In a landmark moment for West Africa’s financial sector, Guaranty Trust Holding Company (GTCO) has become the first financial services institution in the region to dual-list on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE)—a strategic leap that underscores Nigeria’s growing global financial footprint.
Speaking at an event marking the London listing on July 10, 2025, GTCO’s Group CEO, Segun Agbaje, tackled critical issues surrounding regulatory forbearance, cash reserve requirements (CRR), and the challenges of operating under international governance standards.
Agbaje dismissed suggestions that the Central Bank of Nigeria’s (CBN) withdrawal of forbearance came as a surprise.
“We all had letters saying it would end in 2023. So whatever the regulators chose to do should not have come as a surprise. We were given more than enough time to adhere,” he said, signaling a readiness for stricter financial discipline in the post-forbearance era.
Agbaje also weighed in on the high CRR burden—the portion of customer deposits banks must hold with the CBN, currently hovering around 32.5%, one of the highest globally. He described it as a necessary tool to address a “liquidity overhang” inherited from previous fiscal regimes, noting:
“As the central bank sees normalized liquidity, they will reduce CRR over time… But I don’t think it’s realistic to expect them to just release CRR suddenly.”
On the path to GTCO’s dual listing, Agbaje described the process of meeting FCA and LSE regulatory benchmarks as intense but transformational.
“It’s not just the exchange—you also have to meet the standards of the FCA. You’d be surprised what comes up during due diligence. Everything ever said about your company or leadership online pops up.”
This candid reflection offered a subtle critique of media responsibility in Nigeria, with Agbaje urging more factual, long-term thinking in public discourse.
The dual listing comes after a successful offering that raised $105 million in gross proceeds via the issuance of 2.29 billion new ordinary shares. GTCO’s shares now trade on the LSE under the ticker “GTHC,” with a planned switch to “GTCO” pending the cancellation of its Global Depository Receipts (GDRs).
With over 28 million customers across Africa and a stronghold in digital banking, GTCO’s expansion signals a bold move to attract long-term foreign capital and position Nigeria as a viable frontier market for global investors.
