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GTBank Announces Full Year 2017 PBT of N200.24Billion

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Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2017 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the year grew by 1.1% to ?419.2billion from ?414.6billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues.

Profit before tax stood at ?200.2billion, representing a growth of 21.3% over ?165.1billion recorded in the corresponding year ended December 2016. The Bank’s loan book dipped by 8.9% from ?1.590trillion recorded as at December 2016 to ?1.449trillion in December 2017 while customer deposits increased by 3.8% to ?2.062trillion from ?1.986trillion in December 2016.

The Bank’s balance sheet remained strong with a 3.9% growth in Total Assets and Contingents as the Bank closed the year ended December 2017 with Total Assets and Contingents of ?3.845trillion and Shareholders’ Funds of ?625.2Billion.

In terms of Assets quality, NPL ratio increased to 7.7% in December 2017 from 3.7% in December 2016 largely as a result of classification of a single exposure within the Nigerian Telecommunications Industry. However, non-performing loans would moderate to 4.6%, which is below regulatory threshold, if we exclude this name from NPL ratio computation. Overall, asset quality remains stable with adequate coverage of 119.6%, while Capital remains strong with CAR of 25.7%. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) closed at 35.4% and 6.2% respectively. The Bank is proposing a final dividend of 240k per unit of ordinary shareheld by shareholders in addition to interim dividend of 30k per unit of ordinary share bringing total dividend for 2017 financial year to ?2.70 per unit of ordinary share.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “2017 was a pivotal year for the bank. We delivered a strong result in a challenging environment; achieving record growth in earnings, carefully managing cost margins and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”

He further stated that “The result demonstrates the fundamental strength of our franchise as well as the progress we are making in transforming our organization into a platform on which our customers could build their businesses, connect with their consumers and access all the resources that they need to make their lives better.”

GTBank has continued to report the best financial ratios for a Financial Institution in the industry as revealed by its return on equity (ROE) of 35.4% and cost to income ratio of 38.1% evidencing the efficient management of assets and operational efficiency. Overall, the Bank has enshrined its position as a clear leader in the industry. In recognition of its innovation and hard work, the Bank received over 20 international awards in 2017.

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Jim Ovia: Garlands To ‘Grandfather’ Of Banking

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Thomas Imonikhe

Though of noble birth, Mr. Jim Ovia, the pioneer Managing Director of Zenith Bank Plc and current chairman of its board realized early in life that having blue blood in one’s veins wasn’t enough ticket to guarantee stardom in one’s chosen endeavor and opted for the narrow path? And unlike the present dispensation in the country whereby desperation for materialism has dwarfed the age tested virtues of honesty and dignity in labor, Ovia, apparently due his strict upbringing in the royal court imbibed integrity and hardwork holding the attributes firmly as master keys that will unlock all doors in his life journey.

Little wonder therefore that the topmost banker who will clock 68 on Monday November 4th has attained not only the pinnacle of his chosen career –banking but regarded as an exceptional role model to many upcoming Nigerians especially those with eyes on business.

He is also reputed to be a reference point on philanthropy. Indeed his distinguished attainments also in business, as motivational speaker, writer and in the information technology communication, ICT remains a classic example of someone who waded through life journey from grass to grace.
A prince, Jim Ovia was born on the 4th of November, 1951 to Obi Olihe of Agbor-Obi, one of the most revered royal fathers in Agbor Kingdom, Delta State , attended Ika Grammar School, Bojiboji-Owa for his secondary education before traveling to the United States for the proverbial golden fleece, where he had his tertiary education.

While there, he bagged a B.Sc. degree in Business Administration from Southern University, Baton Rouge, Louisiana, and later Master’s degree in Business Administration from University of Louisiana, Monroe. He is also an alumnus of Harvard Business School.

Ovia admitted that he was encouraged to venture into his course of study by his uncle and thereafter resolved to excel in his chosen career, adding that his golden rule since then has been ‘honesty and integrity’. “Always honour contracts: it is very important to be of tremendous integrity.

