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GTCO PLC Announces Successful Completion of the 1st Phase of Its Equity Capital Raise Programme; Raises ₦209 Billion 

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Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

 

The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted. This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

 

Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”

 

GTCO Plc continues to lead its peers in key profitability metrics and financial performance. Building on this successful first phase, the Group will commence the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.

 

Proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

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NiMet forecasts 3-day hazy weather starting Today Wednesday

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The Nigerian Meteorological Agency, NiMet, has predicted hazy weather conditions across the country from Wednesday to Friday.

NiMet’s weather outlook, released on Tuesday in Abuja, said moderate dust haze with horizontal visibility of 2km to 5km would be expected during the forecast period.

The agency said in the North Central region, moderate dust haze with similar horizontal visibility is anticipated.

It added that the inland cities of the South are expected to experience cloud patches in a hazy atmosphere throughout the period, while the coastal cities will see early morning mist or fog.

According to it, later in the day, cloud patches in hazy conditions are also expected in the coastal areas.

The agency further predicted slight dust haze in the northern region, with improved visibility throughout the forecast period.

It also noted that the northern region would experience moderate dust haze on Friday, with horizontal visibility ranging from 2km to 5km.

NiMet envisaged that localised visibilities of less than 1km are expected in parts of Zamfara, Katsina, Kano, Kebbi, Sokoto, and Kaduna states.

The agency also forecast slight dust haze with good visibility for the North Central region, as well as cloud patches in a hazy atmosphere over the inland cities of the South.

NiMet urged the public to take necessary precautions, as dust particles were suspended in the air.

The agency advised people with respiratory issues, such as asthma, to be cautious of the prevailing weather conditions.

It also urged airline operators to obtain airport-specific weather reports from NiMet to ensure effective flight planning.

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Romance scam: Two US-based Nigerians face 40-year jail term

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Two Nigerian nationals, Olutayo Sunday Ogunlaja, 39, and Abel Adeyi Daramola, 37, each face up to 20 years in a United States prison after being convicted by a federal jury for orchestrating a $560,000 romance scam.

In a statement released on Monday evening , the US Attorney, Alexander Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, revealed through the Department of Justice that the Nigerian pair was convicted of perpetrating the scam following a four-day trial and under three hours of jury deliberation.

The U.S. Attorney’s Office stated that the two Nigerian nationals, in partnership with other accomplices, initiated a scheme in January 2016, using a fabricated identity, “Glenn Brown,” on the dating website, eHarmony.com.

Prosecutors revealed that the fraudulent profile was later used to establish a romantic relationship with a victim in Albuquerque, New Mexico. Along with other accomplices, the defendants allegedly obtained thousands of the US dollars from the victim.

The statement said, “Throughout the fraud, the victim was led to believe that their financial assistance was necessary for ‘Glenn Brown’ to complete a purported construction project in Malaysia and return safely to the United States.

“The victim sent approximately $560,000 to various accounts in the United States, Canada, and Malaysia between January 2016 and April 2017.

“On September 27, 2016, the victim wired approximately $28,000 to a Woodforest Bank account in the name of Daramola Cars, as instructed by the fraudulent “Glenn Brown” persona. Daramola subsequently wired $18,000 to a seafood importer in Denmark and issued a check (cheque) for $14,000.”

Although Daramola was said to have denied involvement in the romance scheme, a statement from the FBI Albuquerque Field Office revealed that text and WhatsApp messages on his phone exposed his role in supplying bank accounts for the multiple fraud schemes.

The statement highlighted that Ogunlaja’s involvement included using his Bank of America account “for receiving fraudulent funds.”

It was noted that “Glenn Brown” specifically instructed the victim to deposit $20,000 in cash into Ogunlaja’s account on March 9 and March 15, 2016.

After receiving the deposits from the victim, Ogunlaja was said to have made several cash withdrawals and transferred them to Daramola’s account.

A report by PUNCH Metro on November 26, 2024, detailed how two other Nigerians, Anthony Ibekie and Samuel Aniukwu, were sentenced by a US federal jury to a combined 30-year prison term for defrauding US citizens of $3,500,000.

The convicted individuals were said to have deceived their victims by claiming they had received large inheritances that required a fee to access.

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ICPC to arraign El-Rufai’s ex-chief of staff for alleged money laundering

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The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has charged Alhaji Mohammed Bashir Sa’idu , former Chief of Staff to Kaduna State Governor, Malam Nasir El-Rufai, with money laundering before the Federal High Court, Kaduna on Tuesday.

 

According to the charge sheet, Saidu, who also served as Commissioner of Finance in Kaduna State, allegedly accepted a cash payment of N155,000,000 from one Ibrahim Muktar, a public officer in the Ministry of Finance, exceeding the amount authorized by law.

 

 

The ICPC alleged that the transaction took place in March 2022, and that Saidu received the cash through his Special Assistant, Muazu Abdu.

According to charge No FHC/KD/IC/2025, the defendants are being accused of two-count charges of Money Laundering, contrary to earlier claim that Alhaji Muhammad Bashir Saidu had been exonerated of all charges after 10 months of investigation.

 

 

The court document stated that sometime in March 2022 or thereabouts, Alhaji Muhammad Bashir Saidu, who at that time Commissioner of Finance, ‘’did accept cash payment of the sum of N155,000,000.00 from one Ibrahim Muktar exceeding the amount authorised by law, which sum you received in cash through proxy to wit: Muazu Abdu, your Special Assistant and you thereby committed an offence contrary to Section2(a) and punishable under the Section 19(d) of the Money Laundering(Prevention and Prohibition) Act, 2022.’’

 

 

The ICPC further alleged that in the same March 2022 or thereabouts, the former commissioner, ‘’indirectly took control of the sum of N155, 000,000.00 received in cash for and on behalf of you by one Muazu Abdul from Ibrahim Muktar, which fund you reasonably ought to have known formed part of the proceeds of an unlawful activity to wit: corruption and you hereby committed an offence contrary to section 18(2)(d) and punishable under Section 18(3) of the Money Laundering(Prevention and Prohibition) Act, 2022.’’

 

“Section 18(3) of the Money Laundering(Prevention and Prohibition) Act, 2022 states that ‘’any person who contravenes the provisions of subsection(2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both.’’

 

 

The charge which was signed by the Assistant Chief Legal Officer of ICPC, Dr Osuobeni Ekoi Akponimisingha, was filed on Tuesday, January 7, 2025 at the Federal High Court in Kaduna.

 

Saidu was being investigated for allegedly laundering N3.96 billion and misappropriating N244 million during his tenure in the Kaduna State government.

 

The Kaduna State House of Assembly had also indicted El-Rufai’s government for allegedly syphoning state government funds to the tune of over N423 billion.

 

Daily Trust Newspaper.

 

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