Guaranty Trust Holding Company Plc (GTCO) has made history on the Nigerian Exchange (NGX) by becoming the first banking stock to break through the N100 price barrier. During mid-session trading on July 16, 2025, GTCO’s shares soared past the milestone, reflecting surging investor confidence and strong financial fundamentals.
The achievement marks a watershed moment for the Nigerian banking sector. No other bank under the NGX Banking Index has crossed the N100 threshold, with Stanbic IBTC Holdings trailing just behind at around N99. GTCO’s stock has gained more than 27% month-to-date and is currently trading between N102 and N103.
This bullish momentum mirrors a broader market trend, with the NGX Banking Index rising over 22% in July alone. Analysts attribute GTCO’s rally to a mix of factors, notably its strong Q1 2025 earnings, investor enthusiasm following a landmark dual listing, and its strategic capital raise to meet regulatory requirements.
On July 9, 2025, GTCO listed 2.29 billion ordinary shares on the London Stock Exchange (LSE), becoming the first Nigerian bank to do so. The listing was followed by an additional 2.28 billion shares on the NGX. The dual listing helped lift GTCO’s market capitalization by 2.39%, pushing it above N3 trillion. The shares will trade under the name GTHC on the LSE, with plans to change to GTCO following the cancellation of its Global Depository Receipts (GDRs).
GTCO launched the listing as part of a fully marketed equity offering aimed at raising $100 million (approximately ₦154 billion) to recapitalise its flagship banking subsidiary, GTBank Nigeria. This move aligns with the Central Bank of Nigeria’s new minimum capital requirement of ₦500 billion for international commercial banks. “The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO’s growth strategy,” the company said in a statement.
Financially, GTCO is on an upward trajectory. It reported a record-breaking profit after tax of ₦1.017 trillion in 2024—an 88.4% jump from ₦539.6 billion in 2023. In Q1 2025 alone, the company posted a pre-tax profit of ₦300.4 billion, supported by a 41.1% rise in interest income and a 41.2% boost in fee and commission income.
Market watchers say GTCO’s transparency, consistent dividend history, and clear strategic direction have strengthened its appeal to institutional and retail investors alike. Group CEO Segun Agbaje described the London listing as “a pivotal moment in GTCO’s growth story,” highlighting its goal of delivering at least 25% return on equity and a minimum 15% dividend yield.
With its share price now in triple digits and investor confidence at an all-time high, GTCO is not only setting new benchmarks but also reinforcing its role as a trailblazer in Africa’s financial services sector. Its aggressive push for capital, innovation, and international visibility may well shape the future of Nigerian banking.
