Business

GT Bank Forecasts N22bn Net Profit In Q3

Published

17 years ago

July 10, 2009

Guaranty Trust Bank Plc has forecast gross earnings of N106.1 billion and profit after tax of N21.9 billion for the third quarter ending September 30, 2009.

The bank had already reported gross earnings of N36 billion for the first quarter ended March 31, 2009 compared with N23 billion in the first quarter of 2008, representing a growth of 57 per cent, profit before tax of N13 billion as against N9 billion in 2008; an increase of 44 per cents and a profit after tax of N10 billion as against N7 billion, a growth of 43 per cent.

Also, GT Bank had reported gross earnings of N104.120 billion for the 10 months ended December 31, 2008 compared with gross earnings of N81.496 billion during the 12 months ended February 28, 2008, representing a growth of 28 per cent.

The bank’s profit after tax stood at N28.316 billion in 2008 as against N21.169 billion in the 2007/2008 accounting year, an increase of 34 per cent.

The directors of the GTBank had recommended a divided of N1.00 per share and a bonus of one new share for every four held shareholders whose names appear in the register of members at May 5, 2009.

Mr Tayo Aderinokun, managing director of the bank, told business editors in Lagos recently that the bank would expand its operation to Francophone West Africa following the completion of its Anglo West African expansion.

He said the bank would leverage on the reputation of existing subsidiaries and also embarked on selected investment in the 2009 trading year.

The managing director said the goal of the bank is to become the number one bank in Nigeria in terms of profit before tax and return on equity by 2012. He said the bank intended to achieve the feat by maintaining its cost income stability and enhancing its leadership across West Africa.

The managing director also said the bank would achieve the targeted performances through focus on growth business, enhanced product and service offering and cost leadership.

Aderinokun said in institutional banking, the bank would capitalize on its existing relationship, oil and gas, telecoms and power, increase penetration in strengthening sectors as well as infrastructure and construction.

In the retail segment of the market, GTBank will target emerging, under-banked Nigerian middle class, embark on strategic branch expansion and invest in alternative delivery channels.

The bank will also focus on insurance, mortgage banking, investment banking and asset management and stock brokerage.

The managing director said under the future outlook of the bank, it would also ensure cost leadership through monthly budgets, out-sourcing of non-incentives for cost savings and invest in reliable technology and “productive” distribution channels.

The bank’s strategy has started to pay off as its first quarter performance for the 2009 trading year showed remarkable improvement over that of 2007.

GT Bank was incorporated as private limited liability company on July 20, 1990. It obtained a licence to operate as a commercial bank on August 1, 1990 and it commenced business on February 11, 1991.

It became a public limited liability company on April 2, 1996 and its shares were listed on the Nigerian Stock Exchange (NSE) on September 9, 1996.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.