Daughter of former Air Officer Commanding Logistics Command, Air-Vice Marshal Benjamin Olu Obadan (retd), Efeomo Adejoke, got married to her heartthrob and son of Sir Sunday Okubule, Adesegun Adewale, a staff of Guaranty Trust Bank (GTB), in Lagos. NNEKA NWANERI was there.
Tag: GTB
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Osun gets award in Dubai for Sukuk
The N11.4 billion Islamic bond (Sukuk) taken by the Osun State government has won the Islamic Financial News’ (IFN’s) Deal of the Year Award in Dubai, the United Arab Emirates.
It was an evening of honour for the state and Lotus Capital, the issuing house, as IFN Managing Director Andrew Morgan presented the award to their representatives on Monday night.
Osun State was represented by Commissioner for Finance Dr. Wale Bolorunduro. The Managing Director (MD) of Lotus Capital Limited, Mrs. Hajara Adeola, represented the firm.
General Manager and Head, Listing Sales and Retention of the Nigerian Stock Exchange (NSE), Mrs. Taba Peterside; Mr. Dele Oladunjoye of Kola Awodein and Co., solicitors to the deal; and a Director of Lotus Capital Limited, Alhaja Lateefat Okunnu, were also present.
Bolorunduro said the receipt of the award was made possible by Governor Rauf Aregbesola’s penchant for exploring new ways to solve problems.
He said: “Kudos should go to Aregbesola for this award. His three years in office have shown that he stops at nothing to embrace novel ideas, as long as those ideas further the interests of the common man. The state has provided the platform for Lotus Capital to prove that this can be done. We are grateful for this recognition.”
Lotus Capital Limited was established in June 2004 and is headed by the former Managing Director of Guaranty Trust Bank (GTB), Mr. Fola Adeola.
Going by world financial record, it is one of the world’s fastest growing financial organisations, with over 200 billion dollars in assets across the world.
The company is said to be growing at an annual rate of 20 per cent.
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JP Morgan ranks UBA, GTBank as most attractive banking stocks
Analysts at the global investment banking giant, JP Morgan, have identified Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA) Plc as the two most attractive banking stocks as banks and investment pundits continue to analyse the potential impact of the recent increase in cash reserve ratio (CRR) on public deposits on banks.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) had last week increased the CRR on public deposits from 50 per cent to 75 per cent. All analysts agreed the increase will momentarily impact negatively on banks’ profits but there were difference of opinions on the impact on each bank and the medium-to-long-term impact on the industry.
In its equity research for Central and Eastern Europe, Middle East and Africa (CEEMEA) titled Nigerian Banks: thoughts around policy action on the CRR; the United States of America (USA)-based investment powerhouse stated that GTBank and UBA are under the current industry scenario the “favored banking shares” while Zenith Bank is the “least preferred”.
JP Morgan’s analyses and conclusions were based on the potential earnings, return on equity, dividend yield, current market consideration and balance sheet items.
For the system overall, the CRR action on public sector deposits mops up N1trn of liquidity (on N4.02trillion of public sector deposits as of November 13). As per our economist, the reduction in liquidity engineered by this CRR hike is likely to be supportive of the currency, especially as we move closer to a period of uncertainty caused by the expected change in CBN leadership in June and QE tapering. Our economist expects foreign divestments from Nigerian fixed income assets likely to pick up pace over the next couple of months that could put some pressure on the NGN, notwithstanding the fact that about half the holdings may be of GBI-EM benchmarked investors and gross FX reserves still provide a significant buffer ($43.3billion/10 months of import cover).
Such an exit would test the CBN’s commitment to the currency, with pressure on NGN possibly rising more in 1H’14 than later in the year, when fundamentals may be weaker but foreign positioning may well be lighter. Headline inflation stood at 8.0%oya in Dec-13 and JPM economists expect it to average 8.8%oya 14E with over 10%oya level in 2H’14E.
