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GTCO records largest ever first quarter profit in Nigerian Banking History

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Customers of Guaranty Trust Bank (GTB) have taken to the social media to condemn the decision of the bank to deduct a ‘CT miscellaneous

Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history.

According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023.

Profit after tax for the period under review printed N457.1 billion while the bank’s total assets rose to N13 trillion from N9.6 trillion at the end of 2023.

GTCO entire profit after tax for 2023 was N539.6 billion underscoring how significant this result is for the bank and its shareholders.

Key results highlights
The Holding Company, which includes its flagship Nigerian bank and its fledgling subsidiaries, reported a net interest income of N213.8 billion after deducting loan losses.

Net interest income was three times its prior year figure, highlighting the substantial profits banks are generating from loans and advances to their customers.

In a season of high interest rates and exchange rate weakness, commercial banks tend to deliver impressive numbers.

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GTCo also earned over N100 billion from investments in securities. About 79% of its investment security portfolio is comprised of treasury bills, which are yielding returns as high as 19% compared to single-digit returns posted a year earlier.

Commission and fees also contributed another N52 billion to the bottom line, nearly delivering another double-digit gain year on year.

Mr. Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, shared insights into the company’s first quarter achievements and future outlook.

“Our first quarter results reflect the unfolding value of what we have created across all our business verticals through the Holding Company Structure—from Banking and Payments to Funds Management and Pension. We are strategically positioned to effectively compete and meet all our customers’ needs within a unified, thriving financial ecosystem.”

Despite the challenging operating environment, Mr. Agbaje noted the company’s solid performance, highlighting “significant growth across all financial and non-financial metrics,” and affirmed that the company remains on track to meet its full-year guidance.

The bank also spoke to the significance of the result from a.banking industry perspective, stating that it was one of the “best metrics” in the sector.

“Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios i.e., pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.”

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The size of the bank’s profits highlights the impact Nigeria’s currency depreciation has had on commercial bank’s fortunes, in contrasts to manufacturing companies.

Zenith Bank, UBA, and Access Bank, which also recently published their results, reported N320 billion, N156.3 billion, and N202.7 billion respectively. Like GTCo, gains from exchange rate revaluation aided profitability. In some cases, forex revaluation contributes as much as 80% of profits.

GTCo’s performance reveals it posted a loss on revaluation gains while earning about N331.5 billion from “fair value gain on financial instruments,” a term for an increase in the market value of a financial asset, as measured by the difference between its current fair value and its previous valuation or purchase price.

It’s unclear if this represents the bank’s investments in financial derivatives, forex, or both. In this era of massive bank profits, forex revaluation gains have become a trend contrasting massively with the ravaging effects they’re having on the wider economy.

The Central Bank’s hawkish monetary policy, which has seen its benchmark monetary policy rate (MPR) rise to about 24.75%—a more than 600 basis point increase in less than six months, enables banks to earn money from the spread between lending rates and deposit rates.

In periods of high interest rates, this spread can be quite lucrative.. Banks make money from the spread between lending rates and deposit rates, and in periods of high interest rates, the spread can be lucrative.

Retained Earnings
GTCo’s profits will also fuel the debate over the central bank’s controversial decision to not include retained earnings in the calculation of banks’ tier 1 capital.

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For example, the N509 billion profit is more than the N361 billion GTCo needs to raise to meet the central bank’s recapitalization requirement.

GTCO’s retained earnings N931 billion up from N737.5 billion a year earlier. Yet it is not allowed to capture that as part of its share capital, per CBN directives,

While banks are not allowed to include this as part of the bank’s tier 1 capital per the central bank’s recapitalization plans, GTCo can pay out the money as dividends to their shareholders after their half-year results.

“It would only be financially expedient for its shareholders to reinvest the dividends back into the bank as part of their rights issue subscription,” says one portfolio analyst who preferred not to be named.

GTCO share prices gained 8.8% at the close of trading on Friday at a share price of N38.10. The stock is down 5.95% year to date. It’s highest placed price this year is about N53 per share.

