GTCO Positioned to Overcome ‘Uncertainties Ahead’- Agbaje Assures Stakeholders

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May 4, 2023

Segun Agbaje, the Group Managing Director, Guaranty Trust Holding Company Plc has warned of the challenges ahead in the global economy.

The company’s chief executive however assured its customers and other stakeholders that the bank is positioned to weather the storms of the economic headwinds ahead.

In spite of the economic headwinds, Agbaje said, the Group has performed in key metric lines due to its diversified investments and quality decisions by the management.

Agbaje’s assurance came on the back of the release of the Group’s Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group, NGX, and London Stock Exchange, LSE.

According to him, “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.

“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,” he stated.

The Group’s report indicates profit before tax, PBT, of ₦74.1billion, representing an increase of 36.5 percent over ₦54.3billion recorded in the corresponding period ended March 2022.

The Group’s loan book (net) dipped by 1.5 percent from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9 percent from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.

The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively. Full Impact Capital Adequacy Ratio, CAR, remained very strong, closing at 23.2 percent, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk, COR, closed at 5.4 percent and 0.2 percent in March 2023 from 5.2 percent and 0.6 percent in December 2022, respectively.

The statement indicates further a Pre-Tax Return on Equity, ROAE, of 31.1 percent, Pre-Tax Return on Assets, ROAA, of 4.5 percent, Full Impact Capital Adequacy Ratio, CAR, of 23.2 percent, and Cost to Income ratio of 43.1 percent.

Meanwhile, a summary of the statement, according to financial experts indicates clearly that the Group best other banks regarding its performance in key metric areas.

Appointments: I Will Not Behave Like Buhari- Tinubu

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James Orji

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May 4, 2023

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Bola Ahmed Tinubu has disclosed that his style of governance will be different from the outgoing president Muhammadu Buhari.

He said he will ensure that each zone gets what is entitle to it, as his government will not marginalise any part of the country.

His comment, according to those watching the polity, is a veil reference to the Buhari administration which has been accused of favouring a section of the country with government appointments and provision of infrastructure.

Tinubu spoke on Wednesday in Port Harcourt, Rivers state while he was a guest of Nyesom Wike, the state governor.

The president-elect who is billed to take power on May 29 said he will try as much as possible to avoid the mistake of Buhari, who has been accused of marginalizing some parts of the country in terms of appointments into government.

After taking power in 2015, President Buhari famously said his government will focus more on the parts of the country that gave him more votes in terms of government appointments and development.

“I hope you have a copy of the election results. The constituents, for example, gave me 97% [of the vote] cannot, in all honesty, be treated on some issues with constituencies that gave me 5%,” the president said while answering questions At The US Institute Of Peace.

Not a few Nigerians condemned the President for making what they described as divisive comments.

Tinubu said he will not thread this path after becoming president later this month.

He said his government will enthrone equity, fairness, and justice, necessary to unite Nigerians to move the country forward.

I will not marginalise any region, but will leave legacy projects across the length and breadth of Nigeria,” Tinubu said during the two day visit to the state.

CBN: Knocks As Senate Restructures Over N22trn Loans To FG

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James Orji

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May 4, 2023

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The Nigerian Senate has approved the federal government’s request to restructure N22. 7 trillion borrowed from the Central Bank of Nigeria, CBN.

The Buhari administration borrowed the funds from the apex bank through the Ways and Means, W&M window as provided in the CBN Act, to fund budget deficits.

The only snag, according to experts is that the administration violated the Act which specifies that advances from the CBN must not exceed five percent of the annual Budget. The Act also stipulates that such advances must be repaid within the budgetary year.

Obviously, none of these has been done and not a few insist that the National Assembly should have raised questions with the FG on why the violation happened by way of its oversight function as provided in the constitution.

“It is ridiculous and creates room for suspicion. We don’t think this is necessary, especially on the eve of this administration’s departure. This leaves us with the question of whether governance is a continuous exercise or not,” Secretary General, Trade Union Congress, TUC, Nuhu Toro, said:

But justifying the Senate approval on Wednesday, Senate Leader Ibrahim Gobir, disclosed that a huge part of the loan was given to state governments as loans.

Gobir also stated that the approval was done after the recommendation by a committee set up by the senate received submissions from the Ministry of Finance and Budge and the Central Bank of Nigeria, CBN

Giving a breakdown, the Senate Leader said the panel discovered that the Ways and Means balance was initially N19,326,745,239,660.20 as of June 30, 2022, but later grew to N22,719,704,774,306.90 as of 19th December 19, 2022, as a result of financial obligations to on-going capital projects and additional expenditures which include domestic debt service gaps and interest rate.

