The Nation Newspaper

Tag: GTBank

  • Appeal Court dismisses Innoson’s objections against GTBank

    • Firm heads back to Supreme Court

    The Court of Appeal sitting in Enugu at the weekend dismissed the preliminary objections brought by Chairman of Innoson Motors, Chief Innocent Chukwuma and the firm. Innoson, arguing through his counsel, Prof. McCarthy Mbadugha had at the last hearing of the matter on June 14 raised objections to a motion brought before the court by GTBank seeking to amend its notice of appeal before the court.

    In its ruling the court presided by Justice Ogunwumiju held it would be in serious error if it decides to wait and hear Innoson Motors’ preliminary objection.

    She said: “I see no reason to refuse the appellant’s (GTBank) request to amend its notice of appeal”.

    “Everyone in this judicial drama knows that the substantive appeal must be decided in this court and no matter how much time is wasted, the Supreme Court can only hear the substantive matter after it has been decided in this court.

    “Considering all the reasons and circumstances set out above, I hold that it is in the interest of justice that the appellants application be granted in terms of the following orders:

    “Leave is granted to the Appellant (GTBank) to raise new issues in this appeal,

    “Leave is granted to the Appellant (GTBank) to amend its notice of appeal in terms of the particulars and specifics highlighted in its supporting affidavit.”

    Reacting to the ruling, Chukwuma instructed his Counsel to immediately appeal it.

  • GTBank launches Social Impact Challenge

    Guaranty Trust Bank has launched a Social Impact Challenge that will fund dozens of innovative ideas designed and executed by members of the general public.

    Tagged #SimpleChangeBigImpact, the Social Impact Challenge invites individuals and groups to pitch ideas with the potential to enrich the lives of those in their community and receive funding from the Bank to execute the change. This is the latest in a long line of CSR initiatives by GTBank, designed to foster socio-economic development across the country.

    The Bank’s Adopt-a-School initiative and Football Education Programmes have helped thousands of young students excel in and outside the classroom, while its Autism advocacy has remarkably raised the social consciousness and societal support for people living with Autism and other developmental disabilities.

  • Appeal Court adjourns for ruling in GTBank, Innoson suit

    THE Court of Appeal sitting in Enugu yesterday adjourned sine die for ruling in an application brought before it by Guaranty Trust Bank (GTBank) seeking to amend its motion of appeal against a judgment given by a Federal High Court, Awka against the bank.

    At the resumed hearing of the matter yesterday, counsel to GTBank Chief Wole Olanipekun (SAN) informed the court that the appellant (GTBank) had its notice of appeal against the judgment of the Federal High Court, Awka.

    Olanipekun informed the court that he would like to withdraw the application dated June 22, 2016 and sought the court to grant him leave to do so.

    The application for withdrawal of the motion seeking an extension of time to respond to the counter-affidavit filed by Innoson against the motion to amend the notice of appeal was opposed by counsel to Innoson Motors and Chief Innocent Chukwuma, Prof. Joseph Mbadugha.

    Arguing that the court does not have the jurisdiction to grant hearing to the appellants, Mbadugha maintained that the court should hold the balance between the contending rights of all parties.

    In maintaining this balance, he averred that the court should note that they (Innoson Motors) have a motion before the court challenging that the applicants cannot be allowed to move any applications before the court since they are yet to comply with a previous order of the court.

    He argued that by order 80 of the Supreme Court Rules, since the appellants appeal has been entered at the Supreme Court, the Court of Appeal lacks the right to adjudicate on it.

    Responding to Innoson’s argument, counsel to GTBank noted that Mbadugha’s positions were unconstitutional.

    He maintained that once an application for withdrawal has been made, the applicant can withdraw his application and such an application cannot be opposed.

    Maintaining that it was within the court’s jurisdiction to grant the leave being sought, Olanipekun argued that the right of appeal is a constitutional right that should not suffer any distraction or nuances of the respondent.

    Upholding Olanipekun’s argument, the court led by Justice Helen Ogunwumiju ruled that by the provision of the 1999 Constitution, an appellant has the right to withdraw its application.

    “The application hereby stands withdrawn and struck out,” she ruled.

    With the application withdrawn, Olanipekun moved a motion praying the court for leave to amend its notice of appeal dated January 28, 2015 challenging the order of the Federal High Court, Awka.

    This motion was again challenged by counsel to Innoson Motors, who argued that where an appeal has been entered at the Supreme Court as in the case at hand, the lower court (Court of Appeal) loses the right to entertain the matter in any sort.

    The only jurisdiction the lower court has, he argued, is to transmit all pending applications to the appellate court.

