Guaranty Trust Holding Company (GTCO), led by Nigerian banker and business executive Segun Agbaje, has secured its position as the most valuable financial services provider in Nigeria, surpassing Zenith Bank, a group led by prominent businessman Jim Ovia, who is counted among Nigeria’s wealthiest individuals.
As of the time of this report, GTCO boasts a market capitalization of N1.13 trillion ($1.45 billion), solidifying its position as the country’s largest listed financial services provider and the sixth most valuable company on the Nigerian bourse.
Zenith Bank, on the other hand, maintains a market capitalization of N1.1 trillion ($1.41 billion), closely trailing behind the Segun Agbaje-led group, which has climbed the ranks among Nigerian lenders due to the recent surge in its share price and market capitalization.
The recent upward trend in lenders’ shares and market capitalization on the Nigerian Exchange can be attributed to investors’ optimism about a potential increase in earnings and assets following the revaluation of their foreign currency assets in Naira terms, brought about by the unification of the Naira.
Benefiting from the bullish pressures in the market, GTCO‘s share price has soared by over 25 percent since June 14, when the Naira was devalued against the U.S. dollar, rising from N30.6 ($0.0394) on June 16 to N38.5 ($0.0496) at the time of writing.
This recent surge in share price has contributed to a significant increase in GTCO’s market capitalization on the Nigerian Exchange, adding N232.5 billion ($299.66 million) in the past 36 days, elevating its value from N900.59 million ($1.16 billion) on June 16 to N1.13 trillion ($1.46 billion) on July 22.
The surge in share price has resulted in substantial gains for the company’s shareholders, including Agbaje, GTCO’s group CEO, who holds a minority 0.14-percent stake in the leading financial services group. Agbaje’s stake amounts to a total of 41,628,001 shares in GTCO.
With this significant achievement, GTCO cements its position as a formidable force in the Nigerian financial services sector, and investors and industry experts will closely monitor its continued growth and performance.
