfHx” to get a 6 per cent discount on trading fees for life.
- Create an account by entering the required details: username, email, password, country of residence, and referral (optional).
- Create and confirm a log-in pin code or enable touch ID or face ID, if your phone enables it.
- You will be directed to the setup security page. Here, download the Google Authenticator app. If already downloaded, select the “I’ve installed the app” tab.
- Open the GA app to directly add your new token. Alternatively, you can also select to use the QR or Setup key. Enter your code to enable 2FA setup.
- Check your inbox to confirm your email address via an email sent by Bitfinex.
- After email confirmation, accept the Bitfinex Terms of Service to complete the account setup and proceed to the trading page.
- Once that is done you can now trade the WMINIMA on Bitfinex.
CBN Releases N12.65bn for Three Agricultural Projects in Two Months
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023.
The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP,” he said.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Mr Emefiele added.
According to Mr Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth-enhancing sectors by the CBN as responsible for the growth.
He said that the CBN had also disbursed huge sums as an intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving the liquidity status of the Discos, there aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
UK Firm Unveils Portal to Aggregate Property Prices in Africa
By Adedapo Adesanya
Baron and Cabot, a UK-based international real estate firm, has launched a portal that will use artificial intelligence technology to predict property prices in Africa to allow real estate agents to sell properties and earn in pounds, providing an unprecedented opportunity for growth and financial success.
The novel approach will allow real estate firms to de-risk their investments in international markets and gain access to a wide range of fully compliant properties.
Baron & Cabot has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets. It is one of the top fastest-growing property companies in the world and transacts around £100 million per annum ($120 million) of UK property while having access to some of the best property developments in the UK.
Speaking on this, Mr Mark Pearson, Managing Director of Baron & Cabot, said, “We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth.
“We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.”
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market.
The company also revealed that it would provide its agents with comprehensive 2 to 4-week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6 per cent and deposits below 35 per cent, making it easier for clients to invest in UK properties.
“Our management company boasts an impressive occupancy rate of over 99 per cent, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70 per cent.
“In addition, our Airbnb or short-term rental products have an average occupancy rate of over 70 per cent, resulting in substantial rental returns and secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied,” Mr Pearson added.
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