Those who try to take shortcuts will always fail’’ he declared in one of his famous quotes. No doubt, his life philosophy above has a fundamental backing of American billionaire Warren Buffet who maintained that three attributes: intelligence, energy and integrity are a must for any one aspiring to be an achiever with integrity not negotiable.

For him, without integrity the other two attributes are useless. Rather than stay back in the U. S. to savour the vast opportunities, Ovia upon graduating, returned to his fatherland, joined Union Bank for his National Youth Service Corps (NYSC), and worked in Lion Bank where he rose to the position of branch manager in Lagos.

He later joined International Merchant Bank (IMB) in 1980 rising from financial analyst to bank manager from where he moved to Merchant Bank of Africa. And following an unblemished career in the affected banks coupled with the experience garnered, he alongside some investors established Zenith Bank in May 1990 after the administration of former military president Gen. Ibrahim Babangida deregulated the banking sector.
As prime mover of the financial institution, he became the pioneer managing director and chief executive officer of the bank, a position he held for 20 years before resigning his position in July 2010. But four years later and given his track record of service, he was appointed the chairman of the bank. It is on record that under his leadership, Zenith Bank grew in leaps and bounds thus first becoming a Public Limited Company, Plc in 2001 before it got listed on the Nigeria Stock Exchange (NSE) as well as the London Stock Exchange (LSE).

Significantly, on April 27, 2007, Zenith Bank Plc became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving birth to Zenith Bank UK Limited and also with subsidiaries in Ghana, Sierra Leone, Gambia, South Africa and China. Truly and like the biblical mustard seed, the bank which was established with a capital of just N20m some 29 years ago with currently over 500 branches nationwide and thousands of employees announced recently that its total assets stood at N5.97 trillion as at end of September this year.

Perhaps Ovia’s humility and disciplined background has made him to distance himself from public space and one who doesn’t like blowing his own trumpet. For instance he sees the flourishing story of Zenith Bank as not due to his financial wizardry but borne out of vision and a passion to make it a reality. ‘’You can build an app or a company or a product or service, I happened to build a bank’’, he noted while speaking on his business secrets. The foremost banker also has interests in real estate; Information Communication Technology, ICT; founded Cyberspace Network Limited one of the pioneers of internet services in the country as well as Visafone Communications Limited, a Nigerian wireless network provider, a company that has been acquired by MTN.

As an author, Ovia in September 2018 published his first book, an autobiography ‘Africa Rise and Shine’ containing his business success secrets and how he was able to create one of Africa’s largest banks. Recognizing the fundamental role that sound education played in his life success and the need to offer a helping hand to the less privileged members of society, he established Jim Ovia Foundation, a non-profit organization with the aim of investing in the African youth’s ‘unlimited and untapped potential as the key to socio-economic growth’ convinced that such gesture will not only enhance the standard of living of the society but improve the nation’s economy.

Described as the ‘Godfather of Banking’ by Forbes Africa, the philanthropist has similarly invested a fortune on humanitarian work through the Jim Ovia Foundation comprising of four arms: The James Hope College, Jim Ovia Scholarship, Jim Ovia ICT Entrepreneurs Programme and Empower Youth Programme with over 1,500 students said to have benefitted from university scholarships since October 2010, and empowered over 3,500 students and entrepreneurs since its inception. A man of many parts and one who has bagged numerous laurels, Ovia is a recipient of the national honour of Commander of Order of the Federal Republic, OFR.

As a true patriot and in deference to public opinion, Ovia recently withdrew from the World Economic Forum (WEF) that held in South Africa even though he was already at the event, following the uproar that trailed the xenophobic attacks on some Nigerians and other black foreign nationals by rampaging youths. As one analyst noted, Nigeria will attain greater heights in no distant future if most of her prosperous citizens emulate Ovia’s philanthropy especially his passion for developing the human capital through scholarships to youths from less privilege background.

* Imonikhe, former editor Daily Champion, writes from Lagos

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Folake Ani-Mumuney Hits Another Feat, Clinches Lifetime Award In Ghana

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Folake Ani-Mumuney, Chairperson, FBNInsurance Brokers; Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited and Vice President, World Federation of Advertisers yesterday in faraway Ghana, clinched the Lifetime Achievement awards.

