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GTCO to Raise N400.5bn Capital Via Public Offer

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Guaranty Trust Holding Company Plc (GTCO) says it plans to raise N400.5 billion through a public offer on the Nigerian Exchange Ltd. (NGX).

Mr Segun Agbaje, Group Managing Director of GTCO, disclosed this on Monday during the “Facts Behind the Offer Presentation” in Lagos.

The capital raise is subject to Securities and Exchange Commission (SEC) approval and is aimed at meeting the Central Bank of Nigeria’s (CBN) recapitalisation directive for banks.

Agbaje outlined the plan to issue nine billion ordinary shares of 50 kobo each at an offer price of N44.50 per share, stating that the initiative was set in motion before the CBN’s announcement earlier in the year.

He attributed the need for additional capital to offset the effects of the Naira devaluation, which had impacted banks’ asset strength and operational capacities.

Agbaje expressed confidence in GTCO’s ability to achieve significant milestones, including becoming the first Nigerian financial institution to reach one billion dollars in profit.

He emphasised the importance of boosting the market capitalisation to enhance Nigeria’s economic standing.

“We want a market capitalisation that Nigeria will be proud of.

“There is no Nigerian company that has ever made one billion dollar in profit and we are going to be the first to achieve it,” he added.

According to him, the balance sheets of banks have shrunk and the ability to do business has reduced, thus, they need equity to operate.

In line with the Federal Government’s goal of achieving a one trillion dollar economy by 2026, Agbaje said ut was necessary for banks to increase their equity base to support expanded business operations.

Looking ahead, he outlined GTCO’s growth strategy, which includes deepening its footprint in Nigeria and expanding into critical sectors such as the pension industry.

He also said that the group planned to invest in Senegal and expand operations in Cote d’Ivoire, Ghana, and Kenya.

He stated that the group would also embark on acquisition with the new capital and also change its core-banking software across its region.

Addressing stakeholders, Alhaji Umaru Kwairanga, Group Chairman of NGX Group Plc, commended GTCO for its resilience and leadership in the financial sector.

He affirmed NGX’s commitment to supporting GTCO and other financial institutions in their recapitalisation endeavours.

Kwairanga highlighted NGX’s initiatives aimed at enhancing market efficiency and accessibility, noting that GTCO’s proactive engagement through presentations like these fosters transparency and investor confidence.

Ahonsi Unuigbe, the Chairman of NGX Exchange Ltd., lauded GTCO’s recent financial performance, citing gross earnings of N1.19 trillion and robust profitability metrics.

He urged GTCO to maintain sustainability amidst evolving economic landscapes by upholding high standards of corporate governance and regulatory compliance.

Unuigbe advised GTCO to continue delivering value to shareholders through strategic initiatives that promote long-term growth and stability in the Nigerian financial market.

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Tinubu Honors Buhari, Renames University of Maiduguri after Late President

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By David Torough, Abuja

President Bola Tinubu has approved the renaming of the University of Maiduguri, Borno State as Muhammadu Buhari University.

“May we now adopt the University of Maduguri as the Muhammadu Buhari University,” Tinubu said at the close of a special session of the Federal Executive Council held to honour Buhari at the Aso Rock Villa, Abuja on Thursday.

The President paid a glowing tribute to Buhari, describing him as “a good man, a decent man, an honourable man” whose legacy of discipline, patriotism and moral uprightness would endure for generations.

Tinubu said although the late president was not without flaws, his unwavering commitment to national service set him apart.

“President Buhari was not a perfect man, no leader is, but he was, in every sense of the word, a good man, a decent man, an honourable man.

“His record will be debated, as all legacies are, but the character he brought to public life, the moral force he carried, the incorruptible standard he represented, will not be forgotten.

“His was a life lived in full service to Nigeria, and in fidelity to God,” he said.

Reflecting on Buhari’s time in office and his long military and civil service, Tinubu praised the late leader’s simplicity, humility, and stoic resistance to the trappings of power.

He said, “He stood, always, ramrod straight; unmoved by the temptation of power, unseduced by applause and unafraid of the loneliness that often visits those who do what is right, rather than what is popular.

“His was a quiet courage, a righteousness that never announced itself. His patriotism lived more in action than in words.”

Tinubu also recounted their political alliance, which culminated in the historic 2015 elections that marked Nigeria’s first democratic transfer of power from one ruling party to another.

“We stood together, he and I. Alongside others drawn from across the political spectrum, regions and tongues, we formed an alliance that enabled Nigeria to experience its first true democratic transfer of power from one ruling party to another.

“When he was sworn in as our party’s first elected President, he led with restraint, governed with dignity, and bore the burdens of leadership without complaint,” he said.

The President expressed admiration for Buhari’s post-office modesty, noting that he returned to his hometown, Daura, without seeking to wield influence behind the scenes.

“When his tenure ended, he returned to Daura; not to command from the shadows or to hold court, but to live as he always had, never seeking to impose his will but content to let others carry the nation forward.

“Even in death, he maintained the serenity that defined him in life: not a sigh, not a groan, just a quiet submission to the will of God. Such was the man Nigeria has lost. Such was the man for whom our nation now mourns,” he added.

Tinubu thanked the Inter-Ministerial Committee and Katsina State Governor, Dikko Radda, for organising a befitting state funeral within 48 hours, describing it as a “profound honour” to lead the burial procession in Daura.

He concluded his tribute with a prayer: “Mai Gaskiya, the People’s General, the Farmer President, your duty is done. May Almighty Allah forgive his shortcomings and grant him Aljannah Firdaus. May his life continue to inspire generations of Nigerians to serve with courage, conviction, and selflessness. President Buhari, thank you. Nigeria will remember you.”

Buhari died on Sunday, July 13, at the age of 82.

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C’River First Female NUJ Chairman Describes Tenure as Trial Period

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The first female Chairman of the Nigeria Union of Journalists (NUJ) in Cross River, Archibong Bassey has said that her first tenure in office was a trial period.

Bassey, who was returned unopposed in council’s election, made the assertion in an interview on Thursday in Calabar.

The Bassey- led executive was first elected on 9th May 2025, to complete the tenure of Nsa Gill, who was then appointed as Chief Press Secretary to Gov.

Bassey Otu.

The chairman, who thanked the members for keeping faith in her and her team, said that she would improve on her achievements while correcting any mistakes she might have made in her first tenure.

She pleaded that any member who she must have offended in the course of her leadership should forgive her as she was not perfect and called for unity among members.

“Let’s leave any form of rancour behind, I need all your support;push me from the back, support me as you can.

‘’Tell me your ideas of moving the council forward and not what someone told you about me; I am asking God for the spirit of humility and love, to enable me lead the council well.’’

Earlier in his goodwill message, Dr Erasmus Ekpang, Cross River’s Commissioner for Information, had commended the union’s unity in electing its new executives.

According to Ekpang, they will continue as a government to give the Cross River Council of NUJ what it needs and all the necessary support to enable it carry out its functions objectively.

“I want to thank you for your unity, it’s better to come unopposed, I believe one day, the Cross River Council will emerge as the best in the nation,” he said.

Other executive members who were returned unopposed are Mr Sunday Inah of the Cross River Broadcasting Corporation (CRBC) as Vice Chairman, Michael Abang of Business Day as Secretary.

Others are Kingsley Agim of the Cross River Ministry of Information as Assistant Secretary, Mrs Achiane Adams of the Ministry of Information, Treasurer, and Benedine Tete Anam of the Federal Radio Corporation of Nigeria (FRCN), Auditor.

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Gov Makinde Confered With Prestigious Chieftaincy Title of Aare Omoluabi of Akure Land by Akure Kingdom

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The Akure Kingdom will today bestow a prestigious chieftaincy title, Aare Omoluabi of Akure Land, meaning President of the Respectable People, upon His Excellency, Governor Seyi Makinde of Oyo State.

The conferment ceremony, which will take place in Akure, Ondo State, marks a significant recognition of Governor Makinde’s exemplary leadership, integrity, and contributions to the advancement of Yoruba culture and national development.

The title, one of the highest honors in the Akure Kingdom, celebrates individuals who embody the virtues of respect, dignity, and service to humanity.

Governor Makinde’s conferment reflects his outstanding commitment to good governance, infrastructural development, and fostering unity across Nigeria.

The ceremony will be attended by traditional rulers, dignitaries, and government officials, underscoring the significance of this historic event.

This honor further strengthens the bond between Oyo and Ondo States, fostering mutual respect and cooperation for the progress of the Yoruba nation and Nigeria at large.

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