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GTBank Declares N116.39Billion Profit Before Tax for FY 2014

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GTB

Foremost African Banking Group, Guaranty Trust Bank plc has released its audited financial results for the year ended December 2014 to the Nigerian and London Stock Exchanges.

 

A review of the 2014 results shows positive performance across all financial indices, reaffirming the  Bank’s  position  as  one of  the  most  profitable  and well  managed  financial  institutions  in Nigeria. The Group delivered an impressive Profit Before Tax of N116.39billion, an increase of9.30billion or 8.7% over the N107.09billion reported in December 2013 and Gross Earnings ofN278.52billion an increase of 14.8% from the N242.67billion recorded in the same period of2013. In terms of value creation for its shareholders, the Bank recorded pre-tax ROAE of 32.94%and ROAA of 5.22% respectively.

 

The Bank’s balance sheet remains strong with 12.4% growth in Total Assets, from N2.10trillion in2013 to N2.36trillion in the year under review. Loan book growth up by 27.12% to close atN1.28trillion from N1.01trillion in 2013; driven primarily by growth of the foreign currency loan book, on the back of the 2013 $400mm Eurobond issue. On the back of continued growth of the Bank’s  Retail  franchise,  Customer  Deposits  grew  by  13.3%  from  N1.43trillion  in  2013  toN1.62trillion in 2014. The Bank continues to maintain a disciplined and prudent approach to loan growth in line with its Risk Management framework. The Bank’s Non-Performing Loans (NPL) ratio remained low at 3.15%; down from 3.58% in the comparative period of 2013. On the backdrop of this result, the Bank is proposing Total-Year Dividend of N1.75k per share (inclusive of the25kobo interim dividend paid at half year 2014).

 

Commenting on the financial  results,  Segun Agbaje, the Managing Director/CEO of Guaranty Trust  Bank  plc,  said  that  the  Bank’s  financial  performance  in  2014  attests  to  the  inherent soundness of our strategy and resilience of our earnings. The Group has delivered a respectable Profit Before Tax of N116.39billion in spite of all the headwinds the industry experienced in 2014.He  expressed  his  sincere  appreciation  to  customers  for  their  loyalty  and  staff  for  their commitment and hard work. According  to  Segun  Agbaje  “We  remain  committed  to  maximizing  shareholder  value  and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage.

 

Guaranty Trust  Bank plc  has always been at  the forefront  of  industry  service innovations in markets  where  it  operates,  having  successfully  replicated  its  culture  for  excellence  in  its subsidiaries in Kenya, Uganda, Rwanda Ghana, Gambia, Sierra Leone, Liberia, Cote d’Ivoire and the UK. Locally, the Bank’s most recent service introductions includes; SME Market Hub; an e-commerce platform which allows GTBank customers create online stores in order to expand their business operations and boost sales

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Nothing Is Impossible, Dangote Tells Harvard Scholars

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…Dangote, an Entrepreneurial Genius, Providing Innovative Solutions’

 

The President/Chief ExecutiveDangote Industries Limited, Aliko Dangote, has urged young entrepreneurs and scholars to rise above limitations and push their ambitions to help transform the world into a better place.

 

The prominent industrialist made this call on Wednesday when a delegation of Harvard Kennedy School scholars visited the Dangote Petroleum Refinery & Petrochemicals complex and Dangote Fertiliser Limited in Ibeju Lekki, Lagos.

 

Addressing the 50 scholars, representing 18 different nationalities from across the globe, Dangote emphasised the importance of being driven by ambition and a ‘can-do’ spirit, as exemplified by the Dangote Group in constructing the world’s largest single-train refinery.

 

He stressed that ambition should be paired with a desire to create a legacy and make an impact, not simply for profit. 

“Life is not worth living without ambition. In this life, nothing is impossible. Don’t allow fear to hold you back. Be knowledgeable about the business you want to pursue. I am not an engineer, but I don’t engage in any business I don’t understand,” he said.

