GTBank board meets as closed period lasts

. UPDC close period commences

Pursuant to the post- listing requirement of the Nigerian Stock Exchange (NSE), Guaranty Trust Bank (GTBank) has announced that its closed period which commenced on 7th July.

The closed period is a corporate governance regulatory provision to frustrate effort of the bank’s workers or connected persons from taking undue advantage of developments in the listed bank, to the detriment of others outside the bank’s employment.

The banks said that the development was in compliance with the regulatory requirement of quoted companies by the NSE that the board of directors of the meeting was scheduled to meet on July 26, 2017, to consider second quarter audited financial statement of the bank.

Erhi Obebedu, the company’s secretary, in a statement released by the NSE, informed that that bank has the regulatory mandate to submit the result to the Central Bank of Nigeria (CBN), for approval, before filing the same result with the NSE.

Meanwhile, the UPDC Nigeria Plc has announced that its close period commences July 10, 2017, in respect of the audited accounts and financial statements for the period ended 30th June, 2017.

The company, in a statement signed by Folake Kolaro, its secretary/legal adviser, said that during the close period “no director, person discharging marginal responsibilities, employees with sensitive information, advisers and consultants of the company and their connected persons may directly or indirectly deal in the securities of the company, until 24 hours after the release of the audited accounts and financial statements of the company for the period ended June 30, 2017 , to the Nigerian Stock Exchange and by extension, the general public.”