Guaranty Trust Bank, one of the leading Nigerian financial institutions is set to re-organize and translate into a financial holding company.
Already, the bank has secured the approval approval-in-principle of the Central Bank of Nigeria (CBN), and a “no objection” from the Securities and Exchange Commission (SEC) to proceed on the reorganization.
The bank is only waiting for the approval of other regulatory bodies, the Federal High Court of Nigeria,and the bank’s shareholders for the start off of the scheme.
GT Bank Company Secretary, Erhi Obebeduo in a statement explained restructuring will be done through a scheme of arrangement between the Bank and its shareholders pursuant to the Companies and Allied Matters Act (the Scheme).
He explained further: “Under the Restructuring, it is proposed that the issued shares in the Bank be exchanged on a one-for-one basis for the shares in a financial holding company. The Bank’s existing Global Depositary Receipts (GDRs) are also proposed to be exchanged on a one-for-one basis for new GDRs to be issued by the financial holding company;
The Board of Directors of GTBank made the decision to embark on the Restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term. The Board expects that the financial holding Company will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case;
Femi Pedro Replaces Late Kemi Nelson in GAC
A former Deputy Governor of Lagos State, Femi Pedro, has made a comeback from political oblivion and relegation. He is now back to political relevance and wielding enormous powers, at least at the state level.
At the time he was poached from the banking sector in the early 2000, where he was at that time, the Managing Director of defunct First Atlantic Bank, to be Bola Ahmed Tinubu’s deputy in Lagos, he wielded some degree of power and was naturally courted by many who requested one favour or the other from him. But that wasn’t for long as no sooner had he tasted power than he began to tussle with his benefactor over his choice of successor in the twilight of his boss’ administration.
Pedro wanted to succeed his boss but the latter didn’t think he was the right man for the job. In anger, he began to throw tantrums, resigned and moved to another party, hoping to fulfill his ambition. Unfortunately, things didn’t quite work out as he wanted and that was the beginning of his end.
The Lagos State House of Assembly naturally decided to impeach him for alleged gross misconduct and subsequent forfeiture of all his entitlements as Deputy Governor of Lagos State. He suffered badly for seven years for his political miscalculation. He became relegated in the scheme of things. After some soul searching, he swallowed his pride and went back to his boss when he couldn’t remedy his situation. He was accepted back albeit, warily. He had to prove his loyalty and after a few tests he passed.
First, he got a pardon from the State House of Assembly orchestrated by his former boss, for his impeachment. This was after the House considered his plea to be forgiven in a letter he wrote them in 2015. Then he was given a federal appointment, as the Chairman of the Board of Directors of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), courtesy of the influence of his former boss. To further restore his political relevance, he was recently appointed to the Council of the Governor’s Advisory Council, GAC, the highest decision-making body of the All Progressives Congress in Lagos State.
His appointment may likely be a replacement to the vacant position of the late former women leader in South West APC, Kemi Nelson who was a commissioner during Tinubu’s tenure as governor. Until her death weeks ago, she was the only female in GAC, a position she earned due to her closeness to Tinubu and her immense contributions to the party in Lagos State. With Pedro’s appointment, one can rightly say that he is back to political reckoning.
SIFAX Boss, Taiwo Afolabi’s Twin Brother Dies
Sifax and Marriot Hotel boss , Dr. Taiwo Afolabi is not a happy man at the moment. He has just lost his twin brother Kenny Afolabi to the cold hands of death.
Kenny, who was popularly known as Watari when he was alive we learnt died in his sleep. Though, many people around him beleive he was nursing an ailment that made him stop drinking some years back, but none could say what killed him eventually.
Taiwo Olayinka Afolabi is a Nigerian business magnate and lawyer. He is the founder and current C.E.O of SIFAX Group, a conglomerate that deals in Maritime, Aviation, Haulage, Hospitality, Financial Services and Oil and Gas, while Kenny Afolabi was known with his Hotel known as Ken Dallas that has its location somewhere in Ikotun, Lagos.The late Kenny pictured left above with his brother,Taiwo, was 60yrs old.
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