GTBank Archives — Business Bells

Business Bells

Tag: GTBank

  • Innoson Chairman: I’m Waiting to Take Over GTBank, I’ll Run It Better, Customers Shouldn’t Panic

    Innoson Chairman: I’m Waiting to Take Over GTBank, I’ll Run It Better, Customers Shouldn’t Panic

     

    Innocent Chukwuma, chairman, Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”.

     

    Chukwuma, in an interview with journalists recently, said the money owed him by the bank would soon surpass their capacity.

     

    Innoson and GTB have had a business dispute leading to a prolonged legal battle.

     

    Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

     

    In July, Innoson had asked a Federal High Court in Lagos to set aside an order permitting GTB to restructure to a holding company.

     

    But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

     

    The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.

     

    “I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.

     

    “They started fighting about tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of tribe. I don’t know exactly what his problem is.

     

    “But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.

     

    “He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

     

    The CEO explained that he would no longer “disturb” the bank to pay the debt.

     

    According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.

     

    “The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.

     

    “That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.

     

    “I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”

    © Business Bells

  • COVID-19 Fear Grips GTBANK, Workers Told To Get Vaccinated Or Get Sanctioned

    COVID-19 Fear Grips GTBANK, Workers Told To Get Vaccinated Or Get Sanctioned

    The fear of the dreaded Covid-19 seems to be ravaging GTBank as the financial institution has threatened to sanction its workers who refuse to get vaccinated.

     

    BUSINESS BELLS learnt that a protracted COVID-19 emergency among its staffers has forced the Guaranty Trust Holding Company Plc (GTCO), owners of GTBank, to impose a mandatory vaccination policy as defaulters risk a 50% pay cut.

     

    In an internal memo, titled -‘Deadline for Covid-19 Vaccination’, and dated Tuesday, September 13, 2021, the financial institution directed its staffers to take the mandatory COVID-19 jab or face the consequence.

     

    The memo signed by the bank’s Operational Risk Management Team in Ajose Adeogun office area of Lagos State stated;

     

    “All staff have been mandated to ensure they receive their vaccines in their various locations on/before 30th of September 2021.

     

    “Please be informed that starting October 2021, any staff that fails to comply will no longer be allowed into the bank’s premises and may be placed on half salary,”

     

    See the memo addressed to staff by GTBank below:

    Covid-19 Fear Grips GTBANK, Workers Told To Get Vaccinated Or Get Sanctioned

    It would be recalled that earlier in the year (2021), COVID-19-related symptoms affected a large number of staffers of GTBank branch located at 42 Oyin Jolayemi St, Victoria Island, Lagos.

     

  • GTBank Releases 2020 Full Year Audited Results, Reports PBT of ₦238.1Billion

    GTBank Releases 2020 Full Year Audited Results, Reports PBT of ₦238.1Billion

     

    Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.

     

    A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

     

    The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Group’s Loan book (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.

     

    Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.

     

    Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.

     

    We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

     

    He further stated that; “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”

     

    Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.

     

    Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.

     

    The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.