Source: Nairametric

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IPOB: Take Me To Hospital, Nnamdi Kanu Wants Transfer From DSS Custody

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IPOB: Take Me To Hospital, Nnamdi Kanu Wants Transfer From DSS Custody

The Federal High Court in Abuja will today (Monday) hear an application by the detained leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu, seeking an order for his transfer from the custody of the Department of State Services to the National Hospital, Abuja, for urgent medical care.

The motion, filed by Chief Kanu Agabi (SAN) on September 3, followed what his lawyers described as a “worrisome decline” in his health while in detention.

Vacation judge, Justice Musa Liman, had earlier granted leave for the application to be heard during the court’s annual vacation period, citing its urgency.

“I believe that the right to health is as important as the right to life. And so I agree that this matter can be heard by the vacation court,” Justice Liman ruled, fixing September 15 for hearing and directing Kanu’s counsel, Uchenna Njoku (SAN), to serve processes on the DSS.

In his supporting affidavit, Kanu’s brother, Emmanuel Kanu, deposed that the IPOB leader had recently complained of persistent weakness and body pains.

He said doctors invited to examine him discovered worrying health complications.

According to him, a team of doctors led by Emeritus Prof. Austin A.C. Agaji conducted tests in August and, on September 1, informed the family that Kanu was suffering from kidney and liver-related issues, dangerously low potassium levels, and a swelling under his armpit requiring urgent medical investigation.

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Agabi told the court that medical reports recommended Kanu’s immediate transfer to the National Hospital as an interim measure.

“The applicant’s health is seriously deteriorating considering the nature of his confinement, thereby making it more pressing to bring this application before a vacation judge,” Agabi argued.

“The examination revealed issues with his pancreas and liver, as well as an emerging lump underneath his armpit and dangerously low levels of potassium. The doctors have recommended that he be moved to the National Hospital to forestall further decline.”

Agabi further claimed that a letter by the doctors to the DSS Director-General advising Kanu’s transfer had gone unanswered.

Kanu is currently standing trial before Justice James Omotosho of the same court on terrorism-related charges.

His lawyers noted that a pending bail application filed on May 19 could not be heard before the commencement of the court’s vacation, leaving him in continued detention.

They argued that granting the transfer request would not prejudice the DSS.

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“The grant of the application would not occasion any injustice to the DSS,” Agabi maintained. “The court is imbued with jurisdiction to hear and grant the prayers sought in the application.”

The application, marked FHC/ABJ/CR/383/2015, lists 11 grounds why the request should be granted, with Kanu’s legal team insisting that his right to health and life were at stake.

The court is expected to rule on the application after hearing arguments from both sides today.

Kanu has been in the DSS detension since 2021 after his recapture in Kenya and repatriation to Nigeria.

 

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FG Targets 50 Million Children In School Feeding Expansion By 2026

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FG Targets 50 Million Children In School Feeding Expansion By 2026

According to Nairametrics, the Federal Government has announced plans to expand the National Home-Grown School Feeding Programme (NHGSFP) to reach 50 million primary school pupils by 2026.

National Programme Manager, Dr. Aderemi Adebowale, of the National Social Investment Programme Agency (NSIPA), told the News Agency of Nigeria (NAN) in Abuja that the expansion would cover all primary school levels, from Primary 1 to Primary 6, while gradually including out-of-school children.

She noted that the programme is designed to provide daily nutritious meals to children across Nigeria, ensuring access to balanced nutrition as part of the government’s broader.

“We are working to include early years – primary 1 to 3, primary 4 to 6 – in the school feeding programme, and also out-of-school children, which we are handling step by step to integrate.

“So, by the year 2026, we are looking at feeding close to 50 million pupils in primary school in Nigeria,” she stated.

Adebowale explained that the cost per child is projected to range between N500 and N1,000 per meal, which she said is sufficient to provide a nutritious and appealing plate.

