Guaranty Trust Holding Company PLC

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Guaranty Trust Holding Company plc
Company typePublic limited company
Founded17 January 1990
635 Akin Adesola Street, Victoria Island, Lagos, Nigeria
Area served
Cote d'Ivoire, Kenya, Liberia, Gambia, Ghana, Nigeria, Rwanda, Tanzania, Uganda, United Kingdom
Key people
Hezekiah Oyinlola, (Chairman) Segun Agbaje, (Group CEO) Miriam Olusanya, (Managing Director)
ProductsRetail banking
Commercial banking
Corporate banking
ServicesBanking, Payments, pension management, asset management
RevenueIncrease 455.23 billion (2020)
Increase ₦210.8 billion (2014)
Increase ₦98.7 billion (2014)
Total assetsIncrease ₦3.16 trillion (2016)
Total equityIncrease ₦374.3 billion (2014)
Number of employees
10,000+ (2014)

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC (or GTBank) into a Holding Company.[1]

GTCO Plc's reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group.[2] Under its old structure, it could not have run non-lending businesses because a 2010 regulation[3] by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service or restructure as a holdings company.

Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO's banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation [4] at N840.26 billion.

Guaranty Trust Holding Plc original started as Guaranty Trust Banks, and it was founded in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.[5]


Guaranty Trust Bank Plc was established in 1990 as a limited liability company (LLC) regulated by the Central Bank of Nigeria to provide commercial and other banking services to Nigerians. The bank began operations as a commercial bank in 1991. The Bank inaugurated its first Head Office on February 11, 1991, at The Plaza, Adeyemo Alakija, Victoria Island, Lagos. In 1992, the Bank opened two branches in Lagos (Ikeja and Broad Street), as well as its first upcountry branch in Kano, and a Port-Harcourt branch in 1993.

In September 1996, Guaranty Trust Bank plc became a publicly traded corporation and received the President's Merit Award from the Nigerian Stock Exchange. The Bank received a universal banking license in February 2002 and was later designated as a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[6] In the same year, it incorporated subsidiaries in the Gambia and Sierra Leone.[7]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over ₦11 billion from Nigerian Investors to expand its operations.

On 26 July 2007, GTBank became the very first Subsaharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.[8] In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.[9]

The GTBank US$500,000,000 Eurobond was the first-ever Benchmark Eurobond issue by a Nigerian corporate and the second Eurobond programme by GTBank in the last 5 years.[10]

The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor's and AA− by Fitch Ratings, which are the highest ratings for a Nigerian bank.[11][12]

They introduced online banking and SMS banking in Nigeria and a naira denominated MasterCard as well as the Platinum and World Signia cards and with GTB-on-wheels, mobile branches.

On 12 March 2008, GTBank was given a banking licence for the United Kingdom by the Financial Services Authority.[13]

Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the Atlantic ocean, adjacent to Victoria Island, Lagos. It will be the home of the new Financial District. The building of Eko Atlantic City started in 2009 and is expected to be finished in 2016.[14]

To commemorate the bank's 20th anniversary, the Nigerian Postal Service issued a set of GTBank Anniversary postage stamps. This was the first time in Nigeria that a corporate organization was honored in such a way.[15]

Gtbank, Maryland branch, Lagos

In 2011, the bank became the biggest bank in Nigeria by market capitalisation.[16]

In 2013, the bank acquired a 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million.[17] Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards.

In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market. The Eurobond was issued under the US$2,000,000 Global Medium Term Note Programme, which is registered under both Regulation in the United States of America and Rule 144A in the United Kingdom and sold to investors across Africa, America, Asia and Europe.[6]

The Bank has over 10,000 employees.[18]

In May 2021, GT Bank announced a[19] change in its corporate structure, moving to a holding company and spinning off its banking and other businesses into subsidiaries. The proposed change was[20] ratified by its shareholders on December 4, 2020 after a court mandated shareholders meeting.


Innoson and GTB have been embroiled in court battles for a long time over a financial contract. On 29 March 2019, the Supreme Court ordered GT Bank to pay Innoson motors the sum of ₦8.8 billion as a result of an accrued interest.[21]

In an exclusive report, Peoples Gazette, through bank records, disclosed how GTCO, through its subsidiary Investment One, donated the sum of ₦200 million to the campaign account of Vice President Yemi Osinbajo, in violation of the federal campaign finance law. The payment was made in three tranches of ₦100 million, ₦50 million, and ₦50 million. The electoral act permits a maximum donation of ₦1 million per candidate in a presidential race.[22][23]


  • Ibrahim Hassan is chairman; Segun Agbaje is Group Chief Executive Officer. The other board of directors include; Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi.[24] In 2021, Miriam Olusanya was appointed the first female Managing Director of GTBank Nigeria, the flagship company of GTCO Plc.[25][26]


Guaranty Trust Holding Company Plc has 11 banking subsidiaries with payments, asset management, and pension management subsidiaries.

GTCO PLC has subsidiaries in the following countries:

  1. GTBank Nigeria - Lagos, Nigeria Nigeria
  2. HabariPay - Lagos, Nigeria Nigeria
  3. GT Pensions - Lagos, Nigeria Nigeria
  4. GT Fund Managers - Lagos, Nigeria Nigeria
  5. GTBank Kenya - Nairobi, Kenya Kenya
  6. GTBank Rwanda - Kigali, Rwanda Rwanda
  7. GTBank Uganda - Kampala, Uganda Uganda
  8. GTBank Côte d'Ivoire - Abidjan, Ivory Coast Ivory Coast
  9. GTBank Gambia - Banjul, Gambia The Gambia
  10. GTBank Ghana - Accra, Ghana Ghana
  11. GTBank Liberia - Monrovia, Liberia Liberia
  12. GTBank Sierra Leone - Freetown, Sierra Leone Sierra Leone
  13. GTBank UK - London, England, United Kingdom United Kingdom
  14. GTBank Tanzania - Dar es Salaam, Tanzania Tanzania

Corporate social responsibility[edit]

Guaranty Trust Bank has a long history of corporate social responsibility projects,[27] often gaining recognition [27] for its CSR efforts.

Its Annual Autism Conference, which it has held for eleven years,[28] works to reduce the stigma associated with autism. The event also provides free speech and behavioral consultations with medical experts for people living with autism.

In education and sports, Guaranty Trust Bank also hosts the Master's Cup,[29] one of the most popular grassroots football tournaments in the country. In 2021, the Bank celebrated Children's day with a meeting between young children and Mabel Segun,[30] the iconic Nigerian poet and playwright.

Guaranty Trust Bank Plc branch in Kaduna State, Nigeria

The bank has other CSR efforts in improving access to healthcare,[31] and it hosts the GTBank Food and Drink Festival[32] and the GTBank Fashion Week,[33] two of the most popular pop culture events in Nigeria.

Awards and recognition[edit]

In July 2019, GTBank was recognized as the best bank in Africa at the annual Euromoney Awards for Excellence held in London. In the same year, it was adjudged the best bank in Nigeria for the ninth time.[34]

In 2020, Guaranty Trust Bank was awarded the Euromoney Excellence in Leadership Africa Award and was also named the Best Bank in Nigeria by Euromoney [35] in 2020 and Africa's best Bank by the same publication in 2021.[36]

Guaranty Trust Bank was also named the Best Digital Bank in Nigeria by the research and credit rating agency, Agusto & Co.[37] The bank was also the most admired finance brand in Nigeria and Africa in 2020.

In 2021, Guaranty Trust Bank was named the Best Banking Group, the Best Retail Bank in Nigeria and the Most Innovative Bank in Nigeria by the World Finance Banking Awards. The World Business Outlook awarded Guaranty Trust Bank the Best Digital Bank as well as an award for the Best Mobile Banking app. In 2022, GTBank also won the most admired brand in Africa Award. [38]


