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GTBank Releases Q1 2020 Unaudited Results ​​​ …….. Reports Profit before Tax of ₦58.2Billion

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Guaranty Trust Fund Managers Limited Launches Guaranty Trust Investment Fund 724

Guaranty Trust Bank plc has released its unaudited financial results for the period ended March 31, 2020 to the Nigerian and London Stock Exchanges.

A review of the 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. Profit before tax stood at ₦58.2billion, representing a growth of 2.1% over ₦57.0billion recorded in the corresponding period of March 2019. The Bank’s Loan Book grew by 8.0% from ₦1.502trillion as at December 2019 to ₦1.622trillion in March 2020, while customers’ deposit increased by 9.3% to ₦2.768trillion from ₦2.533trillion in the same period. 

The Bank maintained a well-structured and diversified balance sheet with Total assets and Shareholders’ Funds closing at ₦4.057trillionand ₦661.1Billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.5%. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 6.0% and 0.1% in March 2020 from 6.5% and 0.3% in December 2019respectively. Loan Loss coverage also improved to 130.5% for Lifetime Credit Impaired Loans (NPLs) compared to 126.6% in December 2019.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “These are very difficult and uncertain times, not just for the financial services sector and the economy as a whole, but also for hundreds of millions of people around the world whose lives and livelihoods have been put at risk by the COVID-19 pandemic. At GTBank, we know that the impact of this pandemic may sustain for months to come, but we remain positive that, by staying nimble and continuing to build on the strength of our businesses, we are appropriately positioned to cope with emerging economic realities, as reflected in our first quarter result.”

He further stated that, “As a platform for enriching lives, our focus is on safeguarding lives and livelihoods. That is why we are working round the clock to keep all our members of staff and customers safe, supporting the government in combatting the pandemic and being there for our customers in every way that they may need our support at this time.”

Over all, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of financial ratios i.e. Post-TaxReturn on Equity (ROAE) of 29.7%, Post-Tax Return on Assets (ROAA) of 5.1%, and Cost to Income ratio of 40.6%. These ratios reflect the Management stability and well-structured Balance sheet coupled with operational efficiency. 

In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of the awards include Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine (2019), Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine (2019), Bank of the Year – Nigeria from the Banker Magazine (2018), Most Innovative Bank from the African Investor (2018), and Best Digital Banking Brand in Nigeria from the Global Brands Magazine (2018).

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Stop the killing, Tinubu will make Nigeria great,Hon.Ashara drops Easter message

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The Vice Chairman of Amuwo Odofin Local Government Area,Hon.Ashara Maureen chika has beckoned on Nigerians to stop the rampant killings that’s ravaging the country at the moment and embrace love in the quest to stimulate and foster national unity and togetherness as Christians celebrate Easter.

Speaking to newsmen today in Lagos, the beautiful politician enunciated the need for Christians to promote peace and love, using it as tool to bring the nation together ” Christianity promotes peace and love, it’s not a religion that promotes cruelty,viciousness and wickedness, Christians are known for their endurance and perseverance, Easter, being the period of the death of our Lord Jesus Christ,is a period of reconciliation and we should channel it in a way that it’s going to have a salutary effect on the Nigerian nation and stimulate unity, let’s stop the killing that is going on the country because it’s not healthy for any nation”.

She also beckoned on Nigerians to be patient with the administration of Bola Ahmed Tinubu because he’s capable and will make Nigerians to smile very soon “the process of building is always tough, rough, hectic and cumbersome, Nigeria was decaying before the president assumed office,all the policies he’s implementing will ultimately be to the boon of Nigerians,all will need is little patience and everyone will smile;I want to wish all the Christians in Nigeria and all over the world a happy Easter celebration and appeal to Nigerians to be patient with the government of Asiwaju because he’s on a mission to salvage the image of the country and revamp the entire nation”.

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Harmony Gardens, FG Launch Renewed Hope Estate for Nigerians Abroad

Top Lagos-based real estate powerhouse, Harmony Gardens & Estate Development Ltd, is once again making waves, this time through a landmark partnership with the Federal Government of Nigeria to deliver 1,000 modern duplexes at Lekki Aviation Town, directly opposite the proposed Lekki International Airport.

The project, part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, is targeted at middle-income Nigerians in the diaspora seeking to invest in sustainable, high-quality housing back home. It is being financed by the Federal Mortgage Bank of Nigeria (FMBN) and reflects the government’s commitment to easing access to homeownership.

President Tinubu is set to perform the official groundbreaking on May 29, 2025, signaling not just political will but also strategic action toward diaspora inclusion and infrastructure expansion.

