EFCC Charges Saraki’s Aide , Ex-bank MD, Mbonu With Alleged Diversion of N3.5b

The Economic and Financial Crimes Commission( EFCC) is set for the trial of Gbenga Makanjuola, deputy chief of staff to the Senate President Bukola Saraki and a former Managing Director of Societe Generale Bank of Nigeria( SGBN), Mr. Robert Mbonu.
The duo are to be arraigned over the alleged conversion of N3.5billion of N19billion London-Paris Club refund to states.
The other accused are Melrose General Services Limited and Obiora Amobi. No date has been fixed for the trial of the suspects at a Federal High Court in Lagos, TheNation newspaper reported today.
Following protests by states over deductions for external debt service between 1995 and 2002, President Muhammadu Buhari approved the release of N522.74 billion (first tranche) refund to them, pending reconciliation of records.
Each state was entitled to N14.5 billion or 25 per cent of the amount claimed.
The release of the cash was trailed by a huge controversy, including payment of N19billion consultancy fees and $86million into the accounts of the NGF.
The EFCC in the last two years has been investigating the alleged diversion of the N19billion under the guise of consultancy fees, including the N3.5billion, which was allegedly remitted to Melrose General Services Limited, allegedly with links to Mbonu.
About $183,000 of the N3.5billion was transferred to a Dubai jeweler patronised by some senators.
In the charges against the suspects, the EFCC said there was no service rendered to have warranted the payment of the N3.5billion.
The charges read in part: “That you Robert Chidozie Mbonu, Melrose General Services Limited and other persons at large on or about the 14th day of December, 2016 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to disguise the unlawful origin of the sum of N3.5billion paid into the account of Melrose General Services Limited and thereby committed an offence contrary to Section 18 of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.
“That you Robert Chidozie Mbonu and Melrose General Services Limited having reason to know that N3.5billion directly represented the proceeds of your unlawful activity to wit: Conspiracy and Stealing: did convert the said funds which you received from the Nigeria Governors Forum under the false guise that you were entitled to payment of consultancy fees from money recovered for the states in relation to “over-deductions on Paris and London club loans on the account of the states and local government (1995-2002)” which service you did not render and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.
“That you Robert Chidozie Mbonu and Melrose General Services Limited on or about the 14th December, 2016 in Lagos within the jurisdiction of this Honourable Court did retain in the Access Bank Plc Account No. 0005892453 operated by Melrose General Services Limited the sum of N3, 500,000,000.00 received from the Nigeria Governors Forum when you reasonably ought to know that the said money was a direct proceed of your unlawful activity to wit Conspiracy and Stealing: and thereby committed an offence contrary to section 15(2) ((1) 0f the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.
“That you Robert Chidozie Mbonu and Melrose General Services Limited on or about the 20th of December, 2015 in Lagos wihln the jurisdiction of this Honourable Court did transfer the sum 0f N50m being part of N3.5billion which represented the direct proceed of your unlawful activity to wit: (Conspiracy and Stealing) to Gbenga Makanjuola and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.
That you Gbenga Makanjuola on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did make cash payment of the sum of N50, 000,000.00 (Fifty million naira) to Robert Chidozie Mbonu without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 201 1 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.
“That you Robert Chidozie Mbonu on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did accept cash payment of the sum of N50million from Gbenga Makanjuola without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of‘ the same Act.
“That you Robert Chidozie Mbonu and Melrose General Services Limited between the 15th December 2016 and 17th December, 2016 in Lagos Within the jurisdiction of this Honourable Court did transfer the sum of N300million being part of N3.5billion which represented the direct proceed of your unlawful activity (to wit Conspiracy and Stealing) to Obiora Amobi and thereby committed an offence contrary to section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.
“That you Obiora Amobi between the 15th December 2016 and 17th December, 2016 in Abuja within the jurisdiction of this Honourable Court did make cash payment of N300million to Robert Chidozie Mbonu without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.
“That you Robert Chidozie Mbonu on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did accept cash payment of N300million from Obiora Amobi without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.(NAN)

Financial Expert, Rewane Faults Report Ranking Third Worst City To Live In

…Says Report Subjective, Does Not Reflect Truth

…Questions Benchmarks For Rating

Renowned financial expert, Mr. Bismarck Rewane has faulted a report rating Lagos as third worst city to live in the world.

