Author: The Nation

  • Gusau leads NFF’s delegation on condolence visit to Babangida

    Gusau leads NFF’s delegation on condolence visit to Babangida

    President of Nigeria Football Federation, Alhaji Ibrahim Musa Gusau, NFF Executive Committee member Timothy Heman Magaji and the General Secretary, Dr. Mohammed Sanusi have paid a condolence visit to former Nigeria international forward and President of the Professional Footballers Association of Nigeria, Tijani Babangida, who was involved in a ghastly auto crash along the Kaduna – Zaria Road on Thursday.

    The unfortunate crash claimed the life of Tijani’s younger brother, Ibrahim – a member of the 1993 FIFA U17 World Cup -winning Golden Eaglets, on the spot. Tijani’s infant son, Fadil reportedly passed on Friday night during surgery, while his wife, Maryam is said to have successfully undergone facial surgery.

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    In the delegation also were NFF Technical Director, Coach Augustine Eguavoen; Member of the NPFL Board, Mr. Jude Anyadufu; former Nigeria international and Chairman, Bauchi State Football Association, Mr. Pascal Patrick; former Nigeria international goalkeeper Emmanuel Babayaro; former Nigeria international, Mr. Austin Popo; prominent football stakeholder, Alhaji Abubakar Danfulani and; former Nigeria international and special assistant to NFF President, Mallam Nasiru Jibril.

    The delegation met Tijani Babangida at a hospital in Abuja to which he was transferred from ABUTH, and commiserated with the former World Cup star on the deaths of his brother and son, while praying for quick recovery for himself and his dear wife, who is still under intensive care at the Ahmadu Bello University Teaching Hospital, Zaria.

  • Amusan wins at Jamaica Athletics invitational

    Amusan wins at Jamaica Athletics invitational

    Oghenebrume thro’ to Paris 2024

    Nigeria’s 100m hurdles star, Oluwatobiloba Amusan made the headlines yesterday at the Jamaica Athletics Invitational clocking a time of 12.40s (0.9), a World Lead time to storm to an emphatic win in the women’s 100mH.

    She defeated World Champion Danielle Williams of Jamaica who came second in 12.46s, while Christina Clemons of the United States was third in 12.54s.

    In perfect +0.9m/s conditions in Kingston, the 26-year-old Nigerian star stormed to an emphatic victory over a top-class field.

    Her blazing world lead time of 12.40 seconds saw Amusan blow away the opposition, with current World Champion Danielle Williams of Jamaica settling for second in 12.46s.

    American Christina Clemons took third in 12.54s as Amusan reasserted her dominance on the global stage.

    Amusan has been in scintillating form so far in 2024, having opened her campaign with an African record of 12.58s in Doha last month.

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    In a related development, Godson Oghenebrume is  the latest Nigerian to qualify for the Paris 2024 Olympics after retaining his 100m title at the SEC Championships with a commanding time of 9.99s in Gainesville, Florida, in the early hours of yesterday.

    ‘Brume’ gave a glimpse of what he was about to do after clocking the overall fastest time in the heats in a Season’s Best (SB) of 10.05s.

    The following day, just barely 90 minutes after anchoring his team to their 7th 4x100m title in the last eight editions of the SEC Championships with a time of 38.19s, he ran an SB of 9.99s to retain his title ahead of Wanya McCoy (10.02s) and T’Mars McCallum (10.03s).

    Compatriot Kayinsola Ajayi was 7th  in a PB of 10.09s while Favour Ashe Did Not Start (DNS), although he ran 10.13s in the heats.

    Brume now joins Ashe as the second Nigerian male sprinter to have qualified in the 100m for the forthcoming Olympics.

    Meanwhile, Nigerian athletes Rosemary Chukwuma and Temitope Adeshina earned huge points for Texas Tech over the weekend as the pair won the women’s 100m and High Jump titles respectively at the Big-12 Championships in Waco, Texas.

    Chukwuma clocked a Season’s Best (SB) of 11.12s to earn her maiden Big-12 Outdoor 100m title, which backed up the Big-12 60m title she claimed during the indoor season, making it her first 60m/100m sweep in the Big-12 Championships in the same season.

