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GTBank Announces Final Tender Results

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uaranty Trust Bank plc (“GTBank” or the “Bank”) announced today the expiration and final tender results of the any and all cash tender offer (the “Tender Offer” or “Offer”) with respect to the U.S.$500,000,000 7.50 per cent. Notes due 2016 (the “Securities”), which Securities were issued by its wholly owned subsidiary – GTB Finance B.V. (the “Offeror”) – and unconditionally and irrevocably guaranteed by the Bank.

As the Expiration Deadline for the Tender Offer was February 10, 2016, the deadline for tendering the Securities under the Offer has now passed.

An aggregate principal amount of U.S.$ 126,586,000 of the Securities that were validly tendered on or prior to the Expiration Deadline and not validly withdrawn were accepted. No Securities were tendered through the guaranteed delivery procedures described in the Tender Offer Memorandum dated February 4, 2016 (the “Tender Offer Memorandum”). The Settlement Date for the Tender Offer is February 16, 2016.

The Tender Offer is consistent with GTBank’s liability management strategy and reflects the Bank’s ongoing efforts to enhance the efficiency of its funding and capital structure as it seeks to reduce its overall funding costs. Subject to applicable law, the Offeror or any of its affiliates may at any time and from time to time following completion of the Offer, purchase the remaining outstanding Securities by tender, in the open market, by private agreement or otherwise on such terms and at such prices as the Offeror or, if applicable, its affiliates may determine. Such terms, consideration and prices may be more or less favorable than those offered under the Tender Offer.

According to the Bank’s CEO – Segun Agbaje, “we are pleased at the outcome of this exercise. The Offer, which is the first of its kind involving a Nigerian corporate in the international financial markets, has enabled us achieve the objective of reducing some of the Bank’s borrowing costs ahead of the maturity of the Eurobond in May of this year. The tender result is also a testament to the strength of the Bank’s credit in the international capital markets. It is gratifying and humbling at the same time to note this level of investor confidence in the Bank”.

The Tender Offer was made pursuant to the Tender Offer Memorandum, which set forth in more detail the terms and conditions of the Offer. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.

J.P. Morgan and Morgan Stanley acted as the Joint Dealer Managers for the Offer. Lucid Issuer Services Limited acted as Tender Agent and Information Agent. Legal Advisers were White & Case LLP (English and U.S. Law Counsel to the Bank and the Offeror), Linklaters LLP (English and U.S. Law Counsel to the Joint Dealer Managers), NautaDutilh N.V. (Dutch Law Counsel to the Bank and the Offeror) and Banwo & Ighodalo (Nigerian Law Counsel to the Bank and the Offeror).

This press release is neither an offer to purchase nor a solicitation to buy any of the Securities nor is it a solicitation for acceptance of the Offer. The Offer was made only by, and pursuant to the terms of, the Tender Offer Memorandum. The Offer has not been made to (nor have tenders of Securities been accepted from or on behalf of) holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This announcement must be read in conjunction with the Tender Offer Memorandum

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Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest

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Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”

 

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Evans The Billionaire Kidnapper Bags 21 Year Imprisonment

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Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor Aduba, to 21 years imprisonment for kidnapping one Sylvanus Hafia.

They were accused of conspiring and kidnapping Sylvanus Ahanonu Hafia at about 5:30 pm on June 23, 2014, at Kara Street, Amuwo Odofin in Lagos and were alleged to have captured and detained Hafia and demanded a ransom of $2m.

But they pleaded not guilty to the four charges.

The judge held that the sentence would serve as a deterrent to other aspiring kidnappers

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Poverty, Hunger in the Country, Okowa Blames APC

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…says Delta healthcare will curb medical tourism

Delta State Governor and Vice-Presidential Candidate of the Peoples Democratic Party (PDP), Ifeanyi Okowa, weekend, said that poor management of the nation’s economy by the ruling All Progressives Congress (APC) caused the rising hunger and poverty in the country.

He stated this at an empowerment programme for the people of Ika Federal Constituency at Boji-Boji Owa, Ika North Council by the member representing the constituency at the House of Representatives, Mr. Victor Nwokolo.

The governor, who commended Nwokolo for his gesture, described the event as “empowerment programme with a difference. He said Nigeria was troubled because people were hungry and out of job due to mismanagement of the nation’s economy.

He added that even students were having lots of challenges because their parents could not meet their needs owing to the level of poverty resulting from ineptitude of the APC-led Federal Government.

He, therefore, urged Nigerians to support the PDP, saying it was the only party with clear understanding of the nation’s challenges and had clear solution to rescue the nation.

Earlier, Nwokolo said his motive for the empowerment was to restore hope to the hopeless amid rising hunger and poverty in the land.

MEANWHILE, Okowa, also at the different forum, said the huge investment being made by his administration in the health sector was to improve healthcare delivery and reduce medical tourism in the country.

He disclosed this in an interview with journalists shortly after inspecting facilities at the Advanced Diagnostic Medical Centre and Mother and Child Hospital, Owa-Alero in Ika Council of the state.

He said the twin medical facilities would, on completion, reduce medical tourism as it would provide first-class medical services to people who would have sought medical treatment abroad.

“I am glad we have gotten to this stage. I had high hopes that by today, we would have inaugurated these projects.

“The equipment are fully on site and we are trying to get things fully sorted out and I am sure that in the next one month, it should be ready and opened to the public for use.

“The two projects are obviously very important. The Mother and Child, as it is so stated, is supposed to take care of every illness concerning our women and children,” he said.

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