Business
GT Bank Forecasts N22bn Net Profit In Q3
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
Nigerians Spend N2.6trn On Data, Airtime In Nine Months

MTN Nigeria and Airtel Africa have revealed that the amount spent on airtime and data by Nigerian telecom subscribers rose to at least N2.59 trillion in the first nine months of 2023.
According to the financial statements of the two telecommunication companies, this amounts to a 32.57 per cent increase from the N1.95 trillion both telcos recorded from both income sources in the corresponding period of 2022.
The increase in voice and data venue was partially driven by rising data subscriptions and the devaluation of the naira on Airtel’s part.
In the first nine months of 2022, Airtel made $1.41bn from airtime and data. When converted at the exchange rate of N461/$ which was obtained at the time, it amounted to N647.71billion.
In the same period of 2023, the company’s income from these two revenue sources amounted to $1.29 billion.
When converted at the exchange rate of N777/$ at the time, it amounted to N1.003 trillion.
On MTN’s part, increasing data revenues continue to fuel the company’s overall revenue growth. Data revenues grew by 36.36 per cent year-on-year, while voice revenues only grew by 10.64 per cent, indicating a rise in the usage of the Internet in the country.
Commenting on this growth, MTN said, “Data revenue grew by 36.4 per cent on increased usage and data conversion in new and existing base”.
The firm stated that data usage on its network grew by 29.1 per cent in the period under review.
It noted that “Data usage (GB per user) grew by 29.1 per cent to 8.6GB, and the number of smartphones on our network increased by 7.6 per cent, bringing smartphone penetration to 53.4 per cent, up 1.4pp YoY.
“Consequently, we recorded a 46.3 per cent growth in data traffic, with the 4G network accounting for 83.7 per cent of the total traffic (up 5.2pp YoY)”.
On its part, Airtel recorded an increase in data usage per customer to 5.9 GB per month. The firm highlighted, “Data revenue grew by 29.3 per cent in constant currency, driven by data customer base growth of 17.4 per cent and data ARPU growth of 12.3 per cent.
“Data usage per customer increased by 23.8 per cent to 5.9 GB per month (from 4.8 GB in the prior period). Our continued 4G network rollout has resulted in nearly 100 per cent of all our sites delivering 4G services”, it stated.
Increased Internet usage because of a rise in video streaming pushed the amount telecom consumers spent on telecom services to N3.86 trillion in 2022.
Business
LCCI Faults FG’s $1trn GDP Projections

The Lagos Chamber of Commerce and Industry (LCCI) has said the macro-economic projections in the Federal Government’s Medium Term Expenditure Framework (MTEF) are not sufficient to achieve the $1 trillion economy target it set to achieve by 2029.
Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, had last weekend restated the commitment of the government to realising the GDP target.
Reviewing Cardoso’s statement, the Director General, LCCI, Dr Chinyere Almona, explained that the basis for government’s projection contains some inconsistencies that will make it unachievable.
She said, “LCCI is aware of the enormous challenges and the uphill task before the CBN in ensuring macro-economic stability and restoring investors’ confidence.
“However, we note the inconsistencies between the Federal Government’s vision of achieving a $1 trillion economy in the next six years and the MTEF.
“The macro-economic projections in the MTEF state that the economy will grow by 3.76 percent 4.22 percent, and 4.78 percent in 2024, 2025, and 2026, respectively. We note that the projected growths are sub-optimal to achieve a $1trillion GDP by 2029, which implies an average growth of 21 percent over the next six years”.
Almona commended the CBN’s plan to review the minimum capital base of banks, but cautioned the apex bank to strengthen its banking supervision to avoid “too big to fail” banks.
She, however, said, “The Chamber appreciates the intellectual humility of the Governor in admitting the errors or mistakes of the past, particularly in the areas of corporate governance failures, diminished institutional autonomy of CBN, deviation from the core mandate of the bank, and unorthodox use of monetary tools and foray into fiscal activities under the cover of development finance activities.
“As we advance, we challenge the current CBN team to ensure professionalism and integrity and rebuild the trust of the general public.
“On recapitalization of banks, we commend the plan of CBN to review the minimum capital base of banks due to consistent devaluation of the Naira, which has eroded the capital base of banks, attracted significant investment into banks, as well as increased the capacity of banks to provide the required support for the economy.
“However, we caution the CBN to strengthen its banking supervision to avoid “too big to fail” banks.
“Given the sensitivity of monetary policy and price stability, we urge the CBN to ensure transparency and synergy between monetary and fiscal authorities and effectively communicate significant changes in policy direction”.
By: Corlins Walter
Business
Firm Urges FG To Attract Foreign Investment

Multinational professional services firm, EY has advised the Federal Government to improve on its investment attractiveness as a way of building on previous year’s fortunes.
Senior Partner and Head of Markets, EY West Africa, Ashish Bakhshi, while sharing insights on a newly released report on Foreign Direct Investments for 2022, said Nigeria needed to improve on FDIs to achieve the ambitious targets it had set for itself to reduce poverty and build a sizeable middle class by 2030.
“Africa’s leaders will need to adopt pragmatism as they respond to a new geopolitical world order so that its member states can optimize the full spectrum of inbound investment opportunities, which will be essential in meeting Africa’s aspirations for a more equitable, wealthier and urbanised middle-class society”, the report read in part.
It stated further that “Last year saw Africa’s return as a top investment destination hub for global investors. The continent had struggled to attract investment since the onset of COVID-19 and took longer than other regions to recover, as a result of its delayed vaccine rollout and therefore its ability to reopen its 54 national economies.
“To this, its growth lagged pre-pandemic levels for longer than it did in mature markets, setting back the ambitious targets it had set for itself to reduce poverty and build a sizeable middle class by 2030.
“The new report, released by EY, a global multinational professional services firm, uncovered that FDI attracted more than 730 projects across the continent in 2022, injecting $194 billion in capital and creating 154,000 jobs.
“Significantly, Egypt saw a record of $ 107 billion in capital for its 149 FDI projects. In East Africa, Kenya dominated the FDI landscape while Nigeria was the leading country in West Africa.
“The countries came in third and fourth respectively for the largest FDI regions on the continent”.
The EY’s 13th Africa Attractiveness report tagged “A Pivot to Growth”, provides insights into the continent FDI, exposing that the 2022 calendar year saw a strong FDI rebound, led by Renewables inflows, with the West being the largest investor, while the North and Southern hubs of Africa were key beneficiaries.
A notable highlight of the report shows that CleanTech became the largest FDI recipient sector in 2022, leading Africa’s FDI for the first time.
-
Ict/Telecom4 days ago
Don Urges FG To Enact Laws On Local Products Patronage
-
News2 days ago
COP28 Summit: Tinubu Meets King Charles In Dubai
-
Nation2 days ago
Mrs Nwifuru Urges GBV Survivors To Speak Up
-
News4 days ago
Court Adjourns Lawsuit On Rivers Assembly Crisis
-
SMEs4 days ago
FG To Inaugurate Council, As Google Grants N75m To SMEs
-
City Crime2 days ago
Army Arrests 50 Foreigners, Others For Job Racketeering
-
Health4 days ago
Gender Violence Increases HIV/AIDS,RSG Warns
-
Politics4 days ago
Appeal Court Sacks Kaduna Speaker, Orders Rerun In Five Polling Units