She added that the agency would control costs by coordinating with small-holder farmers, aggregators, supply chain partners, and other stakeholders to agree on reasonable prices and ensure efficient service delivery.

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The expansion builds on the Alternate Education and Renewed Hope National Home-Grown School Feeding Project, launched on May 27, 2025, which aimed to reach 20 million out-of-school and underserved children across Nigeria.

The programme is part of the wider National Social Investment Programme (NSIP) and is implemented in partnership with the National Commission for Almajiri and Out-of-School Children Education and the National Identity Management Commission, focusing on providing meals, improving school participation, and supporting access to education for children in underserved and hard-to-reach communities.

The Nigerian government allocated N100 billion in the 2025 budget for the National Home-Grown School Feeding Programme (NHGSFP). The funding was intended to continue the initiative, providing meals to public primary school students across the country.

The programme also seeks to improve education and health outcomes for children while supporting local agriculture through partnerships with small-holder farmers and supply chain stakeholders.

 

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Expect Thunderstorms, Heavy Rainfall Across Nigeria From Monday To Wednesday – NiMet

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Expect heavy rain soon - Govt issues flood alert

The Nigerian Meteorological Agency (NiMet) has forecast three consecutive days of thunderstorms and rainfall across several parts of the country from Monday to Wednesday, as reported by Nairametrics.

The forecast was contained in NiMet’s weather outlook report released on Sunday in Abuja, according to the News Agency of Nigeria (NAN).

NiMet said northern states, including Kaduna, Gombe, Bauchi, Kebbi, Adamawa, and Taraba, would witness isolated thunderstorms with moderate rains on Monday morning.

It added that flash floods were likely in Adamawa, Taraba, and Gombe due to heavy downpours later in the day.

“The Nigerian Meteorological Agency (NiMet) has forecast thunderstorms and rainfall across the country from Monday to Wednesday.

“NiMet’s weather outlook, released on Sunday in Abuja, predicted isolated thunderstorms with moderate rains on Monday morning over Kaduna, Gombe, Bauchi, Kebbi, Adamawa, and Taraba states.

“In the afternoon and evening, isolated thunderstorms with moderate rains are expected across the northern region. Flash floods are likely in Adamawa, Taraba, and Gombe states,” the NAN report read in part.

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The agency projected that the central region would experience cloudy skies with sunshine intervals on Monday morning, followed by thunderstorms and moderate rains in Niger, Kogi, Kwara, the Federal Capital Territory (FCT), and Benue.

For the southern region, NiMet predicted cloudy conditions in the morning and moderate rains later in the day across states such as Ekiti, Ondo, Rivers, Akwa Ibom, and Cross River.

On Tuesday, the forecast indicated cloudy skies with sunshine intervals in the north, followed by thunderstorms and moderate rainfall over Borno, Kaduna, Gombe, Bauchi, Taraba, Adamawa, Kano, Jigawa, Yobe, Katsina, and Zamfara.

In the central region, cloudy conditions would give way to thunderstorms and rains over Kogi, Niger, Kwara, Benue, and the FCT, while southern states, including Oyo, Ekiti, Ondo, Enugu, Anambra, Ebonyi, and Delta, were expected to see light to moderate rainfall throughout the day.

By Wednesday, NiMet projected cloudy skies with sunshine intervals in the morning over Sokoto and Zamfara, with slim chances of rain, but noted that isolated thunderstorms with moderate rains would affect other northern states in the afternoon and evening.

The central region is also expected to record light morning rains followed by thunderstorms later in the day, while moderate rains are forecast across the south.

NiMet advised motorists to avoid driving in heavy rain, farmers to suspend fertiliser or pesticide application before rainfall, and residents to secure loose objects, disconnect electrical appliances, and avoid tall trees during storms.

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The agency also urged airline operators to obtain airport-specific weather updates for safe flight planning and encouraged the public to follow daily forecasts via its website.

