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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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Nigerian govt suspends implementation of 15% petrol import duty

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The Nigerian government has suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel). The announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Thursday.

The regulator urged Nigerians to avoid panic buying, assuring that there is adequate supply of petroleum products nationwide.

“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.

The statement added that both domestic and imported supplies of petrol, diesel, and other petroleum products are sufficient to meet demand, especially during the peak period. The authority warned against hoarding, panic buying, or unwarranted price increases, and affirmed that it would continue to monitor supply and distribution closely.

President Bola Ahmed Tinubu had approved the 15 per cent import duty last month to encourage the use of products from Dangote Refinery. While some stakeholders supported the move as a boost for local refining, critics argued it could increase fuel prices and worsen economic hardship for Nigerians.

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NAFDAC’s Ban on sachets alcohol: the economy repercussions, by MAN

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

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The Manufacturers Association of Nigeria (MAN) has said that the government’s move to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles, effective December 31, 2025, will have severe repercussions on the economy.

” This announcement by the NAFDAC, in our view, is counterproductive and threatens to disrupt the economy significantly at a time when it is beginning to stabilise,” said the Association through its Director-General, Ajayi-Kadir.

The Association emphasised that the ban would likely lead to the “Loss of over N1.9 trillion in investments, primarily from indigenous Nigerian companies.

• Mass retrenchment of over 500,000 direct employees and approximately 5 million indirect employees through contracts, marketing, and logistics.”

Ajayi-Kadir said that the earlier directive from the Ministry of Health for a one-year extension, which included the consideration and validation of the draft National Alcohol Policy by stakeholders, should have been taken into account before any significant announcement from another government body.

“We believe that a consultation with whether through a public hearing or focused meetings with relevant parties in the alcohol beverage industry, should have been conducted by the appropriate Senate Committee before an outright ban was imposed.

This approach was successfully followed by the House of Representatives in the recent past,” he stated.

Ajayi-Kadir highlighted that issues related to the ban on alcohol in sachets and small PET bottles were addressed by a broad committee that included all stakeholders, along with NAFDAC representatives, who validated the National Alcohol Policy in October 2025. The committee made the following key recommendations:

• Develop multi-sectoral action plans.- Strengthen enforcement by law enforcement agencies

• Establish licensed liquor stores/outlets in Local Government Areas nationwide.

• Increase monitoring and compliance checks by NAFDAC, FCCPC, and others to ensure product quality and safety.

• Regulatory bodies should focus more on regulation, monitoring, and educational campaigns to inform stakeholders and the public about the dangers of underage alcohol consumption and its sale in motor parks.

• Conduct educational campaigns in secondary schools across the country to raise awareness among students about the dangers and issues related to alcohol abuse.

Furthermore, we would like to note that the unfounded and untested claim of abuse by minors has been challenged by several independent studies conducted by the government.

The industry has proactively launched campaigns promoting responsible alcohol consumption to discourage underage abuse, resulting in expenditures exceeding one billion Naira on media outreach across the nation, which has effectively just underage drinking.

Ajayi-Kadir also stressed that the Senate’s directive for an outright ban is unjust and does not reflect the industry’s true conditions, as it seems the upper chamber has only considered NAFDAC’s perspective.

NAFDAC was part of the validation organised by the Ministry of Health, and it should have presented its views to the Committee and the Ministry during that process, rather than circumventing these channels and approaching the National Assembly without consulting other stakeholders.

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Following Lagos, FG moves to ban single-use plastics

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

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The Federal Government has commenced the process to ban single-use plastics, inaugurating a committee to steer the policy.

Lagos government began fully enforcement ban on single-use plastics (SUPs), including styrofoam packs, plastic straws, disposable cups, plastic cutlery, and nylons less than 40 microns thick, on July 1, 2025.

The Office of the Secretary to the Government of the Federation (SGF) , yesterday , set up an Inter-Ministerial Committee on the Ban of Single-Use Plastics (SUPs).

Earlier, the Federal Executive Council (FEC) during its meeting on June 25, 2024, approved the ban , specifically targeting Polyethene Terephthalate (PET) bottles, styrofoam food packs, plastic shopping bags, sachet water packaging, and plastic straws.

In his inaugural address, the SGF, George Akume, stated that the initiative aligned with Nigeria’s commitment to global environmental standards.

He said: “The FEC decision was in line with the Federal Government’s efforts to tackle various health and environmental challenges, especially those caused by single-use plastic products and therefore, approved the ban in the country of polyethene terephthalate (PET) bottles, styrofoam, plastic bags, sachet water and straw, which has become an environmental sanitation challenge.”

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