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Nigeria’s Central Bank, Securities and Exchange Commission Approves GTBank Holdco Structure

The financial holding company will be regulated by the CBN as another Financial Institution and listed on the Official List of the Nigerian Stock Exchange and the London Stock Exchange (the LSE)

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Guaranty Trust Bank Plc has obtained the approval-in-principle of the Central Bank of Nigeria (CBN), and Securities and Exchange Commission (SEC) to begin the formal process of the reorganisation of the bank to a financial holding company (HoldCo).

The scheme will be implemented by means of a scheme of arrangement between the bank and its shareholders pursuant to the Companies and Allied Matters Act (CAMA).

The bank has also obtained the “No-objection” of the Securities & Exchange Commission in connection with the proposed scheme.

Read also: http://Nigeria’s Central Bank Issues Guidelines For N75Bln Youth Investment Fund

Overview of the restructuring showed that its issued shares will 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.

Read also: http://Nigeria’s Guaranty Trust Bank reacts to takeover claims

Subject to the approval of the scheme by the bank’s shareholders, the relevant regulatory authorities and the Federal High Court of Nigeria, the holding company will have an organisational structure similar to that used by a significant number of major financial institutions globally.

The financial holding company will be regulated by the CBN as another Financial Institution and listed on the Official List of the Nigerian Stock Exchange and the London Stock Exchange (the LSE)

Concurrently, the bank will be delisted from the Official List of The NSE and the LSE, and re­registered as a private limited liability company under the relevant provisions of Nigeria ‘s corporate legislation.

However, GTBank will continue to be subject to the full suite of CBN banking regulations.

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Money Transfer; CBN Changes Rule on Remittance

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The Central Bank of Nigeria has changed its remittance rule. And now, Nigerians can receive money in the currency it was sent in. Janet Ogunkoya, a financial analyst joined us on News central Now to explain the benefit of the new development.

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Champions League: 6 African Youngsters Feature As RB Salzburg Defeat Lokomotiv Moscow

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It was a celebration of African football talents as Red Bull Salzburg took Russian Premier League club Lokomotiv Moscow to the cleaners on Tuesday.

The Austrian giants ran out 3-1 winners away from home against a hapless Lokomotiv Moscow side with one of the six Africans involved, Nigerian-German teenager, Karim Adeyemi getting on the scoresheet.

Salzburg in the game, featured Zambian 22-year old winger Enoch Mwepu, 20-year old Malian midfielder, Mohammed Kamara and his 21-year old compatriot, Sekou Koita.

Others were 22-year old Cameroonian Jerome Onguene, Patson Daka, a 22-year old Zambian international and 18-year old goalscorer Adeyemi.

Salzburg went into the game sure of their non-progression from the group stage after Bayern Munich and Atletico Madrid sealed their places in the knockout stage.

The Austrian giants however needed the win to boost their chances of finishing in third place and earning a berth in the knockout phase of the Europa League.

Another that didn’t get to feature in the game was 22-year old Ghanaian midfielder, Majid Ashimeru.

Red Bull Salzburg are Austria’s biggest team and one with a rich talent pool. It has helped the rise of African talents in the past with some of them being Liverpool duo of Sadio Mane and Naby Keita, RB Leipzig’s Amadou Haidara, Moussa Diakité and a host of others.

The team has a solid recruitment system in Mali and Senegal and has recently snapped up Zambians. Salzburg also has 18-year old Nigerian youngster, Tijani Kazeem who has been loaned out to Hartsberg, a club in the Austrian top flight.

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World Aids Day; Ending HIV/AIDS Epidemic 2

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Dr Talabi Odunayo, and MD, Prettyhealth Care Ltd joined us on News Central Now as the world commemorates World Aids Day with the theme “Global solidarity, resilient services”.

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