GTCO Will Be Nigeria’s First Company To Hit $1 Billion In Profit, Says Segun Agbaje

Segun Agbaje, a multimillionaire banker and executive in Nigeria, has confirmed Guaranty Trust Holding Company’s (GTCO) ambitious objective of becoming the first Nigerian company to reach a $1 billion profit.

Agbaje, group CEO and managing director, made the ambitious statement at the lender’s “Facts Behind the Rights Issue Presentation” on Tuesday, July 9. He outlined GTCO’s expansion plans and rationale for 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 told the crowd. “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 target follows on the heels of GTCO’s strong financial performance. At the conclusion of fiscal year 2023, the major financial services group’s profit increased to N609.31 billion ($470.1 million), cementing its status as one of Nigeria’s most lucrative enterprises.

The projected N400.5 billion ($260 million) capital issue is intended to support GTCO’s growth objectives. The lender intends to issue nine billion new shares at N44.5 per share ($0.029). Expansion initiatives will focus on both domestic and foreign markets, with investments planned for Senegal, Cote d’Ivoire, Ghana, and Kenya, as well as reinforcing existing market positions.

“In terms of future growth strategy, GTCO intends to deepen its business, with a deeper focus on vital industries. Outside of Nigeria, we intend to invest in Senegal, Côte d’Ivoire, Ghana, and Kenya, according to Agbaje. “Exposure to critical sectors would be bigger and stronger.”

Agbaje, a significant person in Nigerian banking with minority holdings in GTCO and PepsiCo and a member of the Mastercard Advisory Board for Middle East and Africa, emphasized the importance of technology in GTCO’s objectives.

“We’re going to improve our technology and create great customer experiences,” he promised. “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.”

Acquisitions are also part of the company’s future strategy. “With the new capital, GTCO would make acquisitions,” Agbaje stated. The freshly obtained funds will also be used for future purchases. In addition, GTCO intends to adopt a new core banking platform throughout its activities.

Under Segun Agbaje’s leadership, GTCO has evolved into Africa’s leading financial services firm, serving over 37 million consumers in ten African nations and the United Kingdom. This proven track record prepares the organization for its ambitious future objectives.

GTCO’s financial performance strengthens its case for expansion. In Q1 2024, the group’s earnings increased by 685.9 percent year on year to N457.13 billion ($328.81 million) from N58.17 billion ($41.71 million).

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