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2024 Half Year: GTCO reports N1trn pre-tax profit

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Guaranty Trust Holding Company Plc (GTCO) has reported a pre-tax profit of N1.004 trilion for the half year ended June 30, 2024.

This was contained in the company’s audited consolidated and separate financial statements sent  to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange (LSE) on Wednesday.
The milestone figure recorded placed GTCO as the first Nigerian financial institution to cross the one trillion Naira mark in profit.

The figure represented an increase of 206.6 per cent over N327.4 billion recorded in the corresponding period ended of June 2023.

The group’s loan book (net) also increased by 25.5 per cent from N2.48 trillion recorded as at December 2023 to N3.11 trillion in June.

Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June.

The Holding’s total assets and shareholders’ funds closed at N14.5 trillion and N2.4 trillion, respectively, while its Capital Adequacy Ratio (CAR)closed robust at 21.0 per cent for the assessed period.

GTCO sustained its asset quality as evidenced by its IFRS nine stage three loans which closed at 4.3 per cent in June, from 4.2 per cent  in December 2023

The company also improved in its Cost of Risk (COR) by 1.6 per cent in the period under review, from 4.5 per cent in December 2023.

Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said that the firm was immensely proud of the progress it has made as a leading financial holding company.

Agbaje said that despite the uncertainties in the operating environment, GTCO was able to record its highest profit to date in the first half of the year.

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He said that this was a testament to the resilience and adaptability of the financial holding’s business model.

“We remain optimistic about the future,   and we are committed to leveraging our unique strengths as a thriving financial services ecosystem.

“This is to create sustainable value for all our stakeholders as we continue to position all our business verticals such as banking, funds management, pension, and payments, for rapid growth across key markets,”he said.

According to him, the group recorded growth across all its asset lines.

He said that it  continued to maintain a well-structured, healthy, and diversified balance sheet across all jurisdictions where it operates a banking franchise and other businesses.

Overall, the managing director said that the group continued to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios.

GTCO is the ultimate holding company of the GTCO Plc Group, one of the largest financial services institutions in Africa.

The holding company maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.(NAN)(
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NLC Rejects Electricity Tariff Adjustment, Sets For Protest

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By Abubakar Yunusa

The Nigeria Labour Congress (NLC) has rejected plans by the Federal Government to regularise electricity tariffs for customers for Bands A, B and C.

In a communique released on Sunday after the National Executive Council (NEC) in Yola, Adamawa State, the labour union vowed to lead mass nationwide protests across Nigeria should the government continue with its plan.

Last Thursday, Minister of Power, Adebayo Adelabu, said lower bands would be upgraded to Band A.

In its communique sign by NLC General Secretary, Emmanuel Ugboaja, the labour union rejected the “forcefully migration” of consumers from lower bands to Band A.

“On the Migration of Electricity Consumers with a view to increasing tariff: NEC unequivocally rejects the ongoing sham reclassification of electricity consumers by the Nigerian Electricity Regulatory Commission (NERC), which seeks to forcefully migrate consumers from lower bands to Band A under the guise of service improvement while, in reality, imposing unjustified extortion on the masses,” the NLC declared.

“This systematic exploitation, sanctioned by the Ministry of Power, is nothing short of economic violence against the working class and broader Nigerian populace.

“It is evident that the ruling elite, acting as enforcers of global monopoly capital, are determined to further deepen the misery of the Nigerian people through incessant tariff hikes, increased taxation, and relentless economic strangulation.

“Whereas inflation has soared, wages remain stagnant, and the cost of living has become unbearable, the ruling class continues to transfer the burden of their fiscal irresponsibility onto the already impoverished working masses.

“NEC-in-session warns that any attempt to announce further electricity tariff increases will be met with mass resistance.

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“Consequently, the Congress resolves to immediately mobilise for a nationwide protest should the Ministry of Power and NERC proceed with their exploitative plan to further hike electricity tariffs under any guise.

“The NLC shall not stand idly by while the Nigerian people are subjected to the unholy machinations of capitalist profiteers and their state collaborators.”

For decades, Nigeria, Africa’s most populous nation, has been faced with intractable energy challenges, no thanks to an epileptic power supply which significantly affects productivity levels. Despite the privatisation of the electricity sector, power generation, transmission and distribution have remained bogged with hydra-headed monsters of policy inconsistency, low investments and operational challenges.

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In 2024, NERC approved the upward review of electricity prices with a unit of power costing about N250 for Band A customers.

The cost of petrol and diesel which are readily available alternatives have equally increased by fivefold, compounding the dilemma of consumers. In the same year, NERC granted at least some State’s Electrify Regulatory Commissions licenses to power plants and power distribution.

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Uba Sani Disburses N375m Loan To 10 Communities

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By Abubakar Yunusa
Uba Sani, Kaduna state governor, says 10 communities received $25,000 cheques each from the community revolving fund to support farmer groups.

According to a statement by the state government, the cheques presented on Saturday amount to a total of N375 million.

Sani explained that the World Bank-assisted Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project provided the fund to help beneficiaries invest in climate-smart rain-fed agriculture.

