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Eleganza On Fire Over Razak Okoya’s Controversial Interview

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“We Built The Empire Before You Married Shade”

– Family Fires Back

Otun Aare of Lagos and the CEO of Eleganza Industries, Chief Rasaq Akanni Okoya may have stirred the hornet’s nest with his recent interview with Modele Yusuf on Arise TV.

Okoya is a notable personality in Nigeria and he is an elderly industrialist, who started making money over 50 years ago.

As a muslim and a man of means, the celebrated billionaire married many women and he has produced children most of whom are now married and having their own children.

But, just about 20 years ago, Okoya, an indigene of Lagos met a young graduate of the University of Lagos, Shade and the chemistry of the two personalities bonded, which resulted in a marriage that has since produced four children.

It is not a news that as soon as Shade got into the life of the billionaire, his other wives went into oblivion and it was as if Shade is his only wife, leaving many to wonder how possible it was for Okoya, who was already 59 years old, when he met Shade not to have been married before they met.

Of course, it is a common knowledge that Shade is not Okoya’s first wife and that he was already a successful industrialist and a billionaire before he met the woman.

However, many discerning members of the public could not believe that Okoya could claim that Shade brought luck to him and that her children are better than his other children.

Okoya claimed in the interview with Arise TV that Shade was the one who consolidated his empire, saying that she walked in and solidified everything one could see in his business empire today.

“I am holding these younger ones (Shade’s children) close so they don’t go astray like the older ones.

“Shade goes to the factory by 7am and comes back by 7pm. She is in charge of everything you see in Eleganza.

“Shade decorates my home and maintains it. I don’t know how she does it. I just walk in and see my home like this.

“I will never make my company public. I will keep it in the family. My eldest daughter, (by Shade) she’s schooling in Europe, but Shade and I bring her to Nigeria to come and know how the business works so that she could take over. I hope she will not make a mistake like other children,” he said.

He added that he was teaching his children (by Shade) experience and skill.

According to him, “Handwork, engineering, carpentry are valuable skills. I need them more in my company even more than accountants.

“Technology can do that, but man needs to still man machines. I am teaching my children that. They will take over from me and Shade. ‘

“I have properties all over Nigeria but the market is getting saturated now.

“Many people are in it. The young salary earners cannot afford homes now. I sell some of them to put in the factory. I hope my children will manage them better when they are done with school.”

Okoya revealed in the interview that he was learning technology now but that he had left most of them to his children.

He stressed that he liked them around him, and that they taught him a lot of things, adding that the children he had with Shade were smart.

“‘I have been married to Shade for 20 years. She gave me four beautiful children. They are good children. They are not like the rest,” he said.

Okoya’s wives and elder children were reported to have fired back and warned their patriarch to stop making sensitive statements that could cause serious divisions in the family.

Sources close to the family informed us that his household was surprised by the statements he made at the interview and that they have warned the billionaire not to divide his family before his death.

A source quoted one of this wives to have vowed to deal with him over the statements and that they were all planning to call a meeting of the household “so that we can tell ourselves the truth once and for all. We laboured to build the great dynasty together as a family before he married Shade and this can never be contested.”

Razak Akanni Okoya is a billionaire industrialist and Aare of Lagos, a Yoruba man from the south-western part of Nigeria born on the 12th of January 1940 to Tiamiyu Ayinde and Alhajha Idiatu Okoya.

He had his only formal education at Ansar-un-deen primary School, Oke popo, Lagos.

He worked with his father’s tailoring business, which also included the sales of tailoring accessories. The experience he got gave him the confidence to start mini tailoring activities on his own. He saved every penny he made until he had 20 pounds. His mother gave him the extra 50 pounds, with the blessings of his father, he needed to start importing and trading goods from Japan.

Razak Okoya’s business expanded swiftly, he traveled far and wide and learnt how things were manufactured having the strong feeling that Nigeria could match that quality if not better.

His first wife, Kuburat Okoya, was obsessed with costly jewelry and he was always baffled at how much she said they cost.

He strongly felt the prices were outrageous since the metals could be designed at a cheaper price and the metals were readily available in Nigeria. Challenged his perceived healthy demand, he traveled abroad, bought the machines. That marked the birth of Eleganza Jewelry.

The success was phenomenal. They could not keep up with the demand because, the products were beautiful, durable and cheap. They were instant best sellers. He also started manufacturing buttons and jewelry.

He began the importation of shoes in large quantities, subsequently. On one of these occasions, the shoes were not delivered despite his payment.

He traveled to Italy to see the manufacturer only to discover that they had used his money to settle their bills. He was so angry that he decided there and then to start manufacturing his own shoes. He imported all the machines and brought in some experts who trained his workers.

The Eleganza Industries produces a wide range of household goods and utensils including cutlery, collieries, food warmers, ice chest, electric fan, cosmetics and ballpoint pen.

His factory locations include, Oregun-Ikeja, Isolo, Alaba and Iganmu, the Company now directly employs over five thousand Nigerians and non-Nigerians including those working in his RAO Property Investment Company.

Okoya’s Eleganza Group is one of the biggest homegrown conglomerates in Nigeria today, with over six factories, and its products are household names in Nigeria and the neighboring African markets.