    Iyana Gray placed 2nd with a time of 11.24s while Kevona Davis returned a time of 11.32s to take 3rd.

    Adeshina, who is having a sensational freshman year, scaled a height of 1.90m on her last attempt to also achieve a Big-12 sweep both indoors and outdoors. Her jump of 1.90m is an outdoor SB, eclipsing the 1.88m she registered at the Corky Shootout two weeks ago.

    Cierra Allphin was 2nd in 1.83m while Saara Hakanen and Claire Lowrey tied for third with a mark of 1.80m.

  • Aircraft manufacturers seek market dominance in frontier markets

    Aircraft manufacturers seek market dominance in frontier markets

    Original Equipment Manufacturers (OEM) Airbus Corporation, the Boeing Company and Embraer  Regional Jets are reworking their market expansion plans to outpace one another to meet delivery schedules with airlines, which have placed orders in the last few years.

    The move to establish who controls  frontier markets is coming on the heels of evolving trends by global carriers, including airlines in Nigeria in the choice of aircraft type/model they have in the fleet.

    Investigations show that carriers are looking in the direction of the choice of equipment – airplanes – which will bring about a significant dip in the cost of operations, determined by fuel consumption rate, evolving technology in avionics, environmental sustainability considerations and the number of seats in the cabin configuration.

    To cash in on this consideration, investigations indicate that aircraft manufacturing companies are not exploring strategies to make their products endearing to airlines, latching onto flexible conditions of acquisition – lease options which are either dry, wet or damp/operational.

    Experts said Airbus may be leading the pack, with the latest figures, indicating higher delivery of airplanes to airlines, including Nigerian carriers in the last few months compared to its long-running rival Boeing, which has been grappling with myriad of concerns bordering on its equipment in the last few years.

    Also, investigations show that though Boeing has the number of aircraft in the fleet of Nigerian carriers, its rivals, Airbus and Embraer, are inching towards a takeover.

    A few years ago, Air Peace placed an order for 10 Boeing Max aircraft, the crash involving the aircraft model in the fleet of Ethiopian Airlines and other safety related concerns seem to have put a hold on the expected delivery of the airplane type.

    Other carriers:  Max Air, Azman AIr, Dana Air, Arik Air, AeroContractors Airlines, which placed orders for Boeing aircraft , are not optimistic when delivery will be made.

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    But, rival airplane maker, Airbus Corporation is inching deeper into the African/Nigerian market with State – run carrier : Ibom Air placing order for 10 airbus aircraft, part of which delivery has begun.

    Airbus, it was learnt is penetrating the Nigerian market with ongoing discussions with the Federal Government to partner indigenous carriers for fleet renewal / expansion.

    Investigations reveal that indigenous carriers are looking in the direction of Airbus airplanes, because of its evolving cutting edge technology in avionics, the fuel efficient factor, as the carriers are not leaving anything to chance to settle for options that will bring about a drastic dip in the cost of operations.

    Some of the aircraft manufacturers, investigations reveal are also exploring the setting up of aircraft maintenance/repair facilities in Nigeria to drive patronage for their equipment.

    These considerations, investigations further revealed, may have triggered the spike in the ordering of Embraer Regional Jets by Air Peace, United Nigeria Airlines, Overland Airways and other carriers.

    Sources hinted that Airbus is on the verge of sealing a deal with the Akwa Ibom State Government for fixing of airplanes at the Maintenance and Repair Overhaul (MRO), facility at the Victor Attah International Airport in Uyo, the State’s capital.

    Global industry data indicate that Airbus  is cementing its position  as the world’s biggest plane maker for the fifth  year running as it last week said  it had delivered more aircraft and secured more orders than Boeing in 2023.

    The disclosure by Airbus is coming at a time when its rival  Boeing is  trying to put out a huge enlightenment on the safety crisis caused by a near disaster involving its 737 Max line of airliners.

    In the long-running duel between the two aviation rivals, experts say Airbus appears to be  pulling  far ahead.

    Speaking in an interview, Managing Director of AeroDynamics Advisory , Richard Aboulafia said :” What used to be a duopoly has become two-thirds Airbus, one-third Boeing.

    “A lot of people, whether investors, financiers or customers, are looking at Airbus.”

