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 Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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