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GTBank To List Holdco On Stock Exchange

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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.

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

Rashidat Okunlade Writes

Fidelity Bank’s upcoming trade expo tagged, the Fidelity International Trade and Creative Connect (FITCC Houston), has received a major boost as the Mayor, City of Houston, Sylvester Turner, has termed it, “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities”.

This was made known in a video message recently issued by the mayor. In the one-minute clip obtained by our journalist, Mayor Turner highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders.

The event is scheduled for Tuesday, 24, and Wednesday, 25th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010. The bank will be hosting exporters, leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and FinTech sectors in Nigeria and the United States with the view of promoting Nigeria’s non-oil exports and facilitating integrations to global supply-chain networks.

Watch Mayor Turner’s video here:

https://www.instagram.com/p/CxKyXhsN9xn/

Register to attend the event at www.fitccusa.com

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eTranzact CEO Bags BusinessDay Top 25 CEOs Award

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Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company's stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.

Rashidat Okunlade Writes

Mr Olaniyi Toluwalope, Managing Director and Chief Executive Officer, eTranzact International PLC, has bagged Business Day’s Top 25 CEOs award in recognition of his company’s stellar performance on the Nigerian Stock Exchange.

Speaking during the award ceremony last weekend in Lagos, the publisher, Business Day Media Ltd., Mr. Frank Aigbogun stated that the award is more than just a recognition ceremony, but a reward for excellence, innovation, and drive for positive change.

According to the publisher, the eTranzact boss and other awardees have demonstrated extraordinary leadership, resilience and relentless pursuit of a result of success and this remarkable achievement in growing market value within the period of review stands them out as industry leaders, serving as a beacon of inspiration, admiration and respect from their peers and stakeholders alike.

“This has made us gather to celebrate your achievements, passion, and your dedication to excellence. As we recognize the countless hours of hard work, sleepless nights, and sacrifices that go into building and leading a successful business, your resilience in the face of challenges is truly commendable and it is an honour to acknowledge and celebrate your triumphs,” he concluded.

Responding after the award, Mr Olaniyi Toluwalope said the award is a testament to what they have been doing in the financial technology sector within the past 20 years.

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company's stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company’s stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.etra

Toluwalope said: “This award means a lot to us since we began the journey of transformation as an organisation a couple of years ago.”He believed the board, the management, and the entire team have worked very hard to reimagine strategy, focusing extensively on execution capability. “We have built more partnerships, deepened our collaboration with the government, private sector, with lots of our financial service partners. The quality of products and solutions we offer coupled with the investment we have made in technology infrastructure is the outcome of all we are seeing now in terms of our improvement and top performance.”

“As one of the top fintech companies in the country, having been around for over 20 years, doing great things and setting new standards and creating pioneer products and solutions, these are the things that have created the pillars which we stand on today, which is what is creating this visibility and identification we are seeing and benefiting from,” he said. It is worth noting that, eTranzact under the leadership of Mr. Toluwalope recorded the highest-ever profitability in the 20-year history of the company in its 2022 financial year.

The company is already on the upward trajectory to build on the gains of the performance by continually providing world-class solutions and products to its discerning clients which cuts across both public and private sectors.

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FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

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L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honour Top 25 CEOs 

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance  FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

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