Connect with us

News and Report

GTBank Redeems $500,000,000 Eurobond

Published

on

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.

Continue Reading
Advertisement

News and Report

Fayose’s brother, Emmanuel joins Ekiti governorship race

Published

on

By

A chieftain of the Peoples Democratic Party, Emmanuel Fayose, has signified his intention to join the governorship race in Ekiti State.

Fayose, who is the immediate younger brother of the state’s former governor, Ayodele Fayose, disclosed this in a statement made available  on Friday.

According to him, his resolve to join the race was borne out of his desire to revamp Ekiti and return the state to the path of growth and development.

He said, “I am in the race to dislodge the Oyebanji-led government, and eventually, if I win, I will run an inclusive government that would steer Ekiti in the right direction.”

Fayose claimed that he was further motivated following the recent meeting between his brother, Ayodele Fayose and President Bola Tinubu in Lagos.

At the meeting, the former governor was said to have informed the President that he would support the incumbent to return to office, an act his party members in Ekiti have since labelled as anti-party.

However, Fayose noted that his morale was not dampened by the ‘bad’ news.

Instead, he vowed to shock him by picking the PDP form with a strong conviction that Ekiti people would back him all the way to win.

He said, “I read about the meeting in the newspapers like any other person and I wish to state that the meeting has nothing to do with my aspiration.

“The meeting will not in any way impact my aspiration because the former governor, being my elder brother, is only exercising his Democratic rights of freedom of choice.

“His choice and preferences will not and cannot in any way impact negatively on my bid as we are separate entities pursuing different goals.”

Fayose also called on his supporters in the state to remain steadfast and resolute in their quest for positive change, adding that come 2026, the PDP will return to power to rebuild the state.

“So my brother is on his own and it’s left for the leadership of our great party to ascertain his political allegiance either to our PDP or APC.

“I am, however, using the opportunity provided by this platform to urge our teeming supporters to remain firm and resolute and not to be distracted in any way to cause the needed change in our state,” he concluded.

Continue Reading

News and Report

Extradition hitches stall prosecution of Alison-Madueke, says SAN

Published

on

By

For over eight years, the Nigerian government has struggled to prosecute former Petroleum Minister Diezani Alison-Madueke due to complex extradition procedures, according to Senior Advocate of Nigeria (SAN) Wahab Shittu.

Speaking on Channels Television’s Politics Today on Friday, Shittu highlighted the legal and administrative hurdles involved in bringing Alison-Madueke back from the United Kingdom to face trial.

“You know the extradition procedures of getting somebody who has taken flight from one country to another involve legal compliance procedures that must be satisfied before someone can be extradited to Nigeria,” Shittu explained.

“There are judicial procedures and international administrative protocols that must be complied with.

“Successive Nigerian governments, particularly this administration, are making efforts to ensure Diezani is brought back to face her trials. However, legal and extra-legal hurdles remain a significant challenge.”

Alison-Madueke, who served under former President Goodluck Jonathan, has been accused of siphoning millions of dollars in public funds.

Despite numerous cases filed against her in Nigerian courts, her continued stay in the UK has hindered her prosecution.

Meanwhile, the Nigerian government on Friday secured $52.88 million in recovered Galactica assets linked to Alison-Madueke from the United States.

Attorney-General of the Federation and Minister of Justice Lateef Fagbemi revealed the details during a formal asset agreement signing ceremony in Abuja.

Fagbemi announced that $50 million of the recovered funds would be allocated through the World Bank for rural electrification projects, while the remaining $2 million would be directed to the International Institute of Justice to enhance the country’s justice system and counter corruption efforts.

This latest recovery underscores Nigeria’s commitment to pursuing stolen assets, but Shittu stressed that the ultimate goal remains ensuring accountability.

“These challenges demonstrate the complexity of international justice systems,” Shittu noted, “but efforts must continue until justice is served.”

In October 2023, Fagbemi submitted a warrant of arrest and request to the Crown Prosecution Services of the United Kingdom for the urgent extradition of Alison-Madueke.

Meanwhile, in May 2024, the Economic and Financial Crimes Commission planned to join forces with the United Kingdom prosecutors as an interested party in the trial of the former petroleum minister in a UK court.

 

Continue Reading

News and Report

EFCC Arrests Four Chinese, 101 Others For Suspected Internet Fraud In Abuja

Published

on

By

The Economic and Financial Crimes Commission (EFCC) has arrested four Chinese nationals and 101 Nigerians in a business apartment in the Gudu axis of Abuja for internet fraud.

They were arrested on Thursday, January 9, 2025.

 

The suspects, comprising 67 males (including four Chinese) and 38 females were allegedly involved in a hotel review job scam targeting victims and hotels in Europe and other parts of the world.

Continue Reading

Trending