Reported by Tahir Ishaq Shehu
Guaranty Trust Holding Company Plc (GTCO) has announced ambitious expansion plans following its historic listing on the London Stock Exchange (LSE), becoming the first West African financial-services institution to achieve a full ordinary share listing on the exchange.
The dual listing, which also includes the Nigerian Exchange (NGX), is part of a broader strategy to deepen GTCO’s capital base and strengthen its presence across Africa and key global markets. As part of the offering, the company listed 2.29 billion new ordinary shares at ₦70 per share, expanding its total issued shares to approximately 36.43 billion.
Capital Boost for Strategic Growth
The capital raise estimated at $100–105 million was executed through coordinated offers in Nigeria and the UK, with Citigroup acting as lead financial adviser. The funds are expected to support regulatory recapitalisation, drive regional expansion, and enhance digital banking infrastructure.
The LSE listing replaces GTCO’s previous Global Depositary Receipts (GDRs), which will be fully retired by July 31, 2025.
Expansion Into Senegal and East Africa
Group Chief Executive Officer Segun Agbaje revealed that GTCO’s expansion strategy is now focused on Senegal as its next market entry, with an aim to achieve top-five market position in every country it operates. The company also plans to scale operations in East Africa, where it currently holds just 1.5% of its group profit share.
“Our strategy is to ensure GTCO becomes not just present, but dominant, in every market,” Agbaje stated. “We’re moving away from symbolic expansions to building substantial, competitive businesses.”
Performance Targets to Attract Global Investors
GTCO is targeting a minimum dividend yield of 15% and a return on equity (ROE) of at least 25%. These targets, Agbaje explained, are designed to appeal to a diverse investor base seeking both value and growth amid current macroeconomic volatility in Nigeria and across frontier markets.
Presently, Nigeria contributes 67% of GTCO’s profits, with West Africa (excluding Nigeria) at 27%, the UK at 1.8%, and East Africa at 1.5%.
Compliance With CBN Recapitalisation Mandate
The move also aligns with the Central Bank of Nigeria’s recapitalisation directive requiring commercial banks to raise their minimum capital base to ₦500 billion by March 2026. GTCO has already raised ₦209 billion locally and will meet the remaining requirement with proceeds from the LSE offering.
Looking Beyond Africa
While dismissing any immediate interest in the U.S. market, Agbaje emphasized that East Asia holds long-term strategic potential due to increasing trade linkages with Africa.
About GTCO
GTCO is one of Nigeria’s leading financial services institutions with operations spanning commercial banking, pension management, and asset services across multiple African countries and the UK. The LSE listing marks a critical step in the group’s mission to evolve into a pan-African financial powerhouse with global reach.