? We estimate, from this CRR hike, an impact of roughly 2%-5% on 14E NII of the four banks under our coverage, with impact on Guaranty Trust at the lower end and FBN, UBA and Zenith closer to 4%-5%. This assumes a loss of 9%-10% spread on the liquidity mopped up by the CRR move and assuming that the deposit liquidity is placed in sovereign paper (in such a case, bottom-line impact will be similar to NII impact as the yield is tax-free). Real impact though is likely to be lower in our view, than estimated above, helped by tactical positioning of banks in the form of reducing the pricing on public sector deposits following this move, likely lower mix of public sector deposits currently given the CRR hike on this book in early Q3’13 (banks are yet to report Q4’13 numbers, likely end Mar-14), higher liquidity inflow into banking b/s recently from maturity of AMCON bonds (c.NGN 1.1trn) and b/s shifting from investments into lending book in our view going into 14E (lending as a % of system banking assets has been gradually rising to 41% Nov-13 vs. 37% in Nov-12).
? Should CRR on pvt sector deposits also be hiked from the current 12% to 15% (the CBN communiqué states that 3 of the 8 policy committee members voted in favor of an increase in this level), this would mop up an additional cNGN357bn of liquidity from the banking system (based on Nov-13 non-public sector deposit base of NGN11.9trn) with concurrent bottom-line impact on banks likely being lower than the impact of public sector deposits CRR action as noted above.
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GTBank promotes SMEs’ growth
Guaranty Trust Bank (GTB) has said it will pay more attention this year to facilitating the growth and development of the small and medium enterprises (SMEs) sector which is the engine of growth for developing economies.
Its General Manager, Communication and External Relation, Mrs. Lola Adedina disclosed this when she led a delegation of the bank to pay a working visit to the Lagos head office of Vintage Press Limited, publishers of The Nation.
According to her, GTBank has set up a website that will help SMEs sell their goods all over the country and abroad.
She explained that one of the bank’s priorities this year is on SMEs because its management has realised that despite government’s effort and various loans, most of the SMEs are not successful.
She said: “Past and present governments have channeled a lot of efforts towards SMEs but nothing has really happened, adding that majority of the SMEs that have benefitted from government loans still come back to bank to ask them for loans.
“GTB decided to explore the areas in which it can add value to SMEs and we realised that e-commerce is a missing aspect. We have 160 million Nigerians out of which over 50 million are using the internet today and so GTB created a platform that enables our customers who have businesses to open their shop on our platform so that they can trade with anybody anywhere in the world.
“We give them a payment engine which is called the GT bank web pay so that the customer is sure that it is secure and backed by GT might. We also offer the customer about five different types of logistic partners like DHL, FEDEX, Redstar and others who are well known in Nigeria so that they can manage your shipment and fulfillment for the customer.
“So the woman who makes hand chain and does not know how she will sell her goods can come online and people in Abuja, Lagos, London, can buy her goods. This means that we are giving them a platform to trade their goods and a platform for e-commerce. Accountants, real estate agents can all come on the platform”.
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GTB lifts SMEs at Lagos fashion exhibition
As a demonstration of its commitment towards the development of the small and medium scale enterprises in the country, GTBank facilitated the GTB Lagos Fashion and Design Week recently.
The essence of the exhibition, according to the organisers, was to present a perfect opportunity for fashion and fashion related community to show their work before a focused target audience, which holds a vital tool for the creative development of Nigerian creative industries.
One of the exhibitors, St. David’s , experts in leather craft, with a special focus on shoes, opened its array of stylishly crafted leather products from shoes, bags, belts, wrist bangles and other custom leather products. There was a bespoke touch among the items shown.
A few other labels alongside St. David’s at the exhibition include Nikki Khiran, Buttons, Republic of Foreigner, Mode Arts and Olanrewaju Lagos.
Justifying his firm’s participation at the exhibition, Creative Director, St. David’s, said it was to create awareness for African shoe designs, in terms of quality and style.
“We have come to show the public that leather items that can match world standard can be produced here in Nigeria. This is also reflected by the expression of awe shown by visitors to our stand. A lot of them have realised that their quest for Italian shoes was futile all along,” he emphasised.
The St. David’s brand also gave an insight into its youth empowerment programme, which it runs in collaboration with a non-profit, nongovernmental organisation, Youth Concerns and Development Initiatives Africa.
The aim, according to Davids, “Is to train young Nigerians on leather craft, at the end of which they would be self sufficient. We seek to admit young and vibrant school leavers who are passionate about carving a niche in leatherworks for themselves. Youth empowerment has always been our drive at St. David’s Skill Acquisition Training (SSAT). We help reduce the unemployment rate in our country, Nigeria and beyond.”
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Bank strengthens internet grid
Guaranty Trust Bank (GTBank) Plc has an-nounced the upgrade of its internet banking platform for all customers. In a statement, the bank said the upgrade incorporates a new look and additional technical functionalities.