Speaking on the initiative, Harmony Gardens Chairman, Mogaji Wole Arisekola, confirmed a whopping ₦106 billion investment into the FGN Harmony Partnership. The company’s innovative Executive Managing Director, Hon. (Dr.) Abdullahi Saheed Mosadoluwa, widely known as The Lagos Landlord is rolling out a game-changing Ibile Traditional Mortgage Scheme. The plan offers Nigerians at home and abroad the ability to rent-to-own homes on a single-digit annual interest rate for up to 20 years.

The Renewed Hope Estate will boast modern infrastructure, green areas, high-grade finishes, security systems, and effective drainage, setting a new standard for residential developments in Lagos. It will also provide over 5,000 direct and indirect jobs, boosting the construction and logistics sectors significantly.

Harmony Gardens has continued to solidify its reputation as a premium developer, currently overseeing seven prestigious estates, including GranVille Estate, The Parliament, Majestic Bay, Harmony Casa, and the flagship Lekki Aviation Town, collectively known as the Seven Citadel of Joy.

As the federal government collaborates with developers and international consultants to ensure timely delivery and top-tier quality, Harmony Gardens is once again demonstrating why it remains a pillar of excellence in Nigeria’s real estate industry.

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A Call to Unity and Focus: Overcoming Challenges Facing Nigerians in South Africa By George Omagbemi Sylvester

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A Call to Unity and Focus: Overcoming Challenges Facing Nigerians in South Africa

By George Omagbemi Sylvester

 

The Nigerian community in South Africa represents one of the most vibrant and dynamic African diasporas on the continent. Comprising students, entrepreneurs, professionals, and families, Nigerians have contributed significantly to the socio-economic and cultural landscape of their host country. From pioneering businesses to excelling in academic and healthcare institutions, their presence is both visible and impactful.

A Call to Unity and Focus: Overcoming Challenges Facing Nigerians in South Africa
By George Omagbemi Sylvester

However, beneath the surface of progress and resilience lie persistent challenges that threaten the peace, safety, and dignity of this community. These challenges—ranging from police brutality and lack of documentation to harassment, xenophobic violence, and political neglect—continue to define the lived experiences of many Nigerians in South Africa.

 

This piece is both a call to unity and a plea for purposeful action. It is an appeal for Nigerians in South Africa to rise above internal divisions—whether tribal, religious, or political—and refocus on the shared vision of securing justice, dignity, and equal opportunity for all. It is only through a unified, strategic, and internationally informed response that we can collectively address the systemic and social issues confronting our people.

Understanding the Challenges

1. Police Brutality and Unlawful Arrests

One of the most pressing concerns is the recurring issue of police brutality. Numerous reports by human rights organizations, such as Amnesty International and local advocacy groups, have consistently highlighted cases where Nigerians are disproportionately targeted by law enforcement agencies. From unwarranted stop-and-search operations to physical abuse and extortion, many members of the Nigerian diaspora live in perpetual anxiety, fearing encounters with authorities meant to uphold their safety.

Historically, the mistrust between immigrant communities and law enforcement in South Africa is rooted in post-apartheid socio-political dynamics. The police force, often under-resourced and inadequately trained in diversity management, has sometimes defaulted to racial profiling. Nigerians, often stereotyped as drug traffickers or scammers, bear the brunt of this systemic bias. These actions not only contravene Section 9 of the South African Constitution, which guarantees equality before the law, but also violate international human rights instruments such as the African Charter on Human and Peoples’ Rights.

2. Lack of Proper Documentation

The issue of documentation is a complex interplay of bureaucratic inefficiencies, immigration policy shifts, and misinformation. Many Nigerians encounter protracted delays in securing residency, asylum, or work permits, often due to policy changes or restrictive visa frameworks aimed at curbing irregular migration. The South African Department of Home Affairs has been criticized for slow processing times, opaque requirements, and inconsistencies in documentation procedures.

For undocumented Nigerians, the consequences are severe. They face exploitation by unscrupulous landlords and employers, limited access to healthcare, and the inability to enroll their children in public schools. Without legal status, they are also left out of the protection net offered by South African labor laws, exposing them to unsafe working conditions and wage theft.

This situation reflects a broader economic reality: South Africa, like many nations, is grappling with high unemployment and poverty, making immigration a politically sensitive issue. Unfortunately, immigrants—particularly from other African countries—are often scapegoated in public discourse.