    According to the 2023 Airbus Global Market Forecast (GMF), airlines serving Nigeria will require approximately 160 passenger and freight aircraft by 2042. This includes 131 single-aisle aircraft like the A220 and A320 families, along with 28 widebody aircraft such as the A330 and A350 families, all aimed at serving the burgeoning Nigerian market.

    The Airbus GMF also predicts that the growth of the aviation sector in Africa will result in an annual increase in services demand by 4.1 per cent , soaring from $2 billion to $7 billion. A pivotal element in this growth, experts say, is the expansion of Maintenance Repair & Overhaul (MRO) services at local and regional levels. By enhancing MRO capabilities, experts say  Nigeria can generate additional revenues, reduce aircraft maintenance costs, and create numerous job opportunities, further contributing to skills development in the nation and across the continent.

    As the aerospace industry in Nigeria and Africa at large continues to expand and diversify, experts say there is a growing demand for specialized skills, opening up thousands of new opportunities for young people on the continent. Already, the industry, according to global statistics, has created an estimated 7.7 million direct and indirect jobs in Africa. Airbus forecasts an additional demand for 17,000 technicians, 14,000 pilots, and 23,000 cabin crew positions across Africa over the next two decades.

    To meet this demand and ensure the retention of talent, experts have  canvassed  regional cooperation and cross-country licensing, which they say  remain  crucial. Government-private sector partnerships and the establishment of training academies, they insist  are equally essential in building a sustainable aerospace industry in Africa.

    On a continental scale, Airbus anticipates that by 2042, Africa will require 1,180 new aircraft, consisting of 295 widebody and 885 single-aisle aircraft. This transition, the aircraft maker said, will see fleets in the region adopting new-generation aircraft like the A220, A320neo family, A330neo, and A350, resulting in significant efficiency improvements and reduced carbon emissions per passenger.

    Over the past decade, Africa has made substantial strides in aviation, including the establishment of the Single African Air Transport Market (SAATM) and fleet modernization efforts by national airlines. Currently, there are 265 Airbus commercial jetliners operated by 36 carriers in Africa. Airlines such as Ethiopian Airlines, Ibom Air, Air Senegal, South African Airways, Air Côte d’Ivoire, Egypt Air, Uganda Airlines, and Air Tanzania have embraced advanced Airbus aircraft like the A350, A330neo, A320neo, and the A220, showcasing Africa’s commitment to technological advancement in aviation.

  • Nigeria eyes increased milk supply

    Nigeria eyes increased milk supply

    With global milk production predicted to drop across the key producing regions this year, analysts have called for increased local production.

    According to Rabobank, an international financial organisation supporting farmers worldwide, milk supply is expected to grow modestly by 0.25per cent later this year.

    The United Kingdom-based  Agriculture and Horticulture Development Board(AHDB)reported that Global milk deliveries averaged 813 million litres per day in February, a decline of 5.5 million litres per day (-0.7per cent) across the selected regions, compared to the same period last year. Australia and New Zealand recorded year- on- year volume increases, the EU was stable, and Argentina, UK and the United States declined.

    Speaking with The Nation, the Chief Executive, Agricultural and Rural Management Training Institute(ARMTI), Dr Olufemi Oladunni, said there was  a need to boost local production to  meet 60 per cent of domestic milk required to reduce the high dependence on imported milk.

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    According to him, efforts have to be channelled  to restore the productivity of dairy cows, adding that the output has been  very low ,attributing this to the nomadic movement of the cattle.

    He  advocated an integrated approach that includes upstream, midstream, and downstream looking into dairy cattle production, consisting of animal breeding, livestock management, milk processing, and related industries such as animal feed and nutrition.

    This, according to him, would help to  lessen the country’s dependence on imported milk while providing local communities with jobs and entrepreneurial opportunities as satellite farmers and dairy industry entrepreneurs.

    He urged the private sector to  collaborate with the government  to improve the quality of feed and build a feed ecosystem that can support dairy farming.

    But, the former Dean Faculty of Agriculture, University of Ilorin,Prof Abiodun Adeloye noted that  Nigeria does not export milk. His words: “Rabobank is picking on countries that export milk and its products. Nigeria imports.

