Business

GTCO Shareholders To Share N91.2bn Dividend For FY-2022

GTCO AGM Photo: Left -Right : Mrs. Cathy Echeozo, Non-Executive Director; Mr. Segun Agbaje, Group CEO and Mr. Erhi Obebeduo, Company Secretary all of Guaranty Trust Holding Company Plc at the Group’s 2nd Annual General Meeting (AGM) held in Lagos

Published

3 years ago

May 15, 2023

Charles Flames

658 Views

The Shareholders of Guaranty Trust Holding Company (GTCO) Plc have lauded the Board of Directors of the company for the consistent dividend payouts.

The shareholders made the commendation during the company’s second annual general meeting where they endorsed the payment of a total dividend of N91.236 billion, for the financial year ended December 31, 2022.

The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo paid in June. This brought the total dividend for the 2022 financial year to N3.10 per unit of ordinary share.

Timothy Adesiyan, the immediate past President of Nigeria Shareholders Solidarity Association, spoke on behalf of shareholders.
He commended the GTCO management for the impressive 2022 financial performance acheived and the consistent dividend policy of the Group.

He also noted the the Group has contributed to the growth of the economy in its lending to Agriculture, SMEs, Real Sector, among others, saying this was seen in the award obtained by the Group in 2023.

GTCO Chairman, Hezekiah Oyinlola, said: “As I reflect on 2022, I recall the challenges we faced at every turn and the prospects that became significant milestones in our journey towards creating a robust yet agile institution.

“As we look across our burgeoning GTCO Universe, we take pride in the concrete outcomes of our diligent efforts and unyielding dedication towards expanding our influence and strengthening our position as a leading provider of financial services in Africa.

“In 2022, our ambition was crystal clear, and we set out to achieve it with unwavering focus. We completed the setup of our holding company and acquired full ownership of Investment One Pension Managers and Investment One Fund Managers, now named Guaranty Trust Pension Managers and Guaranty Trust Fund Managers, respectively.

“Our payment subsidiary, HabariPay Limited, also launched in 2022 and almost immediately introduced its flagship product Squad to the market with outstanding reviews.

“The highlight for me is that these newly created businesses – in payments, fund managers, and pensions ran successfully and were profit before tax positive by the end of the year.”

On his part, the Group Chief Executive Officer, GTCO, Segun Agbaje, said that in spite of the varying challenges and headwinds that weighed on growth in 2022, the Group delivered a decent performance posting a pre-tax profit of N214.2 billion, representing a dip of 3.0 per cent from N221.5 billion posted in 2022.

” PBT contribution from West Africa decreased from 21.0 per cent in December 2021 to 12.3 per cent in December 2022 due to the significant impairment sum of N35.6 billion recognised on the Ghanaian sovereign securities,” he said .

Business

Investors Rush For Airtel Money IPO on LSE

Airtel Money is proving popular among retail investors ahead of full admission next week.

Published

17 hours ago

October 9, 2026

OCHEFA

10 Views

Airtel Money began conditional trading on the London Stock Exchange this morning in a £5.3 billion market debut, dubbed Africa’s Revolut.

Shares, which were open only to investors allocated stock in the offer, were trading flat at around 194p.

But armchair investors are rushing to sign up to the City’s largest IPO in five years ahead of full admission on October 14.

It is the ninth most popular initial public offering on AJ Bell’s investment platform based on the number of customers applying to take part in the offer, it said.

Airtel Money is proving popular among retail investors ahead of full admission next week

Airtel Money, a subsidiary of Airtel Africa, which offers mobile payment services in 13 countries across Africa, is a subsidiary of FTSE 100 telecoms group Airtel Africa, whose shares have trebled in less than two years.

Business

JUST IN: NNPC Clarifies Petrol Discount: Relief Initiative, Not Subsidy Restoration

Published

21 hours ago

October 9, 2026

Charles Flames

21 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that its ongoing petrol discount is a temporary customer relief measure and does not amount to a restoration of the petroleum subsidy abolished in 2023.

In a statement issued on Friday by Chief Corporate Communications Officer Andy Odeh, the company said the N66-per-litre sales discount, first introduced on 1 October 2026 to mark Nigeria’s 66th Independence Anniversary, will continue until 31 October 2026 at NNPC Retail stations nationwide.

NNPC stressed that the initiative is designed to ease the burden of rising fuel prices linked to elevated global crude oil costs and the Middle East conflict. It applies only to NNPC Retail outlets and does not set a uniform national pump price or change the market-based pricing framework for petroleum products.

“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” the statement said. The company urged the public to disregard any interpretation of the measure as a return to the subsidy regime.

The clarification followed comments by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, who explained that the discount is funded solely from NNPC Retail’s own profit margin and involves no public funds from the federal budget or Federation Account.

Business

Manufacturers sitting on N40trn untapped opportunities, says report

The Nigerian Manufacturing Opportunity Report 2026 provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

Published

1 day ago

October 9, 2026

OCHEFA

41 Views

SEID, a marketing communications and market intelligence firm in Lagos, has estimated that the Manufacturing industries in Nigeria is sitting on more than N40 trillion in untapped manufacturing opportunities.

The Managing Partner at SEID, Tubosun Akeju, disclosed this in a report -The Nigerian Manufacturing Opportunity Report 2026 launched by the during the 54th Annual General Meeting of the Manufacturers Association of Nigeria, held at the Oriental Hotel.

Akeju emphasised that the report provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.

“The opportunity is to understand where those strengths exist, deepen them, and build the competitiveness required to capture more value locally and compete beyond our borders,” he said .

The report examines manufacturing opportunities across Nigeria’s subsectors, states, value chains and industrial clusters, while identifying areas where existing strengths can be deepened and competitiveness improved.

It said that Nigeria’s manufacturing landscape was shaped by distinct areas of industrial strength, with different states, regions and value chains demonstrating varying levels of scale, specialisation and competitiveness.

The report noted that this created an opportunity to build on existing capabilities rather than adopt a one-size-fits-all approach to industrial development.

Manufacturing activity is spread across states with different levels of scale, specialisation and growth.

The South-West remains the country’s largest manufacturing zone, while other regions are developing strengths in areas ranging from food and agro-processing to textiles, chemicals, pharmaceuticals, cement, steel and light manufacturing.

The report maps these differences to show where investment and industrial development can build on existing capabilities.