 

Dangote, who spent over 40 minutes answering questions from the scholars, recalled being advised against building the refinery, as many argued that such mega projects were only feasible for sovereign nations, not individuals. He shared that, during the COVID-19 pandemic, the company had to find ways to sustain the project. He also noted that the ingenuity involved in constructing a world-class refinery, which meets global best practices, produces Euro V products, and is capable of processing over 100 different types of crude oil, has kept it running despite shortage of Nigerian crude oil.

 

Vice President, Oil & Gas, Dangote Group, Edwin Devakumar,  explained that building the 650,000-barrel-per-day refinery was a monumental feat that required immense courage, vision, and determination. He pointed out that the group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the project – a refinery with a capacity of 650,000 barrels per day – a feat that had never been attempted before.

 

“Our Group President has a plaque in his office that reads, ‘nothing is impossible.’ This is the mindset he instilled in us when faced with challenges. He does not accept impossibilities and always aims for excellence. This approach was the same when we revolutionised the cement industry in Nigeria. We turned the country from one of the largest importers of cement into a net exporter. Today, after decades of depending on imported refined products, we now have the capacity to meet all of Nigeria’s refined product demands, with surplus supplies of jet A1, gasoline, and diesel for export. Other products from the refinery include polypropylene, carbon black feedstock, and sulphur,” he said.

 

Devakumar highlighted the significant investments made to realise the project, including dredging 65 million cubic metres of sand to raise the height of the site by 1.5 metres to safeguard against potential sea level rises due to global warming. The group also procured 330 cranes and lifting equipment due to the lack of local capacity, built the world’s largest granite quarry to supply materials such as coarse aggregates, stone columns, and stone dust, and constructed the refinery on 250,000 piles – potentially the largest number ever used for a single project.

 

The scholars, who toured the magnificent complexes, were in awe and praised Dangote for his ambitious vision, which seeks to address global needs. They commended him as an inspiration and entrepreneurial genius, with many describing the visit to the refinery as the highlight of their tour, which also included stops in Ghana and Abuja.

 

Sheffy Kolade, leader of the Harvard Kennedy School student-led Nigeria-Ghana Trek and global advisor for the Women for Prosperity project with the Atlantic Council’s Freedom and Prosperity Center, said that the Dangote Group symbolises Nigeria’s resilience and economic transformation.

 

“I want to start by saying that the Dangote Group is not just a business. It is a symbol of Nigeria’s resilience. It is a symbol of the bright future that lies ahead for us. It represents the extraordinary achievements possible when we put our minds to something. I am happy that we are here to witness the economic progress happening in Nigeria. We’ve seen the largest single-train refinery in the world, and we’ve visited a fertiliser plant that exports to South America and the US,” she said.

 

A social entrepreneur and a member of the Forbes Business Council, Kolade added, “From where we are standing, thousands of people earn their daily livelihood. This business has created numerous jobs and energy security for our country. It has reduced our reliance on imported petroleum products, and, of course, it is increasing our foreign reserves. I want to thank you, sir, for everything you’re doing for our country and for Africa. We appreciate it. It’s truly inspiring for us.”

 

Speaking about her team and their mission at the refinery, Kolade noted, “My team consists of 50 people from 18 different nationalities. We have people from nearly every continent. We are a blend of policy, business, sustainability, and development-minded individuals, most of whom are from the Harvard Kennedy School. There’s one from the Harvard Business School, one from Harvard Public Health, and others pursuing joint degrees with Harvard, Stanford, and MIT. We are all curious-minded people who value impact, sustainability, and progress.”

 

Another member of the team, Darrow Merton, a Foreign Service Officer with the United States, described Dangote’s vision and resilience as an inspiration to entrepreneurs. He praised Dangote for not only breaking barriers to build the refinery but also for his ability to provide innovative solutions in the face of adversity.

 

Nothing Is Impossible, Dangote Tells Harvard Scholars

 

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Heirs Holdings Partners with GIVO Africa to Tackle Plastic Waste for a Sustainable Future

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Heirs Holdings deepens commitment to sustainability, environmental stewardship, and community engagement.

