BUSINESS
GTCO Shareholders Approve N3.00 Dividend Payment, Applaud Holdco Transition
By Joseph Amah, Abuja
Shareholders of Guaranty Trust Holding Company (GTCO) Plc have unanimously endorsed the payment of a total dividend of N3 per share for the financial year ended December 31, 2021.
This endorsement was made at the holding company’s 1st Annual General Meeting (AGM) held in Lagos.
The Group had proposed a final dividend of N2. 70 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2021 financial year to N3.00 per unit of ordinary share.Shareholders commended the board for the transition into a holding company and the financial performance achieved during the period under review despite the operating environment and also unanimously gave their approval the appointments of the new board membership.
Speaking on behalf of shareholders, the patron, Nigeria Shareholders Solidarity Association (NSSA), Timothy Adesiyan, appreciated the progress that the bank has made in its transition to a holding company. He said that the shareholders have great expectations from the company and with the good corporate governance principle with which the company is run, the future is bright.
Speaking to shareholders, the chairman of GTCO, Mr. Hezekiah Adesola Oyinlola stated that 2021 was a pivotal year in our corporate history. After years of revisioning and planning, we successfully reorganized into a holding company to harness the potential within our operating environment and consolidate our position as a leading financial services provider in Africa.”He said the company’s progress in its drive to diversify its income streams and ensure long-term value creation for all stakeholders.
According to him, it is a privilege to serve as the chairman of the Board of Guaranty Trust Holding Company and I am conscious of our business environment and the many challenges to our profitability. However, I have complete confidence in the ability of our leadership team to unlock new and exciting opportunities that will unleash the potential of our diversification for long-term growth and sustainable returns.
“When I look at the future-proofing of every part of our organisation; from our talent base to our business models and digital capabilities, I am reminded of just how forward-thinking our management team continues to be in our company’s constant push to be ahead of the curve in creating innovative financial solutions, delivering service excellence and ensuring long-term value creation.
On the outlook of the company, Oyinlola said, “I am excited by the potential of our new holding company structure. I see the immense opportunities opened by our strategic investments in building up diverse lines of business. The future of financial services belongs to the institutions that will seamlessly integrate the full range of cutting-edge solutions in a people-centric digitally enabled ecosystem.
The Group Chief Executive Officer (GCEO) of GTCO, Mr. Segun Agbaje said that the Company started 2021 with its corporate reorganisation and finished the year more robust and dynamic to consolidate its lead across the ever-extending breadth of financial services, saying that “Following the shareholders’ approval of our transition to a holding company structure in December 2020, we worked with regulators, the broad spectrum of our stakeholders and some of the most experienced advisory institutions in the world, to ensure that we have, not only a smooth transition but also the best people and the right structures to drive our vision of becoming Africa’s leading financial services groups.
He added that in July 2021, we completed the incorporation of Guaranty Trust Holding Company as our new parent company. Approved by shareholders as members of the GTCO board include, Mr. Hezekiah Oyinlola, Chairman; Mr. Segun Agbaje, GCEO; Mr. Suleiman Barau, Independent Non-Executive Director; Mrs Helen Lee Bouygues, Independent Non-Executive Director; Mrs. Catherine Echeozo, Non-Executive Director and Mr. Adebanji Adeniyi, Executive Director.
BUSINESS
ATAF Generates $907.8m in Tax Assessments in 2025
By Tony Obiechina, Abuja
The African Tax Administration Forum (ATAF) ATAF-supported audit interventions in member countries generated USD 907.8 million in tax assessments, of which USD 685.8 million was successfully collected.
The revenue gains included $47.
1 million from transfer pricing audits, $3. 57 million from digital services tax and $142.96 million from cross-border Value Added Tax compliance measures.Throughout the year, ATAF provided technical assistance to 35 countries, trained 2,433 tax officials from 43 countries, including Nigeria, and supported legislative and administrative reforms across the continent.
This is contained in the recently released 2025 Annual Report of ATAF, highlighting the organisation’s growing contribution to strengthening tax systems, advancing domestic revenue mobilisation and amplifying Africa’s voice in global tax policy discussions.
The organisation said the additional revenue is helping governments strengthen public finances and improve their capacity to fund infrastructure, healthcare, education and other development priorities without excessive dependence on borrowing.
The report reflects a year of significant progress across ATAF’s strategic priorities, including capacity building, technical assistance, research, digital transformation, international tax cooperation, and institutional strengthening. In 2025 alone.
The report also highlights ATAF’s expanding role in shaping global tax discourse and ensuring African perspectives are reflected in international tax policy processes, including engagements with the United Nations Framework Convention on International Tax Cooperation and broader discussions on illicit financial flows, digital taxation, and tax transparency.
Speaking on the release of the report, ATAF Executive Secretary, Mary Baine, said the report demonstrates the growing urgency and importance of domestic resource mobilisation in Africa’s development agenda.
She added that ATAF stands ready, working with members, partners, and all stakeholders committed to strengthening development financing through DRM, to support reforms that deliver real impact in the lives of Africa’s people.
The African Tax Administration Forum (ATAF) has said its growing technical assistance programmes across the continent are helping African countries strengthen tax administration, improve revenue collection and reduce opportunities for tax avoidance by multinational companies and wealthy individuals.
According to ATAF’s 2025 Annual Report, the organisation has expanded its technical support to member countries through specialised programmes aimed at improving domestic resource mobilisation at a time many African governments are facing rising debt burdens, weak revenue generation and growing development financing needs.
The report explained that ATAF’s interventions have supported the revision of transfer pricing laws in several African countries to ensure multinational corporations pay fair taxes in jurisdictions where economic activities take place.
It stated that the organisation also assisted tax authorities in introducing anti-tax avoidance measures designed to block aggressive tax planning schemes that often deprive governments of badly needed revenue.
ATAF said part of its support included the establishment of dedicated transfer pricing units within tax administrations to improve the monitoring of multinational companies and strengthen the ability of African tax authorities to detect profit shifting and tax base erosion.
The report added that the organisation also helped countries create exchange-of-information units to improve cooperation among tax authorities and support access to cross-border financial information needed to investigate tax evasion and illicit financial flows.
ATAF also said it is strengthening its internal systems to improve governance, financial sustainability and operational efficiency as the organisation expands its activities across the continent.
The report stated that efforts are ongoing to improve internal governance structures, financial management systems and debt management processes in order to ensure transparency, accountability and long-term institutional stability.
It added that ATAF is also reviewing its membership fee systems while deepening partnerships with donor organisations and development partners to secure additional funding for capacity building, research and technical assistance programmes.
The organisation noted that maintaining financial sustainability has become increasingly important as African countries demand more technical support on complex international tax matters and emerging areas of taxation.
ATAF further disclosed that it is increasing attention on emerging policy areas that are expected to shape the future of taxation globally and across Africa.
Among the major policy areas identified in the report are carbon taxation and climate-related tax measures aimed at helping governments respond to environmental challenges while generating additional revenue.
The report explained that the organisation is also studying the implications of Carbon Border Adjustment Mechanisms (CBAM), which are trade-related climate policies being introduced by some advanced economies and which could affect African exports.
ATAF said it is equally focusing on the taxation of the digital economy as more commercial activities move online, making it increasingly difficult for traditional tax systems to capture revenue from cross-border digital transactions.
The organisation added that attention is also being placed on gender-inclusive tax systems to ensure tax policies do not disproportionately affect vulnerable groups and to promote fairness in revenue administration.
According to the report, ATAF is also supporting African countries in developing better frameworks for the taxation of high-net-worth individuals as governments seek to widen the tax base and improve equity in taxation.
The organisation further stated that it is encouraging the use of artificial intelligence-driven compliance systems to improve taxpayer monitoring, risk assessment and revenue collection efficiency.
ATAF said its long-term strategic objectives remain focused on achieving financial sustainability, deepening regional cooperation and building stronger tax institutions across Africa.
The report explained that the organisation intends to continue training future African tax professionals through specialised programmes aimed at improving technical expertise and strengthening local capacity in tax administration.
It added that ATAF is working toward stronger tax administration systems, better African tax data and improved research capabilities to support evidence-based policymaking across member countries.
The organisation also said one of its major priorities is ensuring that Africa has a stronger voice and greater influence in global tax governance discussions, especially on issues affecting developing economies.
According to ATAF, stronger tax systems are critical for reducing Africa’s dependence on foreign borrowing and external financial support.
The report stressed that efficient and transparent tax administration would help governments mobilise domestic revenue needed to fund national development priorities, improve governance and support inclusive economic growth across the continent.
ATAF maintained that improving tax collection efficiency and strengthening fiscal institutions remain essential for building resilient African economies capable of addressing poverty, unemployment, infrastructure deficits and rising social demands.
BUSINESS
Tin-Can Customs Records N1.61tr under Onyeka Leadership
Immediate past Customs Area Controller, Nigeria Customs Service (NCS), Tin-Can Island Port Command, Assistant Comptroller-General Frank Onyeka, has handed over leadership of the command after recording revenue collection of N1.609 trillion in 2025.
The Public Relations Officer of the command, Oscar Ivara, confirmed this in a statement on Saturday in Lagos, following Onyeka’s elevation to the rank of Assistant Comptroller-General of Customs.
Onyeka said the command exceeded its 2025 revenue target of N1.524 trillion, describing his tenure as one of the most fulfilling periods of his career in the service.
He formally handed over to Comptroller Joe Anani, who previously served as Customs Area Controller at Ports and Terminal Multiservices Ltd.
“This moment is both emotional and historic for me. Serving as the Customs Area Controller of this great command has been one of the greatest honours of my career,” Onyeka said.
He disclosed that under his leadership, the command generated N1.60 trillion in 2025, surpassing its target, and also recorded N401.01 billion in the first quarter of 2026.
Onyeka attributed the performance to discipline, intelligence-driven operations, improved compliance measures, stakeholder engagement, and the deployment of modern trade facilitation tools.
Beyond revenue, he said the command recorded significant anti-smuggling successes, including seizures of illicit drugs and prohibited goods valued at over N35 billion.
“These seizures underscore our collective resolve to protect the nation from criminal networks and safeguard public health and security,” he said.
He also noted strengthened collaboration with port stakeholders, including freight forwarders, terminal operators, shipping companies, importers and exporters, aimed at improving efficiency and compliance.
According to him, staff capacity development was prioritised through training, workshops and professional development programmes to enhance operational effectiveness.
“I believe that the strength of any institution lies in the quality and preparedness of its personnel,” he said.
Onyeka further acknowledged support for the Customs Officers’ Wives Association (COWA), noting their humanitarian contributions to families and surrounding communities.
He commended the Comptroller-General of Customs, Dr. Bashir Adeniyi, for his leadership and support, and thanked the media and stakeholders for their cooperation during his tenure.
He urged continued collaboration with the incoming management, stressing that unity and continuity were key to sustaining the command’s performance.
BUSINESS
Wabara Lauds Otti over Ariaria Int. Mkt Project, Proposed Abia Seaport
The former Senate President, Adolphus Wabara, has commended Gov. Alex Otti for his transformative agenda, including the ongoing remodeling of the Ariaria International Market, Aba.
In a statement in Umuahia on Saturday, Wabara stated that the market now compared with markets in London and other developed economies
According to the statement, the former senate president made the commendation after a recent visit to the market.
He said the level of transformation at the market “reflected deliberate efforts to revive Aba’s economic glory.
He noted that what he saw went beyond a facelift, describing it as a deliberate economic renaissance, capable of restoring Aba’s pride as the industrial and commercial hub of the South-East
He urged Otti not to relent until the entire remodeling was completed, stressing that no section of the market should be left out.
He added that the comprehensive modernisation of Ariaria should be treated as one of the signature projects of Otti’s administration.
Wabara added that the completion of the market would leave a lasting legacy and further reposition Aba as a leading commercial hub in Africa.
He also applauded Otti’s proposed seaport project at Azumini Blue River in Ukwa.
Wabara, who hails from Ukwa, further said that the seaport would fast-track infrastructure development, improve logistics, create jobs, and strengthen the economy of the South-East.
He urged the governor to remain focused on developmental policies that improve the business environment and uplift the living conditions of the people.


