Four Guaranty Trust Bank Directors Retire As Group Forms New Board By Ukpe Philip

Guarantee Trust Bank Plc has completed its re-organization to a holding company, a process that started over a year ago. The new Holdco said on Wednesday that the new corporate name adopted is Guarantee Trust Holding Company Plc. As a holding company, the bank will be a subsidiary of the new structure and will lead to the delisting of the GTBank from the capital market and the listing of GT Holdco on the stock exchange. The company had on November 6 last year obtained an authorization from a Federal High Court sitting in Lagos. GTCO said following the reorganization, four of its directors have been retired, while new ones have been appointed. GTCO said, “Kindly be informed that as part of the restructuring process, the Board of GTCO was constituted and the Board of Guarantee Trust Bank Limited was reconstituted following the retirement of the following directors: Mrs. Osaretin Demurem (Chairman); Mr. Adebayo Adeola (Non-Executive Director); Mr. Demola Odeyemi (Executive Director); and Mr. Bolaji Lawal (Executive Director).” The retired board members have been replaced with Mr Ibrahim Hassan as Chairman, Mrs Miriam Olusanya as Managing Director, Mr Olabode Agusto as Non-Executive Director, Ms Imoni Akpofure and Mrs Victoria Adefola as Independent Non-Executive Directors, Mr Jide Okuntola as Deputy Managing Director and Mr Haruna Musa as Executive Director. The Group also constituted a board which made Mr Sola Oyinlola as Chairman of GTCO. The banks’s former CEO, Mr Segun Agbaje, will be the Group Chief Executive Officer, Mrs Cathy Echeozo as Non-Executive Director, Mr Suleiman Barau and Mrs Helen Bouygues as Independent Non-Executive Directors and Mr Adebanji Adeniyi as Executive Director. GTCO said the changes have been approved by the Central Bank of Nigeria. Agbaje who is the new CEO of GTCO said the holding company structure will allow the company to take advantage of new business opportunities in the financial sector. “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people.”

GTB announces Miriam Olusanya as new MD BY TVCN

Guaranty Trust Bank has announced the appointment of Miriam Olusanya as Managing Director. This is according to a notice signed by the company’s secretary, Erhi Obebeduo, and sent to the Nigerian Exchange Group Limited (NGX). The bank also announced the successful completion of its re-organization into a Holding Company Structure, in a bid to strengthen its long-term competitiveness and growth prospects. As part of the conditions for the re-organization, the banking giant announced that a new operating company bearing the name ‘Guaranty Trust Holding Company Plc’ (GTCo) has been established. In addition, a new Board of Directors as well as changes to the Board of its banking subsidiary (GTBank) was also announced. According to the notice, the Board was reconstituted following the retirement of about four Directors. In light of this, the GTCo’s Board will comprise of the following personalities: Mr Sola Oyinlola (Chairman), Mr Segun Agbaje (Group CEO), Mrs Cathy Echeozo (Non-Executive Director), Mrs Helen Bouygues (Independent Non-Executive Director) and Mr Adebanji Adeniyi (Executive Director). The banking subsidiary (GTBank) Board will comprise of Mr Inrahim Hassan (Chairman), Mrs Miriam Olusanya (Managing Director), Mr Olabode Agusto (Non-Executive Director), Ms Imponi Akpofure (Independent Non-Executive Director), Mrs Victoria Adefala (Independent Non-Executive Director), Mr Jide Okuntola (Deputy Managing Director) and Mr Haruna Musa (Executive Director).