    However an improvement in whatever little measure will enhance the  profit of the exporting countries. Nigeria may have an increase in importation for its citizens but the cost of milk and milk products may increase as well.”

    The concern of stakeholders is that  milk imports are quite substantial,and that  efforts be made to restore the productivity of dairy cows,  to 24–30 liters per head per day.

    They called for incentives to improve the ecosystem for obtaining milk as a raw material for the  processing industry,including increasing  the population of dairy cows, providing  tax incentives, and offering  feed subsidies for farmers to improve production conditions.

    Rabobank senior agricultural analyst Emma Higgins said low profitability over the past 12 months has led to a decrease in dairy herds in key regions like the United States and South America, while weather-related issues have also affected milk output in recent weeks, with diminished rains in New Zealand and excess rains in Europe.

    “This subdued global milk supply growth should help underpin a continuation of the dairy market recovery and an improvement in milk prices for dairy producers in most regions around the world,” Higgins said.

  • 11 pays N3.2b dividends as profit hits N26.6b

    11 pays N3.2b dividends as profit hits N26.6b

    Shareholders of 11 Plc have approved the payment of N3.2 billion as cash dividends for the 2023 business year as the oil and gas company recorded a significant rise in revenue.

    Shareholders will receive a dividend per share of N9 after the company saw net profit rising to N25.56 billion. Earnings per share was N74.

    Chairman, 11 Plc, Ramesh Kansagra, said the continuous dividend payout underscored the company’s confidence in its ability to deliver sustained growth and reaffirms its commitment to shareholders’ interests.

    At the Annual General Meeting(AGM) in Abuja, Kansagra, who was represented by non-executive director, Ahaji  Abdulkadir Amunu,  said company recorded a total revenue of N526.6 billion last year.

    Highlighting the company’s achievements during the year under review, Kansagra listed “the strides made in exploring the Compressed Natural Gas (CNG) market and the construction of facilities in Ibadan and Lagos; “the installation of Liquefied Petroleum Gas (LPG) skids in 40 outlets nationwide reflecting 11Plc’s commitment to investing in the future of LPG.”

    He reassured shareholders of the company’s dedication to upholding the highest standards of ethics, safety, health, and environmental practice while promoting excellence in Nigeria’s downstream oil and gas sector.

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    He emphasised the robustness of the company’s management framework and the resilience of its business model in harnessing diverse opportunities.

    Managing Director, 11 Plc, Adetunji Oyebanji, highlighted the company’s focus on marketing white oil and gas products amidst the challenges faced in the downstream sector.

    He said the company hopes to build on the current momentum predicated on better management of the economy as professed by the new leadership.

    According to him, the company’s  integrated business model coupled with the sound financial measures being adopted across  business lines give hope for brighter outlooks in the ongoing transformation of  the company.

    “With our projections coming to fruition, we look forward to bigger and more powerful projects coming on stream which would undoubtedly boost the company’s bottom line. Nigeria’s hydrocarbon industry, especially in the downstream sector, will continue to benefit from our brand for value addition and sustenance of nobler legacies,” Oyebanji said.

  • NGX lists N4.1b AVA Infrastructure Fund

    NGX lists N4.1b AVA Infrastructure Fund

    Nigerian Exchange (NGX) at the weekend listed N4.075 billion AVA Infrastructure Series 1 Fund on its trading platform.

    Regulatory filing showed that AVA Infrastructure Series 1 Fund’s 4,075 units were listed on the main board of NGX at N1 million each as a closed-end Fund and naira-denominated unit trust scheme. AVA Capital Partners Limited is the issuing house for the fund, the trustee to the fund is STL Trustees Limited, custodian of the fund is United Bank of Africa Plc and the registrar for the fund is Cordros Registrars Limited.

    Securities and Exchange Commission (SEC) had approved the N200 billion Infrastructure Fund of asset management firm, AVA Global Asset Managers Limited.

    AVA Global Asset Managers recently launched its Series I issuance of the fund, sized at up to N200 billion on January 29, 2024 and closed on March 6, 2024, aim at bolstering infrastructural development within the country.

