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

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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.

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Beware of fake Oxycontin in circulation, NAFDAC warns public

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The National Agency for Food and Drug Administration and Control has alerted the public on falsified Oxycontin 80mg (oxycodone hydrochloride) which it says was detected in an unregulated market in Switzerland.

The public alert with No. 07/2025 was uploaded on the agency’s website on Thursday.
The agency said the issue about falsified medicine was reported to the World Health Organisation by the genuine manufacturer, MUNDIPHARMA, in February.

It said the falsified product imitated the genuine OXYCONTIN 80mg authorised for sale in Poland, adding that the genuine OXYCONTIN (oxycodone hydrochloride) is a semi-synthetic opioid indicated for the treatment of moderate to severe pain.

It said laboratory tests of samples for the falsified product were conducted by the Drug Information Centre in Zurich, Switzerland, and that WHO, DIZ’s drug-checking service determined that the tablets did not contain oxycodone but a synthetic opioid likely to be a nitazene compound.

According to NAFDAC, Nitazene derivatives (e.g., metonitazene, isotonitazene, fluonitazene) are potent synthetic opioids, primarily used in research due to their high addiction potential and severe side effects.

It said these substances could be hundreds of times stronger than oxycodone, posing a high overdose risk, stressing that limited information is available on their risks, toxicity, side effects, and long-term consequences.

“The identified product in this alert is confirmed as falsified on the basis that it deliberately/fraudulently misrepresented its identity, composition, or source.

“The falsified product imitates OXYCONTIN 80mg manufactured and marketed by MUNDIPHARMA in the Polish market. MUNDIPHARMA has confirmed that the product was falsified and was not produced by their company.

“This falsified product has been found to contain undeclared nitazene compounds, which pose a significant risk due to the high likelihood of adverse events, even in small doses. Nitazenes produce similar effects to other opioids.

“Their high potency carries a high risk of overdose and death. Using nitazene derivatives has been linked to several deaths.

“Mixing them with other depressants like alcohol or benzodiazepines can be very dangerous, leading to severe effects like respiratory depression, low blood pressure, coma, or even death,” NAFDAC said.

It said that this falsified product posed a particular risk to individuals with substance use disorders who might perceive this falsified product as a safe and quality-assured medicine.

NAFDAC said that visible discrepancies were observed on the falsified product such as the placement of the batch and expiry dates on the counterfeit product were incorrect.

It added that the falsified product batch and expiry date are visible on the front side of the blister strip, adding that genuine OXYCONTIN has the batch and expiry date visible on the back of the blister strip.

NAFDAC stated that on the falsified product, the expiry date is on the left and the batch number is on the right, pointing out that genuine OXYCONTIN has the batch number on the left and the expiry date on the right.

According to NAFDAC, all its zonal directors and state coordinators have been instructed to conduct surveillance and retrieve any falsified products of this medicine found within their zones and states in Nigeria.

It said that importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importation, distribution, sale, and use of falsified OXYCONTIN tablets.

NAFDAC said that all medical products/ medical devices must be obtained from authorised/licensed suppliers, stressing that products’ authenticity and physical condition should be carefully checked.

It advised healthcare professionals and consumers to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, or call NAFDAC on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

It said that healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office.

NAFDAC said that healthcare professionals and patients could also report to the agency through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng

NAN

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Rivers emergency rule: Why I walked out – Senator Dickson opens up on what happened at Senate close section

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The lawmaker representing the Bayelsa West Senatorial District, Senator Seriake Dickson, has revealed that he walked out of the red chamber on Thursday following a heated argument regarding the approval of the State of Emergency in Rivers State.

SOCIETY REPORTERS reports that the Senate on Thursday approved the emergency rule and the six-month suspension of Governor Siminalayi Fubara, his deputy, and all the state lawmakers, as declared by President Bola Tinubu on Tuesday.

During the Thursday plenary, Senator Dickson, who stiffly opposed the proclamation, had a brief argument with the President of the Senate, Senator Godswill Akpabio, before the House proceeded to a closed session.

In a statement on Friday, Senator Dickson revealed that he raised his “objections in the closed session on how the declaration fell short of constitutional prescription based on my views as a Democrat, sworn to uphold the Nigerian constitution.”

The lawmaker also revealed that though the Senate did not undertake the debate in an open session, “it was quite robust.”

The former governor of Bayelsa State listed Senators Waziri Tambuwal and Enyinnaya Abaribe among those who kicked against the proclamation.

Part of the statement reads: “I left the plenary before the Senate President was directed to report the outcome because I didn’t want to be present while what I opposed was being reported. I believe Senator Tambuwal, Senator Abaribe, and others also left.

“I want to make it clear that, as I stated repeatedly, I spoke and voted against the proclamation in our closed session, supported by Senator Aminu Tambuwal and a few other senators who were not recognized to speak.

“And so I want to thank all the senators who shared the view that I vigorously canvassed.

“I am, however, aware of the efforts made to modify the declaration as a result of the concerns and views we have expressed and canvassed over the past few days.

“Though I acknowledge the effort being made by the leadership and the President to moderate the terms of the declaration and to create a mechanism for oversight, theoretically, this does not counter the primary issue of constitutionality.

“The beauty of democracy is such that the minority will have their say while the majority will have their way.

“I would have wished for a more robust and open debate so that all views and opinions could be openly canvassed, as I requested even at the closed session specifically, and thereafter, the majority could have their way. But as it is, both chambers have decided, and the ball is now in the court of the other arms of government, especially the judiciary, in the event of any challenge.”

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Just In: Court restrains INEC from receiving petition for recall of Natasha

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The Federal High Court, Lokoja, has granted an interim injunction restraining the Independent National Electoral Commission, INEC, from receiving petitions for the purpose of initiating a recall process against Senator Natasha Akpoti-Uduaghan.

SOCIETY REPORTERS reports that the push to recall the suspended senator intensified on Thursday, with more groups in Kogi Central throwing their weight behind the process.

However, a group of Ebira indigenes refuted the claim that the recall process was being sponsored and influenced with money by Akpoti-Uduaghan’s political opponents.

Nevertheless, the court, which gave the order on Thursday, also restricted INEC staff, agents, privies, or assigns from accepting or acting on any petition containing fictitious signatures of purported members of the Kogi Central Senatorial District and from conducting any referendum pending the determination of the motion on notice to the same effect.

The court, according to the order paper made available to newsmen on Friday morning, granted the application following an ex-parte application for an interim injunction supported by an affidavit of extreme urgency.

The court processes were sworn to by Anebe Jacob Ogirima for himself and four others who are registered voters and constituents of the Kogi Central Senatorial District of Kogi State.

However, the application was moved by Smart Nwachimere, Esq., of West-Idahosa, SAN & Co., but the case has been adjourned to May 6, 2025, for a report of service and further mention.

Reacting to the development, a pressure group, Action Collective, commended the judiciary for granting the order.

The group’s coordinator, Dr. Onimisi Ibrahim, said in his reaction that the order would further expose the impunity of some sponsored individuals behind the failed plot to recall Senator Natasha.

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