FIBA stops Nneka Ogwumike from representing Nigeria. Agency Report

Nneka Ogwumike’s petition to represent Nigeria at the 2020 Olympics was on Wednesday rejected by basketball governing body FIBA due to “substantial involvement” of more than 10 years with Team USA. Ogwumike, a 2016 WNBA Most Valuable Player, who played competitively for Team USA from 2009 to 2018, is seeking to explore all available options, including a possible application to the Court of Arbitration for Sport, according to ESPN. The Nigerian Basketball Federation filed an appeal to FIBA on behalf of Ogwumike and Elizabeth Williams, the Atlanta Dream center who was also denied because of previous involvement with Team USA. The federation wrote that Ogwumike and Williams were “two of the top players that would have made our team one of the strongest at the Games.” “We do tacitly believe there are undercurrents and motivation for such a decision which is repugnant to natural justice, equity and good conscience. It is also outrightly discriminatory because players of African descent are approved to play for other countries constantly but the reverse is not the case,” NBBF added. Generally, if players have competed for the United States in a FIBA-sanctioned event after having reached their 17th birthday, they are not allowed to play for another country in a FIBA event. However, according to FIBA’s regulations on player eligibility, the organisation’s secretary general may authorise a player to compete for the national team of his or her country of origin if this is in the interest of the growth of basketball in that country. One of FIBA’s pillars of emphasis currently is the growth of women’s basketball worldwide. The IOC rules only require an athlete to be nationalised by the country they’re competing for. They can compete for a different country three years after they competed for their previous country. Ogwumike last competed internationally for the United States three years ago in the 2018 World Cup. She had sought to play for Nigeria with her two sisters, Chiney and Erica, previously telling ESPN, “It’s something I know my family would be very proud of. I’m hoping it will contribute to the growth we’re experiencing for Africa in basketball.” Chiney, a former No.1 overall pick who now stars with her older sister for the Los Angeles Sparks, was approved to play for Nigeria as a naturalised player, a condition that could affect the rest of the Nigerian roster as only one player can have that status. She is also required to pay $5,000 Swiss Francs (approximately $5,468). Sources said Chiney is also expected to appeal FIBA’s ruling on her status. Erica was approved to play for Nigeria without any conditions, essentially giving the three Ogwumike sisters three different statuses by FIBA. The Ogwumikes’ parents, Peter and Ify, were both born in Nigeria and immigrated to the United States, where their daughters were born. The Ogwumike sisters have dual citizenship with the United States and Nigeria. They have been filming and developing a documentary on their experiences playing together for the Nigerian national team, sources said. In letters sent to Ogwumike and Williams, FIBA Secretary General Andreas Zagklis explained the rationale for denying their petitions because of “the substantial involvement of the player with the USA national team over more than ten years.” Nneka, 31, was a longtime member of the US senior national team, winning gold medals with the American squad in 2014 and 2018 at the FIBA Women’s Basketball World Cup. But she was left off the US roster for the Tokyo Games, which was announced June 21, surprising many and causing some controversy. She is the only MVP in WNBA history who has not made an Olympic squad, as she was also controversially left off in 2012 and 2016.

Tax credit: FEC awards N309.9bn road contracts to Dangote Stephen Angbulu

The Federal Executive Council on Wednesday approved the award of a contract to Dangote Industries for the construction of five roads totaling 274.9 km at the cost of N309.9bn to be advanced to the company as tax credit. Minister of Works and Housing, Babatunde Fashola, disclosed this while briefing State House correspondents after the Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.). Fashola explained that the road contract, which was the second approved for his ministry by the council, would be implemented on concrete and would be the largest of such projects in the country. He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy, which is one of our strategic partnerships with the private sector. “Those five roads totalling 274.9 km will cost N309,917,717,251.35 to be advanced by the Dangote Industries as tax credit.” He added that the roads include Bama to Banki in Borno State for N51.02bn running into 49.15km; Dikwa to Gamboru-Ngala, 49.58km, in Borno State for N55.5bn; and the Nnamdi Azikiwe Road, popularly known as Western Bypass in Kaduna, 21.48km, from Command Junction to Kawu, in the sum of N37.56bn. Others are the deep seaport access road sections 1 and 3 in Lagos State, through Epe to Shagamu Expressway, 54.24 km, that links Lagos and Ogun states, in the sum of N85.84bn; the Obele/Ilaro/Papalanto to Shagamu Road, 100km, in Ogun State, in the sum of N79.99bn. The minister said, “Council considered and approved this memorandum, to facilitate the construction of 274km of concrete roads. So, this will be the largest single award of concrete roads ever undertaken by the government of Nigeria in one award.” Fashola also explained that the award of the contract to Dangote Group was consistent with funding options. Speaking on the conditions surrounding the contract, he said, “First of all, the award is consistent with our multiple funding options, which includes engagement with the private sector. “Secondly, the tax credit initiative was in existence in the last administration before this government but was not utilised. So, this administration has revised it, expanded it, and has used it to construct roads like the Apapa Wharf Road, the Oworonsoki to Apapa, through Oshodi Road, by the same Dangote Group.” He said the list included the Obajana-Kabba Road (still the Dangote Group) and the Bodo-Bonny bridges and road, which council approved last week, through the NLNG. He added, “There was also interest by many other companies that are being reviewed. So, it’s not unique to Dangote. So, he’s the one who has applied and we’ve been in this process. So, this is the next batch of roads that they are taking up. “They invest their money and then instead of when their taxes come due for payment, they net it off. That’s the circumstance. This is not concessioning. This is a tax credit policy; don’t mix them.” PUNCH.

