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
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
Dangote unveils ambitious plan for 20,000MW power project
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Aliko Dangote, the billionaire behind Africa’s largest industrial conglomerate, is determined to end Nigeria’s epileptic power sector with a plan to generate 20,000 megawatts of electricity.
Dangote’s entry into the sector follows a string of failed promises from the Nigerian government.
Adebayo Adelabu, ex-Power Minister, has repeatedly missed deadlines to stabilise the grid at even 6,000 megawatts, a fraction of what Dangote is now proposing.
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Business
Enugu govt to build 660MW coal-fired power plant
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
Photo: A coal fired power plant in Hanchuan, Hubei province, China / Getty Images
Enugu State Government has concluded plans to build a 660MW coal-fired power plant in the state.
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
” I am pleased to inform you that in July, we will break ground for a 660MW coal-fired power plant.The outlay in terms of time for building the plant is 24 months. So, our target is to commission that power plant 24 months after the groundbreaking in July,” said Mbah.
Mbah recalled that Enugu State, under his leadership, was the first subnational to set up an electricity market, following the Constitution and Electricity Act amendments that effectively transferred power from the Exclusive List to the Concurrent List, thus paving the way for states to participate in all the power value chain, namely generation, transmission, and distribution.
The governor allayed concerns normally associated with coal, citing the low sulfur content and high calorific value of Enugu coal, standing at about 7,000 kilocalories per kilogramme.
He said the project was not a knee-jerk decision, as his administration had taken about two years to undertake the necessary studies and also secure coal assets to guarantee unhindered supplies to the plant.
Business
Zenith Bank: Mustafa Bello succeeds Ovia as chairman
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
•Mustafa Bello
The former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, Mustafa Bello, has been appointed as the new Chairman of the Bank.
Bello’s appointment was announced yesterday during the bank’s yearly general meeting in Lagos.
In his remark, Jim Ovia stated, “Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM.
For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman.
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”
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