  1. ^ "Guaranty Trust Holding Company Completes Corporate Re-organization".
  2. ^ "One of Nigeria's biggest banks, GTBank is restructuring to take on the fintech industry | TechCabal". 26 March 2020.
  3. ^ "Archived copy" (PDF). Archived from the original (PDF) on 12 February 2022. Retrieved 13 August 2021.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ "Top 7 banks in Nigeria by market valuation - Nairametrics". 26 June 2021.
  5. ^ "THEY DARED, THEY DID: THE STORY OF YOUNGSTERS THAT FOUNDED GTB". JarusHub - Nigeria's No. 1 Career Website. 10 October 2016. Retrieved 18 January 2018.
  6. ^ a b "History - Guaranty Trust Bank Plc". Retrieved 17 August 2017.
  7. ^ Alade, Sarah Omotunde (2 February 2014). "Cross-border expansion of Nigerian banks: has it improved the continent's regulatory and supervisory frameworks?". BIS Papers chapters. 76: 83–96.
  8. ^ Nigeria's Guaranty Trust Bank to raise 750 mln usd from London listing“ (11 September 2007)
  9. ^ GTBank completes Nigeria's first private EuroBond Issue. Archived 5 March 2016 at the Wayback Machine
  10. ^ GTBank’s US$500 million Eurobond Oversubscribed Archived 2 January 2014 at the Wayback Machine
  11. ^ Ahmed, Idris (6 January 2012). "Nigeria: S&P Rates Firstbank, Zenith, GTB Positive". Daily Trust (Abuja). Retrieved 17 August 2017.
  12. ^ Egwuatu, Peter (16 April 2009). "Nigeria: GTBank Gets AA Minus By Fitch". Vanguard (Lagos). Retrieved 17 August 2017.
  13. ^ GTBank to Commence Operations in UK“
  14. ^ "". Archived from the original on 4 June 2010. Retrieved 7 June 2010.
  15. ^ NIPOST Launches Stamps to Mark GTBank 20th Anniversary Archived 2 January 2014 at the Wayback Machine
  16. ^ GTBank Leads Banking Stocks in Market Capitalisation Archived 2 January 2014 at the Wayback Machine
  17. ^ "Regulator Approves Plan By Nigerian Bank To Buy 70 Percent Fina Stake". Daily Nation Mobile (Nairobi). 29 December 2013. Retrieved 7 June 2015.
  18. ^ "About GTBank - Guaranty Trust Bank Plc". Retrieved 17 August 2017.
  19. ^ "NGX Suspends Trading in GTBank's Shares Ahead of HoldCo Listing". This Day Nigeria.
  20. ^ "GT Bank Gets Approval Of Shareholders On Planned HoldCo Structure". Proshare Nigeria.
  21. ^ "Innoson Motors secures court order against GT bank over controversial debt". Premium Times Nigeria.
  22. ^ "EXCLUSIVE: Bank documents show GTBank bankrolled Osinbajo's campaign with hundreds of millions, breaking federal electoral law". Peoples Gazette.
  23. ^ "Documents Expose How Top Nigerian Finance House, GTBank Funded Vice President Osinbajo's Campaign With Millions Of Naira —Report". Sahara Reporters.
  24. ^ "Guaranty Trust Holding | Our People".
  25. ^ "Miriam Olusanya appointed as GTBank boss -- its first female MD ever". TheCable. 14 July 2021. Retrieved 10 October 2022.
  26. ^ "GTBank Named Olusanya as MD, Agbaje Remains GCEO of Parent Company – THISDAYLIVE". Retrieved 10 October 2022.
  27. ^ a b "The Case Against Nigeria's Big Philanthropy Industrial Complex (NBPIC)".
  28. ^ "– Guaranty Trust to Hold Annual Autism Conference AugustTHISDAYLIVE".
  29. ^ "Eko Boys, Anwar College, Greenspring, Lead-Forte qualify for GTBank Masters Cup finals — Sport — The Guardian Nigeria News – Nigeria and World News". 7 February 2020.
  30. ^ "Segun fetes children with Literature | The Nation Nigeria". Archived from the original on 27 July 2021.
  31. ^ "GTBank Launches Beta Health expands access to health insurance for low-income Nigerians — Features — The Guardian Nigeria News – Nigeria and World News". 19 March 2020.
  32. ^ "GTBank Food and Drink Festival kicks off tomorrow | The Guardian Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News". 27 April 2019.
  33. ^ "PHOTOS: Street fashion on display at 2019 GTBank Fashion Week". 10 November 2019.
  34. ^ "GT Bank named best bank in Africa at Euromoney Awards". Retrieved 16 July 2019.
  35. ^ "A Decade in Peerless Excellence | Africanews". Archived from the original on 6 August 2020.
  36. ^ "Africa's best bank 2021: Guaranty Trust Bank | Euromoney". 14 July 2021.
  37. ^ "GTBank displaces Zenith as best digital bank – Blueprint Newspapers Limited". 12 November 2020.
  38. ^ Online, Tribune (29 May 2022). "GTBank bags Most Admired Brand in Africa award". Tribune Online. Retrieved 10 October 2022.

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