Business
GTCO reports N865.75 billion in profits, down 15% in 2025
Guaranty Trust Holding Company (GTCO) saw its 2025 earnings drop by 14.9 per cent in a year when other income shrank, and weak revenue growth could not shield profit from the impact of surging costs.
Post-tax profit for Nigeria’s biggest financial services group by market value slid to N865.7 billion in 2025 from N1 trillion a year ago, according to its recently issued audited accounts, its first profit drop in three years.
An annual growth rate of 0.1 per cent in gross earnings, which inched up from N2.1 trillion to N2.2 trillion, laid the foundation for the result.
In the same vein, operating income slowed generally across key operations of Guaranty Trust Bank, the group’s flagship and commercial banking division, across Africa, with Nigeria, its home market, reporting a 12.5 per cent (N150.9 billion) fall.
But Habari Pay, GTCO’s fintech arm, saw its operating income jump by 123.6 per cent to N13 billion.
READ ALSO: GTCO declares N12.76 dividend, posts N1.23trn profit
Net interest income, a marker of what a financial institution earns from interest-generating assets after accounting for the costs associated with such expenses, was up by 19.1 per cent at N1.3 trillion.
The corporation cut back the provision it set aside to cover bad loans by more than half, from N136.7 billion in 2024 to N66.4 billion in the year under review.
Other income, one of the major pressure points, slumped by 72 per cent after the banking group incurred an unrealised fair value loss of N81.8 billion on financial instruments, contrary to the N517.5 billion gain reported in 2024.
Profit before tax retreated to N1.2 trillion from N1.3 trillion, while return on equity declined to 25.4 per cent from 37.5 per cent.
Last July, GTCO listed on the London Stock Exchange, the first Nigerian lender to do so, after exiting the global depository receipt trading category on the bourse.
Zenith Bank, one of its top-tier rivals, announced this month it will also tow the same path next year.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
-
News2 days agoJUST IN: Gunmen Attack NIPSS in Plateau, Kill Three Security Operatives
-
Health3 days ago
Five dead, 11 cases confirmed in Plateau cholera outbreak
-
News3 days ago
Troops Arrest Notorious Gun-runner In Plateau (Photo)
-
News3 days ago
Insecurity: FG seeks stronger collaboration with traditional rulers