 

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 Fresh Crisis Hits Air Peace As Pilot Tested Positive for Alcohol, Drug 

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In recent times, there has been a noticeable decline in the standard of Air Peace airline service. leading to growing frustration among

The Nigerian Safety Investigation Bureau has indicted an Air Peace pilot and a Co-pilot for taking hard drugs and alcohol, as reported by The PUNCH.

The accident investigators tested the crew positive for the substances after the aircraft they flew was involved in a runway excursion at the Port Harcourt International Airport on July 13, 2025.

This was contained in a preliminary report signed by Mrs Bimbo Olawumi Oladeji, Director of Public Affairs and Family Assistance at the Nigerian Safety Investigation Bureau, and made available to The PUNCH on Friday.

It will be recalled that an Air Peace aircraft, on a Sunday morning of 13th July, had a runway excursion after landing at the Port Harcourt International Airport.

The aircraft veered off the runway without any damage.

A runway excursion is when an aircraft veers off the side of or overruns the end of the runway during takeoff or landing.

Excursions are most often caused by miscommunication, mistakes, faulty gear, and potholes on runways, among others. But with the discovery, pilots’ intoxication has been added to the list of causes.

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According to the NSIB report, the pilots who were flying an Air Peace Boeing 737 aircraft were involved in a serious incident while carrying 103 passengers.

The NSIB said, “The aircraft, operating as a scheduled domestic flight from Lagos to Port Harcourt with 103 persons on board, landed long on Runway 21 after an unstabilised final approach. The aircraft touched down 2,264 metres from the runway threshold and came to a final stop 209 metres into the clearway.

“All passengers and crew disembarked safely, and no injuries were reported.”

According to the report, the domestic flight, which took off from Lagos, experienced an unstabilised final approach before landing long on Runway 21.

The NSIB revealed that the aircraft touched down 2,264 metres from the runway threshold, well beyond the recommended touchdown zone, and eventually came to a stop at 209 metres into the clearway.
While all on board disembarked safely, the incident raised immediate safety concerns.

The preliminary reports say toxicological test results conducted on the flight crew turned out positive. The Tests indicated the presence of alcohol in the system of the crew, while another crew member also tested positive for tetrahydrocannabinol (THC), the active compound found in cannabis, colloquially referred to as “India hemp.”

The bureau noted that these toxicology results are being assessed within the scope of human performance and safety management, both critical factors in aviation incident investigations.
Following the development, the NSIB said it had issued immediate safety recommendations to the airline.

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The statement further reads, “Initial toxicological tests conducted on the flight crew revealed positive results for certain substances, including indicators of alcohol consumption. A cabin crew member also tested positive for THC, the psychoactive component in cannabis. These results are being reviewed under the human performance and safety management components of the investigation.

“The NSIB has issued immediate safety recommendations for Air Peace Limited to strengthen crew resource management training, particularly in handling unstabilised approaches and go-around decisions, and to reinforce internal procedures for crew fitness-for-duty monitoring before flight dispatch.

“Toxicological test was conducted on the flight crew at Rivers state hospital management, department of medical laboratory, Port Harcourt, on 13th July 2025, and they tested positive for some substances. Toxicological screening conducted post-incident revealed that Captain and first officer tested positive for Ethyl Glucuronide, indicating recent alcohol consumption.”

 

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Hospitals Shut As Resident Doctors Begin Five-Day Warning Strike 

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The Nigerian Association of Resident Doctors has officially initiated a five-day warning strike today, triggered by the unmet demands outlined in a recent ultimatum directed at the Federal Government. 

The Nigerian Association of Resident Doctors has officially initiated a five-day warning strike today, triggered by the unmet demands outlined in a recent ultimatum directed at the Federal Government.

The association emphasized that this industrial action was a last resort, as they felt ignored by the government regarding critical issues that affect their livelihoods and, ultimately, patient care.

Resident doctors play a crucial role in Nigeria’s public health system, delivering a significant portion of clinical services in both federal and state hospitals.

Consequently, when this association takes the drastic step of striking, it has severe repercussions for healthcare delivery across the nation, often resulting in a paralysis of services that leaves countless patients stranded and hospitals teetering under the strain of high demand and reduced workforce.

