GTCO embarks on a pursuit, as per Daily's report
In a significant move, Guaranty Trust Holding Company Plc (GTCO) has listed its ordinary shares on both the London Stock Exchange (LSE) and the Nigerian Exchange (NGX), marking a pioneering milestone for West Africa's financial services sector.
GTCO, the first financial services institution in West Africa to achieve a direct listing on both exchanges, raised gross proceeds of $105 million through a fully marketed offering. This move, according to the company's CEO, Segun Agbaje, was to test whether the macroeconomic story of Nigeria should change or whether the company could raise money in the international market.
The London listing broadened GTCO's investor base, with strong participation from long-term institutional investors. This international exposure supports the company’s global growth ambitions while complementing its robust Nigerian shareholder base. Simultaneously, 2.29 billion additional shares were issued at NGX as part of the public offer.
Being listed on the LSE’s main market and the FCA Official List elevates GTCO’s profile and governance standards, attracting global investors who value transparency and corporate governance. This dual presence signals confidence and positions GTCO as a resilient, competitive African financial institution on the global stage.
The dual-listing also creates an additional avenue for GTCO to raise capital in the future, either in Nigeria or internationally, facilitating strategic expansion across Africa and beyond. It reflects Nigeria’s rising importance in global financial markets and serves as a bold signal that African institutions are prepared to compete globally with confidence and resilience.
Meanwhile, efforts to improve broadband penetration in Nigeria continue to face challenges. Regulatory delays, taxation, and a hostile infrastructure rollout are contributing factors to the slow progress. As of five months before the end of 2025, broadband penetration in Nigeria remains below 50%. Despite a 50% increase in data prices, Nigerians used 1.04 million terabytes of internet data in May 2025, with internet subscriptions declining from 141.4 million in April to 141 million in May.
Operators in Nigeria are still battling steep right-of-way (RoW) charges to lay fibre cables, a significant hurdle in expanding broadband infrastructure. The National Broadband Plan (NBP 2020-2025) aims to reach 70% broadband penetration by the end of 2025, a goal that remains ambitious given the current pace of progress.
In other news, applications for the 2025 FATE Institute Fellowship, a two-year, part-time and virtual programme for experienced Nigerian professionals passionate about entrepreneurship and policy reform, are still open. MEST Africa has also opened applications for its 2026 AI Startup Programme, a 12-month training and incubation programme for West African software developers aged 21-30.
Engage Capital has bid $24.5 million to acquire struggling Lipa Later, while Insights Market ResearcherTM, a tool for finding and analyzing African tech and business data, is being launched.
GTCO, initially raising ₦209 billion ($136 million) from domestic investors, turned to international markets to complete the raise, with a remaining gap of about ₦150 billion ($98 million) to reach the capital requirements set by Nigeria's Central Bank. GTCO aims to reprice its stock with a second listing, as shares listed locally may not reflect the company's true value. Listing abroad gives GTCO access to deeper pools of capital and puts it in front of a broader set of investors.
- GTCO's listing on the London Stock Exchange (LSE) allowed the company to attract long-term institutional investors, increasing its international exposure and supporting its global growth ambitions.
- The company's CEO, Segun Agbaje, suggested that GTCO's move to list its ordinary shares internationally was to test whether the company could raise money in the international market.
- The dual-listing of GTCO's shares on both LSE and the Nigerian Exchange (NGX) provides an additional avenue for the financial institution to raise capital in the future, facilitating strategic expansion across Africa and beyond.
- Alongside efforts to improve education and self-development, initiatives such as the FATE Institute Fellowship and MEST Africa's AI Startup Programme offer opportunities for Nigerian professionals passionate about entrepreneurship and technology.
