Author: Jasmin Ekua, Banking & Finance

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over ₦103.2billion recorded in the corresponding period ended June 2022. The Group’s loan book (net) increased by 22.8% from ₦1.89trillion recorded as at December 2022 to ₦2.32trillion in June 2023, while deposit liabilities grew by 37.0% from ₦4.61trillion in December 2022…

Tony Elumelu, chairman of Heirs Holdings, has denied a report that he is being lined up as the next governor of the Central Bank of Nigeria (CBN). An All Progressives Congress (APC) member, Imran Muhammad had made a post on X (formerly Twitter), suggesting that Elumelu is likely to be the next CBN governor. “According to a source, President Bola Ahmed Tinubu is also considering Tony O. Elumelu as CBN Governor,” Muhammad posted. Elumelu responded to the post on his X page by simply saying “LOL. No, please. This is…

FBNHoldings (FBNH), the parent company of Nigeria’s pioneer Bank, First Bank of Nigeria Limited published stellar results, confounding analysts, and exciting investors. Equally as amazing as the spectacular results, which saw earnings per share surge by 234% to N5.19 was the fact that the banking behemoth was able to eke out this profit in a financially hostile policy environment where bank earnings have been squeezed. The Bank’s holding company has also been a subject of shareholder squabbles, which ordinarily should be a distraction to the management and a drag on…

Leading financial institution, Fidelity Plc, has distributed over 1,200 food packs to the internally Displaced Persons in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society. The event, which took place on Thursday, 10 August 2023 at the IDP Camp, Federal Housing Estate in North Bank, Benue State was executed in partnership with the Hyacinth Alia Foundation and the Benue State Emergency Management Agency (BESEMA). Speaking during the distribution event, the Divisional Head, Brand and Communications, Fidelity Bank Plc, Meksley Nwagboh noted that…

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent. The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade…

First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the graduation of 20 successful participants in the fourth edition of its Senior Management Development Programme (SMDP) at an event held recently at Oriental Hotel, Lagos. Before the 2023 graduation, the SMDP had produced 52 graduates. The Bank successfully graduated 23 participants in its inaugural edition, held in 2018; 17 in 2019 and 12 in 2020. The Senior Management Development Programme (SMDP) is FirstBank’s intensive modular programme for a select group of senior managers to principal…

FBN Holdings Plc (FBNHoldings) has posted N206 billion profit before tax in the first half of the year. The six-month report for the period ended 30 June 2023 showed that the company grew gross earnings and profit before tax to N656.6 billion and N206.3 billion respectively. Group Managing Director, FBN Holdings Plc, Mr. Nnamdi Okonkwo said the company has continued to deliver a strong financial performance despite the complex operating environment due to its reinforced foundations, deep market understanding, strong risk management and execution capabilities. “Across our businesses, we continue…

GUARANTY TRUST BANK NAMED BEST BANK IN NIGERIA BY EUROMONEY Lagos, Nigeria – July 17, 2023: Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria. Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to…

Access Bank Plc (Access) and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The announcement was made today at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks. Signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered,…

Guaranty Trust Holding Company Plc (GTCO) has announced dates for the 2023 GTCO Autism Conference and follow-up consultations. This year’s programme is themed “Empowering Voices for Autism” to promote inclusivity and self-advocacy for persons on the Autism Spectrum. An offshoot of the Orange Ribbon Initiative, the GTCO Autism Conference has grown to become a reference point for autism advocacy and intervention in Africa, providing support and empowerment to thousands of people with neurodevelopmental disorders. Working with specialists and partner organisations within and outside Nigeria, the conference will feature lectures, panel discussions,…

Rising from a lower profit margin of N10.2billion and a debilitating Non-Performing Loan portfolio of 45 per cent in 2015, to an impressive profit of N147billion and a significantly lowered NPL rate of 5.6 per cent in 2022, FirstBank has proven that its back-to-back profit-making is far beyond recoveries made, but rather it’s a reinforcement of a well-articulated growth trajectory driven by a committed, competent and experienced Board and management team, writes Festus Akanbi There seems to be a consensus among watchers of the Nigerian banking sector that these days,…

…takes trade expo to Houston, Texas, USA in October 2023 Building on the resounding success of the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in London, UK last November, leading financial institution, Fidelity Bank Plc, has announced plans to host the second edition of the trade expo in Houston, Texas in the United States of America. Tagged FITCC Houston, the event would hold on Wednesday, 18th and Thursday, 19th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010.…