    Managing Director, AVA Global Asset Managers, Mr. Efe Shaire stated that the fund aimed to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows.

    “The fund aims to address Nigeria’s infrastructure gaps by strategically channelling institutional capital into infrastructure projects and is designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness and supporting infrastructure, gas distribution, processing, and storage.

    “The fund’s main objective is to deliver consistent and reliable income to unit holders through debt financing for infrastructure projects in Nigeria. It seeks to focus on projects or businesses that offer vital economic and social services, exhibit stable cash flows, and utilise long-lived assets,” Shaire stated.

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    He emphasised the importance of private sector involvement in infrastructure financing, stressing the necessity for collaborative efforts, innovative financial products, and other strategic initiatives from private sector entities.

    The NGX noted that the listing of the fund on NGX was a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same.

    “NGX is committed to give visibility to sustainable financial instruments listed on its platform and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market,” NGX stated.

  • ‘New rules on private companies’ securities will enhance investors’ protection’

    ‘New rules on private companies’ securities will enhance investors’ protection’

    President, Capital Market Academics of Nigeria, Prof. Uche Uwaleke has commended the Securities and Exchange Commission (SEC) for its new rules on the issuance and allotment of private companies’ securities.

    Uwaleke said this in an interview  at the weekend in Abuja while reacting to the new rules released by the commission.

    He described the new regulation as a welcome development geared towards enhancing investors’ protection.

    He advised the commission to carry out massive sensitisation of the rules to enhance compliance and reduce violations caused by ignorance.

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     “I think the new rule is a welcome development. The idea of capping the maximum debt capital that can be raised is intended to discourage reckless risk-taking on the part of private companies.

    ”Enforcement of rules is enhanced by stiff sanctions which is why I support the relatively huge fine. Given that one person can now form and incorporate a private company in Nigeria and that the minimum share capital to incorporate a private company is only N100,000, going by the CAMA of 2020, I think the cap of N15 billion is for private companies.

    “Other considerations in the CAMA which tend to lend credence to a reduced limit for capital raise include the fact that the appointment of a company secretary is now optional for a private company. New private companies need not appoint auditors although the rule requires that such a company must have a minimum of three years track record,” Uwaleke said.

    He, however, suggested that maximum capital raise be reduced from N15 billion to N10 billion within one year such that the fine of N100 million minimum will represent one per cent of the amount.

    SEC said the rules applied to debt securities issuances by private companies either by way of public offer, private placement or other methods as may be approved by the commission.

    According to the SEC, any person who issued or allotted securities without its prior approval or violated any provisions of its regulations will pay a penalty of N10 million in the first instance.

    The commission added a sum of N100,000 for every day if the violation continues.

    Others are registered exchanges and platforms which admit debt securities issued by private companies for trading, price discussion or information repository purposes.

    On proceeds utilisation, the commission held that issuers are prohibited from using the proceeds of the issues for purposes other than those stated in the offer document without its prior approval.

  • CIBN endows legacy project at KWASU

    CIBN endows legacy project at KWASU

    President of Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara has inaugurated the new CIBN Bankers Hall, a legacy project endowed by the institute to the Kwara State University (KWASU), Malete, Kwara State.

    Opara emphasised the importance of collaboration between academia and the banking industry, reiterating CIBN’s commitment to nurturing a culture of excellence and professionalism within the banking sector.

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    He said the inauguartion of the CIBN Bankers Hall represents a milestone achievement and a renewed commitment to advancing banking education and promoting sustainable development in Nigeria.

    He appreciated stakeholders, partners, and well-wishers who contributed to the success of the project and invited them to join in celebrating this historic occasion.

    The Acting Vice Chancellor, KWASU, Prof. Shaykh Luqman Jimoh, appreciated the institute immensely for the gesture and promised to keep the hall in good shape.

    Dignitaries at the event included Emir of Ilorin, Dr. Ibrahim Sulu Gambari; Commissioner for Tertiary Education, Kwara State, Dr. Mary Arinde; First Vice President of the CIBN, Prof. Pius Olanrewaju Registrar and Chief Executive, CIBN, Akin Morakinyo.

