Guaranty Trust Holding Company (GTCO) is turning its gaze eastward and not toward Wall Street.
Fresh off its dual listing on the London Stock Exchange, the Nigerian financial group said it is quietly laying the groundwork for a broader international expansion, with East Africa and East Asia emerging as its next strategic frontiers.
At a recent post-listing media briefing in London, Group CEO Segun Agbaje downplayed expectations of rapid-fire global expansion but made it clear that growth outside Nigeria will be a priority.
“We are very conservative,” Agbaje said. “But honestly, diversification is already happening just without a lot of noise.”
According to him, Nigeria currently accounts for 67% of GTCO’s profit, while West Africa contributes 27%. The rest, including East Africa (1.5%) and the UK (1.8%), are markets; the group now plans to scale more aggressively.
“We’re clearly under-branched in many of our markets,” Agbaje said. “So, part of what we are going to do is expand our branch network to deepen business in countries we already operate in. There is no point in being in 30 countries and not being dominant. Our target is to be top five in every country we operate.”
While Senegal in West Africa will be the first port of call,
Why Far East and not the US
Asked whether GTCO was considering a move into the United States or other developed markets, Agbaje offered a revealing response:
“We’re still trying to digest the UK, which today contributes just 1.8% of profit,” he said. “I think the Far East may be a more appropriate strategic direction than the U.S., particularly in terms of trade.”
His comments mark a clear signal that GTCO sees Asia and not the U.S. as the more viable long-term growth market, aligning with shifting trade flows and the increasingly interconnected nature of Africa-Asia commerce.
International footprint already
GTCO currently operates in eight countries outside Nigeria:
- Ghana.
- Liberia.
- Kenya.
- Tanzania.
- Côte d’Ivoire.
- Gambia.
- Sierra Leone.
- UK.
The group’s foreign subsidiaries are already delivering significant results. In 2024, they recorded a combined pre-tax profit of N273 billion, up 109% from N130.66 billion in 2023.
As the group sharpens its strategy in existing and new markets, this number is expected to rise further.
Also, a push toward market dominance in every geography with the ambition of being among the top five players in each could significantly boost GTCO’s bottom line and enhance profit diversification across its network.
