Guaranty Trust Holding Firm (GTCO) is popping its gaze eastward and never towards Wall Road.
Contemporary off its twin itemizing on the London Inventory Alternate, the Nigerian {financial} group mentioned it’s quietly laying the groundwork for a broader worldwide growth, with East Africa and East Asia rising as its subsequent strategic frontiers.
At a current post-listing media briefing in London, Group CEO Segun Agbaje downplayed expectations of rapid-fire international growth however made it clear that progress outdoors Nigeria will likely be a precedence.
“We’re very conservative,” Agbaje mentioned. “However truthfully, diversification is already occurring simply with out a variety of noise.”
Based on him, Nigeria at present accounts for 67% of GTCO’s revenue, whereas West Africa contributes 27%. The remainder, together with East Africa (1.5%) and the UK (1.8%), are markets; the group now plans to scale extra aggressively.
“We’re clearly under-branched in lots of our markets,” Agbaje mentioned. “So, a part of what we’re going to do is broaden our department community to deepen enterprise in nations we already function in. There is no such thing as a level in being in 30 nations and never being dominant. Our goal is to be prime 5 in each nation we function.”
Whereas Senegal in West Africa would be the first port of name,
Why Far East and never the US
Requested whether or not GTCO was contemplating a transfer into the US or different developed markets, Agbaje provided a revealing response:
“We’re nonetheless making an attempt to digest the UK, which immediately contributes simply 1.8% of revenue,” he mentioned. “I feel the Far East could also be a extra applicable strategic path than the U.S., notably by way of commerce.”
His feedback mark a transparent sign that GTCO sees Asia and never the U.S. because the extra viable long-term progress market, aligning with shifting commerce flows and the more and more interconnected nature of Africa-Asia commerce.
Worldwide footprint already
GTCO at present operates in eight nations outdoors Nigeria:
The group’s international subsidiaries are already delivering important outcomes. In 2024, they recorded a mixed pre-tax revenue of N273 billion, up 109% from N130.66 billion in 2023.
Because the group sharpens its technique in current and new markets, this quantity is predicted to rise additional.
Additionally, a push towards market dominance in each geography with the ambition of being among the many prime 5 gamers in every may considerably enhance GTCO’s backside line and improve revenue diversification throughout its community.