In a message titled “Declaration of strike action” and signed by NARD Secretary-General, Dr. Oluwasola Odunbaku, on Friday, the association confirmed the commencement of the strike.

“Good morning, NEC Members, thank you all for your continued cooperation and understanding. As clearly stated in our earlier communique, the strike is scheduled to commence at 8:00 am today (Friday).

“All Centre leadership is expected to guide their members accordingly. Further updates will be communicated to NEC members in due course,” he said.

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Among the grievances are the non-disbursement of the 2025 Medical Residency Training Fund, payment of five months’ arrears from the revised Consolidated Medical Salary Structure, and outstanding specialist and hazard allowances.

NARD said the decision followed a six-hour virtual Extraordinary National Executive Council meeting, after the expiration of its ultimatum to the government — a 21-day deadline issued in July 2025, later extended by 10 days, which lapsed on September 10.

The doctors then gave the government a final 24 hours, which expired on Thursday, September 11.

The E-NEC expressed disappointment that, despite these repeated extensions, the Federal Government had still failed to address critical welfare issues, leaving the association with no choice but to proceed with industrial action.

 

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Oil War: NUPENG Gives Fresh Warning Over “Arrogant Disregard” for Due Process

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Oil War: NUPENG Gives Fresh Warning Over “Arrogant Disregard” for Due Process

Just two days after ending its nationwide strike, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) is raising concerns about possible broken promises made during a peace agreement facilitated by the federal government.

In a statement released on Thursday in Abuja, NUPENG President Comrade Williams Akporeha and General Secretary Comrade Afolabi Olawale claimed that commitments made in a meeting with the State Security Service (SSS), Finance Minister Wale Edun, Nigeria Labour Congress (NLC) representatives, and a major refinery company are not being followed.

This peace agreement confirmed workers’ rights to organize and set a two-week period to implement these commitments. NUPENG is worried that these important rights are already being ignored, which could lead to more problems in the industry.

The agreement stated: “That since workers’ unionisation is a right in line with the provisions of the extant laws, the management agreed to the unionisation of employees.

“The process of unionisation shall commence immediately and be completed within two weeks (9th–22nd September, 2025), and it was agreed that the employer will not set up any other union.”

NUPENG, however, alleged that on September 10, directives were issued for truck drivers who had long been members of the Petroleum Tanker Drivers (PTD) branch of the union to strip union stickers from their vehicles.

The union said, “Today, Thursday, 11th September, 2025, he instructed them to forcefully drive into the Refinery to load, and Union officials stopped them from entering the Refinery to load because their trucks violated Union loading rules and regulations.

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“He flew over them several times with his helicopter and then called the Navy of the Federal Republic to come over ostensibly to crush the Union officials.”

Condemning what it described as “arrogant disregard” for due process, NUPENG warned: “We call on everyone to know that no individual is bigger than the Federal Republic of Nigeria.

“We strongly condemn this blatant lack of respect for the laws of this country.”

While assuring that it has no intention of making life unbearable for Nigerians through fuel distribution disruptions, the union appealed to the federal government to intervene urgently.

The statement added, “We call on the Federal Government not to allow the Navy and other security agents being paid by the resources of this country to be used with impunity against the laws and people of this country.

Read also: Commuters and motorists in Rivers groan as the NUPENG chapter joins the nationwide strike

“Security agents should not allow an individual to ride roughshod with impunity even while not observing terms of agreement reached in meetings in which security agents facilitated, along with Ministers of the Federal Republic of Nigeria.”

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NUPENG said its members nationwide are now on red alert and may resume the suspended strike.

“We are by this statement placing all our members on red alert for the resumption of the suspended nationwide industrial action and calling on the Nigeria Labour Congress, Trade Union Congress, all Regional and Global Working people and Civil Society Organisations to rise in support and solidarity.

“His wealth cannot make him above the law. Our Solidarity remains Constant, for the Union makes us Strong!” the statement added.

 

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