Business
Company Gives GTCO 7-Days To Retract Libellous Statement Or Pay N1bn
Guarantee Trust Company (GTCO) is currently enmeshed in a N1b defamation suit over an alleged libelous publication against Corporate Forwarders Limited.
Solicitors to Corporate Forwarders, in a letter, addressed to GTCO, demanded a retraction, an apology, and compensation for the injurious libelous falsehood’ against its client.
According to the letter, GTCO had erroneously flagged Corporate Forwarders Limited as credit risk based on a report from the Credit Risk Management System (CSRM) of the Central Bank of Nigeria (CBN).
GTCO accused Corporate Forwarders of being 1952 days late in repaying an overdraft of N13, 021,000 granted to the company in 2015.
However, Corporate Forwarders Ltd, a frontline logistics services provider of over 3 decades has never applied or received any financial support from GTCO.
The letter stated that the alleged error on the part of GTCO made Corporate Forwarders lose out on securing a loan from another commercial bank, thereby resulting in financial losses for the company.
However, the bank which received the demand letter on Nov 4 has until Nov 11 (seven days) to pull down the offensive and defamatory publication from the Credit Risk Management’s System platform, publish an apology for the misinformation on a national daily and pay the sum of N1bn as compensation or face legal proceedings.
Recall that in July, Guarantee Trust Bank Plc (GTB) completed its reorganization to a Holding Company Structure and adopted the name, Guarantee Trust Holding Company Plc (GTCO).
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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