    Urging the court to disregard Innoson’s argument, GTBank’s counsel argued that what is before the Supreme Court is an appeal on an interlocutory application, which is totally different from the substantive suit being argued by the parties.

    “A respondent to an appeal does not have the locus standi to ask for a stay of proceedings. The only party that can ask for stay of execution is an appellant, who has an appeal,”, argued.

    The matter was adjourned for ruling on a date to be communicated to the parties in the suit.

     

     

     

  • GTBank: Innoson admits misleading public on N14b court ruling

    Innoson Vehicles Manufacturing (IVM) has accepted that it erred on information concerning the recent judgment delivered by the Supreme Court between the company and Guaranty Trust Bank Plc (GTBank).

    Admitting the error on the company’s official twitter handle, @Innosonvehicles, the company blamed the “error” on the staff of the agency managing its social media accounts.

    Innoson had last week Thursday caused a social and online media storm by falsely claiming that the Supreme Court had ruled in his favour for GTBank to pay him N14 billion in 14 days. However, original records of the court proceedings showed no such ruling. GTBank had also advised the public that Innoson’s claims were false, mischievous and malicious.

    GTBank had also advised the public that Innoson’s claims were “false, mischievous and malicious”, emphasizing that there was no directive or order issued by the Supreme Court of Nigeria to the bank to make any payment to any of its debtor customers, calling for Nigerians to disregard the statement in its entirety.

    “The management of Innoson Vehicles Manufacturing want to bring to the attention of the public to the caption: Supreme Court Orders @gtbank to pay 14b to Innoson made on its official twitter handle @Innosonvehicles,” the company stated.

    Continuing, it said: “The caption was a slight distortion of the information. When the information came to our notice, we had to correct the error made by the staff of the agency managing our social media accounts. We apologise for that misleading information.”

  • GTBank seeks collaboration with FinTechs

    GTBank seeks collaboration with FinTechs

    The Managing Director Guaranty Trust Bank (GTBank) Plc, Segun Agbaje has said banks and Financial Technology (FinTechs) need to partner to create more value for their customers.

    Speaking at the Social Media Week held at the Landmark Event Centre, Lagos, he  said the meeting was also about collaboration with the FinTechs,which have huge potentials in the financial services space.

    He such partnership will eventually turn to competition since both the banks and FinTechs target same customers.

    “Today, it is collaboration. I think eventually it would become competition. That is because once the FinTechs become big enough and have enough of your customer base, you will become competitors. I think it is collaboration, but it would migrate to competition,” he said.

    Agbaje explained that the bank is building sustainable business model that enable customers to buy goods and services within the lender’s ecosystem.

    “To build a business model where you create a platform and partner with anybody who has a service to offer, so that if as a customer, you come into our ecosystem, you can just buy anything, you can do your banking business, you can buy your tickets, you can buy insurance, you can travel, if you want to get a 10-day loan, you can come in and do it. So, really, we want you to come into our ecosystem, maybe five times a day to do something more than banking,” he said.

    The GTBank boss said the level of transactions that are susceptible to fraud is low. “Let me honest to you, the percentage of transactions that are susceptible to fraud is immaterial to the larger level. So, I don’t think people should be scared. We are beginning to build more security around it and I think there are more transactions that are carried out without fraud,” he said.

    He said GTBank joined other thought leaders, innovators business practitioners, entrepreneurs, among others from Nigeria and around the world to mark the 2018 Social Media Week because it believes it will contribute to better future for the people and economy.

  • Lagos flags off tax campaign at GTBank

    Lagos flags off tax campaign at GTBank

    Lagos State Governor, Akinwunmi Ambode has flagged off the electronic tax payment campaign of the state which will allow residents and citizens of Lagos State to pay their taxes directly to the coffers of the State Government. The flag-off campaign was kicked off at the bank’s Opebi branch, Lagos.

    Speaking at the flag-off ceremony, Ambode noted that this noble effort was implemented to help tax payers make direct deposits to the government coffers seamlessly.

    According to him, “The process in the payment of taxes has been simplified for the residents and citizens of Lagos State who are the direct beneficiaries of the productive utilization of taxes in the state. All the projects that have either been completed since the commencement of my administration or those that are underway have been done through taxes. Lagosians would henceforth be able to pay their taxes through GTBank branches; the mobile payment and internet banking platforms of all banks.

    Managing Director of Guaranty Trust Bank Plc, Segun Agbaje, said, “The e-tax payment campaign has shown the premium placed on electronic payment by the Lagos State Government and this would equally aid the financial inclusion program of the Central Bank of Nigeria.”

  • UBA, GTBank, others meet over dividend payment

    The boards of directors of United Bank for Africa (UBA) Plc, Guaranty Trust Bank (GTBank) Plc, Zenith Bank Plc, Continental Reinsurance and many other quoted companies have scheduled meetings later this month to approve the audited financial statement and accounts for the year ended December 31, 2017. The meetings will, among others, consider dividend recommendation to be made to shareholders.

    In separate regulatory filings, the companies indicated that their directors would be meeting to review and approve the earnings report and accounts for the 2017 business year, preparatory to sending the accounts for release to the investing public at the Nigerian Stock Exchange (NSE).

    Financial services companies including banks and insurance companies are statutorily required to submit approved audited results to their primary regulators for clearance before release to the NSE and the investing public.

    Under the enhanced listing rules at the NSE which took effect on January 1, 2017, quoted companies are expected to submit their annual audited account to the Exchange not later than 90 calendar days after the relevant year end, and published same in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting. They are also required to post same on their websites with the web address disclosed in the newspaper publications. Also, an electronic copy of the publication shall be filed with the Exchange on the same day as the publication.

    The board of directors of UBA has scheduled its meeting for Monday, January 29, 2018, where the board will consider the financial statements for 2017 and also proposals for final dividend for the 2017 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, after the audit of its 2017 half-year results.

    Also, the board of directors of Continental Reinsurance has scheduled to meet on Wednesday, January 31, 2018 in Lagos. Company Secretary, Continental Reinsurance Plc, Abimbola  Falana, in a statement, confirmed that the meeting would discussed dividend payment.

    The board of Pharma-Deko will also be meeting on Friday, January 26, 2018 to discuss dividend payment.

    UBA had declared a final dividend of 55 kobo per share, in addition to an interim dividend of 20 kobo for the 2016 business year. With the bank’s improved performance in 2017, market analysts expected the bank to increase its payout, an expectation that has seen bullish trading on the stock. UBA’s share price rose by 129 per cent in 2017 while it has performed above average so far in 2018 with average year-to-date return of 18 per cent at the opening of the stock market on Monday.

    As a mark of its sound corporate governance and in line with NSE Rule Book and the Amendments to the Listing Rules, UBA had announced commencement of its closed period on Friday, January 12, 2018, implying that directors, persons discharging managerial responsibility, employees with sensitive information, advisers and consultants of the bank and their connected persons may not directly or indirectly deal in the securities of the bank until 24 hours after the publication of its audited full year reports and accounts for 2017.

    Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 showed that gross earnings rose by 26 per cent while pre and post tax profits grew by 33.2 per cent and 23 per cent respectively.

    UBA’s gross earnings rose to N333.9 billion in third quarter 2017 as against N265.5 billion reported in corresponding period of 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth.  Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

    The balance sheet showed that while the group closed the third quarter with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent, the bank prudently grew net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

    Key extracts of the interim report and accounts of GTB for the nine-month period ended September 30, 2017 showed that profit before tax rose to N150.03 billion in 2017 as against N137.99 billion recorded in comparable period of 2016. Profit after tax also increased from N117.08 billion in third quarter 2016 to N125.58 billion in third quarter 2017. Earnings per share thus increased from N4.14 in 2016 to N4.44 in 2017. However, gross earnings dropped from N329.28 billion in third quarter 2016 to N309.91 billion in third quarter 2017. The decline in the top-line was mainly due to depressed non-interest and other incomes. Interest income had grown from N181.91 billion to N248.27 billion.

    The balance sheet size expanded to N3.2 trillion by September 2017 compared with N3.12 trillion recorded at the beginning of this year. Deposits from customers declined marginally from N1.99 trillion to N1.9 trillion. Shareholders’ funds meanwhile increased from N496.06 billion to N571.62 billion.

  • Innoson withdraws motion against EFCC, GTB

    Innoson withdraws motion against EFCC, GTB

     The Federal High Court in Lagos on Friday granted an application by Innoson Nigeria Limited and its Chief Executive Officer/Managing Director, Mr. Innocent Chukwuma, to withdraw an ex-parte motion they filed against the Economic and Financial Crimes Commission, (EFCC) and Guaranty Trust Bank Plc.
    They had sought injunctive reliefs against the commission, Attorney-General of the Federation, the Police, the Inspector-General of Police and Guaranty Trust Bank Plc.
    Among others, Innoson alleged that his arrest and detention by the EFCC was instigated by GTBank.
    He has since been released from detention.
    When the case, filed on Thursday, came up before Justice Rabiu Hadiza Shagari on Friday, GTBank’s lawyer Adebowale Kamoru, urged the court not to hear the ex-parte motion.
    He said his client knew about Innoson’s move to get injunction against them, adding that the applicants suppressed material facts.
    Kamoru cited several judicial authorities, urging the court  to hear his client although the ex-parte motion was not formerly served on them.
    Innoson’s lawyer Prof. MacCarty Mbaduagha said he was withdrawing the application.
    He said he was instructed by his client to do.
    Kamoru did not oppose the withdrawal, following which Justice Shagari granted the application as prayed.
    The judge said: “In view of the application of the applicants’ counsel, the application is hereby granted.”
    Barely 24 hours after his arrest, EFCC on Thursday released Chukwuma on bail.
    The anti-graft agency said Chukwuma and his brother, Charles Chukwuma, were being probed for alleged N1,478,366,859.66 fraud and forgery.
    The industrialist was also accused of using forged documents to secure tax waivers.
    A statement by the Head of Media and Publicity of EFCC, Mr. Wilson Uwujaren, said: “The EFCC has released the Nnewi, Anambra-State born industrialist, Chief Innocent Chukwuma, on bail.”

  • Fintech conference holds January

    THE second edition of Fintech annual conference will hold between January 24th – 26th January, 2018 in Lagos.

    The first edition which was held in April 2017, drew participants from various industries and countries.

    According to the organizers of the event, “the 2nd National Fintech conference promises to herald contemporary thinking and developments in financial technology.

    The conference will feature high-profile speakers/subject matter experts and innovative start-ups within the fintech space.

    Unlike the first edition, the second edition will feature Nigerian Fintech Awards Night and the official launch of Fintech Association of Nigeria.

    The conference programme will include a dialogue on the African FinTech ecosystem and panel discussions on regulations and compliance as Nigeria takes the crown as the FinTech Hub for Africa. Key stakeholders such as government officials, business leaders, regulators and academics will attend.

    The panel of experts will also include: , Founder CEO, Harvesting Inc Ruchit G. Garg; Investment Officer, Accion Venture Lab, Ashley Lewis; Co-Founder & President, Ovamba Solutions, Inc,Viola A. Llewellyn;, Co-Founder, FinTech Stage,  Lazaro Campos.

    Digital Finance Institute, Ecobank, Zenith Bank, GTBank, CBN, Systemspecs, vatebra, ACCION, FSDH, echoVC, Asoko Insight, Mastercard, Proshare, Banwo and Ighodalo, Deloitte, Paga, Soft Alliance Limited and many other companies were among those participated at the 1st edition.

  • GTBank Fashion Weekend to hold November

    GTBank Fashion Weekend to hold November

    The second edition of the GTBank Fashion Weekend is set to hold on November 11- 12, 2017.

    Organisers say the two-day event which will take place at the GTCentre, Oniru Estate, Victoria Island, Lagos, offers small businesses in the Nigerian Fashion Industry a free and vibrant platform to connect with a wider segment of their consumers as well as experts in their industry.

    The show is staged as part of the bank’s efforts to showcase the best of Africa’s Fashion to a global audience while promoting the continent’s growing fashion industry.

    “The 2017 GTBank Fashion Weekend will not only give visibility to the amazing talents and entrepreneurial drive of our people at home, it will also connect them with fashion leaders abroad, in order to build local capacity and expertise across the entire Fashion Value Chain,” said Mr. Segun Agbaje, Managing Director of Guaranty Trust Bank.

    The event which made debut in 2016 was said to have attracted over 30,000 guests during the 2-day period, a series of master classes, runway shows and a curated retail exhibition.

    “This year’s Fashion Master Classes will feature global fashion experts such as reality TV personality and runway coach J Alexander, best known for his work on America’s Next Top Model, to renowned fashion entrepreneur and celebrity stylist, June Ambrose to award winning fashion designer, Giles Deacon,” said Agbaje.

    Other fashion and global media experts scheduled to host master classes include; Vanessa De Luca, Editor in-Chief of Essence Magazine; Vanessa Kingori, publisher of British GQ Magazine; Nigerian photographer TY Bello; professional Makeup Artist and Educator, Danessa Myricks; and Fashion Editor & Style Consultant, Shiona Turini.

    Dozens of small businesses will showcase a diverse range of carefully curated affordable and luxury apparel, footwear, accessories, beauty items, and much more. As part of the retail experience there will be a crafts market featuring indigenous fabric and accessories. Each day of the event will close with a series of epic Runway shows featuring Africa’s finest designers and renowned international designers.