… Commend Partnerships and bundled investment initiatives Nigeria’s leading Retail Bank, Polaris Bank has announced the launch of its exclusive banking product aimed at serving its High Net-worth Individuals (HNIs) seeking innovative investment options in challenging economic times. The unveiling which took place in Ikoyi, Lagos, on Tuesday was attended by esteemed guests, industry experts, and corporate customers from across the country. The exclusive banking proposition, designed to guide HNIs towards high-yield investment opportunities, received an overwhelmingly positive response from customers present at the launch with most of them offering…

The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters’ (I&E) window. A top official of the apex bank, who told this medium that the report is completely false , warned that such reports could have serious adverse consequences for the economy. According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates. “The report is not…

In a bid to boost healthcare delivery to thousands of residents, the Lagos State Government has built and unveiled a new Primary Healthcare Centre (PHC) in Ije-Ododo Community, Iba Local Council Development Area (LCDA), under the Ojo Council Area of the state. The facility, which has been under construction since 2021 in partnership with First Bank of Nigeria Limited, was unveiled in the community in an opening ceremony attended by the Lagos State Governor, Babajide Olusola Sanwo-Olu, representatives of the state government, the state Primary Health Care Board, community leaders,…

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022. This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. 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 interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit…

Access Bank PLC, the flagship company of Access Holdings PLC, has officially launched its subsidiary in Paris, France. The Bank’s operations will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa. Herbert Wigwe, Group Chief Executive Officer of Access Holdings PLC, speaking on the purpose of the Bank’s strategic expansion efforts said, “Access Bank PLC, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another…

With a 32% year-to-date appreciation in value, Fidelity Bank Plc’s shares have emerged Nigeria’s best performing year -to-date bank share. This is according to a recently published Bloomberg article. Speaking with the platform’s journalist, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe shed light on the 35-year-old institution’s business expansion plans especially to other African countries after finalizing the acquisition of Union Bank UK, explaining that, “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers. In the next three years, we…

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…

Fidelity Bank Plc yesterday released its latest audited financial statement and accounts to the investing public. A major highlight of the report is a recommendation of a 42.9 per cent increase in dividend payout by the board of directors of the bank. In one of the highest return growths in the stock market, Fidelity Bank, which set a personal record with its first interim dividend in 2022, is increasing cash dividends payable to shareholders for the 2022 business year from N10.137 billion in 2021 to N15.7 billion in 2022. According…

The management of Guaranty Trust Bank has denied a report that it gave a huge sum of money to one of the presidential candidates in the ongoing general elections. The bank urged its customers to disregard the unsubstantiated claim in its entirety. A Twitter user, @ifygold21 had earlier posted that the bank gave the sum on February 24, 2022, on the order of the President, Muhammadu Muhammadu Buhari. The bank in a statement made available to the media on Tuesday refuted the report, describing the sponsors of the post as…

A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director and Company Secretary of Fidelity Bank Plc to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt. The Chief Magistrate, Mr. Lateef Owolabi vacated the order in a Suit No: MIK/4726/22 between Justin Ahmed, (judgement creditor), Prince Enabulele Osazee, (judgement debtor) and Fidelity Bank Plc, (1st Garnishee/Applicant). The court in an earlier ruling delivered on February 6, 2023, held that the Managing Director of Fidelity…

First Bank of Nigeria Limited’s parent company, FBN Holdings Plc, has dismissed a report alleging that the Economic and Financial Crimes Commission (EFCC) declared Nnamdi Okonkwo, its group managing director, wanted in connection with a bogus N400bn purportedly discovered in the home of Bola Tinubu, presidential candidate of the All Progressives Congress (APC). Recall that an online platform had in a report that went viral on Sunday, alleged that EFCC operatives raided Tinubu’s home and recovered N400bn. The report, which has since been dismissed by both the EFCC and the…

The management of Sterling Bank Plc. has issued an official statement in response to allegations by the Independent and Corrupt Practices Commission that the bank hoarded N287m in its regional headquaters in Abuja. Read bellow the statement as sent to National Infinity. TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE This report is developed for the purpose of providing the true representation of events to the narrative as expressed by the Independent Corrupt Practices Commission (ICPC) ina tweet late on Tuesday, February 7, 2023. Background 1. A…