GTCO Eyes $1bn Profit

Please share

Mohammed Shosanya

Guaranty Trust Holding Company (GTCO) Plc has vowed that it would become the first financial institution in Nigeria to reach a $1 billion in profit.

Speaking at the ‘Facts Behind the Offer Presentation’ on the floor of Nigerian Exchange, the group managing director, GTCO, Segun Agbaje stated the naira devaluation has weakened the assets of banks operating in the country.

He stated that the Group was planning to raise N400.5 billion to be used for the growth and expansion of the Group businesses and the banking businesses, before the Central Bank of Nigeria (CBN) banking recapitalization exercise.

He said: “Banks need equity. We have just gone through about a 200 per cent devaluation of the naira. The balance sheets of banks have shrunk and as the ability to do business have reduced.

“With the federal government proposing a $1 trillion economy; we are not going to achieve a $1 trillion economy at this size of banks if you do not raise capital.

“We are going to grow the business in Nigeria and outside Nigeria and the non-banking businesses. It is impossible to do that without technology. When we do food and drink, it is about our customer experience. When we do fashion, it is about our customer experience and when we do banking, it is about our customer experience, and you cannot do that without the right technology platform”.

Speaking on growth strategy going forward, Agbaje highlighted that in Nigeria, GTCO plans to deepen the business, stressing that exposure to critical sectors would be bigger and stronger.

“Outside Nigeria, we are planning to invest in Senegal, because we think business is good there. We are going to grow in Cote d’Ivoire, Ghana, and Kenya,” he said.

He disclosed that the GTCO would go into an acquisition with a new capital, adding that the financial institution is going to change its core-banking software across its region.

In his speech,yhe group chairman, NGX Group Plc, Alhaji Umaru said that over the years, GTCO through its GTBank era to the HoldCo era has consistently demonstrated remarkable resilience, innovation, and leadership in the financial sector.

He expressed NGX Group’s commitment to supporting GTCO and other financial institutions in their recapitalisation efforts.

He added:“Our recent initiatives, such as the launch of the NGX e-platform, underscore our dedication to enhancing market efficiency and accessibility. Today’s presentation is a clear indication of GTCO’s proactive approach to engaging with the market and ensuring transparency in their capital raising activities”.

241700cookie-checkGTCO Eyes $1bn Profit

Please share

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *