Guaranty Trust Holding Company Plc (GTCO) on Thursday, July 10, 2025, listed 2,288,250,000 ordinary shares of 50 kobo each on the Nigerian Exchange (NGX), expanding its issued share capital as part of an ambitious capital raising and dual listing strategy.
According to a market bulletin issued by the NGX, the newly admitted shares were listed at N70.00 per share, increasing GTCO’s total issued and fully paid shares from 34.14 billion to 36.43 billion units. The move came barely 24 hours after the same tranche of shares debuted on the London Stock Exchange (LSE), reflecting a synchronized strategy aimed at deepening access to both local and international capital.
GTCO had first unveiled its plans for a dual listing on July 3, signaling a new chapter in its corporate evolution. The shares began trading on the London Stock Exchange’s main market on July 9, 2025, under the UK Financial Conduct Authority’s equity category. This marked a significant step toward making GTCO more accessible to a broader spectrum of investors, especially in mature global markets.
In tandem with the equity listing, the company also revealed its decision to delist its Global Depository Receipts (GDRs) from the LSE by July 31, 2025, citing low market participation and limited investor engagement with the GDR program.
According to GTCO, the shift to ordinary share trading on the LSE is intended to provide greater flexibility, improve liquidity, and align its international listing with investor demand.
Preserving Retail Investors and Boosting Capital Efficiency
Group Chief Executive Officer Segun Agbaje emphasized that the dual offering was designed to protect the bank’s substantial retail investor base while securing sufficient foreign capital to drive future growth.
“We have over 50% of our shareholder base in retail, and we didn’t want to dilute them,” Agbaje said. “So, we raised as much as we could locally, N209 billion, and then came to the international market for the delta.”
The NGX portion of the offer helps preserve shareholder equity among Nigerian investors, while the LSE component opens the door for foreign inflows amid tightening global monetary conditions. Combined, the listings position GTCO to meet regulatory capital adequacy ratios across its growing multinational operations.
Agbaje reaffirmed GTCO’s commitment to deliver strong returns, targeting a 15% dividend yield and at least 25% return on equity (ROE).
“These targets reflect the confidence we have in the group’s financial fundamentals and our strategy,” he said.
Strengthening Regional Footprint
While GTCO remains grounded in Nigeria, where it derives 67% of its total profit, the group’s management is focused on regional diversification. Operations across West Africa contribute 27%, while East Africa accounts for 1.5% and the UK unit adds 1.8%.
“We’re generally conservative. But diversification is already happening, just without much attention,” Agbaje noted.
Looking ahead, the bank plans to enter Senegal as its next growth market and is shifting its expansion strategy from adding new countries to deepening market share and competitiveness in existing ones. According to Agbaje, emphasis will be placed on strengthening branch networks and building brand equity, particularly in East Africa and the UK.
GTCO’s dual listing and capital raise come at a time when several Nigerian banks are pursuing recapitalization to meet new regulatory requirements and enhance balance sheets amid rising inflation and currency volatility.
Analysts say the successful execution of GTCO’s local and international listings may set a precedent for other Nigerian financial institutions looking to diversify their funding base beyond Africa.
With a newly reinforced capital structure and sharpened international profile, GTCO is now poised to chart a bolder path within and beyond Nigeria.