The rally, its strongest single-day gain in about a month, pushed the bank’s market capitalisation to N4.58 trillion, overtaking GTCO, which stood at N4.32 trillion at the close of trading.

This development returns Zenith Bank to the top spot among Nigeria’s most valuable banking stocks.

Zenith Bank’s proposed London listing is seen as a strategic move to tap stronger pools of international capital.

Although the bank has traded in London via global depository receipts since 2013, a full listing would boost its global profile and investor access.

Financial institutions in Nigeria are currently seeking foreign capital to fund expansion. GTCO, for instance, raised $105 million through its own London listing last year.

Alongside the listing plan, Zenith Bank also announced the opening of a new branch in Manchester, expanding beyond its longstanding London presence.

The Manchester office is expected to create about 30 jobs in the North West region and will focus on corporate banking services, including trade finance and treasury operations for businesses operating between Africa and the UK.

The launch coincided with President Bola Ahmed Tinubu’s visit to the United Kingdom, where discussions have centred on strengthening trade and investment ties between both countries.

Zenith Bank’s share price close at N111 makes it only the second Nigerian bank to trade above N100, following GTCO, which ended the session at N123.

Crossing this threshold is widely viewed by investors as a sign of market re-rating, showing improved confidence in the banking sector’s earnings strength and long-term growth outlook.

Group Managing Director and CEO, Dame Dr. Adaora Umeoji, said the bank’s UK expansion aligns with its international growth strategy.

She described the UK as a key financial hub for connecting African businesses with European markets.

Zenith Bank’s latest rally stresses high competition at the top of Nigeria’s banking sector, with valuations between it and GTCO being closely matched.

The planned London listing points to a longer-term transition toward global capital markets, while the Manchester expansion accentuates the bank’s intention to be a bigger part in facilitating trade flows between Nigeria and the UK, currently estimated at £8.1 billion annually.

The Board will meet on January 27, 2026, to review and approve the audited financial statements for the year ending December 31, 2025. The directors may also discuss plans for a possible full-year dividend.

In a notice sent to the NGX, the company said the closed trading period for directors, employees, and other insiders will begin on January 1, 2026. This restriction will remain in place until 24 hours after GTCO publishes its audited results.

After approval by the Board, the accounts will be forwarded to the Central Bank of Nigeria for review before public release.

Insider trading is strictly restricted during this window, in line with NGX listing rules.

GTCO is one of Nigeria’s most valuable listed companies and is part of the well-known FUGAZ group of top-tier banks: FirstBank, UBA, GTBank, Access Bank, and Zenith Bank.

The company’s share price closed at N90.5 on December 8, 2025, gaining 1.2% on the day.

Year-on-year, the stock has risen by 58%, making it one of the stronger performers on the NGX.

GTCO and its subsidiaries operate across Banking, Pensions, Asset Management, and Payment Services.

Investors, analysts, and shareholders are watching closely for the 2025 full-year results and any update on dividend declaration.

This stellar performance was driven by robust growth in interest and fee income, rising 25.6 % and 16.8 % respectively, helping the Group offset the absence of a N523.2 billion fair value gain it recorded in Q3 2024.

GTCO’s total assets closed at N16.7 trillion and shareholders’ funds at N3.3 trillion.

The Group reported a Capital Adequacy Ratio (CAR) of 36.5 % and an improved Stage 3 loan ratio of 3.3 % at the bank level (vs 3.5 % in December 2024), signalling strong balance-sheet quality.

Loan book growth and deposit expansion also featured prominently: net loans rose 16.5 % from N2.79 trillion (Dec-24) to N3.24 trillion (Sep-25), while deposits increased by 16.0 % from N10.40 trillion to N12.06 trillion over the same period.

Commenting on the results, Mr Segun Agbaje, GTCO group CEO, stated:

“Our third-quarter performance underscores the consistency and resilience of our business model, as well as the continued strength of our diversified financial services ecosystem. We are seeing steady, sustainable growth across our banking and non-banking businesses, supported by disciplined execution and a strong focus on operational efficiency.”

