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Shareholders Approve GTBank’s Planned HoldCo Structure

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The shareholders of GTBank Plc has approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure.

 

 

At the Court ordered meeting held on Friday, the investors gave their approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc. This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.

Expressing his members excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, explained that the shareholders are excited because the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.

According to him, the bank has performed well under the leadership of the Chairperson and the Managing Director and thus projected that the HoldCo would perform better if the duo are still in charge of the new brand.

He said, “We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares.”

Also commending the bank’s leadership and ingenuity, The President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, noted that, “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure”.

“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable”, he added.

Also speaking at the Court Ordered Meeting, on Friday, Managing Director/CEO, GTBank Plc, Mr. Segun Agbaje, explained that in line with Central Bank of Nigeria (CBN)’s regulations, which require the separation of commercial banking business from other financial services businesses, the bank is adopting a HoldCo structure.

He said, “I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.

“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GTHoldings.”

While explaining the benefits of the HoldCo structure, Agbaje explained that the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.

 

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ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO DEVELOP FINANCE AND INVESTMENT PROFESSIONALS

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ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO DEVELOP FINANCE AND INVESTMENT PROFESSIONALS

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO DEVELOP FINANCE AND INVESTMENT PROFESSIONALS

 

 

 

 

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.

 

 

 

 

Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria. According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development. In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.

 

 

 

 

 

At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity. He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success. In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.” He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

 

 

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO DEVELOP FINANCE AND INVESTMENT PROFESSIONALS

 

 

 

Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals. In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”. She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years. She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank. Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

 

 

 

 

 

 

 

The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

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De-dollarisation: As Naira Trades Flat, Analyst Urges Ban On Dollar Transactions In Nigeria

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De-dollarisation: As Naira Trades Flat, Analyst Urges Ban On Dollar Transactions In Nigeria

In other to de-dollarise the nation’s economy amid flutuation in the value of the naira against the United States dollar, an investment analyst, Adejumo Isaac, has called for ban on all foreign currency transaction in cash in the country.

In a statement, on Thursday, Isaac, advised the Central Bank of Nigeria (CBN) to declare cashless policy on forex, saying that would enable majority of forex cash domiciled in people’s homes to automatically enter the banking system.

It could be recalled that the naira traded flat against the dollar, on Thursday, at N832.32/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the daily FX turnover is at $115.41million and that reflected increased FX inflow in the economy on Thursday, 30th November, 2023.

According to Data, the local currency, on Monday, hit an intra-day trading high of N1,137 and a low of N700.

However, speaking on how to shore up the value of the naira, Isaac, added that it should be a criminal offence with 6 months imprisonment for anybody to hold physical forex cash for any transaction in Nigeria.

He said, “All transactions involving use of forex should be done electronically via transfer or cheque payment that must pass through the bank account of payer and receiver.

“Give one month notice to anybody in Nigeria holding physical forex cash to deposit the same with commercial banks, thereafter, it becomes a criminal offence attracting jail terms of at least 6 months with no option of fine for anybody to hold physical forex cash for any transaction in Nigeria.

“In all fairness, dollars, pounds, Euro etc are not used to BUY petty food items or any retail items in the market that warrant exchange of physical forex cash.

“Generally, transactions that involve use of forex such as paying School fees, medical fees, importing raw materials for production, amongst others do not involve exchange of physical cash but they naturally pass through banks which is done electronically, therefore, there are no strong arguments to hold forex cash.

“By this policy, majority of forex cash domiciled in people’s home will automatically enter the banking system and this will make forex liquidity robust for the good of the economy as availability will make stability of exchange rate possible thus reduce to the barest minimum volatility and unsubstantiated cum speculative demand as well as mop up of the available forex in the country by few privileged individuals for personal gains that inflicted more pains to the citizens.

“For the long-term solution is to increase our exports, firstly from increasing crude oil production volume to at least 2mbpd to boost dollar inflow into the economy (this volume was achieved and relatively stable for a number of years between 2012-2015), secondly to promote backward integration in terms of local sourcing of raw materials for production in order to reduce imports.

Ensuring petroleum products are refined in the country to save the volume of forex spent on importation of refined petroleum products which can thereafter be available for other uses.”

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Abbey Mortgage Bank Host Sustainability Workshop with Non-Profit Stakeholders in Abuja

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Abbey Mortgage Bank Host Sustainability Workshop with Non-Profit Stakeholders in Abuja

Abbey Mortgage Bank Host Sustainability Workshop with Non-Profit Stakeholders in Abuja

 

 

 

Geared towards boosting impactful investment opportunities for Non-profit organizations, a leading primary mortgage Bank in Nigeria, Abbey Mortgage Bank has organized a sustainable workshop for stakeholders of non-profit organizations to enhance financial sustainability and drive positive change within the civil society sector.

 

 

 

 

 

 

The event which was Tagged “Financial Management: A Sustainability Tool for Non-Profit Organizations” held on Wednesday 29th November 2023 in Abuja, is aimed at creating impactful investment opportunities to aid sustainability efforts in line with SDG 17 which supports the implementation and revitalization of Global Partnership for sustainable development in the civil society.

 

 

 

 

 

 

The workshop was attended by prominent guests including Jubril Shittu, CEO of PPDC; Dr. Ayodotun Olutola, CEO of CCCRN; Hamza Lawal, CEO of CODE; and Gideon Olanrewaju, CEO of AREAi among other guests.

 

 

Abbey Mortgage Bank Host Sustainability Workshop with Non-Profit Stakeholders in Abuja

 

 

 

 

Speaking at the event, The Group Head, Non-Profit Organizations at Abbey Mortgage Bank, Bukola Ewedairo, noted that, “Abbey Mortgage Bank is rightfully positioned to partner with institutions in the civil society by creating opportunities for long-term sustainable investment.

“We believe that Non-profit organizations need to be strengthened to achieve their mission and this workshop was our way of collaborating to ensure that they can thrive especially with the volatilities in our local economy.” She stated.

Also speaking at the event, the Managing Director of Abbey Mortgage Bank and a key speaker at the event, Mobolaji Adewumi, noted that, ” At Abbey, we are creating an ecosystem where non-profits can flourish, contribute meaningfully to society and drive sustainable change.

Adewumi further noted that “We are committed to helping individuals build wealth and attain financial empowerment and we are proud to collaborate with these distinguished leaders to make a lasting impact by supporting financial growth and empowerment” He stated.

The workshop had informative and interactive discussions, providing a forum for participants to share insights and explore collaborative opportunities. Attendees engaged in dynamic conversations, delving into strategies to enhance financial sustainability and drive positive change within the civil society sector.

Abbey Mortgage Bank reaffirms its commitment to fostering continued partnerships with NGOs, furthering its impact on the non-profit sector. The bank looks forward to ongoing collaboration, contributing to the achievement of sustainable development goals in Nigeria.

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