Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) has successfully completed the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The Offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, fully allotted.

This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors.

This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

Commenting on this phase of the recapitalisation exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude, saying:

“We extenour sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and NonBanking businesses.” GTCO Plc continues to lead its peers in key profitability metrics and financial performance.

Building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

Proceeds from the combined equity raise will be strategically deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries.

GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy.

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy.

The survey results showcase UBA’s remarkable transformation in customer experience over the past year. For instance, in Retail Banking, the bank rose to third place up from the14th place recorded in 2023, while in SME Banking, it jumped to second position up from 6th place last year.

The bank also made notable progress in Corporate Banking, climbing to fourth place from 8th in 2023. These milestones underscore the bank’s ability to consistently exceed customer expectations and deliver unmatched service across all its business segments.

Speaking on the achievement, UBA’s Group Managing Director/CEO, Oliver Alawuba, said: “This recognition is a testament to our ability to turn aspirations into achievements and challenges into victories. At the heart of this success lies our unwavering commitment to the Customer First (C1st) philosophy. It is not just a slogan but the essence of who we are. Through C1st, we’ve redefined customer satisfaction, delivered value, and earned the trust and loyalty of our clients.”

Alawuba who credited UBA’s success to the dedication of its employees, said, “From retail branches to corporate offices, from technology teams to front-line staff, every effort contributed to this extraordinary transformation. I extend my heartfelt gratitude to our exceptional team for making this possible.”

According to the GMD, UBA has for several years, placed its customers at the centre of its operations, guided by its six pillars of Customer Experience: including Integrity- Building trust through honesty; Resolution- Promptly addressing customer concerns; Expectations-Anticipating and exceeding customer needs; Time and Effort- Simplifying processes to save time; Empathy- Demonstrating genuine care and understanding as well as Personalisation- Delivering tailored solutions.

He added that these principles have reshaped how UBA connects with its customers, fostering trust and deepening loyalty across its diverse markets.

While celebrating this milestone, the GMD disclosed that UBA remains committed to becoming the undisputed number one across all segments, adding that the bank aims to achieve this through deepened customer relationships, strengthened processes, and continuous innovation.

“The world of banking is evolving rapidly, and customer expectations are at an all-time high. To lead in this dynamic landscape, we must stay agile, innovative, and unwavering in our commitment to excellent service. Together, we will set new benchmarks and deliver unparalleled value to our customers,” he stated.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Over 30 disengaged staff of the Central Bank of Nigeria (CBN) have taken the apex bank to the National Industrial Court of Nigeria in Abuja.

They alleged gross misconduct and violation of their constitutional rights.

The staff, who were laid off in a mass redundancy last year, claim that the CBN terminated their appointments without following due process, leaving them in a state of emotional distress and financial hardship.

At the heart of the dispute is the CBN‘s alleged failure to adhere to its own human resources policies and procedures manual, as well as Section 36 of the Nigerian Constitution, which guarantees the right to a fair hearing.

The claimants argue that the termination process was arbitrary, illegal, and unconstitutional, and that they were denied the opportunity to defend themselves against the allegations leveled against them.

The staff, who are represented by Okwudili Abanum in a class action lawsuit, are seeking a declaration that their dismissal was null and void, as well as a restraining order to prevent the CBN from terminating their employment without following proper procedures.

The Punch reports that the affected staff are also demanding their immediate reinstatement and payment of salaries and benefits from the date of termination.

Furthermore, the claimants are seeking N30 billion in general damages for psychological distress, hardship, and reputational harm caused by the dismissal, as well as an additional N500 million to cover the cost of the suit.