He said the Senate on Wednesday, 28th December 2022, approved the sum of N819, 536,937,813 from the N1 trillion additional request made by Mr. President, Commander-In-Chief of the Armed Forces leaving an outstanding balance of N180, 463,062,187 being the accrued interest on the sum;

He explained that the House of Representatives had earlier approved the additional N1 trillion Ways and Means advances requested by the president to enable the smooth implementation of the supplementary budget.

According to him, “Part of the Ways and Means monies were given to state governments as loans to augment budgetary shortfall in their various States. Most of the requests for funds for an increase in Ways and Means were made to Mr. President on the need to finance the budget due to revenue shortfall. Such requests were either made by the Hon. Minister of Finance, Budget, and National Planning or the Central Bank Governor.

“The federal government as a result of revenue shortfalls, occasioned by the COVID-19 pandemic and low oil prices, relied heavily on the Ways and Means to finance its budget deficit to keep the country working for the people,” he said, adding that the monies received by the federal government were actually used in the funding of critical projects across the country.

Gobir, said the federal government had to borrow the funds to support its spending as a result of a shortfall in government revenue, which could have led to the collapse of the economy.

“That the federal government through the Ministry of Finance, Budget, and National Planning has concluded plans to convert the CBN loans to tradeable securities such as treasury bills and bond issuance,” the Senate Leader said.

Tinubu Shuns Wike, Amaechi Absent, Governor Under Attack For Shutting Down Rivers State

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The Source

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May 3, 2023

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By Charles Igbo

Rivers State Governor, Nyesom Wike, has come under attack over his declaration of Public Holidays in the State because of the visit of Presidential-elect, Asiwaju Bola Tinubu, to the State.

Wike had, in a broadcast on Tuesday, 2nd May, informed the people of the State that Tinubu would visit the State on Wednesday, 3rd May to commission two projects- the 12th flyover and a Magistrate Court.

In order to give Tinubu a rousing welcome, Wike had, surprisingly, shut down the State by not only declaring a public holiday, but shut down business premises and shops until 3pm on Wednesday.

Both former Senator Shehu Sani and Dr Soni Amadi, criticized Wike for shutting down social and economic activities in the State over Tinubu’s visit.

However, if Wike went all that stretch to please the President-elect in order to curry favours from him, he failed in his first attempt. Tinubu denied Wike of his first request and told him that he owed him nothing.

While welcoming Tinubu, Wike had told the President-elect that the flyover he was commissioning is on a Federal road, and therefore, the responsibility of the FG. He, in advance, before Tinubu’s inauguration as President, requested a refund from the incoming Tinubu Government.

Wike: “These projects ought to be Federal Government projects because they are Federal roads. Since we have said we don’t want our people to suffer, I also believe that the Federal Government should say, look, you have done well for us. These are projects we should be doing. Can you bring your bill let us refund you the money with which you have done these roads?

“I am not asking for what we are not entitled to. The Federal Government should say you are a true son of this Government, you have removed shame from us.

But the President-elect was not moved. He told Wike: “The 12th flyover and the demand you made for refund, I owe you nothing. It is your road.

“You can’t chuckle at me and make a demand. You are the one living on this road. I commend your effort. You have to lobby me to collect it.”

Tinubu had earlier acknowledged that Wike was responsible for his Presidential victory, an acknowledgement that did not go well with members of the Labour Party who insist that their Candidate, Peter Obi, clearly won the election in Rivers State.

Conspicuously absent at Wike’s reception of Tinubu were the immediate past Minister for Transportation, a chieftain of Tinubu’s party, APC, Chibuike Amaechi, and many top APC chieftains in the State. Absent, too, were many chieftains of Wike’s Party, the PDP, who Wike has rendered politically irrelevant in the State.

Present, however, were a number of APC Governors. Seyi Makinde, PDP Oyo State Governor was also present.

It is strongly being speculated that Wike could get a Ministerial appointment in Tinubu’s Government.

Why Obaseki Sacked Political Appointees

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Ayodele Oni

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May 3, 2023

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By Ayodele Oni

The Edo State Governor, Mr. Godwin Obaseki, has dissolved the State Executive Council, expressing appreciation to members of the council for their service to the government and people of the State.

The Governor said the dissolution of the council takes immediate effect.

