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GTBank has increased employee salaries by 40 percent in response to Nigeria's economic reforms and rising inflation, reinforcing its commitment to staff welfare while maintaining its position as one of the country’s most cost-efficient banks.
This aligns with GTCO's ambitious target to become the first Nigerian company to achieve a $1 billion profit milestone.
The capital raise, aimed at generating N500 billion ($329.5 million) through the issuance of ordinary shares, underscores GTCO’s strategy to bolster its technological infrastructure
The targeted capital will be sourced through public offerings, private placements, rights issues, and other instruments.
Building on a strong 2023 performance, with profit rising 219 percent to $470.1 million, GTCO’s first-quarter profit jumped 685.9 percent year-over-year.
The capital raise aligns with the Central Bank of Nigeria’s (CBN) recent increase in minimum capital requirements for the country’s largest banks.
With Segun Agbaje at the helm, GTCO continues to chart a path of sustained growth and profitability in the Nigerian financial landscape.
GTCO’s 2023 financial performance, marked by record profit, strengthens Agbaje’s leadership and cements the company’s position as a Nigerian financial powerhouse.
Nigerian business executive Segun Agbaje’s leadership remains a key ingredient in GTCO’s financial success in recent years.
Agbaje’s leadership has been pivotal to GTCO’s remarkable success as he continues to guide the group to new heights.
In addition to his stake in PepsiCo, Agbaje maintains a 0.14-percent minority stake in GTCO.
Agbaje, the group CEO of GTCO, holds a minority 0.14-percent stake in the company, amounting to a total of 41,628,001 shares.
The upward trend in the lenders’ shares and market capitalization can be attributed to investors’ optimism about a potential increase in earnings and assets.
Agbaje emphasized the group’s commitment to sound business strategies and strong fundamentals.