Business

Shareholders Approve GT Bank’s N42.68bn Dividend

Published

11 years ago

April 1, 2015

Roof of Apata Grammar School, Logudu, Bembo Area of Apata, damaged by rainstorm in Ibadan last Monday. Photo: NAN

The shareholders of GT Bank have approved the final dividend of N42.68 billion declared by the bank for the financial year ended December 31, 2014.
The shareholders gave the approval at the bank’s 25th Annual General Meeting in Lagos, yesterday.
The Tide source reports that the dividend translated to N1.50 per share against the final dividend of N1.45 paid in 2013.
The bank had earlier paid an interim dividend of 25k, bringing the total dividend declared in 2014 to N1.75 or N50.03 billion against N1.70 or N45.62 billion paid in 2013.
Speaking at the meeting, Mr Boniface Okezie, the President, Progressive Shareholders Association of Nigeria (PSAN), commended the bank for the dividend declared in spite of the unfriendly environment.
Okezie also lauded the bank’s performance during the period in spite of the stringent regulatory environment, saying that the tempo should be maintained in the years ahead.
He said that the bank should continue to maintain high level of corporate governance in all its operations to avoid unnecessary penalties.
Also, Mr Nona Awoh, a shareholder, called on the bank’s management to work out the strategies aimed at reducing the bank’s unclaimed dividend figures.
Awoh said that the bank should reach out to the affected shareholders to reduce the unclaimed dividend which stood at N13.5 billion as at December 2014.
Mr Sunny Nwosu, the National Coordinator, Independent Shareholders Solidarity Association of Nigeria, commended the bank for the dividend it declared.
Nwosu said the bank should strengthen its investment strategies to improve shareholders’ returns.
Mr Segun Agbaje, the bank’s Managing Director, said that the bank would work very hard to reduce the unclaimed dividends profile.
Agbaje said that the bank would also continue to advertise to ensure reduction in the unclaimed dividend figures.
He urged the shareholders to embrace the e-dividend payment system introduced by the Securities and Exchange Commission.
Agbaje said that the bank would remain committed to efficient service delivery to ensure robust returns to all stakeholders in the years ahead.
NAN reports that the bank posted a profit after tax of N98.69 billion during the period under review against N90.02 billion posted in 2013.
The profit represented a growth of 10 per cent when compared with the figure for 2013.
Its profit before tax stood at N116.39 billion against N107.09 billion achieved in the comparative period of 2013, representing an increase of nine per cent.
The bank’s gross earnings stood at N278.52 billion against N242.67 billion achieved in 2013, representing a growth of 15 per cent.
The bank’s interest income grew by eight per cent to N200.60 billion compared with N185.38 posted in 2013.
Also, the net interest income rose to N142.36 billion from N136.94 billion recorded in 2013, representing a marginal increase of four per cent.

Business

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

Published

3 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

3 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

1 week 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.