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GTBank Redeems $500,000,000 Eurobond

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8 years ago

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Guaranty Trust Bank plc (“GTBank” or the “Bank”) last week Thursday announced the redemption of the outstanding portion of the $500,000,000.00 Eurobond Notes due May 19, 2016.

In February 2016, the bank successfully issued a Cash Tender Offer (the “Tender Offer” or “Offer”) to repurchase any and all the outstanding US$500m 7.5% Eurobond Notes due May 2016 (the “Securities”) as part of its effective liability management strategy. The tender was the first of its kind involving a Nigerian corporate in any capacity in the international capital markets and was well received by analysts and investors. The Securities were issued by GTB Finance B.V. (“ GTB Finance”) – a direct, wholly owned subsidiary of the Bank – GTB Finance B.V. (the “Offeror”) – on the back of an unconditionally and irrevocably guarantee of the Bank. At the expiration of the Tender Offer, an aggregate principal amount of US$ 126,586,000 of the Securities were successfully and validly tendered.

Upon final maturity of the Eurobond in May 2016, the outstanding principal portion of $373,414,000 as well as the coupon value of US$14,003,025 were redeemed using the bank’s available cash reserves.

 

Launched in May 2011, the US$500 million Eurobond represented the first Sub-Saharan Africa financial sector benchmark Eurobond without a sovereign guarantee or credit enhancement from any international financial institution.

Over the years, the bank has continued to leverage its deep understanding of complex business scenarios to undertake large ticket transactions in financial advisory, structured and project finance, balance sheet restructuring, debt and equity transactions. A few of the transactions successfully executed by the bank include; US$350million Eurobond offering in January 2007, issuance of the Bank’s US$824 million Global Depository Receipts in an unprecedented concurrent global offering in the domestic and international capital markets – which culminated in the listing of GTBank on the London Stock Exchange, the first Nigerian company and first Sub-Saharan African bank to be so listed-

According to the Bank’s MD/CEO; Segun Agbaje, “Despite a difficult operating environment that characterized most of the year – especially when viewed against the backdrop of short dollar supply- the Bank continued the implementation of its effective liability management strategy with the successful completion of its any and all cash tender offer in February 2016 and subsequently, the redemption of the outstanding portion of the $500,000,000.00 Eurobond Notes due May 19, 2016.

GTBank has continued to report the best financial ratios in the industry with a return on equity (ROE) of 25.5% and a cost to income ratio of 44.4% evidencing the efficient management of the banks’ assets. Presently, the bank has one Eurobond issue currently outstanding: a $400 million 6% bond placed in November 2013 with maturity in November 2018. Overall, the Bank has maintained its position as a clear leader in the industry. In recognition of the bank’s bias for world class corporate governance standards and excellent service delivery, GTBank was recognized as the 2015 Best Bank in Nigeria by Euromoney, 2015 Bank of the Year by African Investor and 2015 Best Banking Group Nigeria by World Finance.

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A Glimpse Into Tomorrow: Tingo AI Radio Leads the Way

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15 hours ago

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March 4, 2025

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Tingo AI Radio, acclaimed as Africa’s first AI radio, hosted a transformative meet and greet event in Lagos that showcased the wonders of AI innovations and mind-blowing robotic automations. Indigenous community members, tech experts, and curious citizens gathered at a bustling venue to witness live demonstrations that brought futuristic technology into everyday context. Robots were seen performing tasks such as digital storytelling and automated craft production, sparking discussions on the integration of technology with cultural heritage. “It’s truly a glimpse into tomorrow, where our traditions coexist with innovation,” said community elder Mr. Olanrewaju. Expert panels explored the applications of AI in education, agriculture, and local business, stressing the importance of ethical practices and community empowerment. Interactive workshops offered hands-on experiences with digital interfaces, reinforcing the potential for technology to uplift indigenous communities. With Tingo AI Radio at the helm—as the first AI radio on the continent—the event underscored a commitment to blending modern advancements with time-honored traditions. Enthusiasm filled the air as plans for ongoing digital literacy programs and collaborative initiatives were announced, marking a significant step toward a digitally empowered future in Lagos.

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Tingo AI Unveils the Future: Students Experience Cutting-Edge Robotics Innovation

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17 hours ago

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March 4, 2025

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Tingo AI opened its doors to students of Lagos State Model School College, Meiran for an immersive excursion into the future of robotics and artificial intelligence, showcasing groundbreaking innovations that will define Africa’s technological landscape.

 

Inside our state-of-the-art robotics lab, students watched in awe as small, intelligent machines designed and produced everyday objects from plates and cups to intricate mechanical components all with precision and automation. With just a few commands, these robots crafted items that once took hours to manufacture, proving that the future of AI-powered automation is here.

“Robotics isn’t just about machines, it’s about building Africa’s self-sufficiency in technology and manufacturing,” said Abraham, at Tingo AI. “With the power of AI, we are demonstrating that Africa can design, build, and scale robotic solutions that revolutionize industries, reduce costs, and accelerate production.”

Beyond robotics, Tingo AI is pioneering advancements in AI agent development, automation, and digital transformation, with a fully operational AI-powered radio station that redefines media in the digital age.

Today’s event is only the beginning. Tingo AI is shaping the future, and the world is watching

Stay connected with us @tingoai_ for more groundbreaking innovations and educational experiences.

 

#TingoAI #AIinAfrica #FutureLeaders #ArtificialIntelligence #TechRevolution #DozyMmobuosi #Tingo1025fm #NextGenTech #InnovateAfrica #FutureOfBroadcasting

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Tingo AI Radio: The First and Only AI Radio in Africa

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2 days ago

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March 3, 2025

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Tingo AI Radio, Africa’s first and only AI-powered radio station, was thrilled to welcome students from CrystalCliff School at A4 Greenhaven Estate, Alatunse Town, Lagos to an exclusive Tingo AI School Meet and Greet. This groundbreaking initiative aims to introduce young minds to the vast opportunities artificial intelligence offers and how they can be part of this technological revolution.

 

During the visit, students experienced the power of AI-driven broadcasting firsthand through live demonstrations and interactive discussions. Victor Simeon, an enthusiastic student, expressed his amazement: “I had no idea AI could do all this! This visit has inspired me to learn more about technology and maybe even create something that can change the world.”

From live AI broadcasting to cutting-edge automation, these students witnessed the future of media unfold before their eyes. At Tingo AI, we’re not just creating technology—we’re shaping the future. Stay tuned as we continue to lead Africa’s AI revolution!

 

Together, we are shaping Africa’s tech-driven future, and today’s students are the pioneers of tomorrow! #TingoAI #AIInnovation #FutureLeaders #ArtificialIntelligence #TechRevolution

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