Connect with us
nairametrics
UBA ads

Business News

GTB to go ahead with AGM, attendance by proxy

Guaranty Trust Bank (GTB) Plc has sought and got approval for its Annual General Meeting (AGM) to be attended by proxy. 

Published

on

GTBank Sponsors 2020 Lagos International Polo Tournament, Buying opportunity as GTB share price falls to 2 year low, GTBank releases 2019 full year audited results, Guaranty Trust Bank Plc to consider a holding company structure, GTBank launches Beta Health, expands access to health insurance for low-income Nigerians

Against the backdrop of partial shutdown of business activities and capital market operations as precautionary measure to curtail the spread of the coronavirus disease, GTBank Plc has sought and got approval for its Annual General Meeting (AGM) to be attended by proxy.

This is to minimize contact and adhere to the directives of the Federal and Lagos State Governments.

UBA ADS

GTBank declares dividend payment for FY 2019

This announcement is contained in a notification, which was sent by the bank to its shareholders and the Nigerian Stock Exchange (NSE) and signed by the bank’s Company Secretary, Erhi Obebeduo.

The bank, which had scheduled to hold its AGM on March 30, 2020, had expressed its concerns over the health hazards arising from the coronavirus pandemic, which could be exacerbated by the public gatherings.

GTBank 728 x 90

[READ MORE: COVID-19: NAFDAC to grant emergency approval for necessary products)

As a result of the pandemic, the Federal and State Governments including Lagos, which is the location for the meeting, have placed restrictions on public gatherings, meetings and movements in conformity to the global directive on adoption of social distancing measure.

In order to meet up with its obligations to its stakeholders and be able to exercise its corporate actions, which are predicated on the AGM, GTB Plc had sought for and gotten approval from regulatory authorities to have the meeting attended by proxy.

Deal book 300 x 250
onebank728 x 90

In the publication, the bank said, “In view of the legal framework and corporate actions predicated on the AGM, such as payment of dividends, election of Audit Committee members, the filing of Annual Returns and approval of the fees of external auditors, which actions will remain in abeyance if the AGM is postponed or cancelled, your company engaged the Regulators with a view to finding a solution that would balance the compliance with regulatory framework and minimize health hazards that could be exacerbated by such large gatherings.

“We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy to minimize social contact. To this end, shareholders are encouraged to appoint proxies to represent them at the meeting, as the company would abide by the Lagos State Government directive of not having more than twenty-five (25) people in a gathering (or any number as may be permitted at the date of the meeting).”

The bank noted that as part of the measure, the AGM would also be streamed live on the bank’s website and encouraged shareholders to log in to observe proceedings.

app
GTBank 728 x 90

The shareholders that will attend will be required to go through safety/health measures as directed by the National Centre for Disease Control and Lagos State Ministry of Health.

Patricia

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Former Liberian President to sit on WHO review panel of COVID-19 response effort

Ellen Sirleaf has been picked alongside Helen Clark, to serve as co-chairs of the independent panel.

Published

on

Former Liberian President to sit on WHO review panel of Covid-19 response effort

Following stern criticism by US President, Donald Trump, over their handling of the COVID-19 response efforts, the World Health Organization (WHO) has announced it will implement an independent panel to review said response efforts to the pandemic.

To this end, Liberia’s former President and West Africa’s first female President, Ellen Johnson Sirleaf, has been picked alongside former Prime Minister of New Zealand, Helen Clark, to serve as co-chairs of the independent panel. They will be responsible for selecting the other members of the panel, according to the WHO.

UBA ADS

WHO’s Director-General, Tedros Adhanom, announced the panel will produce an interim report in a November meeting of global health ministers. Meanwhile, the substantive report would be produced by May 2021.

Tedros also said that the size of the pandemic calls for the need for a “commensurate evaluation, an honest evaluation”, adding that the WHO would be very serious with the preparation of the report.

READ MORE:COVID-19: WHO warns worst is yet to come as firm charges $2,340 for virus treatment

GTBank 728 x 90

The WHO members in May agreed to an independent review of the organization’s response to the pandemic. Ellen Johnson Sirleaf said the review of the body’s response would be challenging but looks forward to her role in doing what she can contribute to the response of the pandemic’s challenges.

The panel will also report monthly updates on the body’s response and will not only review the WHO’s response but also the International community’s response. Tedros added that it’s time for an honest reflection on the global response, saying a response will help with lessons on the pandemic.

 

onebank728 x 90

Patricia
Continue Reading

Economy & Politics

Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots

The accusation was described to be an obvious campaign of lies and calumny.

Published

on

Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency

The office of the Vice President has reacted to a series of tweets accusing Professor Yemi Osinbajo of instructing the embattled acting Chairman of the EFCC, Ibrahim Magu, to release the sum of N4 billion out of N39 billion that was recovered from alleged looters. 

These allegations have been described as “false and baseless”. 

UBA ADS

READ ALSO: UPDATE: President Buhari appoints Prof. Gambari as new Chief of Staff

A statement that was signed by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said, with all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purposing to reflect goings-on at the probe panel investigating Mr Ibrahim Magu”. 

Ibrahim Magu was relieved of his duties this week, after a probe was conducted on his activities as Acting Chairman of the nation’s anti-graft agency. He has since been replaced with Mohammed Umar. 

GTBank 728 x 90

READ MORE: Just In: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning)

Meanwhile, the statement by the Presidency also complained about the recent rise in people being paid to “peddle blatant falsehoods” against the Vice President and says Mr Osinbajo “will not be distracted by these obvious campaigns of lies and calumny”. 

The statement added that the online publications “being criminally defamatory in nature”  have been referred to law enforcement agencies for investigation. 

onebank728 x 90

Explore economic research data from Nairametrics on Nairalytics

 

app
GTBank 728 x 90

 

Patricia
Continue Reading

Financial Services

Stanbic IBTC observes closed period, as directors set to consider H1 results

The directors will also consider a proposal to pay an interim dividend to shareholders.

Published

on

Stanbic IBTC

Stanbic IBTC Holdings Plc announced earlier today that its board of directors will meet on Wednesday, July 29, as part of preparations towards the release of the company’s consolidated and separate audited financial statements for half-year 2020. The directors will also consider a proposal to pay the company’s shareholders an interim dividend.

A statement issued by the Stanbic IBTC to the Nigerian Stock Exchange (NSE) noted that the scheduled board meeting is in tandem with guidelines contained in section 1.2 of the NSE’s rules book.

UBA ADS

In the meantime, the bank Hold-Co has already commenced observing its closed period ahead of the release of the half-year financial statements. Specifically, Stanbic IBTC began observing its closed period on June 1st, 2020, the implication being that all insiders and their relatives have been prohibited from trading the company’s shares for more than one month now.

Explore economic research data from Nairametrics on Nairalytics

Note that the Stanbic IBTC’s closed period will continue until the half-year financial statements are released. Part of the statement which was signed by Chidi Okezie (Company Secretary), said:

GTBank 728 x 90

“In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Wednesday 29 July 2020 at 1:00 pm. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the Half-year ended 30 June 2020 as well as a proposed interim dividend.

READ ALSO: COVID-19: NSE extends time for submission of audited financial statements

“In view of the above, the closed period for the release of half-year results, which commenced on Monday, 01 June 2020 will continue to be in effect until the release of the Company’s Half-year audited financial statements.”

onebank728 x 90

Recall that the last earnings report that was released by Stanbic IBTC Holdings Plc was for Q1 2020. The unaudited report showed that gross earnings stood at N61.4 billion as against N58.7 billion in Q1 2019, even though interest income for the period declined by 12% year on year to N27.5 billion. Meanwhile, profit for the period stood at N20.6 billion, an increase when compared to N19.2 billion in Q1 2019.

Stanbic IBTC Holdings’ share price closed at N30.25 at the end of today’s trading session on the Nigerian Stock Exchange. Year to date, the stock has declined by nearly -20%.

app
GTBank 728 x 90
Patricia
Continue Reading