A report issued on Tuesday by the Economist Intelligence Unit (EIU) had cited security, education and healthcare delivery as benchmarks for its ratings.

But speaking on a Television programme,  ‘Network Africa’ on Channels TV monitored by our correspondent,  Rewane, who is the Chief Executive Officer, Financial Derivatives Company, described the report as subjective adding that the criteria used in reaching such conclusion was inconsistent.

He said: “First and foremost, I think the report is subjective and it is based on warped criteria. Certainly, in a survey that says that number 86 is Johannesburg when you talk about crime, terrorism, insurgency and Lagos is number 138 out of 140, it’s unfortunate.

“I feel safer in Lagos than in Johannesburg in terms of crime. I cannot stop at a traffic light in Johannesburg without looking over my shoulder, in Lagos I could probably do that.”

EIU had ranked cities like Vienna, Melbourne, Osaka, Tokyo as the ten most-liveable cities, and ranked cities such as Damascus, Dakar, Karachi and Lagos as the 10 least liveable cities in 2018.

While stating that he was not in any way making excuses for Lagos, Rewane said that the survey itself was based on certain values which may not be universal.

He explained: “But having said that, to say that the risk of insurgency in Lagos – because I heard the interview and the guys talked about Boko Haram – quite frankly there is no Boko Haram existential threat in Lagos as anywhere.

“Lagos is safer from Boko Haram than say Yaoundé in Cameroon. So, I find it difficult to understand the criteria. Yes, there are other criteria but obviously to rank Lagos as the third worst city to live in in the world is a bit above the top.”

Rewane however said that Lagos still had a lot to do on terms of improving access in two critical sectors- healthcare and education.

“Lagos falls short definitely in access to healthcare because you can’t have a medical emergency in Nigeria and in Lagos in particular. Lagos falls short in terms of education, but having said that, we have a population in Lagos of anything between 12 to 20 million people. Things are improving but the message that paints to us is that Nigeria has to wake up and has to work hard. Whether you like it or not Nigeria is the 5th most populous country in the world. And Lagos is rising among the ranks of cities in terms of population.

“So, urban transit, urban renewal and things like that which Governor (Akinwunmi) Ambode is working on assiduously, it’s good enough to work hard on it but you must achieve the results that people want. Because other people are looking at us and ranking us.”

He also stated that “having said that, I must come out strongly that the EIU criteria is a bit subjective and does not reflect the truth. Lagos is definitely not the third worst city to live in in the world. I stand by that and I am ready to join issues with the Economic Intelligence Unit whom I respect anyway, for their economic analysis. But in this case, I join issues with them.”

Despite his take on the EIU rating, Rewane said there are rooms for improvement in Lagos,  which is currently adjudged as the fastest growing and the fifth largest economy in Africa.

“Lagos is not the most luxurious or affluent city to live in. And there are many Lagos. There are people living in Ikoyi, Victoria Island and Lekki. And there are people who are living in the slums of Makoko and others. But this is not…, look if I go to Rio de Janeiro, if I go to Sao Paulo, even in London, there are slums. So, the truth is that the slum of Lagos is

 not as bad as it used to be. But when you compare it to other cities in the world, I would not say that Lagos is worse than Jakarta when you talk about the slums in Indonesia. I cannot say that Lagos slums are worse than those of Sao Paulo and Rio de Janeiro. But that does not mean that this justifies the slums.

“This is not a race to the bottom. But the point is that Lagos has a lot of work to do in terms of urban renewal, urban mass transit, waste management and so many other things. Crime, kidnapping and ransom, but if you look at crime in Lagos, I do not subscribe to the view that crime in Lagos is worse than crime in any of these crime cities.

More people – maybe the data is not available- more people die in the city of Chicago from gunshots than you can put in Lagos 10 times over.”

4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018

5,000 Entrepreneurs to be welcomed in Lagos for Africa’s largest entrepreneurial convening

Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum.

The largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, Lagos.  The event is a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction. The 2018 cohort from the Tony Elumelu Entrepreneurship Programme, as well as mentors and partners, will be present, as the culmination of their intensive twelve-week induction.

In keeping with the Foundation’s track record―most recently with President Macron of France―of bringing politicians face to face with the new generation of young business women and men shaping Africa, the Forum will include an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, moderated by TEF Founder, Tony O. Elumelu.

The Forum will also feature the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

Founder, Tony O. Elumelu, CON, stated: “In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs: female and male, large and small – they are the engine of our continent’s transformation. We will be championing and celebrating them. This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015. We are now calling on the current generation of African success stories and others to partner with us to see how we can all further create impact, genuinely transform millions of lives and increase the number of inspiring stories we will be hearing in Lagos”.

TEF CEO, Parminder Vir OBE stated: “The TEF Entrepreneurship Forum is the only event across the continent that brings together the complete African entrepreneurship ecosystem, demonstrating our commitment to capturing the whole continuum – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and perhaps most importantly access and network”.

Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Tony Elumelu Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

The Programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa. In its 4th year, TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners.

House of Bodex Launches New Shoe Factory In Surulere

House Of Bodex Which is known for the making of all types of footwears and its varieties recently launched a new factory in surulere (central) for a better business enhancement.

The Managing Director of the firm, Florence Hungbo, populary known as Bodex narrated the challenges she faced while setting up the business. She said she faced a lot of challenges like business failure, disappointments to mention but a few.

But despite the obstacles, she summoned the courage to improve on her ideas as she enrolled for a basic training and advanced course in shoe making in the year 2016 as it was and still is her passion. With a strong zeal and determination, she made a steady progress as she registered her firm and started proper production in 2017 with her current head office located at creek road, Apapa, Lagos.

Her first collection was on branded slides where the logos of the company and its signature could be printed with coloured ink on glitters. Therefore, she introduced monogram of any design on suede and leather shoes of her customer’s choice.

Her exceptional skills and creativity plus good quality has earned her recognition and credits from dignitaries and celebrites like Governor Aregbesola, Otunba Gbenga Daniel, Senator Dino Melaye, Yinka Ayefele, Entertainers, Media Personalities, Private Business men and women, Ambassadors amongst others. Her beautiful designs and quality products have made the aforementioned good customers to patronise and promote the Nigerian business industry.

In a matter of two years the business is fast growing as it launches another branch in surulere (central). This isn’t just a sub standardized building as it possesses well equipped facilities, good decorations and a lovely outlook which could be awared with a five stars rating.

With a conducive and interesting atmosphere for learning shoe making, we urge anyone with this passion or any would-be shoe maker to enroll for this special offer.

Kindly email them at houseofbodex@gmail.com or call 08088805275 for more details

We congratulate Bodex and her team and wish them more success in all attainments.

Below are pictures of the factory

 

Tribute To The Doyen of Accounting, Mr Akintola Williams At 99

The Inspiring Story of His Love Life With Mama Muson

The doyen of Accountancy in Nigeria, Mr Akintola Williams was 99 yesterday, Thursday, 9 August, and he celebrated the event with his family and close friends. Prominen among the dignitaries who celebrated the day with him were Governors Akinwunmi Ambode of Lagos state and Senator Ibikunle Amosun of Ogun State.

Other eminent Nigerians at the event were former Military Head of State, General Yakubu Gowon (rtd); first Military Governor of Lagos State, Brigadier-General Mobolaji Johnson (rtd); Oba of Lagos, Oba Rilwan Akiolu; foremost banker and founder of First City Monument Bank (FCMB), Otunba Subomi Balogun; legal luminary and philanthropist, Chief Chris Ogunbanjo; former ICAN Presidents, among other captains of industries and members of the diplomatic corps.

Mr Williams, the elder brother of late Chief Fredrick Rotimi Alade Williams (FRA), aka Timi the Law, is one of the few icons and nonagenarians of note within the Nigerian society, still going strong.

