Guaranty Trust Holding Company Plc (GTCO) has significantly expanded its footprint on the Nigerian Exchange (NGX) with the listing of 2,288,250,000 additional ordinary shares, each valued at 50 kobo. This move is part of the group’s broader dual public offer strategy aimed at boosting capital through both domestic and international markets.
The NGX disclosed the development in a market bulletin released on Thursday, July 10, 2025, noting that the new shares were listed at a market price of ₦70.00 per share. With this addition, GTCO’s total issued and fully paid-up shares have increased from 34,136,979,514 to 36,425,229,514.
This Nigerian listing follows closely on the heels of the company’s recent debut on the London Stock Exchange (LSE), where it listed 2.29 billion ordinary shares on July 9, 2025.
Strategic Global Listing
GTCO had earlier announced, on July 3rd, its intention to enter the London market, describing it as a strategic milestone in the group’s journey toward broader capital access and global investor participation. The shares were admitted to the UK Financial Conduct Authority’s equity category and commenced trading on the LSE’s main market following full regulatory compliance.
In alignment with this shift, the company also revealed its decision to delist its Global Depository Receipts (GDRs) from the LSE by July 31, 2025, citing low market engagement as the primary reason.
GTCO stated that these initiatives are designed to enhance investor accessibility and flexibility while reinforcing the group’s capital-raising capabilities globally.
Commenting on the dual listing, Group CEO Segun Agbaje said GTCO is targeting a minimum dividend yield of 15% and a return on equity (ROE) of at least 25%, reflecting the company’s confidence in its growth outlook.
Balancing Local and Global Investors
When asked about the rationale behind splitting the capital raise across local and international markets, Group CEO Segun Agbaje pointed to the need to protect its large base of retail investors.
“We have over 50% of our shareholder base in retail, and we didn’t want to dilute them,” he said. “So, we raised as much as we could locally, ₦209 billion and then came to the international market for the delta.”
On the group’s expansion strategy beyond Nigeria, Agbaje emphasized a measured and strategic approach, underpinned by the company’s strengthened capital position.
“We’re generally conservative. But diversification is already happening, just without much attention,” he said. “Nigeria accounts for 67% of our profit, West Africa 27%. We’re now looking to grow our East African operations, which currently stand at 1.5%, and the UK business, which contributes 1.8%.”
He further disclosed that Senegal is the next market GTCO plans to enter. The group is also prioritizing deeper penetration in its current markets through an enhanced branch network to improve competitiveness rather than opting for broad geographic expansion.