Lagos, March 21, 2025 – Heirs Holdings, a leading pan-African investment company with a portfolio spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors, has announced its strategic partnership with GIVO Africa, a climate technology and recycling company, reinforcing the company’s deep commitment to driving initiatives that deliver meaningful impact.
This initiative will advance Heirs Holdings’ efforts in promoting a circular economy in Africa; fostering sustainable practices that minimise waste and maximise resource efficiency.
Over the past 15 years, Heirs Holdings’ impact-driven approach has been instrumental in shaping Africa’s business landscape, underscoring its commitment to long-term, sustainable development. Guided by its Africapitalism philosophy, Heirs Holdings has championed inclusive growth by investing in businesses that drive economic transformation, generate employment, and uplift communities across the continent.
Speaking on the partnership, Group Sustainability Officer at Heirs Holdings, Clari Green said: “At Heirs Holdings, we believe in a shared destiny with our local communities—businesses have a responsibility to drive sustainable solutions that create lasting economic and environmental impact. This initiative reinforces our commitment improving lives and driving meaningful transformation across our continent.”
Similarly, CEO of GIVO Africa, Victor Boyle-Komolafe remarked: “We are excited to join forces with Heirs Holdings in tackling plastic waste and promoting a circular economy in Africa. By leveraging our expertise in climate technology and community engagement, we are confident that this partnership will contribute significantly to environmental conservation while fostering economic opportunities.”
Heirs Holdings continues to lead in sustainable business practices, integrating sustainability into its corporate strategy to tackle environmental challenges while fostering meaningful social impact.

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U.S. Visa Interview Rules Get Stricter – Avoid This Critical Error

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U.S. Visa Interview Rules Get Stricter – Avoid This Critical Error

New U.S. Visa Rule Could Derail Travel Plans in 2025

If you’re planning to apply for a U.S. visa in 2025, brace yourself for a major policy shift that could make or break your travel plans. The U.S. Department of State has unveiled significant changes to the visa interview process, set to take effect in April 2025. This sweeping reform impacts all visa categories, including student, work, tourist, and immigrant visas.

Stricter DS-160 Barcode Requirement One of the most critical modifications is the strict enforcement of barcode verification on the DS-160 visa application form. According to the new guidelines, applicants must ensure that the barcode number on their DS-160 matches the one used to schedule their visa appointment. Failure to comply with this requirement will lead to immediate denial of entry into the U.S. Embassy or Consulate for their visa interview.

Previously, applicants could make modifications to their DS-160 form even after securing an interview appointment. However, as of March 18, 2025, this will no longer be permitted. Under the new rules:

  • The visa appointment must be scheduled using the same barcode number on the DS-160 form.
  • If the barcode numbers do not match, applicants will be refused entry to the Embassy or Consulate.
  • To correct a mismatch, applicants must reschedule their appointment using a DS-160 form with the correct barcode number.

Increased Scrutiny and Responsibility on Applicants While these measures are designed to streamline the visa process and minimize errors, they place a heavier burden on applicants to ensure accuracy from the outset. Mistakes that may have previously been rectified with minor adjustments could now result in serious delays, affecting travel, work, and study plans.

How to Avoid Delays and Denials To navigate these stricter requirements, visa applicants must take proactive steps, including:

  • Double-checking that the DS-160 barcode number matches the one used to schedule the interview.
  • Printing and bringing the correct DS-160 confirmation page to the interview.
  • Rescheduling immediately via the official U.S. Visa Appointment website if any barcode mismatch is detected.

Consequences of a Barcode Mismatch A mismatched barcode is not a trivial issue. In countries with already lengthy visa interview wait times, this error could push appointments back by weeks or even months. This could lead to students missing enrollment deadlines, workers losing job opportunities, and tourists having to rethink their travel plans.

With these new requirements looming, prospective U.S. visa applicants are urged to be meticulous in their applications. Ensuring that all details match precisely could mean the difference between a smooth approval process and a frustrating delay.

 

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