Economy
Shareholders Express Confidence in GTCO to Deliver Sustainable Returns
By Dipo Olowookere
Shareholders of Guaranty Trust Holding Company (GTCO) Plc have expressed confidence in the board and management of the organisation to deliver long-term growth and sustainable returns.
The investors expressed this optimism at the first Annual General Meeting (AGM) of the financial institution held last week in Lagos.
At the gathering, the shareholders approved the payment of a total dividend of N3 per share for the financial year ended December 31, 2021.
The group 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 interim dividend paid in June.
They agreed that the future looks bright for the company because of the steps taken by the team at the moment as well as the crop of talents in the organisation piloting its affairs.
According to the shareholders, the transition into a holding company and the financial performance achieved during the period under review despite the operating environment are commendable.
Speaking on behalf of shareholders, the patron, Nigeria Shareholders Solidarity Association (NSSA), Mr Timothy Adesiyan, appreciated the progress that the bank has made in its transition to a holding company.
He said that the shareholders have great expectations from the company and with the good corporate governance principle with which the company is run, the future is bright.
The chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, commended the board of GTCO for being proactive in becoming a holding company.
In his address to participants of the AGM, the chairman of GTCO, Mr Hezekiah Adesola Oyinlola, stated that 2021 was a pivotal year in the history of the firm, noting that “we successfully reorganized into a holding company to harness the potential within our operating environment and consolidate our position as a leading financial services provider in Africa.”
He said the company’s progress in its drive to diversify its income streams and ensure long-term value creation for all stakeholders, saying it is “a privilege to serve as the chairman of the board of GTCO and I am conscious of our business environment and the many challenges to our profitability.”
“However, I have complete confidence in the ability of our leadership team to unlock new and exciting opportunities that will unleash the potential of our diversification for long-term growth and sustainable returns.
“When I look at the future-proofing of every part of our organisation; from our talent base to our business models and digital capabilities, I am reminded of just how forward-thinking our management team continues to be in our company’s constant push to be ahead of the curve in creating innovative financial solutions, delivering service excellence and ensuring long-term value creation,” he added.
On the outlook of the company, Mr Oyinlola said, “I am excited by the potential of our new holding company structure. I see the immense opportunities opened by our strategic investments in building up diverse lines of business. The future of financial services belongs to the institutions that will seamlessly integrate the full range of cutting-edge solutions in a people-centric digitally enabled ecosystem.”
The Group Chief Executive Officer (GCEO) of GTCO, Mr Segun Agbaje, in his speech, said that the company started 2021 with its corporate reorganisation and finished the year more robust and dynamic to consolidate its lead across the ever-extending breadth of financial services, saying that “Following the shareholders’ approval of our transition to a holding company structure in December 2020, we worked with regulators, the broad spectrum of our stakeholders and some of the most experienced advisory institutions in the world, to ensure that we have, not only a smooth transition but also the best people and the right structures to drive our vision of becoming Africa’s leading financial services groups.”
Speaking on the performance of the firm last year, Mr Agbaje said 2021 results show resilient performance across all financial indices, reaffirming the bank’s position as one of the best managed financial institutions in Africa.
“The Group closed the year 2021 with total assets of N5.436 trillion, up by 9.9 per cent from N4.945 trillion the full year 2020 position.
“Across all its banking subsidiaries in West Africa, East Africa and the United Kingdom, the group continues to maintain a diversified balance sheet.
“The group closed 2021 with a profit before tax of N221.5 billion, this is despite the challenges and headwinds presented by the operating and regulatory environments in 2021.”
Also at the meeting, shareholders approved the appointment of some persons to the board and they were Mr Hezekiah Oyinlola, Chairman; Mr Segun Agbaje, GCEO; Mr Suleiman Barau, Independent Non-Executive Director; Mrs Helen Lee Bouygues, Independent Non-Executive Director; Mrs. Catherine Echeozo, Non-Executive Director and Mr. Adebanji Adeniyi, Executive Director.
By Adedapo Adesanya
Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.
In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.
During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.
It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.
There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc also finished the session as the most active stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.
