23 C
Sunday, January 24, 2021
- Advertisement -

GTBank’s GDR Dividends Delayed Over Dollar Shortages


2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

Guaranty Trust Bank PLC, Nigeria’s largest lender by market capitalisation, has delayed the payments of dividends to holders of its Global Depository Receipts (GDRs) due to the bank’s inability to purchase US dollars from the Central Bank of Nigeria.

The bank said in a note to its GDR holders that its registrar – the company which maintains the list of bondholders and shareholders, was still trying to purchase dollars from the Central Bank.

Nigeria has witnessed a worsening shortage of dollars since a sharp drop in crude oil prices, the West-African country’s major source of foreign exchange, at the peak of the global coronavirus pandemic, and while oil prices have since partially rebounded, the Central Bank of Nigeria has not sold hard currency to buyers since March.

GTBank issued the GDRs at the London Stock Exchange in 2007 to raise $750m from investors. The GDRs, then priced at $11.20 per share have since plummeted to $2.40 as at last trade, 24.35% above a 52-week low of $1.93 set on Apr 03, 2020.

GTBank’s spokesperson Oyinade Ogunade did not respond to an email seeking comment.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...