Looking ahead, he affirmed:

“With a clear growth trajectory and strong organisational alignment, we are well-positioned to sustain performance momentum and deliver another year of industry-leading results.”

Notable performance metrics for Q3 2025:

• Pre-tax Return on Equity (ROAE): 39.5 %
• Pre-tax Return on Assets (ROAA): 7.6 %
• Cost-to-Income Ratio: 28.8 %, placing GTCO among the most efficient players in Nigeria’s financial services industry.

What this means for the tech- and fintech-ecosystem

GTCO’s strength in its digital payments and non-banking verticals, as referenced by the CEO, is significant for Nigeria’s ICT environment.

The firm’s investment in digital infrastructure, customer-centric technology, and ecosystem integration suggests that financial players who strategically embrace tech-driven platforms are likely to gain competitive advantage in 2026 and beyond.

For stakeholders in the fintech, digital banking and ICT sectors, GTCO’s performance underscores how traditional banking institutions leveraging digital platforms can achieve scale, efficiency and strong growth, a signal that Nigeria’s fintech/ICT sector remains fertile for innovation, partnerships and infrastructure investment.

According to Brand Finance, a UK-based brand valuation company, in its latest report titled “Nigeria 25 2025”, the top four strongest Nigerian brands are banks, followed by brands in the cement and food sectors.

UBA, FirstBank, GTCO, and Access Bank were listed as the four strongest Nigerian brands. UBA topped the list, rising from ninth position in 2024 to become the strongest brand in Nigeria in 2025, with a Brand Strength Index (BSI) of 92.4/100, corresponding to a AAA+ rating.

The report revealed strong performance in brand familiarity, preference, and consideration, indicators of surging customer loyalty, as key drivers for UBA’s growth.

UBA’s prioritisation of digital banking, innovation, and investment in banking services was noted as key factors underpinning its brand strengths.

Close behind UBA was First Bank of Nigeria with a BSI score of 92.1/100 and an AAA+ rating. GTCO ranked third with a BSI score of 89.5/100, dropping from its previous position as the strongest Nigerian brand.

Commenting on the brands’ performance, Babatunde Odumeru, managing director of Brand Finance Nigeria, said:

“Nigerian banking brands continue to grow, successfully navigating a challenging economic landscape with strategic agility while maintaining customer loyalty. United Bank for Africa (UBA) and First Bank of Nigeria, in particular, have made significant strides in brand strength, emerging as the strongest Nigerian brands in 2025. UBA’s achievement is especially noteworthy, as it now ranks as the 13th strongest banking brand globally among the top 500.”

Access Bank retains its title as the most valuable Nigerian brand, with its brand value more than doubling to N893.3 billion, the fourth consecutive year it has held this position.

Disclosed in the group’s financial statement for Q1 2025, net interest income grew by 40% year-on-year to N318.4 billion from N227.3 billion, boosted by increased loans to customers, which surged by 24% to N151.2 billion, while deposits from customers grew by 27%.

Also, the net fee and commission income surged by 36.5% year-on-year to N71.3 billion from N52.3 billion, influenced by the increase in account maintenance charges, credit-related fees, and commission.

However, profit before tax declined by 41% year-on-year to N300.4 billion, from N509.4 billion recorded in 2024. While after-tax profit also stood at N258 billion, a 43.5% decrease year-on-year.

Total revenue decreased by 23% year-on-year to N523.2 billion from N680.5 billion, while total expenses also stood at N136 billion, while total expenses climbed to N136 billion, from N113 billion.

Speaking on the performance, Segun Agbaje, the group chief executive of Guaranty Trust Holding Company Plc (GTCO), said:

“Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings. While the fair value gains of N331.6 billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across solid income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.”

GTCO is a leading financial service with operations across African countries and the United Kingdom, providing a range of banking and non-banking services, including payments and funds management.

Following the increase in prices by telecom providers, banks are passing the burden on. What used to cost N4 per text now jumps to N6, a 50% hike. 

We’ve seen this pattern before, telecoms raise charges, banks react, customers grumble. But this time, there’s more going on than a price change.

