Guaranty Trust Holding Company (GTCO), led by Nigerian banker and business executive Segun Agbaje, has surpassed Zenith Bank, a group led by prominent businessman Jim Ovia, who is among Nigeria‘s wealthiest individuals, as the most valuable financial services provider in Nigeria.
GTCO has a market valuation of N1.13 trillion ($1.45 billion) as of the time of this report, cementing its position as the country’s largest listed financial services provider and the sixth most valuable firm on the Nigerian exchange.
Zenith Bank, on the other hand, has a market capitalization of N1.1 trillion ($1.41 billion), following the Segun Agbaje-led firm, which has risen to the top among Nigerian lenders thanks to a recent jump in its share price and market capitalization.
The recent rise in the value of lenders’ shares and market capitalization on the Nigerian Exchange can be attributed to investors’ optimism about a potential increase in earnings and assets as a result of the revaluation of their foreign currency assets in Naira terms caused by the Naira’s unification.
GTCO’s share price has increased by more than 25 percent since June 14, when the Naira was devalued against the US dollar, climbing from N30.6 ($0.0394) on June 16 to N38.5 ($0.0496) at the time of writing.
This recent increase in share price has contributed to a significant increase in GTCO’s market capitalization on the Nigerian Exchange, which has risen from N900.59 million ($1.16 billion) on June 16 to N1.13 trillion ($1.46 billion) on July 22.
The spike in share price has resulted in significant gains for the company’s owners, including GTCO’s group CEO, Agbaje, who owns a 0.14 percent interest in the major financial services group. Agbaje has a total position in GTCO of 41,628,001 shares.
GTCO has cemented its position as a powerful force in the Nigerian financial services market, and investors and industry experts will keenly follow its continued expansion and success.