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GTBank Releases 2019 Half Year Audited Results, Reports Profit before Tax of N115.8Billion

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Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges. 

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over ?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as at December 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.

The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018 respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively. The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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In commitment to transparency, NNPC announces new DSDP bid winners

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In line with its avowed commitment to transparency and accountability in all its activities as committed by the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the National Oil Company has announced winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) arrangement.

A release on Sunday in Abuja by the Corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said following the completion of the 2019/2020 DSDP tender exercise, 15 consortia/companies made up of reputable and experienced international companies and Nigerian Downstream companies emerged successful to undertake the 2019/2020 DSDP arrangement.

The contract is for one year effective 1st October, 2019 to 30th September, 2020.

It listed the successful companies as follows:

1.  BP OIL INTERNATIONAL LTD./AYM SHAFA LTD.

2.  VITOL SA/CALSON-HYSON

3.  TOTSA TOTAL OIL TRADING SA/TOTAL NIG. PLC

4.  GUNVOR INTERNATIONAL B.V./AY MAIKIFI OIL & GAS CO. LTD.

5.  TRAFIGURA PTE LTD./A. A. RANO NIG. LTD

6.  CEPSA S.A.U./OANDO PLC

7.  MOCOH SA/MOCOH NIG. LTD.

8.  LITASCO SA/BRITTANIA-U NIG. LTD./FREEPOINT COMMODITIES

9.  MRS OIL & GAS COMPANY LTD

10. SAHARA ENERGY RESOURCE LTD

11. BONO ENERGY LTD./ETERNA PLC/ARKLEEN OIL & GAS LTD./AMAZON ENERGY

12. MATRIX ENERGY LTD./PETRATLANTIC ENERGY LTD./UTM OFFSHORE LTD./LEVENE ENERGY DEVELOPMENT LTD

13. MERCURIA ENERGY TRADING SA/ BARBEDOS OIL & GAS SERVICES LTD./RAINOIL LTD./PETROGAS ENERGY

14. ASIAN OIL & GAS PTE LTD./ EYRIE ENERGY LTD./ MASTERS ENERGY OIL & GAS LTD/CASIVA LTD

15. DUKE OIL COMPANY INCORPORATED.

The release stated that the tender process comprised technical and commercial bid submission respectively, evaluation and shortlisting, then commercial negotiations with prequalified companies and engagement of the successful consortia/companies by NNPC.

“Under the DSDP arrangement, the under listed fifteen (15) consortia/companies shall over the contract period, offtake crude oil and in return, deliver corresponding petroleum products of equivalent value to NNPC, subject to the terms of the agreement”, the release declared.

In his takeover note on 8 July, 2019, the newly appointed NNPC GMD, Mallam Kyari, had promised to open NNPC books to public scrutiny, saying as a publicly owned company Nigerians deserve to know about the operations of the Corporation. 

He reiterated his management’s team commitment to transparency and accountability when he had a maiden Town Hall engagement with the staff of the Corporation where he launched the team’s policy direction tagged: Transparency, Accountability, Performance and Excellence (TAPE).

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HY’ 19: GTBank posts N115.8bn pre-tax profit

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Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2019 to the Nigerian and London Stock Exchanges.

The half year result shows positive growth across key financial metrics and reflects GTBank’s leading position as one of the best managed financial institutions in Africa. The Bank reported a Profit before Tax of ?115.8billion, representing a growth of 5.6% over?109.6billion recorded in the corresponding period of 2018. The Bank’s loan book grew by 1.0% from ?1.262trillion recorded as atDecember 2018 to ?1.274trillion in June 2019 and customer deposits increased by 6.3% to ?2.418trillion from ?2.274trillion in December 2018.

The Bank closed the half year ended June 2019 with Total Assets of ?3.598trillion and Shareholders’ Funds of ?603.0Billion. In terms of Asset quality, NPL ratio and Cost of Risk improved to 6.8% and 0.2% in June 2019 from 7.3% and 0.3% in December 2018respectively. Overall, asset quality remains stable with adequate coverage of 84.7%, while Capital remains strong with CAR of 23.5%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 33.7% and 5.8% respectively.The Bank is proposing an interim dividend of 30kobo per ordinary share of 50 kobo each for period ended June 30, 2019.

Commenting on the financial results, the Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said; “We have delivered a good result inspite of a challenging market, characterized by varying degrees of uncertainty and a rapidly changing competitive landscape. Our strong financial performance is underpinned by our unwavering focus on delivering value for our shareholders and reimagining the role we play in our customers’ lives.”

He further stated that “In a rapidly changing world and increasingly unpredictable environment, we are committed to building a long-term business that is both nimble and focused on flawless execution. The progress that we have made over the past six months demonstrates that we have the right strategy and the dedicated team to deliver for all our stakeholders, even in difficult conditions.”

The Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 33.7% and a cost to income ratio of 37.6% evidencing the efficient management of the banks’ assets. These ratios are a testament to the competent and experienced management and work-force, efficient balance sheet structure and operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. Some of these include Africa’s Best Bank and Best Bank in Nigeria from Euromoney Magazine, and Best Banking Group and Best Retail Bank by World Finance Magazine.

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