The Marketing World Awards (MWA) recognizes outstanding performances by individuals and corporate bodies across the marketing communications industry in Africa that have delivered superior product values to the market and exhibited excellence in upholding concrete marketing strategies, display uniqueness and among offerings, convey clear message to its consumers and stand out from the competition will be rewarded and celebrated.

Folake is widely admired for her wit and intelligence which she brings to bear in her well over 25 years career in the world of marketing communications across various industries, having worked in different geographies globally.

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IWEC Foundation Appoints FirstBank’s Ibukun Awosika As New President Of It’s Board Of Directors

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November 8, 2019.  New York, NY.

The International Women’s Entrepreneurial Challenge Foundation (IWEC)  has announced the appointment of Ibukun Awosika to their Board of Directors as its New President. Awosika is the Chairman of First Bank of Nigeria Limited, Nigeria’s Premier and Leading financial services provider.

Mrs. Awosika was elected to replace Miguel Valls, former president of the Barcelona Chamber of Commerce and president of the IWEC Foundation, who passed away last month. “The Foundation is very excited to announce the appointment of our new president,” stated Ruth A. Davis, IWEC Chairwoman and distinguished former U.S. Ambassador. “Ibukun Awosika has been a solid, steady presence at IWEC since its inception, and she is also a past IWEC awardee.  Ibukun has not missed one IWEC Conference since 2008 and has lent her voice and experience not only to our conferences, but to our meetings after joining our Board in 2017.  We are delighted that our Board of Directors voted on her appointment, and we’ll introduce her as our president at our upcoming 12th Annual IWEC Foundation Conference in New Delhi, on November 10th.”

The Foundation’s 2019 Conference will focus on “Connecting Women Businesses Globally: Leading the Way to Innovation and Integration”. The event would be hosted locally by the FICCI Ladies Organization (FLO) of the Federation of Indian Chambers of Commerce & Industry (FICCI), which represents over 5000 women entrepreneurs and professionals across India. This year, IWEC welcomes 39 awardees from 18 countries, with a combined revenue of over US$5.7 billion among all awardees to date.

IWEC Foundation Vice Chair, Carmen Castillo, CEO of SDI International, adds: “Ibukun has demonstrated a significant commitment to IWEC over the years.  Her breadth of knowledge extends from being an entrepreneur running ?SOKOA Chair Centre Limited, to overseeing the board of directors for the renowned First Bank of Nigeria Limited.  We are looking forward to her wise counsel and to continuously drive IWEC globally as a source of support, connection and impact for women business owners all over the world.”

Ibukun Awosika heads Nigeria’s premier bank, and she is also the founder and CEO of the Chair Centre Group, an association of large companies in the manufacturing, retail, and financial security services.  Mrs. Awosika further holds seats in the corporate boards of Cadbury Nigeria, Digital Jewel Limited and the Convention on Business Integrity, and she is a former chair of several other enterprise boards.   

Ibukun is a graduate of Chemistry from University of Ife (now Obafemi Awolowo University), Nigeria, an alumna of the Chief Executive Program of Lagos Business School, the Global Executive MBA of IESE Business School, Wharton’s Global CEO Program, and the IESE and China European International Business School (CEIBS). Ibukun is a multiple award-winning entrepreneur and the first Nigerian recipient of the prestigious International Women Entrepreneurial Challenge (IWEC) Award as a nominee of the US Department of State in 2008.  Ibukun is also a best-selling author and motivational speaker.

Ibukun was just honoured last month with the International Friendship Award presented at the IESE Business School by the Queen of Spain.

About the IWEC Foundation

IWEC is a New York-based international economic empowerment organization exclusively for women business owners, formed in 2007 with the assistance of the U.S. Department of State.  In addition to the State Department, its founders include the Barcelona Chamber of Commerce, Manhattan Chamber of Commerce (MCC), FICCI/FLO Chamber in New Delhi.  IWEC’s mission is to develop a global business network for successful women entrepreneurs, helping them gain and expand access to international markets by presenting a platform to exchange knowledge, experience and connections, and to promote dialogue among women entrepreneurs and business leaders throughout the world.

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