It said the upgraded Internet Banking platform provides customers with a more user friendly way to carry out their online transactions and manage their services.
It also offers customers an account information reporting service via its new homepage dashboard as well as an enhanced security feature with its improved login keypad functionality. With its new responsive design, customers can use Internet Banking conveniently on computers and mobile devices.
The bank’s Internet Banking platform supports an an array of service offerings that include bills payments, own and third party transfers and foreign exchange transfers to any bank account in the world.
Speaking on the development, Sina Ayegbusi, Head of Guaranty GTBank’s Technology Division stated that the bank’s commitment to superior customer service experience drives it to ensure that it utilises revolutionary technology to simplify and secure the online banking transaction and experience of its customers.
He further stated that the upgrade to ‘’our Internet Banking platform gives our diverse costumers various on-the-go banking options due to its responsive design that makes it convenient for use on computer and mobile devices’’.
The bank’s alternative banking channels were given a Payment Card Industry Standards Council (PCISSC) certification in 2011, implying that the channels meet acceptable technical and operational requirements to prevent fraud.
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GTB lifts SMEs at Lagos fashion exhibition
As a demonstration of its commitment towards the development of the small and medium scale enterprises in the country, GTBank facilitated the GTB Lagos Fashion and Design Week recently.
The essence of the exhibition, according to the organisers, was to present a perfect opportunity for fashion and fashion related community to show their work before a focused target audience, which holds a vital tool for the creative development of Nigerian creative industries.
One of the exhibitors, St. David’s , experts in leather craft, with a special focus on shoes, opened its array of stylishly crafted leather products from shoes, bags, belts, wrist bangles and other custom leather products. There was a bespoke touch among the items shown.
A few other labels alongside St. David’s at the exhibition include Nikki Khiran, Buttons, Republic of Foreigner, Mode Arts and Olanrewaju Lagos.
Justifying his firm’s participation at the exhibition, Creative Director, St. David’s, said it was to create awareness for African shoe designs, in terms of quality and style.
“We have come to show the public that leather items that can match world standard can be produced here in Nigeria. This is also reflected by the expression of awe shown by visitors to our stand. A lot of them have realised that their quest for Italian shoes was futile all along,” he emphasised.
The St. David’s brand also gave an insight into its youth empowerment programme, which it runs in collaboration with a non-profit, nongovernmental organisation, Youth Concerns and Development Initiatives Africa.
The aim, according to Davids, “Is to train young Nigerians on leather craft, at the end of which they would be self sufficient. We seek to admit young and vibrant school leavers who are passionate about carving a niche in leatherworks for themselves. Youth empowerment has always been our drive at St. David’s Skill Acquisition Training (SSAT). We help reduce the unemployment rate in our country, Nigeria and beyond.”
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GTB Lagos Fashion and Design Week begins October 23
The Guaranty Trust Bank Lagos Fashion and Design Week 2013 is scheduled to take place from October 23 to 26 at prestigious Eko Hotel’s Ocean View in Lagos. The event will feature both local and international designers and showcase the best of African talents.
Commenting on the sponsorship, General Manager, Communication & External Affairs, GTBank; Lola Odedina, said “As the headline sponsor of the Lagos Fashion and Design Week 2013, we recognize the importance of the fashion industry to the growth of Nigeria’s economy and the Guaranty Trust Bank Lagos Fashion and Design Week 2013 will act as a catalyst to ensure that fashion can become a sustainable business model which can drive commerce in Nigeria.”
Different activities have already begun in Lagos to commence the Guaranty Trust Bank Lagos Fashion and Design Week.
The Guaranty Trust Bank Lagos Fashion and Design Week in partnership with British Council recently concluded a fashion film workshop for film makers as well as master classes on the business of fashion for the 20 shortlisted young designers from the ages of 21 to 30 who were selected from a vigorous screening process across Nigeria.
These 20 shortlisted young designers will all compete to create a collection for the MTN Young Designer Awards 2013 where the winner will receive a cash prize of N4,000,000, courtesy MTN.
Omoyemi Akerele, founder of on the Lagos Fashion and Design Week, stated: “For 2013, as part of our vision to build from within, we are exploring retail partnerships for our designers across Nigeria.”