By Dipo Olowookere
The bullish run on the Nigerian Exchange (NGX) Limited continued on Friday with a further 1.00 per cent growth buoyed by gains recorded by Guinness Nigeria, Champion Breweries, and others.
Data showed that the consumer goods space expanded by 1.53 per cent during the last trading session of the week, as the insurance counter grew by 0.51 per cent, and the industrial goods sector marginally gained 0.01 per cent.
However, the banking index depreciated by 0.54 per cent due to a pocket of profit-taking, and the energy industry shrank by 0.09 per cent, while the commodity sector closed flat.
Guinness Nigeria gained 10.00 per cent to trade at N217.80, Morison Industries rose by 9.84 per cent to N4.69, Champion Breweries jumped by 9.69 per cent to N14.15, Austin Laz grew by 9.66 per cent to N2.27, and C&I Leasing appreciated by 9.62 per cent to N5.70.
Conversely, eTranzact lost 10.00 per cent to finish at N12.60, Chellarams slumped by 9.00 per cent to N13.20, Eunisell depleted by 9.89 per cent to N75.15, Africa Prudential moderated by 9.77 per cent to N12.00, and DAAR Communications decreased by 9.18 per cent to 89 Kobo.
The busiest stock on Friday was Access Holdings with 107.6 million units sold for N2.2 billion, Consolidated Hallmark traded 59.9 million units worth N245.8 million, Zenith Bank transacted 48.2 million units valued at N3.1 billion, Transcorp Power transacted 42.8 million units for N13.1 billion, and Champion Breweries exchanged 36.4 million units valued at N510.2 million.
At the close of business, a total of 602.8 million units worth N30.7 billion exchanged hands in 20,550 deals yesterday, in contrast to the 529.7 million units valued at N12.3 billion traded in 18,159 deals on Thursday, representing a surge in the trading volume, value, and number of deals by 13.80 per cent, 149.59 per cent, and 13.17 per cent apiece.
Business Post reports that the All-Share Index (ASI) soared during the session by 1,485.89 points to 149,436.48 points from 147,950.59 points and the market capitalisation moved up by N945 billion to N95.264 trillion from N94.319 trillion.
By Adedapo Adesanya
An intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market eased the pressure on the Naira on Friday.
The apex bank sold forex to banks and other authorised dealers in the official window to defend the domestic currency, helping to calm the FX demand pressure, with the Nigerian currency appreciating against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.11 per cent or N1.57 to sell at N1,454.50/$1 compared with Thursday’s closing price of N1,456.07/$1.
Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N3.95 to close at N1,946.15/£1 versus the previous day’s N1,950.11/£1 but lost 10 Kobo on the Euro to quote at N1,706.46/€1 compared with the N1,706.36/€1 it was exchanged a day earlier.
At the black market segment, the Nigerian Naira maintained stability against the Dollar during the session at N1,470/$1 and also traded flat at N1,463/$1 at the GTBank forex counter.
Despite the sigh of relief, demand pressures outweighed the robust supply from the CBN and inflow from offshore players looking to participate at the OMO bills auction.
Gross FX reserves increased for the twenty fifth consecutive week, growing by a strong $396.84 million week-on-week to $45.44 billion.
As for the cryptocurrency market, it was down on Friday as pressure remained after Federal Reserve chair Jerome Powell’s speech on Wednesday, which hinted at a possible rate cut pause in January. As a result, markets now expect only two rate cuts in 2026 instead of three.
However, Chicago Federal Reserve President Austan Goolsbee, who was against a December rate cut, said he expects more in 2026 than the current median projection.
Ethereum (ETH) slumped by 5.1 per cent to $3,090.61, Solana (SOL) declined by 4.5 per cent to $132.79, Cardano (ADA) depreciated by 3.8 per cent to $0.4103, and Dogecoin (DOGE) dropped 2.5 per cent to trade at $0.1373.
In addition, Bitcoin (BTC) lost 2.4 per cent to sell at $90,342.74, Litecoin (LTC) tumbled by 1.9 per cent to $81.86, Binance Coin (BNB) fell by 0.6 per cent to $886.93, and Ripple (XRP) slipped by 0.5 per cent to $2.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn