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GTBank Announces N30.68 billion 1st Quarter, 2016 Profit

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Guaranty Trust Bank plc has released its unaudited financial results for the first quarter ended March 31, 2016 to the Nigerian and London Stock Exchanges.

A review of the 1Q 2016 result shows that the Bank continued to consolidate on its position as one of the most profitable and well managed financial institutions in Nigeria, recording moderate growth from its core banking activities. However, decline in trading and revaluation gains occasioned by FX paucity robbed off on the impressive performance recorded with a 4.6% decline in gross earnings to N75.39 billion (Q1, 2015: N79.02 billion), a 6.1% decline in Profit Before Tax to N30.68 billion (Q1, 2015: N32.65 billion) and 3.6% decline in Profit After Tax (PAT) to N25.61 billion (Q1 2015: N26.56 billion). The Bank also reported a post-tax ROAE of 24.19% and ROAA of 3.96% respectively. Shareholders’ funds closed at N433.41 billion (FY 2015: N413.56 billion).

The bank’s Balance Sheet remained strong with 5.2% growth in Total Assets to N2.66 trillion (FY 2015: N2.52 trillion). Loan book declined slightly by 0.7% to close at N1.36 trillion (FY 2015: N1.37 trillion). Customer’s Deposit grew by 10.3% to N1.78 trillion (FY 2015: N1.61 trillion). In line with the bank’s Risk Management strategy, the bank approached its loan growth with disciplined strategy, thus Non Performing Loans (NPL) of the bank for the period under review is still well within range at 3.51% and Net Interest Margin (NIM) for the period under review declined marginally by 9bps to 8.12% from 8.21% in Q1 2015.

Commenting on the financial results, Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc stated that “Despite a slow start in economic activity in 2016 and the extremely challenging business environment, the Bank recorded decent performance across key financial indices during the period.”. He added that “We understand that there’s a lot more work to be done, we are however prepared for the challenges and opportunities that lie ahead the 2016 financial year”.

As a financial institution with a bias for industry leadership, exceptional service delivery and innovation, Guaranty Trust Bank plc has experienced tremendous growth since its inception in Nigeria in 1990 with business outlays spanning Anglophone and Francophone countries of West Africa, East African and the United Kingdom. The Bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.

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Police Arrest Access Bank Staff For Stealing N18 Million From Customer’s Account

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The Head of ATM operations at the Daura branch of Access Bank in Katsina State has confessed to conspiring with a colleague to steal about N18 million belonging to a customer, the Katsina Police Command said on Wednesday.

“I primed an ATM card for a colleague and friend of mine, and he said N18 million was the dividend from the bank, of which he sent me N10 million,” the suspect, Adewumi Bolaji Gabriel, said when the police paraded him along with others for sundry offences at the Katsina Police Headquarters.

The Police Public Relations Officer (PPRO), ASP Abubakar Sadiq Aliyu, explained that the arrest followed a complaint from an Assistant Head of Operations at Access Bank Daura branch “on a suspected case of fraud against one Adewumi Bolaji Gabriel, age 28, the Head of ATM at Access Bank Daura.

“The suspect criminally conspired with a friend, one David Mesioye, a staff of Access Bank Kafur branch, now at large, to steal the sum of ₦18,160,000.00 from a customer’s bank account.

“The suspects used their expertise of the bank’s operations to carry out the theft, which was discovered during an audit.

“In the course of the investigation, the suspect confessed to the commission of the offence as the following exhibits were recovered from him: the sum of ₦10,180,000.00 from his different bank accounts, physical cash of ₦366,900.00, and other valuables.

“The suspect will be charged to court upon completion of the investigation.”

In a related development, the police also paraded another suspect, said to be a notorious fraudster, with 14 stolen ATM cards from various banks.

According to the PPRO, “on 25th November 2024, at about 1130 hrs, the Command succeeded in arresting one Bishir Abdullahi, age 37, of Helele quarters, Sokoto State, a suspected notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points. He was found in possession of 14 stolen ATM cards.

“The suspect was arrested by Inspector Aliyu Muhammad, a police officer on duty at the First Bank branch of Tudun Katsira quarters in Katsina metropolis. He was arrested after the police officer on duty became suspicious of his activities around the ATM machine.

“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.

“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.

 

“The total amount withdrawn by the suspect from the victims’ accounts is ₦2,705,000.00. The suspect will be charged to court upon completion of the investigation.”

 

 

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Ex AMCON Managing Director, Ahmed Kuru, Others Face Fresh Charges For Diverting N20billion Public Funds

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The Nigerian government has filed another six-count criminal charges against former Managing Director of the Assets Management Cooperation of Nigeria (AMCON), Ahmed Lawal Kuru for diverting N20billion public funds.

The charges, which was obtained on Thursday, alleged the involvement of Ahmed Kuru and others in conspiracy and stealing of the Property of Asset Management Corporation of Nigeria (AMCON) “through the Heritage bank Limited to the use of SIGMA GOLF NIGERIA LIMITED for the acquisition of Keystone Bank Limited.”

According to the court documents, the charges filed at the Ikeja Judicial Division of the Lagos State High Court, October 24, 2024 are between Federal Republic of Nigeria and Ahmed Lawal Kuru, Umaru Hamidu Modibbo and Sigma Golf Nigeria Limited as the 1st to 3rd Defendants.

The suit marked REF/95870/2024, was filed by Chairman of the Economic and Financial Crimes Commission (EFCC) through Rotimi Oyedepo Iseoluwa, SAN; Abba Mohammad, SAN, Bilkisu Buhari Bala, Esq, Suleiman I. Suleiman, Esq, Chineye. C. Okezie, Esq, Muhammed Abbas Omeiza, Esq, Hannatu Umar Kofarnaisa, Esq, Zeenat Atiku Bala, Esq, Abubakar Salihu Wara, Esq on behalf of the federal government

The offences which bordered on criminal conspiracy, stealing is said to contravene Section 280 and punishable under Section 287 of the Criminal Law of Lagos State 2011.

In count three, Kuru and his co-defendants were accused of transferring Property derived from an illegal act with the aim of concealing the illegal origin and to evade the legal consequences contrary to Section 332(1) of the Criminal Law of Lagos 2011 and punishable under Section 332(3)

Some of the charges reads:

“AHMED KURU, UMARU HAMIDU MODIBBO, IFIE SEKIBO (AT LARGE) and SIGMA GOLF NIGERIA LIMITED sometime in 2016 in Lagos, within the jurisdiction of this honourable Court dishonestly Converted the total sum Twenty Billion Naira (N20, 000, 000, 000) Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of SIGMA GOLF NIGERIA LIMITED for the acquisition of Keystone Bank Limited.

“AHMED KURU, UMARU HAMIDU MODIBBO, IFIE SEKIBO (AT LARGE) AND SIGMA GOLF NIGERIA LIMITED on the 17th of November, 2016 in Lagos within the jurisdiction of this honourable Court transferred the aggrega sum of Ten Billion Naira (N10, 000,000,000) derived directly from an illegal act to wit: stealing with the aim of concealing the illegal origin of the said sum and to evade the legal consequences of your action.”

On count 4, AHMED KURU, UMARU HAMIDU MODIBBO, IFIE SEKIBO (AT LARGE) AND SIGMA GOLF NIGERIA LIMITED were said to have on the 23rd of November, 2016 in Lagos, within the jurisdiction of Court “transferred the aggregate sum of Ten Billion Naira (N10, 000,000,000) derived directly from an illegal act to wit: stealing with the aim of concealing the illegal origin of the said sum and to evade the legal consequences of your action.

“Count 5: AHMED KURU, UMARU HAMIDU MODIBBO, IFIE SEKIBO (AT LARGE) and SIGMA GOLF NIGERIA LIMITED on 17th November, 2016 in Lagos, within the jurisdiction of this honourable Court dishonestly Converted to the use of SIGMA GOLF NIGERIA LIMITED the total sum Ten Billion Naira (N10, 000, 000, 000) Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of SIGMA GOLF NIGERIA LIMITED for the acquisition of Keystone Bank Limited.

“COUNT 6: AHMED KURU, UMARU HAMIDU MODIBBO, IFIE SEKIBO (AT LARGE) and SIGMA GOLF NIGERIA LIMITED on 23rd November, 2016 in Lagos, within the jurisdiction of this honourable Court dishonestly Converted to the use of SIGMA GOLF NIGERIA LIMITED the total sum Ten Billion Naira (N10, 000, 000, 000) Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of SIGMA GOLF NIGERIA LIMITED for the acquisition of Keystone Bank Limited.”

 

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Victory at Last: Nigerian lecturer victimised for 24 years secures final victory

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A lecturer, Inih Ebong, unjustly sacked by the University of Uyo (Uniuyo) over 22 years ago, has won a final victory against the university at the Court of Appeal, Calabar, Cross River State.

The appellate court, on Tuesday, dismissed an appeal filed by the University of Uyo for a stay of the execution of a 2020 judgement of the National Industrial Court of Nigeria, which ordered the university to reinstate Mr Ebong and pay him all his entitlements and damages.

“It’s all over. It’s all over. Everything is over,” said Mr Ebong’s lawyer, Nse William, who confirmed the development to PREMIUM TIMES Tuesday afternoon.

“We give glory to God,” he added.

“You know, wherever there’s a wrong, there’s always a remedy,” Mr William said, adding that he was happy that the lecturer was alive to witness the victory.

‘It has been so long’

An elated Mr Ebong spoke with our reporter on Tuesday about his legal victory.

“I feel very happy,” he said.

“The road is now as clear as the apian way for me to enforce that judgment (of the industrial court). Whether the vice-chancellor likes it or not, he must pay that money. It is his karma.”

The lecturer thanked Nigerians who stood by him throughout his travail.

He thanked the Nigerian billionaire Femi Otedola, who sponsored his medical treatment, and a human rights lawyer, Inibehe Effiong, for travelling from Lagos to Uyo to visit him and for speaking out against the injustice meted out to him.

Mr Ebong’s wife, Uduak, expressed her happiness about the court victory.

“It has been so long,” she said.

“The whole thing started when I gave birth to my first daughter. All my three children were born into the struggle. Today, my first daughter is 21 years old and is in the university.

“Our kids have been our great supporters.”

Uduak narrated how, on Sunday, they were thinking about where to get money for the lawyer’s transport fare to Calabar for the Appeal Court judgment. Then, out of the blue, Mr Ebong’s former schoolmate at the University of Nigeria, Nsukka, credited her husband’s account with N20,000.

“We have been so blessed to receive support from kind Nigerians,” she said.

False accusations

Mr Ebong was an associate professor at the theatre arts department when Uniuyo unjustly sacked him in 2002 over a false accusation that he abandoned his duty.

The lecturer was reputed for his resistance to and criticism of maladministration, mismanagement and corruption in the university.

Akpan Ekpo, a recently retired professor of economics, was the vice-chancellor of the university when authorities moved unjustly against the lecturer. A certain Peter Effiong was the registrar during the period.

PREMIUM TIMES, in October, published an investigative report on how Uniuyo ruined Mr Ebong’s career with unproven sexual assault allegations.

The 73-year-old lecturer had been diagnosed with cardiac failure in October 2020 and was dying before Mr Otedola, stepped in to take care of his medical treatment, following a PREMIUM TIMES report.

Being out of a job for several years, Mr Ebong could hardly feed himself and his family, let alone take care of his medical treatment.

Shortly after his sacking in 2002, Uniuyo published a disclaimer on Mr Ebong in Punch newspaper, apparently to get other potential employers to avoid him.

Industrial court judgment

Since 2002, when his appointment was terminated, Mr Ebong has won several court cases against the University of Uyo.

The outstanding victory was the January 2020 judgment of the National Industrial Court of Nigeria, which ordered the university to reinstate the lecturer and pay him compensation.

“The stoppage of the Claimant’s salary, the indefinite suspension of him from duties, and the purported termination of his appointment by the Defendants without due process were malicious, ultra vires, and unlawful, and therefore null, void and of no effect whatsoever,” Justice M. A. Namtari declared in his judgment in the case instituted by Mr Ebong in 2017.

The court ordered Uniuyo to withdraw the termination letter, reinstate Mr Ebong, and pay all his salaries, allowances, and entitlements that would have accrued to him since 1 August 2001, when his salary was stopped, and from 28 March 2002, when his appointment was wrongfully and unlawfully terminated.

The court also ordered the university to pay Mr Ebong the equivalent of his full annual salaries and allowances for the 2001/2002, 2007/2008, and 2014/2015 academic years he should have gone on sabbatical leave in accordance with the terms and conditions of his employment if his appointment had not been unlawfully suspended and later terminated.

The university, in addition, was ordered to pay Mr Ebong N10 million as damages.

Uniuyo had filed three separate applications at the Court of Appeal against Mr Ebong’s victory at the industrial court. The appellate court struck out two of them, remaining the last one, which the court has dismissed.

Since all cases from the Industrial Court end at the Court of Appeal, the management of the University of Uyo is now expected to implement the judgement of the Industrial Court.

When PREMIUM TIMES contacted him on Tuesday, Fidelis Iteshi, Uniuyo’s lawyer, declined comment on the matter.

“I can’t say anything until I get a copy of the judgment,” he said.

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