GTCO Makes History, Becomes First Nigerian Bank to Trade Above ₦100 Per Share

Guaranty Trust Holding Company (GTCO) has etched its name in Nigerian financial history. On Wednesday, the bank’s stock hit ₦101.00 per share on the Nigerian Exchange Limited (NGX)—making it the first listed bank in the country to break the ₦100 threshold.

This milestone reflects growing investor confidence, with the market betting heavily on GTCO as Nigeria’s most profitable bank. The stock surged by ₦7.15 or 7.62%, up from the ₦93.85 it opened with.

Within the same week, GTCO gained 7.3%, rising from ₦94.10 at the end of last week. This comes after its dual listing of over 2.28 billion shares on both the NGX and the London Stock Exchange (LSE), a move that seems to have thrilled investors.

So far in 2025, GTCO has delivered a staggering 57% return—translating to ₦44.00 per share—when compared to its closing price of ₦57 in 2024.

First Quarter Gains and New Listings Push GTCO Higher

The bank’s strong start in 2025 set the tone for its current rally. It began January at ₦57.00 per share and traded about 393 million shares that month, closing at ₦61.05.

February was lukewarm, gaining only 0.25%, but March picked up sharply, jumping 12.4%. By the end of Q1, GTCO had gained a solid 20.7%.

April was bearish, with a 4.9% drop—its only red month this year. But May and June bounced back, supported by key corporate actions and market sentiment.

Analysts attribute the rally to several factors:

• Solid Q1 earnings
• Strong dividend expectations
• London dual listing
• Regulatory compliance with the Central Bank of Nigeria (CBN)

By mid-year, the stock had gained over 27% month-to-date from the ₦81.25 mark in June.

In the first quarter of 2025 alone, GTCO reported a profit before tax of ₦300.4 billion, backed by healthy growth in its core earnings.

CBN Regulations and Shareholders’ Expectations

On June 14, 2025, the CBN issued fresh directives to all banks under regulatory forbearance due to credit exposure or single obligor breaches. Affected banks were told to suspend dividends, withhold executive bonuses, and pause foreign exchange (FX) investments.

GTCO was not on that list, giving it a freer hand to pursue growth and reward shareholders.

It also caught investor attention by listing 2.29 billion ordinary shares on the LSE’s Main Market on July 9. A day later, it added another 2.28 billion shares on the NGX, expanding its visibility both locally and globally.

Group CEO Segun Agbaje recently gave more insight into the bank’s plans.

“A lot of our Nigerian retail shareholders judge us more on dividends, he said. So, we’re now going to work on two parameters.

“I think that every Nigerian company should try and pay at least 15 per cent dividend yield when you look at the rate of inflation.

“So we’re going to keep that as a parameter. I think when you look at some of the volatility in the macros, you’ve got to do at least a 25% ROE at the minimum.

“So it means, by doing this deal now, we’re going to be managing, hopefully, a dividend yield about 15% ROE expectations for retail Nigerians and a 25% minimum for foreign institutions.“

GTCO’s share price rise might be a reflection of more than just earnings—it signals strong leadership, strategic execution, and an ability to inspire investor trust even in these uncertain economic times.

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