GTCO Makes History As First Nigerian Banking Stock To Surpass ₦100 On NGX.
Guaranty Trust Holding Company (GTCO) has achieved a landmark milestone by becoming the first banking stock on the Nigerian Exchange (NGX) to break the N100 per share barrier. The historic feat was recorded during Wednesday’s trading session on 16 July 2025, with GTCO’s share price soaring to N103.20, up from N93.85 at the close of trading on Monday, according to market reports.
This unprecedented achievement follows GTCO’s recent listing on the London Stock Exchange (LSE), making it the first Nigerian and West African financial institution to secure a dual listing on both the NGX and LSE. The surge in share price, which reflects a gain of over 27% in recent months, has been attributed to strong investor confidence spurred by the LSE listing and GTCO’s robust financial performance. The company reported a profit after tax of N258 billion for the first quarter of 2025, marking a 61% year-on-year growth, driven by strong core earnings and a reduced non-performing loan ratio of 4.5%.
Market analysts have hailed GTCO’s performance as a reflection of the broader bullish trend in Nigeria’s banking sector, with the NGX Banking Index rising by more than 22% in July alone. The dual listing, which saw 2.29 billion ordinary shares listed on the LSE and an additional 2.29 billion shares on the NGX at N70 per share, has bolstered liquidity and attracted both domestic and international investors. The move is part of GTCO’s strategy to raise $105 million to meet the Central Bank of Nigeria’s recapitalisation deadline by March 2026, ensuring its international banking licence is retained.
Segun Agbaje, Group Chief Executive Officer of GTCO, described the milestone as a “pivotal moment” in the company’s growth journey, emphasising its commitment to delivering a minimum dividend yield of 15% and a return on equity of at least 25%. “This achievement underscores our strong governance structure and our ability to compete on a global stage,” Agbaje stated, noting the rigorous regulatory hurdles overcome to secure the LSE listing.
The market response has been overwhelmingly positive, with GTCO’s market capitalisation climbing to over N3 trillion, cementing its position as Nigeria’s most capitalised banking group. The listing of new shares has also contributed to a N1.76 trillion increase in the NGX’s overall market capitalisation, which now stands at N78.73 trillion. Investors are reportedly capitalising on arbitrage opportunities presented by the dual listing, with GTCO’s shares trading at a 30% premium on the LSE, closing at $0.08 (approximately N122.32) on 15 July 2025.
As GTCO continues to expand its global footprint, operating across 11 countries including Nigeria and the United Kingdom, the company’s success is seen as a beacon for other Nigerian firms seeking international capital. Joining the ranks of Seplat Energy and Airtel Africa as one of the few Nigerian companies with dual listings, GTCO’s trailblazing move signals growing confidence in Nigeria’s financial sector. With plans for further expansion into high-growth markets, GTCO is poised to maintain its momentum, setting a high bar for the industry.
