Table of Contents
Key Points
- GTCO, led by Nigerian banker Segun Agbaje, targets $100 million UK share sale to meet new capital rules.
- Listing on London Stock Exchange marks GTCO’s global expansion and strategic recapitalization under Agbaje.
- Proceeds will fund recapitalization, strategic acquisitions, and expansion in pension and asset management.
Guaranty Trust Holding Company Plc (GTCO), the Lagos-based financial powerhouse led by Nigerian banker Segun Agbaje, plans to raise $100 million through a share sale in the United Kingdom as part of its broader capital expansion strategy.
The move comes as the Lagos-based financial group seeks to recapitalize Guaranty Trust Bank Plc, its flagship banking unit, to meet new regulatory thresholds.
The offer, targeting institutional and qualified investors, is in response to the Central Bank of Nigeria’s mandate requiring lenders with international licenses to shore up their capital to at least N500 billion ($327 million) by March 2026.
Strategic pivot to global capital markets
GTCO’s planned listing on the London Stock Exchange (LSE) marks a key milestone, making it the first lender from the West African nation to list on the LSE. It joins Seplat Energy Plc and Airtel Africa Plc as the only Nigerian firms currently listed in London.
The listing, according to Agbaje, signals a “pivotal moment” in the group’s evolution and supports its push to become a globally recognized African financial brand. Citigroup Global Markets Ltd. is acting as the sole global coordinator and bookrunner for the transaction.
Strengthening the balance sheet for growth
The London share sale follows a N209 billion ($136.7 million) raise completed earlier this year, part of a multiphase plan to boost GTCO’s financial base. The lender had previously sought shareholder approval to raise up to $750 million via equity or debt instruments.
Proceeds from the UK listing will support recapitalization efforts and fuel strategic acquisitions in Nigeria’s pension fund and asset management sectors over the next 24 months, GTCO said. GTCO will also cancel and delist its global depository receipts (GDRs) issued in 2007 after raising $750 million. GDR holders can convert their holdings into ordinary shares for trading in either Lagos or London.
Earnings pressure signals urgency
GTCO, headquartered in Lagos, offers a wide range of services, including retail and investment banking, pension and asset management, and payment solutions. Under Agbaje, the leading lender has expanded strategically, strengthening both its traditional banking operations and its growing presence in non-banking financial services. As a shareholder himself with a 0.14 percent stake, Agbaje has steered the institution toward sustained profitability and growth.
In Q1 2025, GTCO reported a 43.5 percent drop in profit, falling to N258.03 billion ($168.8 million) from N457.02 billion ($299 million) in the previous year. The decline was largely due to unrealized losses on financial assets, underscoring the need for robust capital buffers. The lender also plans to close out a N400 billion ($250 million) public share offer by Aug. 12 to further bolster its financial base. Despite this, Agbaje continues to steer the group’s expansion beyond traditional banking into wealth management, digital payments, and investment banking.