Pa Williams was born in 1919. His grandfather Z.A. Williams was a merchant prince from Abeokuta and his father Thomas Ekundayo Williams was a clerk in the colonial service who set up a legal practice in Lagos after training in England. He attended Olowogbowo Methodist Primary School, at Bankole street Apongbon, and CMS Grammar School, Lagos. He went on to Yaba Higher College on a UAC scholarship, obtaining a diploma in Commerce. In 1944, Williams travelled to England where he studied at the University of London, majoring in Banking and Finance. He graduated in 1946 with a Bachelor of Commerce. He continued his studies and qualified as a chartered accountant in England in 1949.


Williams was one of the founders of the Egbe Omo Oduduwa society, which he co-founded with Dr. Oni Akerele as President and Obafemi Awolowo as Secretary, in London.

Williams was the first African to qualify as a chartered accountant. He founded in 1952, the first indigenous chartered accounting firm in Africa, Akintola Williams & Co in Lagos. He was a founding member and first president of the Institute of Chartered Accountants of Nigeria (ICAN). He played an invaluable role in the establishment of the Nigerian Stock Exchange.

For his accomplishments, he was honoured with the Order of the Federal Republic by the Nigerian Government in 1982. And in April 1997, Queen Elizabeth also honoured him with the title Commander of the British Empire (CBE).

Pa. Williams was married to Mrs. Efuntiloye Mabel Williams (nee Coker), his dutiful wife, who passed away on Wednesday, July 8, 2009, at the age of 88. In his wife, Pa. Akintola found the definitive virtuous woman. Their marriage, which spanned over six decades was one of the firmest within the Nigerian social establishment. Mama Oye was able to show, in practical terms, and through her dedication to her family, the beauty of marriage. She was doggedly supportive of her husband in everything he did. Needless to say that; Mama Oye’s dedication to her husband was one of the mainstays of his career.

Those who knew Mama Oye would attest to knowing a woman of details. She very timely and procedurally too. Mama Oye was well admired for the way she doted on her husband. She was always concerned about what he ate and how the meal was prepared. The couple loved to dance together. The deceased will forever be remembered for the great role she played in the establishment of the Musical Society of Nigeria (MUSON) and the building of the MUSON centre, Lagos. Indeed, many fondly referred to her as ‘Mama MUSON’. The fact was, Oye not only played a very prominent role in the land procurement and fund raising for the building of MUSON Centre complex, she also ensured that Prince Charles of Britain, who was on a visit to Nigeria in March 1960, laid the foundation stone of the complex. Similarly, Mama Oye played a prominent role in the establishment of the Victoria Island and Ikoyi Residents Association (VIIRA) in pursuit of her love for a safe and healthy environment.

The marriage between Pa. Williams and Mama Oye was blessed by two children -Tokunbo Williams, a London-based lawyer and Seni Williams, a computer specialist who is the Managing Director of Tara Systems Limited, and many grandchildren.

Buhari Felicitates With Akintola Williams At 99

President Muhammadu Buhari has expressed best wishes to renowned, pioneer Chartered Accountant in Africa, Akintola Williams, as he clocks 99 years August 9, 2018.

President Buhari joins the Governor of Ogun State, Ibikunle Amosun, family and friends, professional colleagues, mentees, and other well-wishers as they celebrate the man who taught Nigerians how to seek and achieve transparency and accountability.

The president believes that the pioneer efforts of Mr Williams in his chosen field and continued show of interest have transformed the profession into noble heights.

He also praises the celebrant for not limiting his God-given intelligence and brilliance to his profession as he also got himself deeply involved in the promotion of arts and culture, preservation of the environment and development of good governance for which he has been honoured in different countries and climes.

President Buhari enjoins other professionals to emulate the dedication, steadfastness, industry, commitment and untiring sense of responsibility that Mr Williams has continued to exhibit for many decades in order to take their professions to higher realms.

President Buhari prays that God Almighty will grant the revered gentleman grace to continue to serve as a source of inspiration to younger ones who look up to him as a role model.

Dubai Tourism Director, Stella Fubara Bags BALAFON Travel Personality of The Year Award

Stella Fubara, the Director of International operations with the Dubai Department of Tourism and Commerce Marketing, has scooped the award of the Travel Personality of the Year in West Africa. The award was presented to her at the 4th Accra Weizo, during the 2018 edition of the West African region travel fair held at the La Palm Royal Beach Resort, Accra-Ghana in June 2018.

Stella Fubara was presented the award in the presence of VIP’s and dignitaries which included Mr. Akwesi Agyeman Ag CEO of Ghana Tourism Authority (GTA); Mrs. Abena Pokuaa Amoah Boaitey, CEO Sets of Golden Beach Hotels; Mrs. Rita Ikechi-Uko, DMD, Akwaaba Travel Market; Mr. Frank Apeasyei, Special Adviser to the Honourable Minister of Tourism, Arts and Culture, Ghana; Zimbabwean Ambassador to Ghana, Mrs. Pavelyn Tenclai Musaka; Mr. Chris Iwarah, Corporate Communications Manager, Air Peace; Stella Fubara, Africa Director, Dubai Tourism; Mr. Hloni Pitso, Manager West Africa, South Africa Tourism; Mr. Alex Nwuba, CEO Smile Aviation; Mr. Chike Ogeah, V. Chairman, SAHCOL; Mr. Richard Kyere of Africa World Airline among others.

The award recognized Stella Fubara as the Travel Personality of the Year in West Africa for her outstanding activities in sustaining functional and efficient operations for Dubai Tourism in West Africa, as Dubai Department of Tourism and CommerceMarketing continued to add value to the travel industry thereby making her a dominant face across West Africa. With Dubai Tourism’s influence being established in several countries in West Africa, and thereby playing a significant role in not only driving the travel and tourism Agenda of her organization and country and catalyzing the growth of tourism in the sub region but also helping forge ties between countries in West Africa, and Africa with a view to enhancing Regional Tourism.

Stella Fubara is a Director of International operations with the Dubai Department of Tourism & Commerce Marketing; the principal authority for the planning, supervision, development and marketing of Dubai’s tourism sector. She is also the 2017 recipient of the West Africa Travel Personality of the Year award.
An accomplished leader in business and finance management, Stella has over two decades of impressive executive management. She is responsible for the operations of Dubai Tourism in Africa in line with the ultimate vision of positioning Dubai as the world’s leading tourism destination and commercial hub.
Stella began her Professional career in 1999 as Financial Portfolio Manager at a global company, Owens Corning USA. In 2001 she moved on to become Senior Project Controller at Deloitte & Touche, where she set a remarkable standard for usage of tools and project management techniques for Deloitte projects on the East coast.

In 2003 she moved to Florida to take on the role of Project Finance Manager at Walt Disney World in Orlando, one of the most visited vacation resort and entertainment complexes in the world. Eventually assuming the Division Finance Manager position for the parks Costume & Cosmetology division.

When Stella moved to Wyndham Vacation Hotels & Resorts in 2007, as Director of Marketing Operations, her exceptional policy formulation skills and sublime financial management dexterity benefited Wyndham a great deal, resulting in additional responsibility for her as Director Operational Finance & Compensation.
Her zeal for innovation and opportunity positioned her to make a continental move to Wakanow.com; one of the fastest growing and largest internet travel sites in Africa in 2013, as Chief Marketing and Product development officer before her current role in Dubai.

Stella demonstrates effective management capabilities in areas of finance, forecasting, marketing strategy, product/business development and policy formulation. She also exhibits excellent leadership delivered in an efficient training team building spirit.

Stella obtained a B.Sc in Business Management from Franklin University Columbus, Ohio, as well as a Masters in Business Administration (MBA) in Finance & International Marketing Stella Ibiene Fubara is the 2nd of 7 children born to HRH Prof. Dagogo Michael Fubara, and his wife HRH Dr. Vinolia Sotonye Fubara (nee Peterside). She is a mother of two boys and two girls.

GTBank Releases H1 2018 Audited Results, Reports Profit Before Tax Of ₦109.6 Billion

Guaranty Trust Bank plc has released its audited financial results for the period ended June 30, 2018 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 period grew by 5.9% to ₦226.6billion from ₦214.1billion reported in June 2017.
Profit before tax stood at ₦109.6billion, representing a growth of 8.4% over ₦101.1billion recorded in the corresponding period of June 2017.The Bank’s Loan Book dipped by 10.8% from ₦1.449trillion recorded as at December 2017 to ₦1.293trillion in June 2018, while customers’ deposit grew by 10.0% to ₦2.269trillion from ₦2.062trillion in December 2017.
The Bank’s balance sheet remained strong with a 5.9% growth in Total assets as the Bank closed the period ended June 2018 with Total Assets of ₦3.549trillion and Shareholders’ Funds of ₦497.1Billion. In terms of Assets quality, NPL ratio improved to 5.8% in June 2018 from 7.7% in December 2017.
Overall, Asset quality improved with Cost of Risk of 0.1% and adequate coverage of 167.5% for Lifetime Credit Impaired Loans i.e. NPLs. Capital remains strong with CAR of 22.04% in spite of the implementation of IFRS 9. On the backdrop of this result, Post- Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 34.1% and 5.5% respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result. The quality of this result is built on the strength of our businesses as well as the success of our digital-first customer-centric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”
He further stated that “We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to building a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”
GTBank continues to be best in class in terms of all financial ratios posted by Financial Institutions in the Industry as indicated by its Post-Tax Return on equity (ROE) of 34.1%, Post-Tax Return on Assets (ROAA) of 5.5%, Cost to Income ratio of 38.8%, NIM of 9.6% and PBT margin of 48.4%.
These ratios are testament to competent and experienced Management and work-force, efficient Balance sheet structure complemented with the Operational efficiency of the Bank.
In recognition of the Bank’s bias for world-class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years. These include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.

Dangote Loses Bid To Buy Arsenal

Africa’s richest man, Aliko Dangote, has failed in his bid to purchase English football, Arsenal.

Dangote has never hidden his desire to own the Premier League club which he supports.

Russian minority holder Alisher Usmanov had agreed to sell his share of the club with the Nigerian eager to capitalise.

However, according to reports, American majority shareholder Stan Kroenke has had his offer to buy the rest of Arsenal accepted in a deal worth around $2.3 billion (£1.78 billion).

Kroenke, who also owns the U.S. Denver Nuggets basketball team and the Los Angeles Rams American Football team, said in a statement to the London stock exchange that he wanted to take Arsenal private to be better able to pursue its strategy.

The move comes at a crucial time for the north London club which is embarking on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge.

“We at KSE are moving forward with this offer leading to 100 per cent ownership of the club,” Kroenke said in a statement. “We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”

Kroenke, who already owns 67 per cent of Arsenal, said he had received an irrevocable undertaking from Usmanov to sell his 30 per cent stake and would buy out the remaining independent shareholders.

The club, under new manager Unai Emery, faces a battle to return to the summit of English football as the competition among the premier league’s top six clubs has never been greater.

The new league kicks off on Friday night with Pep Guardiola’s Manchester City, Juergen Klopp’s Liverpool and Jose Mourinho’s Manchester United all expected to set the standard.

Forbes Publishes Jim Ovia’s Autobiography, Africa Rise And Shine’

Nigerian billionaire banker Jim Ovia has published his autobiography chronicling the story of how he built one of Africa’s largest financial conglomerates within the last three decades.

The book, titled ‘Africa Rise And Shine’ is published by ForbesBooks, and recounts the series of events that led to Ovia’s triumph in Nigeria’s treacherous business terrain.

Drawing upon his educational experiences and relentless determination, Ovia was able to surmount many challenges that stood in the way of the bank he founded, Zenith Bank, becoming the billion-dollar entity that it is today. The book outlines the difficult, yet crucial business decisions that were essential to Zenith’s prolonged success and is filled with valuable takeaways for every African businessperson.

Ovia joins a growing number of extremely successful African businessmen who are writing their autobiographies and documenting their success stories.

Tanzanian media and mining mogul Reginald Mengi recently published his autobiography, titled ‘I can, I must, I will’ which documents his journey from a humble background in a small village in Northern Tanzania to his emergence as one of the most successful businessmen in Africa. Kenyan steel and cement tycoon Narendra Raval has also published his memoirs, Guru: A Long Walk to Success, which becomes available later this month.

Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria with a market cap i. He is the chairman and largest individual shareholder with a stake of slightly more than 9% stake, which has a current value of more than $200 million. He also owns prime real estate across Nigeria, and previously owned mobile telecom operator Visafone that he has since sold to MTN.