GTBank sent a message to customers saying: “Please be informed that effective Thursday, May 1, 2025, the SMS transaction alert fee will increase from N4 to N6 per message. This adjustment is due to a recent increase in telecom rates as communicated by the telecommunication service providers.”

It’s a move that comes with options. You can opt out of receiving SMS alerts entirely. GTBank says all it takes is filling out a form and sending it to their support email.

But here’s the thing—those alerts are a major line of defence against fraud. Without them, you’re blind to real-time activity on your account.

Still, for many Nigerians, N6 per message feels excessive—especially in a climate where data is cheaper and mobile apps offer free push notifications. Why pay for something you can get elsewhere for less?

Digging deeper, this price change isn’t GTBank’s idea alone. The Nigerian Communications Commission (NCC) gave telecom companies the green light in January to raise their tariffs by 50%. That decision kicked in by February.

MTN, Airtel, Globacom, and 9mobile had been shouting for relief, pointing to the naira’s sharp fall, diesel costs, and the constant damage to their fibre-optic infrastructure.

Ecobank made a similar move earlier this year, raising its SMS alert fee to N6 as well. More banks will likely follow.

But where does this leave the average Nigerian? That’s the real question. You’re paying more, yet network quality hasn’t improved. Voice calls still drop mid-sentence. Data crawls when it should fly. And people are not silent about it.

Across social media, users are venting. Advocacy groups are calling for reforms. Yet the response from regulators remains measured. The NCC has told telcos to improve services within three months—or face sanctions. 

The Federal Competition and Consumer Protection Commission (FCCPC) has also stepped in, warning that any increase in tariffs must be met with better quality.

Still, one wonders: will better service really follow? Or will consumers continue to foot the bill for an industry in crisis?

Telecom operators argue their hands are tied. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said Nigeria’s telecom prices have been among the lowest in the world, even though the cost of running the networks is going through the roof. In their view, the hike was overdue.

Fair point. But for someone earning the minimum wage or less, every extra naira counts. And that’s the part the banks and telcos often miss.

We may understand the math behind these increases, but that doesn’t make it easier to swallow. We’re paying more for the same—or sometimes worse—service. That’s the real issue.

Now, the ball is in the regulators’ court. It’s not enough to approve hikes. Nigerians need accountability. If we’re paying more, we deserve to see the value. Until then, this feels less like an adjustment and more like yet another deduction we didn’t sign up for.

Would you opt out of SMS alerts to save on costs—or is peace of mind worth the price?

Investor interest in key stocks such as Dangote Cement, FBNHoldings, Guaranty Trust Holding Company, GTCO, and Fidelity Bank, alongside other advancing equities, contributed to the market’s positive performance.

The market capitalisation increased by N53 billion, or 0.09 per cent rising from N62.257 trillion at the opening to N62.310 trillion at the close.

Similarly, the All-Share Index, ASI, advanced by 0.09 per cent, gaining 87.11 points to close at 102,183.06, compared to 102,095.95 reported on Wednesday.

This performance brought the Year-To-Date, YTD, return to 0.72 per cent.

However, in spite the gains, the market breadth closed negative, with 35 gainers against 26 losers.

On the losers’ chart, Livestock Feeds led by 60k to close at N5.40, Eunisell trailed by N1.73 to close at N15.63 per share.

Neimeth International Pharmaceutical and Regal Insurance lost 7k each to close at N3.12 and 68k per share respectively, while Honeywell Flour shed 94k to close at N9.21 per share.

Conversely, North Nigerian Flour Mill led the gainers table by N4.95 to close at N54.45, Dangote Sugar followed by N3.65 to close at N40.50 per share.

John Holt gained 83k to close at N9.30, The Initiate Plc added 25k to close at N2.80 and Omatek went up by 8k to close at 90k per share.

Trade turnover settled higher relative to the previous session, with the value of transactions up by 76.82 per cent.

A total of 472.16 million shares valued at N16.70 billion were exchanged in 12,336 deals, compared with 435.54 million shares valued at N9.44 billion traded in 12,098 deals, posted in the previous session.

