With N70 share price, dual listing boosts GTCO’s capital base to over 36.4 billion shares as it eyes 15% dividend yield and East African growth
By Staff Writer
Details: GTCO Lists 2.28 Billion Shares on Nigerian Exchange After Landmark London Debut
Guaranty Trust Holding Company Plc (GTCO) has officially listed an additional 2.28 billion ordinary shares on the Nigerian Exchange (NGX), following the successful launch of its public offer on the London Stock Exchange (LSE) a day earlier.
The Nigerian Exchange Limited (NGX), in a market bulletin released on Thursday, July 10, 2025, confirmed the listing of 2,288,250,000 ordinary shares of 50 kobo each at N70.00 per share, boosting GTCO’s total issued shares to 36.43 billion, up from 34.14 billion.
The move marks a critical milestone in GTCO’s ongoing dual listing and capital raising strategy, which aims to deepen investor access and broaden its capital base across both local and international markets.
On Wednesday, July 9, GTCO made its debut on the London Stock Exchange’s main market, listing 2.29 billion shares under the UK Financial Conduct Authority’s equity segment, after fulfilling all regulatory requirements. The shares commenced trading at the opening bell in London, with GTCO emphasizing that this expansion provides “enhanced investor access and flexibility.”
As part of this international shift, GTCO also revealed plans to delist its Global Depository Receipts (GDRs) from the LSE by July 31, citing limited market activity.
Protecting Retail Investors
Explaining the rationale behind splitting its capital raise between local and international markets, Group CEO Segun Agbaje said the strategy was crafted to safeguard the interests of GTCO’s large retail investor base.
“We have over 50% of our shareholder base in retail, and we didn’t want to dilute them,” Agbaje stated. “So, we raised as much as we could locally — N209 billion — and then came to the international market for the delta.”
Bold Financial Targets and Regional Expansion
Agbaje also expressed confidence in GTCO’s performance outlook, setting ambitious targets for investor returns:
“We’re targeting a minimum dividend yield of 15% and a return on equity (ROE) of at least 25%,” he said.
On the company’s expansion roadmap, Agbaje noted that while GTCO remains cautious, its diversification strategy is quietly gaining traction. According to him, Nigeria accounts for 67% of GTCO’s profit, West Africa 27%, while East Africa and the UK currently contribute 1.5% and 1.8%, respectively.
“We’re generally conservative. But diversification is already happening, just without much attention,” he remarked.
Looking ahead, Agbaje confirmed that Senegal is on the company’s radar for future market entry. However, instead of pursuing aggressive regional sprawl, GTCO intends to strengthen branch networks in existing markets to sharpen competitiveness.
With this dual listing, GTCO has not only reinforced its visibility on the global capital map but also reaffirmed its long-term strategy of measured growth, strong governance, and investor-centric performance.
The listings mark a bold step for the Nigerian financial giant as it positions itself to attract deeper investment flows and enhance cross-border financial engagement in line with its pan-African vision.
