GTCO Eyes 15% Dividend Yield, 25% ROE as Landmark LSE Listing Signals New Phase of Global Ambition

Guaranty Trust Holding Company (GTCO) defines new financial references in fat following the double rating of its ordinary shares on the London Stock Exchange (LSE), moving away from its inherited global deposit (GDR) receipts in order to attract long -term world capital and deepen investors’ confidence.

Speaking in London shortly after registration on July 9, 2025, the CEO of the Segun Agbaje group unveiled the company’s post-inscription objectives: a minimum dividend yield of 15% and a return to soil (ROE) of 25%, in particular in a high inflation environment like Nigeria.

“Each Nigerian company should pay at least 15% of dividend return, especially when you look at the inflation rate,” said Agbaje at a press briefing. “We also set our ROE floor at 25%, especially given the macro-valatility in Nigeria.”

From GDR to ordinary actions

GTCO’s decision to pass GDR – where each unit represented 50 ordinary actions – to a list of complete actions on the LSE was not only symbolic. For Agbaje, it was a calculated decision to eliminate liquidity constraints and attract more significant institutional flows.

“For years, the GDRs have served their objective, offering global investors a way to access our actions without the friction of the Nigerian market. But this structure has become too limiting,” he said.

The new announcement creates a direct route for institutional capital and opens the door to more in -depth participation in the market. Negotiation volumes should increase considerably now that the company’s ordinary shares are accessible to global investors on two major exchanges: the Nigx Stock Exchange (NGX) and LSE.

GTCO increased the N209 billion locally before heading abroad to increase balance thanks to its LSE list. The strategy, said Agbaje, was designed to protect more than 50% of the GTCO shareholders’ base which includes Nigerian retail investors.

“We did not want to unnecessarily dilute our national investors,” he said.

With a new secure capital and the holding structure firmly in place, GTCO is preparing for its next expansion phase. Already, the group’s income profile is diversifying, Nigeria now representing 67% of its profits, West Africa 27%, East Africa by 1.5% and the United Kingdom.

Agbaje revealed Senegal as the next GTCO market entry, but stressed that the expansion would be deliberate and anchored over domination, not the presence of token.

“It is useless to be in 30 countries and to be dormant. The objective is to be dominant on each market that we enter, the first five of each country-this is the aspiration,” he said.

Asked about prospects in Asia or the United States, Agbaje has offered a prudent but open view: “We always digest the United Kingdom … But when we look outwards, the Far East can be a better strategic adjustment for us than the United States, especially in terms of trade flows.”

Agbaje was frank on the level of control and discipline required by the LSE, noting that Nigerian companies must prepare for an environment where each word and each action are judged by global standards.

“You must be able to defend each word. This is the standard demand for international markets-and this is something that we must also adopt in Nigeria,” he said.

He also published a subtle criticism of the media culture of Nigeria, shifting the tendency to uncontrolled relationships which could harm the processes of investors and reasonable diligence.

“When you do reasonable diligence in a company, everything that is said on this subject appears. You must be ready to defend it. But many do not see it in this way,” added Agbaje.

Abstention and CRR: GTCO saw it coming

On the controversial issue of withdrawal of regulatory abstention by the Central Bank of Nigeria (CBN), Agbaje rejected the concept that the banks were taken without preparation.

“We had letters in 2023 to leave abstention. Therefore, we should have been released by the end of 2024,” he said. “So, all that the regulator has chosen to do should not have surprised. We have been given more than enough time.”

He also minimized the alarm concerning the cash reserve ratio (CRR), calling it an “inherited tool” for liquidity management, and expressed its optimism that the monetary policy of Nigeria would end up returning to more conventional strategies.

Backstory: a pivot with a goal

GTCO’s decision to move away from GDR and list its ordinary actions on the LSE represents a major realignment in its international growth strategy. The bank had maintained GDR on the LSE since July 2021 as a bridge to foreign investors suspicious to directly access Nigerian shares. But the structural constraints and limited market activity finally made the vehicle less attractive.

By directly listing its ordinary actions, GTCO has eliminated this intermediate layer, improved transparency and positioned itself for a wider base of global investors. This decision also coincides with Agbaje’s vision to build an African financial giant with solid international credibility and resilience.

A new era for Nigerian banks?

The GTCO LSE list – and the performance references it has established – can increase the mark of Nigerian financial institutions seeking to deepen international participation. AGBAJE’s daring affirmation that “each Nigerian company should pay at least 15% dividend return” is not only an argument of investors – it is a challenge for peers.

The Bank’s ambitions for regional domination, its measured approach to international expansion and its insistence on policies adapted to investors could redefine what it means to be a truly Pan -African financial institution.

With its now formalized double market presence, GTCO is entering a new chapter – the one that will not only test its financial meaning but also its ability to show the example in a space where capital follows clarity, discipline and vision.