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NGX Welcomes Guaranty Trust Holding Company Plc With Closing Gong Ceremony

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NGX Welcomes Guaranty Trust Holding Company Plc With Closing Gong Ceremony-Crystal News

The Nigerian Exchange (NGX) Limited, on Tuesday, July 13, marked the listing of Guaranty Trust Holding Company Plc’s (“GTCO Plc”) shares with a Closing Gong Ceremony on the main floor of the exchange.

This follows the completion of all regulatory requirements for the corporate reorganization of the leading financial institution into a holding company structure and the listing of GTCO Plc, on the Nigerian Exchange (NGX) Limited and the London Stock Exchange, replacing Guaranty Trust Bank Plc.

Guaranty Trust was first listed on the Nigerian Exchange in 1997, winning the “Nigerian Stock Exchange President’s Merit Award” within months of its listing. In 2007, it became the first Nigerian bank to list on London Stock Exchange, the first to dual list on an international exchange, and the first Nigerian company to raise international capital using listed Global Depositary Receipts.

Since then, Guaranty Trust has embarked on a decade of unparalleled growth with total assets and shareholders’ funds closing at ₦4.993trillion and ₦837.2billion respectively, at the end of Q1, 2021.

As part of its long-term growth strategy, Guaranty Trust has now adopted a holding company structure wherein GTCO Plc will operate as the parent company of all Guaranty Trust banking businesses across Africa and the United Kingdom as well as other non-banking businesses which will be established following the transition.

Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust, commented: “These are very exciting times for us. Following our transition, we can now compete more effectively with non-banks in this new and evolving competitive landscape, whilst creating more value for customers and shareholders than we ever could as a bank.

Although we are delighted to have completed this rigorous transition process, we know that the hard work has just begun. We are in the final phase of building a new payments business that will deepen and extend digital financial services across Africa.

We also believe that we are in a better position to drive an Asset Management business and a Pension Fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade.”

Founded in 1990, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Africa.

It is the best managed financial institution in Nigeria, leading the industry across key financial indices, such as Return on Equity (ROAE of 26.0% in Q1 2021), Return on Assets (ROAA of 4.3% in Q1 2021), and Cost to Income ratio (42.6% in Q1 2021).

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Unity Bank Posts N23.6bn Gross Earnings In H1

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Unity Bank Posts N23.6bn Gross Earnings In H1-Crystal News

Unity Bank Plc has announced gross earnings of N23.6 billion for the six months ended June 30, representing an increase of four per cent.

The bank said this in its unaudited financials submitted to the Nigerian Exchange Limited on Friday.

The gross earnings was higher compared with the N22.8 billion posted in the comparative period of 2020.

The bank grew its bottom-line by 34 per cent as profit before tax closed at N1.50 billion from N1.12 billion in 2020.

Similarly, the profit after tax stood at N1.38 billion against N1.03 billion recorded in the corresponding period of 2020.

The lender also sustained growth the trajectory in its assets as total assets for the period rose by 11 per cent to N547.37 billion from N492.02 billion as of Dec. 31, 2020.

Other highlights of the financial statement include a 21 per cent increase in fee and commission income to N3.07 billion from N2.54 billion in the corresponding period of 2020.

Net interest income stood at N9.87 billion, representing nine per cent increase from the N9.06 billion recorded in the corresponding period of 2020.

Commenting on the result, the Managing Director, Unity Bank Plc, Mrs. Tomi Somefun, said the performance was encouraging in spite of the economic challenges.

Somefun said the double-digit growth recorded in both earnings and profits was the result of a portfolio plan, which the bank embarked on at the beginning of the year to diversify its portfolio.

She added that the bank pursued asset creation in petrochemical downstream, consumer, healthcare and general commerce, with agribusiness providing the bulwark for identified business and brand benefits.

She said the bank would be looking to strengthen its balance sheet from the liability side as it continued to grow its brand franchise in many areas of the retail market by promoting and leveraging its agriculture value chain businesses.

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Trademark Infringement: NBC, Rite Foods Suit Resumes September 22

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Trademark Infringement: NBC, Rite Foods Suit Resumes September 22-Crystal News

A Federal High Court in Lagos on Monday, July 12, adjourned till September 22, proceedings in the suit between Nigerian Bottling Company (NBC) Ltd and Rite Foods Ltd.

In suit No: FHC/L/CS/92/2021, the plaintiff, Rite Food Limited, filed a motion ex parte of an interim injunction against the defendant, NBC, restraining it from further promoting or using any sales promotion material for its Predator energy drink in a manner that infringes or passes off or that is capable of infringing or passing off the plaintiff’s Fearless energy drink until the interlocutory application for an injunction is determined.

Rite Foods claimed through its counsel Mr. Muyiwa Ogungbenro, that Predator’s lion insignia bears a striking resemblance to the Fearless.

But NBC denied any claim of trademark violation or passing off with its Predator Energy drink vowing to contest the case vigorously in court.

It has also prayed the court to set aside an ex-parte injunction obtained by Rite Foods Ltd against the continued promotion of the Predator Energy drink in the Nigerian market.

It further asked the court to dismiss Rite Foods’ committal application brought against NBC’s Managing Director, Mr. Matthieu Seguin, for alleged disobedience to the interim order.

The suit, formerly before Justice Chukwujeku Aneke, is now before Justice Lewis Allagoa.

NBC’s counsel Mark Mordi had told Justice Aneke that Rite Foods’ applications were brought malafide and were without merit as the suit lacked a firm ground to stand in law.

He contended that the Predator logo had been in existence and in use in many markets outside of Nigeria even prior to the launch of Fearless by Rite Foods in the Nigerian market.

When the matter came up before Justice Allagoa, he fixed the September 22 date for the hearing of preliminary applications in the suit.

 

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Coca-Cola Set To Open New Digital Delivery Center In Johannesburg

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Coca-Cola Set To Open New Digital Delivery Center In Johannesburg-Crystal News

Technology Services is leading the charge by enabling the broader corporate vision to build scalable capabilities across the system as such, Coca-Cola is set to open a new digital delivery center in Johannesburg.

Just last month, Dublin entered the mix of strategically located hubs, and the announcement indicated another was in the works.

Johannesburg rounds out the list and serves as the latest example of Coca-Cola’s savvy investment in its global digital network. Like other service centers, this teams’ efforts will focus on using digital insights, business intelligence, analytics, and smart digital marketing to enhance the customer and consumer experience.

Dublin’s digital hub will play a supporting role in Africa’s maturation process until Johannesburg is equipped to take on the local challenges and unique offerings that ultimately yield innovative, scalable solutions.

The initial recruiting focus resides in the data and analytics front, followed by software engineers and developers to fortify the diverse talent landscape.

Each delivery center offers exciting opportunities to learn, grow, and contribute to Coca-Cola’s journey to be a cutting-edge technology leader. Africa brings yet another dimension to the tech scene and complements the diverse, yet focused global initiative.

“We are looking for people who want to be part of building something – creating a strong community from the ground up,” said Sue Liderth, Vice President, Regional Delivery for Europe, Middle East, and Africa regions. “That kind of experience instills a lot of pride – not only in one’s work, but also for the company and the communities in which we work, live, and serve.”

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