  • Shareholders back Guaranty Trust’s $750m capital raising

    Shareholders back Guaranty Trust’s $750m capital raising

    •Track records, higher dividends to support recapitalisation

    Shareholders of Guaranty Trust Holding Company (GTCO) Plc, the holding company for Guaranty Trust Bank (GTBank), have expressed their readiness to support the company in realising its ambitious bid to raise some N1 trillion in new capital.

    GTBank, which holds commercial banking licence with international authorisation, needs about N362 billion in new equity funds to meet Central Bank of Nigeria (CBN)’s new minimum capital requirement of N500 billion for its category of operations. GTBank has a share capital and share premium of N138.2 billion.

    The CBN, in its circular on review of minimum capital requirement for commercial, merchant and non-interest banks, had increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

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    Others included merchant banks, N50 billion; non-interest banks with national licence, N20 billion and non-interest banks with regional licence will now have N10 billion minimum capital. The 24-month timeline for compliance started on April 1, 2024 and would end on March 31, 2026.  

    In the ongoing recapitalisation, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds. While several banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition. GTCO has shareholders’ funds of N2 trillion by the end of first quarter ended March 31, 2024.

    Shareholders of GTCO said they would actively mobilise for the success of the group’s recapitalisation plan citing the group’s track records of growths over the years, reputation on corporate governance and dividends and other returns over the years.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said the retail minority shareholders would support GTCO because of its records with the shareholders.

    He urged shareholders to pick up their rights in the case of rights issue, while mobilising supports for new capital issuances by the group.

    Igbrude, who leads one of Nigeria’s largest shareholders’ groups, noted that the company’s performance in 2023 was impressive, considering the situation of the country.

    He pointed out that GTCO has been at the forefront of good corporate governance, urging the boardand management of the company to continue to run the business well in order to deliver good returns to the shareholders.

    National Coordinator, Progressive Shareholders Association, Mr. Okezie Boniface, said GTCO would achieve successful recapitalisation due to its good track record of paying dividends.

    He pointed out that the company’s performance in 2023 was excellent, with growth in its earnings per share of N19.70 and the company paying N3.20 per share dividend.

    Shareholders of GTCO had last week at their Annual General Meeting in Lagos approved the company’s plan to raise $750 million.

    The shareholders mandated the board to undertake any or a combination of public offerings, private placements, rights issues and other transaction modes.

    Also, shareholders approved the payment of N94.179 billion as dividends for the year ended December 31, 2023, comprising of N2.70 per share final dividend and 50 kobo interim dividend paid last year, making a total dividend paid for the 2023 financial year to N3.20 per share.

    Chairman, GTCO, Mr. Hezekiah Oyinlola, said after three years of reorganising and fitting the business verticals into a holding company structure, the group made the first wave of progress in its drive to broaden and diversify revenue streams and solidify standing as a leading financial services provider in Africa.

    Oyinlola noted that “in 2023 the Group’s Balance sheet remained well structured and distributed with loans and advances accounting for 25.4 per cent in full year 2023, investment securities at 25.3 per cent in 2023 and placement 16.1 per cent in 2023. The Group grew its total Assets by 51.3 per cent to N9.8 trillion in 2023 due to increases posted on key asset lines including investment securities, cash & bank balances, loans and advances, and restricted deposits.”

    He added that “beyond the bottom-line, we understand that building an enduring institution is also about the underlying drive to make a sustainable impact in the communities we serve and operate in.

    “Through strategic initiatives and partnerships, we strive to address pressing social and economic challenges, enriching lives and fostering better outcomes for people and businesses across Africa.”

    Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO), Segun Agbaje stated that in spite of the varying challenges in the operating environment and headwinds that weighed on growth in 2023, the group delivered a strong performance posting a profit before tax of N609.3 billion representing a growth of 184.5 per cent from N214.2 billion achieved in full year 2022.

    According to him, this result was on the back of impressive growth in gross earnings, increasing by 120 per cent to N1.186 trillion in the year under review, underpinned by the growth on funded and non-funded income lines.

    He added that “our Nigerian banking operation accounts for 77.5 per cent of the Group’s profitability, West Africa constitutes 17.5 per cent, East Africa contributes 2.2 per cent, UK 1.9 per cent, and Non-Banking Entities make up 0.9 per cent.”

