Economy

Shareholders Describe Segun Agbaje as Blessing to GTBank

Published

5 years ago

12/04/2021

By Dipo Olowookere

The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has been described as a blessing to the financial institution, shareholders and stakeholders.

This year, Mr Agbaje would have been in the position for 10 years and within the period, he has made GTBank stronger in the banking industry.

Over the weekend, the bank held its Annual General Meeting (AGM) in Lagos and at the gathering, shareholders unanimously approved the payment of a total dividend of N3.00 per share for the financial year ended December 31, 2020.

The lender had proposed a final dividend of N2.70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo earlier paid in June 2020.

GTBank, according to the results presented to shareholders at the AGM, recorded an increase in all performance indicators despite the challenging operating environment that prevailed in 2020.

One of the shareholders who spoke at the event held in compliance with COVID-19 protocols of the federal government, Mr Tunji Bamidele, commended the bank’s board and management for sustaining profit and dividend payment in spite of the harsh and challenging economy experienced in the year 2020 as a result of the pandemic that challenged the world.

Mr Bamidele also applauded the leadership acumen and dexterity of Mr Agbaje, noting that his steering of the bank in the past 10 years has been a blessing to shareholders and the bank’s well-meaning stakeholders.

In his comments, Mr Agbaje said the year 2020 was arguably the most challenging year that the world has faced in decades and that in such unprecedented times, the bank has been at the forefront of safeguarding lives and livelihood across the communities where it operates.

“We continue to receive positive and goodwill messages for the role we played at the height of the pandemic; especially for putting together very timely, a 110-bed Isolation Centre, with an intensive care unit, in partnership with the Lagos State Government,” he said, citing the bank’s Excellence in Leadership in Africa Award which was specially created by the renowned Euromoney Magazine to spotlight private institutions at the forefront of tackling the pandemic.

Mr Agbaje also spoke about GTBank’s solid performance in a very challenging year and his confidence in the organization’s ability to keep delivering for all its stakeholders.

“The strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year,” he stated.

“Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital and we see it opening new and exciting opportunities for empowering people and uplifting our communities.

“With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned,” he added.

GTBank is one of Africa’s most profitable financial institutions. In 2020, it reported a pre-tax profit of N238.1 billion, 2.8 per cent higher than N231.7 billion recorded in the corresponding year ended December 2019.

The bank also continues to post the best metrics in the Nigerian banking industry in terms of key financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8 per cent, Post-Tax Return on Assets (ROAA) of 4.6 per cent, Full Impact Capital Adequacy Ratio (CAR) of 21.9 per cent and Cost to Income ratio of 38.2 per cent.

Economy

Nigeria Bans Wood, Charcoal Exports, Revokes Licenses

Published

2 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.

The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.

Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.

“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.

The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.

Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.

On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.

“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”

The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.

Economy

Unlisted Securities Bourse Appreciates 0.24% Midweek

Published

2 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.

In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.

The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.

MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.

On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.

Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.

InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

NGX All-Share Index Nears 150,000 Points After 0.26% Growth

Published

3 hours ago

18/12/2025

Dipo Olowookere

By Dipo Olowookere

A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.

This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.

But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.

Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.

The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.

The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.

Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.

The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.

Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.

At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.