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Shareholders Approve GT Bank’s N42.68bn Dividend

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

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.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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