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Tag: GTBank

  • Ecobank, GTBank, Diamond Bank customers get e-payment reward

    Customers of Ecobank Nigeria, GTBank and Diamond Bank emerged the maiden winners in the ongoing Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS).

    The winners who emerged during a raffle draw held in Lagos are Adeyinka Adejuwon, who banks with GTBank and won N100, 000; customer, Julie Chioma Ukwosah , an Ecobank customer won N50,000 cash prize while Jerry Boakye-Mensah who banks with Diamond Bank got a N15,000 cash prize.

    Head, Acquiring Cards and e-Banking Department, Ecobank Nigeria, Funso Oyelohunnu, commended the CBN reward initiative, stressing that it would further encourage the use of e-payment channels.

    She noted that the emergence of Ecobank customer as one of the winners of the draw attest to the efficiency of the Bank’s e-payment channels. “This is a great initiative. As a bank we are glad that one of our customers is one of the winners. This is a further proof that our various e-payment channels are efficient. This is an opportunity to urge both customers and non customers of the bank to make our e-payment channels their choice,” she said.

    Speaking during the redemption of prizes in Lagos for the first three winners, representative of the Banking Payment System Department of the CBN, Isah Abubakar, said the apex bank will keep giving the desired support for the EPIS project. He commended the transparent process used in selecting the winners, noting that the cash-less banking initiative is helping to promote financial inclusion and getting banking to the grassroots. “The CBN is behind the incentive scheme and will support any project that takes banking to the grassroots,” he said.

  • GTBank wins Euromoney Best Bank award

    Guaranty Trust Bank Plc (GTBank) has   won the Best Bank in Nigeria award at the Natural History Museum, London.

    The Euromoney Awards for Excellence covers over 20  categories, best-in-class awards and the best banks in over 100 countries by recognising institutions that have demonstrated leadership, innovation, and momentum in the markets they operate.

    In selecting winners, the organisers combine data to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.

    Euromoney Magazine’s Editor, Mr. Clive Horwoo, said: “Competition for the awards this year was tough, arguably the toughest it has been since the start of the global financial crisis.

    “In winning this award, GTBank stands out not only because of its stellar performance but by its ability to define what its core strengths are, abide by these strengths and build its business around them.”

    He added that banking in the future would be about what you do, as well as what you don’t do. GTBank stands out as Euro-moneys’ best bank in Nigeria for its ability to adapt to local situations while maintaining international standards of best practice.”

    Receiving the award,  Managing Director/Chief Executive Officer (CEO) of GTBank, Segun Agbaje, said: “We are humbled and proud to be recognised as the Best Bank in Nigeria. For us, this award is an acknowledgement of the hard work and dedication of our staff, management and Board. It represents our commitment to serving our customers and providing them with value oriented products and services suited to their varied needs.

    “Our desire to always be at the frontier of excellence, enables us remain relevant to our customers and add value to all stakeholders. Being, the first Nigerian bank to win this award seven years consecutively, outside of 2013, when we were recognised as the Best Managed Bank in Nigeria, is also an affirmation of our position as a Proudly African and truly international institution.’’

    Thanking the bank’s customers for their patronage and tremendous support over the years, he further said the bank will continue to leverage its brand equity to tap into the growth potential of African economies.

    ‘We are humbled and proud to be recognised as the Best Bank in Nigeria. For us, this award is an acknowledgement of the hard work and dedication of our staff, management and Board’

     

  • Innoson Group, GTBank square up over N30b lawsuit

    Innoson Group, GTBank square up over N30b lawsuit

    Ibrahim Apekhade Yusuf in this report examines the ongoing rift between Innoson Group and Guaranty Trust Bank Plc over a N30 billion lawsuit

    AN otherwise cordial relationship existing between Innoson Group and Guaranty Trust Bank Plc has since gone awry no thanks to irreconcilable differences among both parties.

    At issue is the N30billion lawsuit filed against Guaranty Trust Bank Plc by Innoson Group.

    Details of the suit showed that Innoson Group, including Nigeria’s first indigenous automobile manufacturing company (Innoson Vehicle Manufacturing Company Limited), sued GTB as follows: N20 billion for freezing of their bank accounts in all Nigerian banks from September 1, 2014 to June 15, 2015.

    Besides, following the striking out of the suit on June 10, 2015, the firm asked for N5 billion for reputational damages and/or injuries suffered by the companies;  N5 billion for general damages and a 22 percent interest on the sum claimed from September 1, 2014 till judgement and thereafter at the same rate till liquidation of judgment debt.

    A cursory look at the issues in contention showed that Innoson and GTB’s relationship started in 2003.

    However, things went sour when the Nigerian Customs Service Board seized and auctioned some goods imported by Innoson despite providing evidence that it satisfied the importation requirements.

    Innoson incurred a lot of cost thus compelling the former to seek redress in court.

    Subsequently, the court had ordered GTBank to pay Innoson N2,048,737,443.67 from Customs account. GTBank appealed the judgment, but the Court of Appeal, Ibadan affirmed the judgment of the Federal High Court, ordering GTBank to pay the judgment debt of N2,048,737,443.67 to Innoson.

    Delivering judgment, Justice Chidi Nwaoma Uwa of the Court of Appeal, Ibadan, had said inter alia: “I cannot see any reason to fault the order of the learned trial judge. In the final analysis, the order absolute is hereby affirmed. The appeal is without merit; I dismiss same. The Ruling of the trial judge Shakarho, J. of the Federal High Court, delivered on 29th July, 2011 in Suit FHC/L/CS/603/2006 is hereby affirmed.”

    In her submission, Justice Monica Bolna’an Dongban-Mensem stated: “I have nothing useful to add to the lead judgment prepared by my learned brother Chidi Nwaoma Uwa JCA. The decision of the Federal High Court holden in Ibadan pronounced by Hon Justice J. E. Shakarho (J) on the 29th day of July, 2011 is hereby affirmed and the consequential orders are as made in the lead judgment.”

    Echoing similar sentiments, Justice Obietonbara Daniel-Kalio said: “I have had the privilege of reading, in draft, the lead judgment delivered by my Lord Chidi Nwaoma Uwa J.C.A. My Lord covered all the salient questions that arose under the issue for the determination and came to a conclusion that I entirely agree with. I am also of the view that the appeal lacks merit. It is accordingly dismissed.”

    Prior to that, Innoson Nigeria Limited had got a facility of N2.4 billion from GTB in 2010 to partly finance the importation of new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment respectively for a period of 365 days. In 2011 the facility was restructured to a three-year-term loan and was said to stand then at N1,478,386,859.66 as at July 31, 2011.

    But in 2012, Innoson discovered that there were some curious charges on its account with GTB. It got its account audited and it was found out that GTBank had deducted N786,205,955.99 as charges. It sued the bank. On May 16, 2013, Justice Salihu granted Innoson the sum of N559,374,072.09 against GTB, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 and at the same rate of 22 percent till satisfaction of the judgment debt.” Justice Salihu added: “Again the 1st defendant/respondent (GTBank) is to pay a penalty of 100 percent of the amount as provided by the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guideline for Fiscal Year 2012/2013 (circular No.39 of January 2012).”

    On May 23, 2013, Justice Salihu granted an order of garnishee nisi of N4,739,037,712.66 against GTBank to be paid to Innoson.

    GTB subsequently appealed the judgment of the Awka High Court, but the Court of Appeal, Enugu Division, upheld the judgment and ordered GTB to pay the judgment debt, which stood at over N5.7 billion, into an interest-yielding account in the name of the Chief Registrar of the Court of Appeal. However, GTB has appealed to the Supreme Court.

    But Guaranty Trust Bank Plc did secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit number FHC/L/CS/1119/2014, filed before a Federal High Court in Lagos, between Guaranty Trust Bank and Innoson Nigeria Limited, issued by Justice Okon Abang, ordering that, pending the hearing and the determination of the substantive suit, all commercial banks in Nigeria were restrained from accepting, honouring, or giving effect in any manner whatsoever to any mandate or instruction presented to them by Innoson companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

    On June 10, 2015, Justice Saliu Saidu of the Federal High Court, Lagos struck out the ex parte order freezing the bank accounts of the companies in Innoson Group. Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.

    With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

    While the legal fireworks rage, stakeholders anxiously hope the issues would be resolved amicably between both parties.

  • GTBank, UBA to raise more funds for Kenya subsidiaries

    GTBank, UBA to raise more funds for Kenya subsidiaries

    • GTBank CEO, Segun Agbaje
    • GTBank CEO, Segun Agbaje

    Guaranty Trust Bank Plc (GTBank) and United Bank for Africa Plc (UBA) are to raise more funds for their Kenya subsidiaries following the increase in banks’ minimum capital base.

    The government last weekend raised minimum capital requirements for banks by fivefold  to promote competition.

    Core capital for lenders will jump to 5 billion shillings ($52 million) by the end of 2018, from 1 billion shillings, Treasury Secretary Henry Rotich said in his yearly budget speech in the capital, Nairobi. He said the benchmark for insurance companies was also increased to 600 million shillings.

    But, GTBank and UBA will have to source for the funds in Kenya because of the Central Bank of Nigeria’s (CBN’s) policy that banks with foreign subsidiaries should utilise resources in their host-countries to boost their operations rather than use funds from home to do so.

    The CBN’s stand is that banks raise funds from the offshore capital market through private placements or public offerings. CBN’s advice followed its earlier directive stopping banks from using local resources to fund their offshore subsidiaries. It also stopped quarantee of deposits for foreign subsidiaries.

    CBN Director, Banking Supervi-sions, Agnes Martins advised that the banks could also pursue a merger or acquisition; or if external capital raisings fail, submit a strategy for exiting the relevant foreign jurisdictions to the regulator.

    The directive also bars Nigerian banks from guaranteeing the deposits of their foreign subsidiaries and mandates banks with foreign subsidiaries to submit plans showing that their subsidiaries are fully capitalised in line with Basel II and III accords.

    Capital increase in Kenya has been reoccurring. The Central Bank of Kenya (CBK) increased the minimum capital requirement in 2008 to Sh1 billion from Sh250 million, with banks given a four-year period to comply. The process was expected to see small lenders merge but most of them convinced their shareholders to inject additional capital while others invited strategic partners. A 12-fold increase in capital requirement in 2004 saw Nigerian banks shrink from 89 to 25. Banks are currently aggressively raising additional funds from shareholders and the debt market to comply with new capital adequacy ratios coming into effect at the end of the year.

    The CBK had last year, hinted at increasing the minimum capital requirement for banks in a move that could lock out small lenders and new entrants from the market.

    The banking regulator is concerned that low levels of capitalisation will lock Kenyan lenders out of financing large infrastructure projects being undertaken in the country.

    “The Sh1 billion minimum capital requirements may actually constrain financing potential of some large banks. The CBK may consider raising this minimum capital requirement to make the industry move to the level of Egypt, Angola, Nigeria and South Africa,” it said. Kenya banks are not allowed to lend more than 25 per cent of their core capital to a single borrower.

    ”This should help promote consolidation in the banking industry,” particularly among smaller lenders known as Tier 3 and Tier 4 banks, Francis Mwangi, head of research at Standard Investment Bank, said told Bloomberg.

    Kenya, a nation of 44 million people with a $55 billion economy, has 43 commercial lenders and a mortgage-finance company, according to the Central Bank of Kenya. About 70 per cent of banking business is done by eight companies and industry fragmentation is hindering the development of scale lenders need to offer more complex services, Kenya Commercial Bank Ltd. Chief Executive Officer Joshua Oigara said in August.

    The bottom 20 lenders in Kenya all have capital below 5 billion shillings, Martin Oduor-Otieno, a partner at Deloitte East Africa, said in an e-mailed note.

    Smaller banks also may be forced to consider mergers because the three-year timeframe imposed to increase core capital may be insufficient, Mwangi said. Those lenders already face competition from bigger banks in their traditional markets such as micro-lending and low-income retail customers, he said.

    “The Tier 3 and Tier 4 lenders won’t be able to grow their earnings as fast because of increased competition from the bigger banks,” Mwangi said.

    The increase in minimum core capital requirements is in line with the government’s development programme, known as Vision 2030, Rotich said.

    “Kenya needs to have strong, well-capitalised financial institutions, which are not only able to participate in financing the large projects envisaged in the vision, but that are also well capitalised to withstand financial shocks and crises,” Rotich said

    KCB, Kenya’s largest bank in asset base, has a core capital of Sh52 billion, capping its lending to a single entity at Sh13 billion. Most of the infrastructural projects being put up in Nairobi require huge funding. For instance, the Lamu coal plant is expected to use an estimated Sh177 billion of which Sh130 billion will be debt.

    CBK disclosed that two banks violated the minimum capital requirement last year underlining the challenges facing banks funding large projects. The capital requirements in South Africa is Sh9 billion, Nigeria (Sh8 billion), Egypt (Sh6.2 billion) and Angola at Sh2.2 billion. Eighteen banks in Kenya have a core capital of less than Sh2 billion. Analysts pointed out those large banks were in a strong position to comply with whichever extra amount that may be required but small lenders are likely to struggle.

    “The effect is dependent on the amount but I expect the key players will comply with it,” said Standard Investment Bank’s Francis Mwangi. Mr Mwangi said a regulation meant to push banks to finance infrastructure projects by raising capital may see the lenders used to micro-lending holding idle cash.

  • GTBank seeks NJC’s intervention in N5.2b judgment

    GTBank seeks NJC’s intervention in N5.2b judgment

    Guarranty Trust Bank (GT Bank) Plc has urged the Chief Justice and the Chairman of the National Judicial Commission (NJC), Justice Mahmud Mohammed, to order probe into the conduct of Justice Valentine Ashi of the Federal Capital Territory (FCT) High Court, Abuja over a N5.2 billion judgment against the bank.

    The suit was filed by Dr. Ted Isegholi Edwards against the Central Bank of Nigeria (CBN) and five others, including GT Bank.

    This was contained in a petition dated May 18, 2015, written by the bank through its counsel, Anthony Idigbe (SAN), and sent to the office of the CJN.

    The President of Court of Appeal and the Chairman of the Economic and Financial Crimes Commission (EFCC) were also copied.

    Justice Ashi had last Monday, ordered the bank to pay the plaintiff N5,240,516,186.21 for debiting the plaintiff’s account without his consent.

    Justice Ashi, who struck out all the other defendants apart from GT Bank for lack of jurisdiction, also ordered the bank to pay 21 per cent interest per annum on the judgment sum at the prevailing interest rate, whichever is higher calculated from December 12, 2014 up till date of judgment.

    It will also include post judgment interest of 10 per cent from the date of judgment until the judgment sum is liquidated.

    In its petition, the bank stated that the manner the  proceedings of the court were carried out engendered injustice, making it believed that the trial judge must have been compromised in the discharge of justice in the matter.

    It also asked that all culprits which the investigation may uncover be decisively brought to the books in accordance with the CJN’s established and renowned principles, which uphold natural justice, equity and good conscience.

    The bank expressed worry over undue speed with which it claimed the court handled the matter, arguing that the justice of the matter has been sacrificed at the altar of speed.

    It contended that the proceedings allegedly showed a clear determination by the judge to grant judgment against it.

    The bank hoped that the CJN should direct that appropriate steps be taken to ensure that the injustice meted to the bank as a result of the said judgment is not allowed to stand.

  • Court orders GTBank to refund N5.3b illegally withdrawn from customer’s account

    Court orders GTBank to refund N5.3b illegally withdrawn from customer’s account

    A High Court of the Federal Capital Territory (FCT) sitting in Apo yesterday found Guaranty Trust Bank (GTB) guilty of illegally withdrawing N5.3billion from an account owned by one of its customers, Dr. Ted Iseghohi Edwards of Edwards and Partners Law firm.

    Justice Valentine Ashi, in a judgment, held that GTBank was without any defence to its action and ordered the bank to pay the money – N5,240,516,186.21 to the owner through his Zenith Bank Plc account.

    The judge further ordered that the N5.3billion should attract 10 per cent post-judgment interest, and another 21 per cent interest from December 12 last year when GTBank illegally withdrew the money, until the bank eventually paid Dr. Edwards.

    The judge struck out the Central Bank (CBN), the Accountant-General of the Federation (AGF), Jonah Otunla, Minister of State for Finance  Ambassador Yuguda, Anaocha Local Government Area and the Incorporated Trustees of Association of Local Governments of Nigeria (ALGON) from the suit as defendants on the ground that they were not necessary parties.

    Edward initiated the suit marked FCT/HC/CV/939/2015 in January, this year after GTBank carried out the illegal withdrawal of the money on December 12, last year.

    The money was paid into Dr. Edwards’ law firm’s account with GTBank on January 2, last year by the AGF as a settlement of a judgment got by his clients, Impecca Services Limited and His Royal Highness, Eze Samuel Ezekwo against ALGON for the consultancy services they rendered to the 774 local governments.

    The plaintiff stated, in the suit’s originating processes, that shortly after the money was paid into his account on behalf of his clients, GTBank made some disbursements from the account as directed, but that he was only informed on December 12 by an official of the bank that the CBN has withdrawn the N5.3billion.

    Edwards said when he enquired from the bank why it made deduction from his account without his consent, he said GTBank only insisted that the withdrawal was made in obedience to the CBN’s directive, which it could not disobey.

    Justice Ashi, in his judgment, faulted GTBank for betraying the banker/customer relationship between it and Edwards.

    He noted that it was wrong for GTBank to have withdrawn from the customer’s account without his knowledge and consent.

    The judge held that GTBank’s claim that it was helpless and that the withdrawal was at the instance of CBN was of no substance. He wondered whether GTBank would have obeyed a similar directive even if it was illegal.

  • GTBank grosses N79b in three months

    GTBank grosses N79b in three months

    Guaranty Trust Bank (GTBank) Plc recorded double-digit growths in the top-line and bottom-line in the first quarter, a strong start that triggered a rally on the share price of the stock at the weekend.

    Key extracts of the unaudited report and accounts of GTBank for the period ended March 31, 2015 showed that gross earnings and pre-tax profit rose by 17 per cent each. After tax, net profit rose by 15 per cent.

    Gross earnings rose to N79.02 billion in first quarter 2015 as against N67.58 billion recorded in comparable period of 2014. The top-line performance was driven by strong growth in interest income and effective management of operating expenses and cost of risk. Profit before tax rose from N28.01 billion to N32.65 billion. After taxes, net profit increased to N26.56 billion in first quarter 2015 compared with N23.11 billion recorded in first quarter 2014. Earnings per share improved from 81 kobo in first quarter 2014 to 94 kobo in first quarter 2015.

    The balance sheet remained strong with total assets of N3.15 trillion. Customer deposits rose to N1.69 trillion in March 2015 as against N1.65 trillion by the year ended December 31, 2014. Shareholders’ funds however slipped marginally from N374.33 billion in December 2014 to N357.59 billion in March 2015.The bank continued to improve on its credit asset management. The proportion of gross loans and advances to non-performing loans improved to 3.06 per cent as against 3.40 per cent in the comparative period of 2014. Loan book grew by 28 per cent to N1.30 trillion in 2015 as against N1.02 trillion in corresponding period of 2014.

    Managing director, Guaranty Trust Bank (GTBank) Plc, Segun Agbaje, said the major focus for the bank going forward is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns.

    He noted that as a financial institution with a bias for industry leadership, exceptional service delivery and innovation, GTBank has experienced tremendous growth since its inception in Nigeria in 1990. Now, the bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.

    GTBank recently distributed N44.15 billion as final dividend, representing a dividend per share of N1.50 kobo. Total dividend per share for 2014 stood at N1.75 as against N1.70 paid for the 2013 business year. It had paid interim dividend per share of 25 kobo. This brought total payout to N51.5 billion for the 2014 business year as against N50.03 billion in 2013.

    Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that GTBank grew its top-line by 15 per cent with gross earnings of N278.52 billion in 2014 compared with N242.67 billion in 2013. Profit before tax rose by nine per cent from N107.09 billion to N116.39 billion. Profit after tax grew by 10 per cent from N90.02 billion to N98.69 billion. Earnings per share consequently rose by 10 per cent to N3.47 in 2014 as against N3.17 in 2013.

    Balance sheet analysis showed that deposits base expanded by 14 per cent to N1.65 trillion in 2014 compared with N1.44 trillion in 2013. Shareholders’ funds also rose by 13 per cent from N332.35 billion to N374.33 billion. Total balance sheet size rose by 12.4 per cent from N2.10 trillion in 2013 to N2.36 trillion in 2014.

    GTBank also continued to maintain disciplined and prudent approach to loan growth as the proportion of non-performing loans to total loans dropped from 3.58 per cent in 2013 to 3.15 per cent in 2014.

     

     

  • GTBank, Zenith to pay shareholders N106b dividends

    Nigeria’s two most capitalised banks-Guaranty Trust Bank (GTBank) Plc and Zenith Bank Plc have announced that they recorded pre-tax profit of N236 billion in 2014. The banks will distribute N106 billion as cash dividends to shareholders.

    The audited report and accounts for the year ended December 31, 2014 showed that the banks suppressed the headwinds with appreciable improvements in the top-line and the bottom-line. Both banks recorded double-digit growth in the top-line while pre-tax profit rose by around nine per cent. The two competitive banks are also paying the same dividend rate as GTBank increased cash payout per share by 2.9 per cent to match Zenith Bank’s payout.

    The board of directors of GTBank recommended total dividend of N1.75 per share for the 2014 business year as against N1.70 paid for the 2013 business year. The bank will be paying final dividend of N1.50 per share. It had paid interim dividend per share of 25 kobo. This brings total payout to N51.5 billion for the 2014 business year as against N50.03 billion in 2013.

    The board of Zenith Bank retained the dividend per share of N1.75, the same rate paid for the 2013 business year. Gross dividend thus stood at N54.94 billion.

    Key extracts of the audited report and accounts showed that GTBank grew its top-line by 15 per cent with gross earnings of N278.52 billion in 2014 compared with N242.67 billion in 2013. Profit before tax rose by nine per cent from N107.09 billion to N116.39 billion. Profit after tax grew by 10 per cent from N90.02 billion to N98.69 billion. Earnings per share consequently rose by 10 per cent to N3.47 in 2014 as against N3.17 in 2013.

    Balance sheet analysis showed that deposits base expanded by 14 per cent to N1.65 trillion in 2014 compared with N1.44 trillion in 2013. Shareholders’ funds also rose by 13 per cent from N332.35 billion to N374.33 billion. Total balance sheet size rose by 12.4 per cent from N2.10 trillion in 2013 to N2.36 trillion in 2014.

    GTBank also continued to maintain disciplined and prudent approach to loan growth as the proportion of non-performing loans to total loans dropped from 3.58 per cent in 2013 to 3.15 per cent in 2014.

    In the same vein, Zenith Bank recorded gross earnings of N403.34 billion in 2014, 14.8 per cent above N351.47 billion. Profit before tax rose by 8.3 per cent from N110.6 billion in 2013 to N119.8 billion in 2014. After taxes, net profit rose by 4.3 per cent to N99.46 billion in 2014 compared with N95.32 billion in 2013. Earnings per share thus stood at N3.16 in 2014 as against N3.01 in 2013.

    Zenith Bank continued to show impressive credit risk management and loan efficiency as the proportion of non-performing loans to gross loans and advances dropped from 3.0 per cent in 2013 to 1.8 per cent in 2104. Shareholders’ funds also increased by 8.5 per cent from N509.25 billion in 2013 to N552.64 billion in 2014.

    Managing Director, Guaranty Trust Bank Plc, Segun Agbaje, said the bank’s financial performance in 2014 attested to the inherent soundness of its strategy and resilience of its earnings.

    He attributed the performance to loyalty of customers and commitment and hard work of the staff.

    “We remain committed to maximising shareholder value and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage,” Agbaje said.

  • Segun Agbaje’s latest move

    Segun Agbaje’s latest move

    It seems that the recent plunge in the value of naira has begun to hit hard on the banking sector, as the Managing Director of Guaranty Trust Bank, Segun Agbaje, has deemed it beyond necessary to bring to an abrupt halt the frivolous spending of senior members of the thriving financial institution. Strict measures have been temporarily introduced to the company’s policy to curb wasteful and unnecessary spending on projects or tasks that are not approved by Agbaje. Senior members of GTBank are currently grieving over the end of their frequent trips outside the country, with the banking guru insisting that “Skyping” should be substituted for trips abroad for foreign meetings. Agbaje also insists that any expense on media and advertorial must be approved by him. These policies are as a result of the recent harsh economic state, especially the discouraging value of the naira against the dollar.

  • GTBank donates N40m to Red Cross, DwB

    GTBank donates N40m to Red Cross, DwB

    Guaranty Trust Bank has  donated N40 million to Swiss Red Cross and Doctors without Borders (DwB)in its support  towards the Ebola Virus Disease (EVD) Intervention strategy in West Africa.

    The response to Ebola outbreak by Swiss Red Cross and Doctors without Borders started in early 2014 with the establishment of Ebola Case Management Centers (CMCs), provision of beds in isolation and transit centres, proper disposal of dead bodies and provision of medical personnel and supplies.

    The lender said in a statement that after a few months of properly executed intervention measures by these organisations, there is remarkable gradual decline in the outbreak. However, more action is required to combat further outbreak as well as effective implementation of World Health Organisation (WHO) Global Roadmap against Ebola.

    The bank said the fund would help dispatch trained personnel, create mobile laboratories to improve diagnostics, set up more Ebola case management facilities in remote areas, create regional network of field hospitals to treat medical personnel and address the collapse of state infrastructure.

    The Managing Director and CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said the lender would continue to lead the way as a responsive and socially responsible corporate organisation in line with its strategic Corporate Socially Responsibility (CSR) objectives.