3. Harassment, Xenophobia, and Violence

Perhaps the most alarming of all is the recurrent wave of xenophobic violence that has periodically erupted across South African cities. From the violent uprisings in 2008 to more recent attacks in 2019, Nigerians have frequently been among the primary targets. These attacks have led to loss of life, destruction of property, and psychological trauma within the community.

Culturally, these acts of violence contradict the spirit of Ubuntu—an African philosophy that emphasizes communal values, human dignity, and hospitality. Politically, they reflect the failure of successive administrations to effectively address socio-economic disparities and to lead public opinion away from xenophobic sentiments.

Internationally, such violence has strained South Africa’s diplomatic relations with countries like Nigeria. The 2019 attacks, for instance, prompted diplomatic protests, economic retaliations, and calls for stronger protections for foreign nationals. It underscored the need for sustained bilateral dialogue and continental cooperation under frameworks like the African Union’s Agenda 2063, which envisions “an integrated, prosperous, and peaceful Africa.”

The Need for Unity

In the face of these adversities, unity among Nigerians in South Africa is not optional—it is imperative. Unfortunately, internal fragmentation based on ethnicity, religion, or personal ambition has often undermined collective advocacy efforts. The Igbo, Yoruba, Hausa, and other ethnic subgroups sometimes operate in silos, diminishing their collective bargaining power.

Yet, diversity should be a strength, not a stumbling block. Nigeria’s cultural richness, forged through centuries of inter-ethnic interaction, must be mirrored in the diaspora. Whether through pan-Nigerian associations like the Nigerian Union South Africa (NUSA), professional bodies, or interfaith coalitions, there is a pressing need to organize around shared interests rather than sectional loyalties.

A unified Nigerian voice is more likely to influence South African policy, engage international organizations like the UNHCR or the International Organization for Migration (IOM), and partner effectively with civil society actors in promoting justice and reform.

Strategic Responses and the Path Forward

1. Legal Advocacy and Community Empowerment

There must be an intentional investment in legal literacy and access to justice. Community-based organizations should regularly host legal clinics to inform Nigerians of their rights, including what to do during police encounters, how to contest unlawful detentions, and how to file complaints with oversight bodies like the Independent Police Investigative Directorate (IPID).

Establishing legal defense funds and partnering with South African law firms or university law clinics can provide pro bono support. Furthermore, by pursuing litigation and filing public interest cases, the Nigerian community can help shape jurisprudence that protects all immigrants in South Africa.

2. Engagement with Host Authorities

Engagement with local and national government structures is crucial. Nigerians must participate in town hall meetings, integrate into ward committees, and attend public consultations on urban safety and integration policies.

The Nigerian diplomatic mission, including the High Commission and consulates, must play a more assertive role. Consular outreach, passport renewal drives, and emergency hotlines must be streamlined to provide timely and effective assistance. Diplomatically, Nigeria must also leverage bilateral relations—using trade ties, continental influence, and multilateral platforms—to ensure the rights of its citizens are respected abroad.

3. Media and Narrative Control

The media is a powerful tool in shaping perceptions. Community leaders, content creators, and journalists must challenge toxic stereotypes and highlight the success stories of Nigerians in South Africa. This could be through social media campaigns, documentaries, community radio programs, or contributions to mainstream outlets.

Public relations efforts should emphasize the positive economic impact Nigerians make—as business owners who create jobs, as healthcare workers saving lives, and as innovators advancing technology. A shift in narrative is essential for social inclusion and long-term peace.

4. Youth Engagement and Leadership Development

Youth are not just the future; they are the present. We must invest in building leadership capacities among young Nigerians through mentorship programs, civic education, entrepreneurship incubators, and digital literacy initiatives.

Organizations should create youth councils that are actively involved in decision-making, event planning, and advocacy campaigns. Cultivating young leaders ensures sustainability and infuses community efforts with energy and innovation.

A Time for Reflection and Action

This is a defining moment for Nigerians in South Africa. It is a time to reflect deeply on our shared journey—how far we have come, the hurdles we continue to face, and the future we must build together. The challenges are real, but they are not insurmountable.

Let us recommit ourselves to the ideals of unity, resilience, and strategic action. As we prepare for community milestones such as the upcoming inauguration and the launch of our cultural magazine, let these events serve not only as celebrations but also as rallying points—a call to purpose, vision, and collective responsibility.

By embracing unity and focusing our energies on building alliances, advocating for justice, and strengthening our institutions, we can overcome adversity and leave behind a legacy of strength and dignity for the generations to come.

A Call to Unity and Focus: Overcoming Challenges Facing Nigerians in South Africa
By George Omagbemi Sylvester

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