The benefitting communities include Anchau, Kuzuntu, Kubau, Zuntu, Jenau, Likoro, Jaja, Hunkuyi, Kudan, and Danmahawayi.

Sani said the fund aligns with his administration’s commitment to rural transformation, which is designed to support registered farmer groups under the umbrella of community interest groups (CIGs).

“Kaduna state is proud to be at the forefront of initiatives aimed at combating climate change and ensuring sustainable livelihoods for our people,” he said.

‘’Over the years, we have implemented a range of strategic policies and programs designed to enhance ecological conservation, mitigate the impact of climate change, and promote economic resilience among our citizens.

‘’With the support of ACReSAL, the State Government unveiled a 10-year Climate Change Policy, trained 500 women, youth, and school-feeding vendors in the production of biomass briquettes as an alternative to wood fuel.”

Also, Sani said his administration disbursed loans in Kudan and Kubau local governments under phase one of the initiative, covering a total of 82 CIGs.

He further explained that phase two would commence in the second quarter of the year, including four local governments in the central and southern senatorial zones, alongside two area councils in the northern senatorial zone.

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According to the governor, the concluding phase of the implementation will cater to the remaining 11 local government areas in the state.

Joy Agene, the task team lead of the ACReSAL project, praised the government for its commitment to environmental sustainability, saying that the state remains one of the best-performing sub-nationals in the country.

Balarabe Lawal, minister of environment, also spoke at the event, stressing that the community revolving fund is a loan, not a grant, and must function as an investment fund for community and farmer groups.

‘’The loan is intended for communities, facilitating circulation among farmers and sustained through groups that ensure the loan remains active within your community via timely repayment, thereby enabling other farmers to reap the benefits,’’ he said.

“The ACReSAL project constitutes a significant component of the Federal Government’s aim to rehabilitate one million hectares of degraded land, contributing to the overarching goal of restoring four million hectares by the year 2030.

‘’The initiative will additionally contribute to diminishing the susceptibility of countless individuals living in extreme poverty in northern Nigeria, thereby enhancing their capacity to engage in the stewardship of their surroundings.”

At the event, Sani announced the procurement of the amphibious excavator, otherwise known as a swamp buggy, to prevent and control erosion, deepen waterways, and maintain and clean rivers.

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Afreximbank unveils new documentary series on Africa’s growth

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The African Export-Import Bank (Afreximbank) has announced the launch of its new documentary series titled “Impact Stories.”

A statement issued on Friday in Abuja by Vincent Musumba, Afreximbank’s Communications and Events Manager, stated that the documentary aimed to showcase the bank’s developmental impact across various sectors and countries in Africa.

It also highlighted the bank’s influence in the diaspora.

Musumba said Season One of the series, which consisted of six episodes, filmed across six countries and sectors, went on air on Afreximbank TV (www.youtube.com/@afreximbanktv) on Feb. 27, 2025.

He said the series produced by the Afreximbank TV team and CNN’s Created Studio services, sought to spotlight the bank’s interventions, incorporating multi-faceted narratives that brought the bank’s initiatives to life.

“Through testimonials of individuals, businesses, communities and economies that have been positively impacted by the interventions, the series creates an emotional connection.

“It also creates a shared commitment of an African vision focused on transforming trade and economic self-determination.”

Musumba said the inaugural season, consisting of six episodes, showcased some of Afreximbank’s development impact through inspiring short documentary-style films.

He said the episodes featured the Zimborders Beitbridge project which involved the expansion, upgrade and improvement of Beitbridge Border Post in Zimbabwe.

“This explores the transformative effect of Afreximbank’s investment in modernising the border post, and showing how improved infrastructure is addressing trade inefficiencies, fostering intra-African trade and driving regional growth.”

He said other episodes include the Glo-Djigbé Industrial Zone (GDIZ) in Benin, a project led by Afreximbank investee company, Arise Integrated Industrial Platform (Arise IIP).

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“This project is focused on driving industrialisation, job creation and end-to-end production on the continent.”

Another episode was on Oando PLC, which showcased the organisation’s successful acquisition in a key Nigerian oil sector joint venture and its transformative impact on local content and economic prosperity.

“Other episodes are Eva’s Coffee in Kenya, an SME business driving export development and local value chain expansion; Reine Ablaa, a rising music star and alumni of Afreximbank’s CANEX Music factory initiative.”

Musumba said an episode was on the ongoing success of the bank’s Pan African Payments and Settlement System (PAPSS).

He quoted Mrs Anne Ezeh, Director of Communications and Events at Afreximbank as saying: “Afreximbank was founded to drive Africa’s economic independence through trade and trade-enabling infrastructure.

“For the past 32 years, we have consistently translated that mandate into impactful projects and initiatives across the continent.

“The Impact Stories series represents an avenue to showcase the tangible progress we are making to transform the economic fortunes of the African people while reminding us of the development challenges that remain.”

Ezeh stated that compelling impact storytelling, when combined with data, evidence, and personal stories, made these elements potent tools for advocating positive change and motivating others to champion a cause.

She said new episodes would be released weekly. (NAN)

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