Meanwhile, GTCO led the activity chart in volume and value with 65.05 million shares worth N3.77 billion.

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This, according to the GTCO, followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).

The offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.

It will be recalled that GTCO, on July 15, 2024 commenced its public offer programme of nine billion ordinary shares of 50 kobo each at N44.50 per ordinary share, amounting to N400.5 billion.

This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO’s commitment to fostering a well-diversified and robust investor base.

Speaking on this phase of the recapitalisation exercise, Segun Agbaje, the group chief executive officer of GTCO, said, “we extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s banking and non-banking businesses.”

He said, GTCO continues to lead its peers in key profitability metrics and financial performance, saying, “building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a ‘Truly International’ financial services brand.”

Agbaje stated that,

“Proceeds from the combined equity raise will be strategically deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution.

“Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.”

This recent tweet from a frustrated GTBank customer encapsulates the agony many have faced due to the bank’s core system upgrades.

GTBank, like several other Nigerian banks, embarked on a journey to upgrade its core banking system to the new Finacle Suite, aiming to enhance agility, adaptability, and customer service. 

However, the transition has been far from smooth, leading to nationwide disruptions and aggravation among customers.

The Frustration

Imagine waking up to discover that your salary, credited just yesterday, has vanished from your account. You attempt to complete a payment only to have your transaction declined, leaving you embarrassed and helpless.

Unfortunately, this scenario has played out for millions of Nigerians during the upgrade period. With over 70% of Nigerian adults relying on banks for daily transactions (CBN data), the technological upgrades have exposed deep flaws in the banking system.

Reports reveal transaction failure rates as high as 50% during this period, revealing the scale of the disruption and its impact on customers.

Explaining the Transition

Core banking migration upgrades are intended to improve efficiency, comply with regulations, and enhance security. 

GTBank’s decision to transition to the Finacle Suite of Core Banking Applications aimed to bolster its service delivery. Yet, instead of delivering seamless banking, customers were met with system failures.

From delayed alerts to funds being temporarily stuck or lost, the process cost a lot for many. The ripple effects affected individuals, small businesses, and families alike:

• Small Business Owners: Many SMEs relying on GTBank reported failed payments, delivery delays, and loss of customers.
• Salary Earners: Stories of accounts suddenly reflecting zero balances disrupted monthly budgeting and triggered panic.
• Families: Stranded at fuel stations or supermarkets, they faced repeated transaction failures.

One GTBank customer tweeted: “@gtbank are you people trying to steal my money, how will money be showing in history transactions but is not available in my main balance”

Another wrote: “I transferred money to my account, and I don’t see it reflected. Is GTBank trying to steal my money?”

More complaints stated: “I nearly washed plates at a restaurant because GTBank wouldn’t let me access my funds!”

Before, During, and After the GTBank Upgrade

Before the Upgrade

GTBank customers enjoyed relatively seamless banking. Kunle, a small business owner, relied on the bank’s solid online services to manage transactions with minimal issues. “It was efficient, and customer service was responsive,” he recalls.

During the Upgrade

Customers like Kunle faced multiple failed transactions, long wait times, and restricted account access. “I was unable to pay my suppliers on time, and it caused a lot of anxiety,” he shared.

Transaction failure rates reportedly increased by 20%, further aggravating frustrations.

After the Upgrade

Even after the upgrade was supposedly completed, issues continued. Unprocessed transactions, missing funds, and negative balances became common complaints. A 50% surge in customer complaints post-upgrade came as the prolonged impact of these issues stayed on.

The Emotional and Financial Toll

The disruptions caused by the upgrade went beyond inconvenience. They impacted livelihoods, caused financial hooks, and eroded trust in the bank:

A particularly telling social media comment sums it up:
“From being Nigeria’s most tech-savvy bank to worse than microfinance institutions—GTBank has truly fallen from grace.”

The disruptions exposed systemic failures, including:

• Poor Communication: Customers were not adequately informed about potential downtimes.
• Technical Flaws: Reversed transactions and missing funds became rampant.
• