Connect with us

Business

GTBank To List Holdco On Stock Exchange

Published

on

Trading has been suspended on the shares of Guaranty Trust Bank (GTBank) Plc as Nigeria’s largest financial institution prepares to transit into a holding company (holdco) structure from its commercial banking structure.

At the weekend, the Nigerian Exchange (NGX) Limited suspended trading on the shares of GTBank, citing the impending transition of the bank. With the suspension, there will be no trading or share price movement throughout the period leading to the delisting of the GTBank and relisting of the holdco.

According to the NGX, the step it took was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the holding company, Guaranty Trust Holding Company Plc on NGX.

The bank will adopt one-for-one share exchange ratio that will not reduce or impact its shareholding structure of the bank.

Shareholders of GTBank had approved the restructuring of the bank to a holdco. The approval paved way for GTB to conclude transition from a standalone commercial bank to a group structure that allows it to invest in other areas of financial services or other businesses.

At the court-ordered meeting in Lagos, shareholders approved the transfer of issued and paid up capital of GTBank totalling 29.431 billion ordinary shares of 50 kobo each to a new company to be known as Guaranty Trust Holding Company Plc. The new company, Guaranty Trust Holding Company (GTHoldings) Plc, will simultaneously allot the same 29.431 billion ordinary shares of 50 kobo each to the former shareholders of GTBank in accordance with their shareholdings in the bank.

Managing Director, Guaranty Trust Bank (GTB) Plc, Mr. Segun Agbaje said the adoption of holdco was necessitated because of Central Bank of Nigeria’s (CBN) regulations, which require the separation of commercial banking business from other financial services businesses.

He explained that under the new structure, shareholders of GTBank would be migrated to Guaranty Trust Holdings through a share-for-share exchange between the shareholders of GTBank and GTHoldings.

According to him, the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.

“I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained,” Agbaje said.

Shareholders were excited about the transition to a holdco structure.

Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu said the shareholders were excited because the arrangement the bank has put in place for the transition to holdco was devoid of complexities usually known as share reconstruction.

“We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares,” Nwosu said.

President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, said GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology-based development in the nation’s banking industry.

He said shareholders would be looking forward to the growth and advancement the bank will bring into the new business areas it will be taking on with the holdco structure.

“The arrangement where all existing shares of the bank would be transferred entirely to the holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable,” Okezie said.

Business

FBNHoldings Bags Best In Promoting High Trust Culture, 4 Other Honour At The Great Place To Work Awards

Published

on

Left-Right: Oyinade Kuku, Head, Human Resources, FBN Holdings Plc, Fred Otamere, Country Director, GPTW, Bode Oguntoke, Head, Internal Audit, FBN Holdings Plc, Bola Sanni, Marketing & Corporate Communications Officer, FBN Holdings , Adetoun Agboluaje, Risk & Compliance Officer, FBN Holdings Plc and Ndubisi Okwundu, Manager, Strategy & Corporate Development, FBN Holdings Plc.

Olushola Okunlade Writes

FBNHoldings, a well-diversified financial holding company and one of the largest financial services organisations in Africa has received the Best in Promoting High-Trust Culture, Best in Leadership Effectiveness, Best in Promoting a Fun and Friendly Workplace, Best in Building a Culture of Innovation, and 3rd Best Place to Work, while it received a Platinum certification as a Great Place to Work at the Great Place To Work Awards (GPTW).

The event was held at Landmark Centre, Victoria Island, Lagos last Friday alongside many corporate organisations.

FBNHoldings has continued to distinguish itself in good work practices in workplaces. Top management and industries received certification and awards at the 2021 Great Place To Work (GPTW) 8th Annual Awards held at the Landmark Event Centre, Lagos on Friday, December 4, 2021. 

The Great Place To Work Awards (GPTW)’s vision entails expanding the good workplace culture across Africa, adding that the coming editions would feature more companies and over 200 personalities.

The organiser noted that the awards that started eight years ago have become a huge success, stressing that the company is aiming at taking it to all states of the country, as it would be expanded to 100 award categories.

Continue Reading

Business

Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021

Published

on

Left-Right: Chairman Eventful Limited and Convener of Fashion Souk, Yewande Zaccheaus; Ist Equipment Prize winner Oluwatosin Ogunbanjo and Polaris Bank MD/CEO Mr. Innocent Ike presentiing N750,000 cheque to the winner at the fifth edition of Of Fashion Souk 2021 on Sunday.

Good creativity and innovative idea will always attract funding from banks even individuals who will like to invest in the idea because they know is viable”  – Innocent Ike

Rashidat Olushola Okunlade Writes

Polaris Bank, a leading retail bank with outstanding global SME’s support, and the best digital bank of the year because of their VULTE platform, and the lead sponsor of Fashion Souk 2021 for five consecutive times has reiterated its commitment by funding entrepreneurs with N2million to support their businesses at the fashion fair event.

The event held at HabourPoint Event center on Sunday, 5th of December, 2021 hosts many dignitaries, entrepreneurs, and buyers. Polaris Bank also provided business advisory at no cost and a free stand at the fashion fair venue for constant participants.

Polaris Bank, a digitally-enabled bank focused on providing superior financial solutions and products to its customers. The Bank has developed SME-friendly products to cater to the needs of SMEs based on sector/industry-specific, ranging from SMEs in the Health sector, Education, Manufacturing, General business, Agriculture, Export, Creative Industry, etc.

The bank in its statement said “This is an expression of our support to SMEs as the catalyst for propelling the growth of the Nigerian economy. The event (Fashion Souk 2021) is an enabling platform for SMEs to showcase their products/services to buyers, be it Business to Person (B2P) and Business to Business (B2B)”.

Mr. Innocent Ike, MD/CEO of Polaris Bank in his statement at the fifth edition of Fashion Souk 2021, said “It’s a great event, as we came together to make it what it is today and what makes the difference is the idea, that creative idea in young entrepreneurs and the ability to sit down and put it together diligently and articulate”. “A lots of young entrepreneurs will complain of inability to do some things because of funding or lack of capital, let me put it straight to you that this is a testament to the fact that the most important capital you need is the ENTREPRENEUR SPIRIT. Good creativity and innovative idea will always attract funding from banks even individuals who will like to invest in the idea because they know is viable” while appreciating co-sponsors and everyone.

Mrs. Yewande ZaccheausChairman Eventful Limited, and Convener of Fashion Souk, while appreciating the main and lead sponsors at the fifth edition of the fashion fair stated that “It’s extremely passionate to my heart because it is a way to help the entrepreneurs and create a platform to express themselves. If we don’t have organisations like this to sponsors, we are unable to make it happen, it just not possible. “We can have all the skills and gather as many vendors but if we don’t have the money to back it, we can’t do it”.

She also acknowledged Main Sponsors such as Eventful, LIRS, HabourPoint Event centre, BOI, MTN that provided free wifi, and Lead Sponsor Polaris Bank.

Toyin George owner of Eva & George store for kids and Olushola Christy Adeyanju who was camera shy won the most original and best-decorated store prize.

Royal Klassic by Tunde Isah won the 3rd Equipment Prize of N250,000, Victoria Udoh who based on fabrics won the 2nd Equipment Prize of N500,000, and Oluwatosin Ogunbanjo Avenue 7 who makes bags and shoes won the First Equipment Prize of N750,000.

Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021

“In line with our strategic thrust as a leading retail bank, we are committed to channeling resources and funds into impacting the growth of SMEs across segments, one of such is players within the Fashion and beauty industry. Indeed, we have not only sponsored the sector but have also provided business loans to enable interested SMEs to stock up for the event. We chose this path alongside other key stakeholders such as the CBN and BOI to develop small and medium businesses to achieve their potential.

The one-day Fashion/business fair provides a platform for over 150 SMEs in Nigeria’s fashion industry to showcase their creativity, product lines, and economic potentials. Some of the categories of SMEs at the Fashion Souk 2021 include; Manufacturers, Retailers, Leather, and Jewelry/ accessories. The fair creates the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. Several visitors and buyers are also graced to attend.

Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country. According to statistics by the Fashion Association Designers of Nigeria (FADAN), Nigeria’s fashion industry is valued at $10 billion. According to Africa Development Bank (AfDB) figures. The Global fashion industry is worth over $2.5 trillion with Africa’s share estimated at less than 1% of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion.

Polaris Bank said they are committed to reviving the fashion industry as well as other key viable sectors and industries beyond sponsorship but with products/services and financial advisory even for the key players within the value chain.

Continue Reading

Business

African British Group Set To Honour Queen Mother Temitope Ajayi, Sophia Group, Alayo Homes, Emhay Engineering, Viva Properties & Others

Published

on

African

…ABIRO Awards 2021 Tagged; Unsung Heroes Excellence Awards, Realtors Exhibitions, and African Beauty Pageant

Theme: “Uniqueness in Diversity & Purposeful Leadership”

The African British International Group (AFBIG), led by its Chairman, Otunba (Rotarian) Jafaru Braimoh is on course to champion the awakening of the maiden edition of ABIRO 2021 Unsung Heroes Excellence Awards/ Beauty Pageant & African British Realtors Exhibitions in Nigeria commencing in Lagos State to celebrate outstanding Nigerians.

The selected individuals and organisation’s great contributions to humanity thereby empowering thousands of people in the country is a huge success to Nigeria economic growth, this event will feature multiple Award Winning Real Estate Celebrities, PWAN Harmony Realtors; Viva Properties MD/CEO, Ms. Vivian Emmanuel; Queen Mother Temitope Ajayi; Rotarian M.A. Jimoh Alade, Chairman EMHAY Engineering Limited; Pastor Olushola Ajani; Alayo Homes among others who will be receiving excellence awards due to consistent services to humanity.

To achieve this, the African British Group, alongside its partners has put together the maiden edition of the African British Group with the Theme; “Uniqueness in Diversity and Purposeful Leadership”.

…ABIRO Awards 2021 Tagged; Unsung Heroes Excellence Awards, Realtors Exhibitions, and African Beauty Pageant

According to Chairman Organising Committee, Rotarian Olushola Okunlade, who stated that the African British Awards seeks to recognize exceptional individuals who have considerably contributed, through business development and investment, to growth and development in Africa. They maintained that the selected leaders have used their positions and power to impact positive change on the continent.

The event which will take place on Saturday, 4 December 2021, at Excellence Hotel Ogba in Lagos, will be attended by many dignitaries and a host of key stakeholders, industry players in the business sector.

Speaking about the importance of the ceremony, African British International Group Chairman, Rotarian (Otunba) Jafaru Braimoh, said, “These men and women play a critical role in developing the Nigerian economy and, in proxy, the African economy. The challenges the business sector encountered during the pandemic have created an opportunity to drive sustainable wealth creation and economic development through policies that foster innovation and digitalisation, addressing severe societal challenges. AFBIG is strategically positioned to invite stakeholders in form of partnerships that will foster the growth and development of the Nigerian economy.

The Awards Committee said, “The initiative of AFBIG is to recognize our heroes, engage key stakeholders in the business sector is a commendable step to revitalizing the economy and positioning it to attract greater global flows for sustainable economic recovery.

For your real estate investment decision in Lagos & other states across Nigeria. Contact VIVA PROPERTIES for free advice consultations and inspections on affordable and genuine lands/homes. DM/Call/WhatsApp: 08173177741/07089132078.

To participate in the beauty pageant contest, click here http://bit.ly/3BxXCGu to register or send Curriculum Vitae (CV) to afribritishawards@gmail.com for the African British Beauty Pageant 2021 of African British Award, Real Estate Exhibition, and Beauty Pageant Maiden Show slated for Saturday 4th of December, 2021 at Excellence Hotel, Ogba, Lagos by 12noon.

Eligibility:

Age limit: 18-45years
Good looking
Height: from 5 upward
Must have two attires: One English wear, one Native wear.
Ready to attend the show at the set date.
The assessment would be on the WhatsApp group.
Note: it’s going to be strictly by invitation.

Media partners for the event include BusinessEcho Magazine (Monthly Print and Digital News) http://www.businessechomagazine.com and ROTA Media News www.rotamedianews.com by ROTA MEDIA CONCEPTS 08188776194-08082881578 (rotamedianews@gmail.com / businessechomag@gmail.com).

Continue Reading

Trending