The State’s Cabinet was dissolved during the Weekly Executive Council meeting on Wednesday.

The Governor also said that, beginning from Wednesday, all Special Assistants (SAs) and Senior Special Assistants (SSAs) have been relieved of their appointments.

No reason was given for the action as Obaseki’s tenure is expected to end in 2024.

However, political watchers believe the action of the Governor could be one of the fallouts of primary elections which produced Houses of Assembly and Representatives Members, as well as Senators.

The ruling People’s Democratic Party (PDP) in the state was divided into factions with each producing candidates and subsequent Litigations.

Wike Facilitated My Victory In Presidential Election – Tinubu Reveals

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Ayodele Oni

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May 3, 2023

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By Ayodele Oni

The President–elect, Bola Ahmed Tinubu has said one of the factors for his victory in the February election was as a result of resilence of Governor Nyesome Wike on the emergence of a southerner as successor to President Mohammadu Buhari.

He lauded the support and principle of the Rivers state Governor during the presidential election, noting that the governor promoted unity and fairness during the election.

Wike and four other governors of the People’s Democratic Party (PDP) had dumped the Presidential candidate of their party, Atiku Abubakar, faulting his emergence which runs counter to principle of power rotation.

They insisted on the resignation of Dr Iyorcha Ayu as national chairman and replaced by a southerner.

Tinubu, who spoke during the commissioning of the Raumuokwuta/Rumuola flyover bridge in Port Harcourt, on Wednesday, noted that he wouldn’t have won if not for Wike’s support.

His words: “I went through a gruesome campaign, fought hard, supported by many of you and I won. Fair and square.

“Nyesom, I say thank you for your contribution to my victory. I couldn’t have done it without some structural support as not describable in a flyover.

“In his Excellency, I see a man of principle. He took a principled stance that the Presidency must come to the South and he had the courage to stand by his own conviction not minding whose ox was gored.

“He is indeed a man of great integrity, he didn’t choose to serve his own interest, not about him but the interest of the nation. You promoted unity, you promoted fairness, you championed justice. Thank you.”

Not a few people allege that the Presidential election was brazenly compromised in Rivers State in favour of Tinubu and that victory in the State, actually, belonged to the Candidate of the Labour Party, Peter Obi

Dwindling Revenue; Edo Beams Searchlight On Councils, Set To Invite EFCC To Probe Finances

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Ayodele Oni

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May 3, 2023

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By Ayodele Oni

The Edo State Government has threatened to invite anti graft agency to probe finances of local governments in the state.

The state deputy Governor, Philip Shaibu explained that any Head of Local Government Administration, (HOLGA), or council personnel involved in shady deals, resulting in the declining Internally Generated Revenue, (IGR) will be probed, arrested and dismissed from service.

The Deputy Governor, made the declaration in Benin City, during a meeting with HOLGAs and Local Government Liaison Officers. Also in attendance were leaders of the three recognized transport unions in the state.

According to Shaibu, the Economic and Financial Crimes Commission, (EFCC), may be invited by Edo State Government to look into affairs of the Councils.

“Only incompetence, abuse of office, lack of accountability and truancy, among others, can result in the 18 Local Government Councils generating a paltry sum of three million naira monthly as internally generated revenue.

“The IGR profile of Egor Local Government alone is one million naira, while the remaining 17 Local Government Councils generated N2 million monthly. This is criminal and unacceptable to government.

“It is also impossible for motorcycles and tricycles to generate more revenue than cars and buses put together.

“We will invite EFCC to investigate your activities for the period under review and whoever that is culpable of any mismanagement be sacked, arrested and be made to face prosecution in a competent court of jurisdiction.”

The Deputy Governor directed the council heads and Laison Officers to immediately constitute a credible revenue task force across the 18 councils to ensure proper collection of revenue for the purpose of accountability forthwith.

Edo PDP Takes Up Tinubu, Says State Can’t Be Traded Off To Loyal Supporter

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Ayodele Oni

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May 3, 2023

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By Ayodele Oni

People of Edo state have taken up the President elect, Bola Tinubu over a statement credited to him that he would give the state to former Governor Adams Oshiomole and the All Progressives Congress, (APC).

The statement,which was credited to Tinubu was said to have been made before the February election, and is coming as the state is warming up for another governorship election next year.

Incumbent Governor of the state Godwin Obaseki, a former deputy to Oshiomole, had to decamp to the People’s Democratic Party (PDP) for him to win his election in 2021.

The state chairman of the Peoples Democratic Party, (PDP), Dr. Tony Aziegbemi described the statement as “unpresidential and not good enough to be heard from a statesman, let alone a presidential hopeful now elect, as it were.”

Dr. Aziegbemi, who spoke in Benin- city with newsmen said “for as much as many would say campaign statements may not be binding, but for a supposedly reliable politician, campaign promises are bound to be kept.

“As such, we as a people are not seeing this as a mere campaign statement but a grand plan to gift us as political compensation to a friend for supporting your campaign to be president.

“Edo people are more and better enlightened to know what is good for them as against been treated as an article for compensation.

The PDP chairman further said that ” Edo state fared better in opposition under a PDP government in the last few years when compared to some other APC states. What we need as a people is good leadership that is people rooted and focused.

He called on the President-Elect, APC chieftains and their party to “wake up to the reality of the fact that as Edo People, we are proud of our valued independent mindedness and would resist any attempt by anybody, no matter how highly placed, to turn us to mere article of trade or materials to be gifted to friends as compensation.

“They should be reminded that the blood of our fathers that built The Great Benin Moat in the 14th century still flows in our veins.”

Aziegbemi then called on Edo people, within and in Diaspora to “shine your eyes and defend your state against political invasion aimed at milking our collective resources and wealth to create a business empire for an individual.

“There is no doubting the fact that our party, the PDP, has been so committed to a remodelled, rebranded and refocused Edo state, which must be sustained.

“We have never gifted you to any individual and we don’t intent to do that. Rather, we have always worked with you, showing a direction towards a better state for our future generation.

“I make bold to tell you that as the party steering the ship of Edo state, we remain focused and committed to serving you better so that the dividend of democracy currently provided by our amiable governor and leader, Mr Godwin Obaseki will not be derailed or truncated.”

Zenith Bank Makes Shareholders Rich, Pays Over N100 bn Dividends

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Tosin Olatokunbo

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May 3, 2023

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At the 32nd Annual General Meeting, AGM, of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.

Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance. He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.

Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders, AARNS, commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.

Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.

Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.

Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24 percent growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This was driven by a 26 percent YoY growth in interest income and a 23 percent YoY growth in non-interest income.

Customer deposits grew by 39 percent, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin, NIM, increased from 6.7 percent to 7.2 percent, positively impacted by the elevated yield environment. Operating expenses grew by 17 percent YoY, though still below the inflation rate. Total assets rose by 30 percent, primarily due to growth in customer deposits.

In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

Zenith Bank’s track record of excellent performances has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions , BAFI, Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Lagos PDP Chair Accuses State Officials Of Forgery; Defies Suspension

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Tosin Olatokunbo

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May 3, 2023

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The Lagos State Chairman of the Peoples Democratic Party, PDP, Pastor Phillip Aivoji has dismissed his removal by some officials of the party.

He was suspended alongside his deputy, Tai Benedict, on April 14 on the allegation of violating PDP constitution and working against the party during the just concluded election.

The party said the two officials will remain suspended pending the outcome of court cases instituted by the party.

But Aivoji has remained defiant saying he will overcome the shenanigans of some members of the PDP executive in the state who suspended him.

The embattled Chairman told The Nation on Tuesday that it is wrong to accuse him of anti-party activities after wining his ward for the PDP during the recently concluded general election.

He expalined that the signature of his wards members that purportedly suspended him were forged, adding that the matter has now been taken to court.

According to him, “The situation is that you would have been seeing reports that the so-called ward exco members that suspended me have alleged that their signatures were forged and that the purported suspension is not true and we expect the law to take its course.

“Also, these people have approached the court, and the court has ruled that parties must maintain the status quo. It is rather unfortunate that those who went to court are now in breach of the judiciary by their action.

“In our constitution, it is me that has the power to call the Central Working Committee, except where I direct the secretary of the party to do so. Those promoting this idea didn’t follow all the laid down processes as specified by our party’s constitution.

“I can tell you that myself alongside all the exco members will come out in full force to debunk all their shenanigans.”

While announcing his suspension last month, the party’s Publicity Secretary, Hakeem Amode said the State Working Committee reached the resolution after appraising the outcome of the 2023 general election.

He said the decision was taken to save the soul of the party.

Consequently, Amode announced Sunday Olaifa, the party’s Vice Chairman as acting chairman, pending the outcome of court cases.

He said the committee settled for Olaifa being the vice chairman of the suspended chairman’s senatorial district.