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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

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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 .

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Business

Dangote refinery gets new CEO

David Bird is the former head of Oman’s Duqm Refinery

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The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.

A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.

Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.

The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.

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Trump Imposes 15% tariff on Nigerian Imports

Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

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US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.

The White House announced the implementation of the new reciprocal tariff rates on Thursday.

In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.

That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.

However, the majority of talks failed to result in new trade agreements.

As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.

African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.

During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.

Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.

10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.

More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.

Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.

Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.

Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.

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Business

EU accuses online giant Temu of selling ‘illegal’ products

EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

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The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.

AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.

EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.

It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”

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