    Responding to questions at the end of the meeting, Agbaje said the board and management of the company is happy at the performance of the company in 2023 financial year and promised that the company will do better in 2024 to continue with the tradition of upward trajectory already in place in the company over the years.

    His words, “I think for us, it is a good result. We looked at the volatility in the environment and we balanced profitability with some conservatism. We are happy at how we ended 2023. For us, we have a tradition of increasing dividend, every year, so I can say categorically that in 2024, dividends will be up .Already, profit is up in the First Quarter of 2024, we have posted N509.3 billion, I think this is an indication that we will have bigger dividend in 2024.

    “If look now, from outside Nigeria, we recorded 25 per cent to 30 per cent of the profit. We have also diversified geographically. We also have three new businesses which we started which are our PFA, HabariPay and our asset management company. They are already at one per cent of Group profit in one and a half years. I think our diversification away, both banking and geographically, is going on well.

    “The next thing is to work hard and hopefully with the support of Nigerians we will raise the money”.

  • Nigeria, Ghana get $1m to support SMEs, innovation

    Nigeria, Ghana get $1m to support SMEs, innovation

    Impact Investing Ghana (IIGh) and Impact Investors Foundation (IIF) Nigeria have received a US$545,256 additional grant funding from The Research and Innovation Systems for Africa (RISA) Fund to scale sustainable systems for enterprise and innovation financing across Ghana and Nigeria through the Deal Source Africa and Enterprise Support Organisation programmes.

     This is  part of the second phase of RISA Fund’s Scaling Systems for Research & Innovation Financing (SSRIF II). This brings the total grants from the RISA Fund to Impact Investing Ghana to $1,079,602. 

     This landmark partnership builds on the excellent south-south collaboration between Ghana and Nigeria and is a significant milestone in IIGh and IIF’s commitment to mobilising financial resources to enterprises with viable business models in Africa by strengthening their capacity to attract impact capital.

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    Both Nigeria and Ghana face challenges in providing innovative ventures with adequate access to patient capital as an estimated $5 billion financing gap exists yearly for Small and Medium Enterprises (SMEs) in Ghana, and a staggering $32.2 billion for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

    The lack of a robust pipeline of investment-ready businesses stems from the inadequate capacity and inconsistent quality of Enterprise Support Organisations (ESO). Also, there is a scarcity of transaction advisory services and efficient channels to connect businesses to investors.

    This also builds on the successes of initial grants awarded to IIGh in 2021 and 2022, which led to the creation of Deal Source Africa, the Ghana Enterprise Support Organisations Collaborative, the Ghana Research Industry Collaborative and the design and setup of the Ci-Gaba Fund of Funds. The SSRIF II project aims to transform the innovation and financing ecosystem and deepen progress made to unlock and build sustainable financing for enterprise support organisations and innovation funds.

    Chief Executive, Impact Investors Foundation, Nigeria, Etemore Glover said: “We are excited to collaborate with Impact Investing Ghana on the SSRIF II project. This initiative is a resounding affirmation of our unwavering dedication to reducing impact investment barriers and advancing social investments for inclusive economic growth through research, innovation, and sustainable investments.”

    Also, Chief Executive, Impact Investing Ghana, Amma Lartey, said: “We have been collaborating with Nigeria for many years with strong impact including the highly subscribed West Africa Deal Summit in 2023. This funding enables us to accelerate and scale that impact to transform millions of lives across Ghana and Nigeria.”

    Team Lead ,The RISA Fund, Mark Lawler, said “we are particularly excited to support this home-grown partnership between leaders in the impact investing space in Ghana and Nigeria – who are seizing the opportunity to collaborate, combine and scale their efforts to leverage financing and create new opportunities for startups and SMEs in the two countries – and perhaps eventually beyond.

    The goal of The Research and Innovation Systems for Africa (RISA) Fund from UK International Development is to enhance and support the R&I systems in the South Africa, Ethiopia, Ghana, Kenya, Nigeria, Rwanda, and Kenya. The UK International Development provides funding for the programme, which runs from 2021 to 2025. African institutions addressing the most difficult social, economic, and health issues on the continent are receiving support from the RISA Fund.