Also speaking on the sponsorship, Kola Oyeyemi, GM, Consumer Marketing, MTN, said: “We are delighted to be part of the LFDW as platinum sponsors, having participated in its growth from inception till today.
We remain committed to supporting the LFDW goal of growing the Nigerian fashion industry, especially its young talent via the MTN Young Designer of The Year Prize.”
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GTB African Gifted Foundation wraps up
The fourth edition of the African Gifted Foundation academy ended in Ghana last month with the Managing Director of Guaranty Trust Bank plc; Mr Segun Agbaje underscoring the importance of the growth of the African child through community participation.
According to Agbaje, the GTB which is the sole sponsor of the academy, recognises the importance of educating the people, and has done this through a series of programmes that are impactful and beneficial to their well being, and social interaction.
“Teachers cannot do it alone. Communities and schools must provide children and teachers with resources, time and support that are conducive to developing the right mindset and receiving quality education,”Agaje said.
He said over the years, GTB has shown its commitment to the development of the African child through its support for various youth improvement and empowerment programmes.
The African Gifted Foundation is a non-profit organisation set up by GTB to promote Africa’s top emerging talents for the development and sustainability of the African continent through the establishment of an academy. The academy is designed for secondary school students gifted in mathematics and sciences, who are in the top two category in their school.
Annually, the academy selects exceptionally talented students between ages 14 and 19 from different African countries. The students are taught various subjects such as space exploration, cyber-security and global commodities trading by experts in the industries, leading universities in the United Kingdom and diverse African countries during a weeklong camp in Ghana.
The students that participated in this year’s academy were shortlisted using their examination results, teacher’s recommendations, and a short essay by them. In this year’s edition which held in Ghana between the 21st and 27th last month, The pair of Adewunmi Adefolaju and Ukomadu Nelson from Igbobi College, as well as Ossai Chioma from Methodist Girl’s High School, Awarun Adetolah from King’s College, and Lawal Aramide from Ansar-ad-deen College represented Nigeria. Schools that have participated in the GTBank football tournaments (The Principals and Heritage Cup) also benefitted.
Agbaje further stated that the Bank’s interest in supporting education is borne out of a commitment to the development of young people in the African community.
“Guaranty Trust Bank is an ardent supporter of education and the Bank has over the years supported educational programs for children in and outside the classroom through the ‘adopt a school’ initiative and the various sporting programmes organized for schools at different times of the year,” Agbaje added.
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GTB, UBA, Zenith shares boost trade volume as market index extends run by 0.2%
The appreciation recorded in equity trading activities on Tuesday extended to Wednesday as major market indicators recorded positive gains.
The market capitalisation of the listed equities rose by N34bn or 0.28 per cent to close at N12.007tn on, up from N11.973tn recorded on
Similarly, the NSE’s All-Share Index gained 0.28 per cent or 107.88 basis points from 37,806.45 recorded on Tuesday to 37,914.33 points.
The NSE-30 Index closed at 1,776.75 basis points, representing a rise by 0.29 per cent or 5.19 basis points from 1,771.56 recorded on Tuesday, while the NSE’s Consumer Goods Index rose by 0.37 per cent or 4.01 basis points to close at 1,071.66 basis points.
The banking index rose by 0.18 per cent or 0.75 basis points to close at 405.58 points, up from 404.83 basis points recorded the previous day.
The banking sub-sector maintained its lead on the activity chart, as trading in the sub-sector accounted for 43 per cent of total volume traded.
In the sub-sector, investors exchanged 144.925 million shares, valued at N1.344bn in 2,028 transactions.
Volume in the sub-sector was driven by trading in the shares of Skye Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc and Zenith Bank Plc.
A total of 32 stocks gained on last week, while 23 stocks lost.
Stanbic IBTC Holdings Plc led the price gainers’ chart, rising by 9.98 per cent or N1.71 to close at N18.84 per share.
Red Star Express Plc followed on the chart with a gain of 44 kobo to close at N4.89 per share.
Cutix Plc gained 9.84 per cent or 18 kobo to close at N2.01 per share, while Fidson Healthcare Plc and IPWA Plc gained 9.80 and 8.06 to close at N2.24 and N1.34 per share in that order.
On the other hand, Vono Products Plc led the price losers, shedding 9.52 per cent or 12 kobo to close at N1.14 per share; while Courteville Business Solutions Plc lost 9.33 per cent or seven kobo to close at 68 kobo per share.