Economy
GTCO Pre-Tax Profit Jumps 36.5% to N74.1bn in Q1 2023
By Aduragbemi Omiyale
In the first quarter of 2023, a financial institution, Guaranty Trust Holding Company (GTCO) Plc, reported a 36.5 per cent improvement in profit before tax of N74.1 billion compared with the N54.3 billion achieved in the same period of last year.
In the Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, filed to the Nigerian Exchange (NGX) Limited and the London Stock Exchange (LSE) on Tuesday, the firm said its balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N6.7 trillion and N975.6 billion, respectively.
Also, the full impact capital adequacy ratio (CAR) remained very strong, closing at 23.2 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4 per cent and 0.2 per cent in March 2023 from 5.2 per cent and 0.6 per cent in December 2022, respectively.
However, the net loan book dipped by 1.5 per cent from N1.88 trillion recorded as of December 2022 to N1.86 trillion in March 2023, while deposit liabilities increased by 9.9 per cent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.
Overall, the GTCO sustained its positive key financial ratios, with the Pre-Tax Return on Equity (ROAE) at 31.1 per cent, Pre-Tax Return on Assets (ROAA) at 4.5 per cent, Full Impact Capital Adequacy Ratio (CAR) at 23.2 per cent and the Cost to Income ratio at 43.1 per cent.
“Our first quarter results reflect the strength of the GTCO franchise, the quality of our decision-making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa.
“Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem,” the chief executive of GTCO, Mr Segun Agbaje, said.
He further added, “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses.
“We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.”
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom, alongside new businesses in payment, funds management and pension fund administration.
Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.
Recently, the bank was recognized as Africa’s Best Bank and the Best Bank in Nigeria at the 2021 Euromoney Awards for Excellence. It also retained its position as Africa’s Most Admired Financial Services Brand in the 2022 ranking of The Brand Africa 100: Africa’s Best Brands.
By Adedapo Adesanya
Oil traded lower on Wednesday after US President Donald Trump eased fears of disruptions to Iranian supplies, indicating that killings in Iran’s crackdown on civil unrest were subsiding.
Yesterday, the price of Brent futures declined by 92 cents or 1.41 per cent to $64.55 per barrel while the US West Texas Intermediate (WTI) futures slipped 96 or 1.57 per cent to $60.19 a barrel.
Prices had risen on fears of Iranian supply disruptions due to a potential US attack on Iran and possible retaliation against US regional interests.
President Trump said on Wednesday afternoon he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.
Still, tensions between Iran and the US remained high after Iran had warned US allies in the Middle East it would strike American bases on their soil if the US attacked it. The US began evacuating military personnel from a key Qatar air base on Wednesday.
While markets may have cooled somewhat on the back of President Trump’s comments, protests in Iran have persisted, and there remains plenty of uncertainty over what might come next.
Market analysts noted that continued protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through rising geopolitical risk premium.
However, this remains somewhat minimal as the protests had not spread to the main Iranian oil-producing areas, which had limited the effect on actual supply.
Also supporting oil prices, Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday he was optimistic about the economic outlook and expected inflation to ease.
It is also looking increasingly likely that Venezuela’s oil supply is set to return to markets, with the US completing its first sale of Venezuelan oil on Wednesday.
Two supertankers departed Venezuelan waters on Monday with about 1.8 million barrels each of crude in what may be the first shipments of a 50 million-barrel supply deal between Venezuela and the US to get exports moving again following the capture of Venezuelan President Nicolas Maduro.
Crude oil inventories in the US increased by 3.4 million barrels during the week ending January 14, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which suggested that crude oil inventories grew by 5.27 million barrels.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
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