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Business News

UPDATE: GTBank holds AGM, approves key resolutions amid Coronavirus scare

Guaranty Trust Bank Plc has held its 2020 Annual General Meeting which was previously scheduled to hold today, long before the Coronavirus pandemic hit Nigeria. 

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Finding Balance: GTB’s impeccable gains versus its notable losses, GTB donates medical facility for COVID-19, GTBank, others have begun fulfilling pledges towards fight against Covid-19 (coronavirus), COVID-19: GTBank suspends loan repayment for small businesses, GTBank Releases Q1 2020 Unaudited Results…….. Reports Profit Before Tax of ₦58.2Billion

Guaranty Trust Bank Plc held its 30th Annual General Meeting (AGM) today. The AGM was previously scheduled to take place today, long before the Coronavirus pandemic hit Nigeria.

The meeting, which took place at the Oriental Hotel in Victoria Island, Lagos, had about twenty people in attendance. The tier-1 bank had decided to hold  the  AGM by proxy in a bid to avoid unnecessary physical contact among attendees, thereby limiting the spread of the coronavirus.

Chairman’s welcome address: As always, the meeting was chaired by Mrs Osaretin Demuren, GTBank’s Chairman of the board of directors.

In her  welcome address, Demuren acknowledged all the shareholders who were present at rhe meeting, as well as those who were attending by proxy. She also acknowledged the presence of representatives from regulators such as the Securities and Exchange Commission, as well as the CBN.

She then introduced members of the company’s board of directors, many of whom attended the meeting by proxy.

The company’s Managing Director and Chief Executive Officer, Segun Agbaje, was present during the meeting. Him, along with Dumuren and the Company Secretary, E.E Obebeduo, were the only ones seated on the high table.

The Company Secretary then read out the matters that were up for deliberations, including the approval of the the audited financial statement for the year ended December 2019.

Focus on the Coronavirus: Before delving into the agenda of the meeting, the Chairman and the company’s CEO took sometime to talk about the Coronavirus pandemic. According to the Chairman, the pandemic has wrought negative health impacts. It is therefore, in compliance of the guidelines that were set by the government that the AGM was being held in proxy, she said. The AGM was streamed live.

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In terms of what GTBank has done to assist the government in the fight against the Coronavirus pandemic, the CEO mentioned that the company has built and donated a 110-bed isolation centre in Lagos. The project was completed within four days.

A quorum was reached: Moving on, the Chairman noted that in compliance with the company’s article of association, that there was enough quorum present at the meeting to carry on the business of the day.

Apparently, GTBank’s article of association requires that at least 100 shareholders whose names appear in the registrar of shareholders must be present at the company’s AGM either physically or by proxy. As at the time the meeting commenced, there was a total of 496 shareholders, representing holders of 54.4% of the company’s entire issued share capital.

Note that 9 of those shareholders were present at the AGM, even as the remaining 487 members were present by proxy.

Presenting the company’s financial statement: The company’s audited financial statement was then presented before the shareholders, after which the representative of Pricewaterhouse Coopers, Obioma Uba, gave a brief overview of the report.

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According to Uba, Pricewaterhouse Coopers believe that the GTBank’s audited financial statement for full-year 2019 give a true picture of the company’s financial performance during the period under review. The financial statement was compiled in accordance with regulatory requirements, she said.

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In the course of the more-than-an-hour-long meeting, shareholders unanimously voted to pass three key resolutions.

One of these is the resolution to pay a final dividend of N2:80 per ordinary share of N0.50 to shareholders whose names appear on the register of members as at close of business of March 18th, 2020.

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READ MORE: Banking: Surprise hike in CRR-Implications for banks

Some of the shareholders in attendance applauded GTBank’s board of directors’ decision to go ahead with the AGM by proxy at time when other companies have decided to cancel their own AGMs due to the pandemic.

According to them, the holding the AGM will make it possible for the bank to pay dividends to shareholders, someone if whom may need the money in order to survive the lockdown that has been declared on some parts of the country by the Presidency as part of effort to combat the virus.

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You may watch the full proceedings of the GTBank 2020 AGM by clicking here.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Corporate Press Releases

Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc

Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.

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The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Tech News

Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.

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Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.

Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.

This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.

The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base

Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.

Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.

This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.

Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.

For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).

Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.

Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.

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