BREAKING: Nigerian Army General, Hassan Ahmed assassinated in Abuja, wife abducted

Major General Hassan Ahmed, former Provost Marshal of the Nigerian Army, has been assassinated in Abuja. He was murdered Thursday night in the Abaji area. The assailants also whisked his wife away. It was learnt that the couple were coming from Okene when they were attacked. The gunmen opened fire on his vehicle, whisked away the wife while his driver survived but sustained injury. The Chief of Army Staff, Faruk Yahaya recently appointed Ahmed a Director at the Army Headquarters in Abuja. As at the time of filing this report, the Nigerian Army is yet to react to the ugly incident. Details later…

BREAKING: Uproar as Senate empowers NCC, NASS to determine electronic transmission of results By Sanni Onogu

A resolution by the Senate empowering the National Communications Commission (NCC) to determine that a network is adjudged secured and approved by the National Assembly before the Independent National Electoral Commission (INEC) can transmit election results electronically, on Thursday, led to uproar in the Upper Chamber. Deputy Chief Whip Aliyu Abdullahi had during consideration of the Electoral Act (amendment) Bill report by the Senate proposed that Section 52(3) reads: “The Commission may transmit results of elections by electronic means where and when practicable” to read that “the Commission may transmit results of elections by electronic means provided that the network has been adjudged secured by the NCC and approved by the National Assembly.” The amendment sought was upheld by the Senate after it was put to voice vote. Senator Bassey Albert Akpan also proposed an amendment that Section 52(3) of the Bill as contained in the Bill which reads: “The Commission may transmit results of elections by electronic means where and when practicable” be upheld. The proposal was defeated when it was put to voice vote. This development threw the session into an uproar and rowdiness as the Senate was practically divided along Northern and Southern lines. Almost all the Senators were on their feet while proceeding was temporarily halted. The development later forced Senate President Ahmad Lawan to order a closed session at 1.55pm. The Senate later resumed its consideration of the Electoral Act Bill report at 14:10pm after the closed session. Senate Minority Leader, Senator Enyinnaya Abaribe, raised a point of Order citing order 73 of the Senate Standing Orders. He called for division of Senate to enable Nigerians know who opposed or supported the proposed amendment by Senator Akpan. After a lot of back and forth, Lawan agreed the Senate be divided to determine the provision of Section 52(3). The voting is ongoing.

Breaking: Senate in disarray, stalemate over Electoral Act. By Henry Umoru

*Senate concedes INEC’s power to NCC, as Lawan forces Senators into closed-door session CONFUSION, anger has enveloped the hallowed chamber as Senators consider the Report of the Electoral Bill, 2021 which is a Bill for an Act to repeal the Electoral Act No.6, 2010 and enact the Electoral Act 2021, to regulate the conduct of federal, state and area councils in the Federal Capital Territory elections. The confusion and anger came as the Senator Ahmad Lawan-led Senate has now conceded the powers of the Independent National Electoral Commission, INEC, to the Nigerian Communications Commission, NCC, that will now transmit results of elections. According to what they voted for, NCC and the National Assembly will take over the work of INEC by transmitting the results against the backdrop that INEC cannot carry out the electronic transmission of results unless the NCC and the National Assembly approved. However, trouble started when after the presentation of the report by the Chairman, Senate Committee on INEC, Senator Kabiru Gaya(APC, Kano South) read the report and the Deputy Chief Whip of the Senate, Senator Sabi Abdullahi(APC, Niger North) moved for an amendment of clause 52(3). The original 52(3) as contained in the report under consideration read: “The Commission may transmit results of elections by electronic means where and when practicable.” But in his amendment to the content as contained in the clause, Senator Sabi Abdullahi said: “The Commission may consider the electronic transmission of results provided that the national coverage as adjudged by the Nigerian Communications Commission, NCC, and approved by the National Assembly.” This did not go down well with some Senators as Senator Dickson Seriake (PDP, Bayelsa) moved that what is contained in the recommendation, but was voted out. There was a stalemate and closed-door session later followed.