Home » Segun Agbaje says GTCO will be first Nigerian company to achieve $1-billion profit

Segun Agbaje says GTCO will be first Nigerian company to achieve $1-billion profit

Agbaje, GTCO's CEO, outlines bold strategies to achieve unprecedented financial milestones

by Omokolade Ajayi
Segun Agbaje

Key Point


  • Segun Agbaje reaffirms GTCO’s goal to be the first Nigerian company to reach $1-billion profit, aiming for significant market capitalization and international expansion.
  • GTCO plans a N400.5-billion ($260 million) capital raise through a rights issue to fuel growth in Nigeria and key African markets like Senegal and Kenya.
  • Technology upgrades and potential acquisitions are pivotal to GTCO’s strategy, enhancing customer experience and expanding its footprint under Agbaje’s leadership.

Nigerian multimillionaire banker and leading executive Segun Agbaje has reaffirmed Guaranty Trust Holding Company (GTCO)’s ambitious goal of becoming the first Nigerian company to achieve a $1-billion profit milestone.

Agbaje, who serves as group CEO and managing director, made the ambitious statement at the lender’s “Facts Behind the Rights Issue Presentation” on Tues., July 9, where he outlined GTCO’s expansion plans and rationale behind a proposed N400.5 billion ($260 million) capital raise through a rights issue on the Nigerian Exchange (NGX).

“We want a market capitalization that Nigeria will be proud of,” Agbaje said. “There is no Nigerian company that has ever made $1-billion in profit, and we are going to be the first to achieve it.”

This goal comes on the heels of GTCO’s impressive financial performance. The leading financial services group’s profit surged to N609.31 billion ($470.1 million) at the end of its 2023 fiscal year, solidifying its position among Nigeria’s most profitable businesses.

Capital raise to fuel growth strategy

The proposed N400.5 billion ($260 million) capital raise aims to bolster GTCO’s growth initiatives. The lender plans to issue nine billion new shares at N44.5 ($0.029) per share. Expansion efforts will span domestic and international markets, with investments planned for Senegal, Cote d’Ivoire, Ghana, and Kenya, alongside strengthening existing market positions.

“On the growth strategy going forward, GTCO plans to deepen its business, with a stronger focus on critical sectors. Outside Nigeria, we are planning to invest in Senegal, Cote d’Ivoire, Ghana, and Kenya,” Agbaje explained. “Exposure to critical sectors would be bigger and stronger.”

Technology and acquisitions key to future

Agbaje, a prominent figure in Nigerian banking with minority stakes in GTCO and PepsiCo, and a member of the Mastercard Advisory Board for Middle East and Africa, stressed technology’s crucial role in GTCO’s objectives.”

“We’re going to improve our technology and create great customer experiences,” he declared. “When we do food and drink, fashion, or banking, it’s all about customer experience, and you cannot do that without the right technology platform.”

The company also sees acquisitions as part of its future. “With the new capital, GTCO would go into acquisitions,” Agbaje revealed. The newly raised capital will also be used for potential acquisitions. Additionally, GTCO plans to implement a new core banking software across its operations.

Strong financial performance

Under Segun Agbaje’s leadership, GTCO has grown into a prominent financial services group in Africa, serving over 37 million customers across ten African countries and the United Kingdom. This proven track record positions the company well for its ambitious future plans.

GTCO’s financial performance bolsters its case for expansion. The group’s financial statements for the first quarter of 2024 show a significant 685.9-percent year-over-year profit surge to N457.13 billion ($328.81 million) from N58.17 billion ($41.71 million).

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