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GTBank Commences Operations in Cote D’Ivoire

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Guaranty Trust Bank Plc has launched its Francophone West Africa expansion with the opening of its first branch in Cote D’Ivoire last Monday.

Segun Agbaje, managing director, GTBank that the bank’s  entry into the Francophone region was in line with  new focus on developing off-shore banking franchise, following  divestment from its non-banking subsidiaries.

The bank completed its Anglophone West Africa expansion in 2009 with GTBank Liberia. It also has its subsidiaries in Ghana, Gambia and Sierra Leone.

Agbaje said as part of efforts to extend its quality services to more customers, GTBank has established 22 electronic branches with the target to hit 76 e-branches at the end of 2012.

Apart from the e-branches, he disclosed that the bank would open 10 new full branches in 2012.

According to him, in 2007, GTBank had a strategic plan that by 2012, it would be the number one bank in Nigeria, in terms of profit before tax and return on equity/profitability, maintain cost to income stability through unparalleled efficiency and expand leadership position across West Africa.

 He said that GTBank was on course in meeting those goals.

The bank posted N52.653 billion profit after tax (PAT) for the year ended December 2011, which is “the highest PAT so far posted by any bank.”

Agbaje said that the high profitability was achieved through a concerted effort to improve efficiency, expenses control and growth in customer base.

He noted that concerted efforts were made by the management to improve efficiency, in an increasingly competitive operating environment. According to him, the bank witnessed growth across all revenue lines.

“Increase in interest income was driven by growth in interest income from a larger loan book despite increased competition in the high-end banking space. Growth in income from investments in government securities was enhanced by return to positive interest rates. Growth income from interbank placements was achieved because GTBank remained a net placer in the interbank market in 2011,” he said.

Agbaje said that as the bank continued to record improve results over the years, GTBank ensured that shareholders were  adequately rewarded, hence the recommendation of  final dividend of 85 kobo for the year. Having paid an interim dividend of 25 kobo before, shareholders would be getting total dividend of N1.10 per share for the year.

endation of final dividend of 85 kobo for the year. Having paid an interim dividend of 25 kobo before, shareholders would be getting total dividend of N1.10 per share for the year.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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