Guaranty Trust Holding Company Plc has announced the listing of an additional 2,288,250,000 ordinary shares of 50 kobo each on the Nigerian Exchange (NGX) as part of a dual public offer.
The update was contained in a market bulletin released by the NGX on Thursday, July 10, 2025, which disclosed that the newly listed shares were admitted at a market price of N70.00 per share.
According to the bulletin, this move brings the total issued and fully paid shares of GTCO to 36,425,229,514, up from 34,136,979,514 shares prior to the listing.
The move is part of GTCO’s wider capital raising and dual listing strategy, coming just a day after it listed 2.29 billion ordinary shares on the London Stock Exchange on July 9, 2025.
A London debut
On July 3rd, Guaranty Trust Holding Company Plc (GTCO) announced plans to list its ordinary shares on the London Stock Exchange (LSE), marking a significant step in its drive to access global capital markets.
The shares were listed under the UK Financial Conduct Authority’s equity category and began trading on the London Stock Exchange’s main market at the opening bell on July 9, 2025, after meeting all regulatory requirements.
- As part of the shift, the company also announced plans to delist its Global Depository Receipts (GDRs) from the London Stock Exchange by July 31, 2025, citing low market participation.
GTCO says these moves will enhance investor access and flexibility while strengthening its ability to raise capital 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.
Dual approach
When asked why GTCO split its capital raise between 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, N209 billion and then came to the international market for the delta.”
On expansion plans beyond Nigeria, Agbaje noted that growth is progressing gradually, supported by the new capital structure.
“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 added that Senegal is expected to be the next country the group enters, with plans to strengthen its branch networks in existing markets to improve competitiveness, rather than simply expanding its geographic footprint.
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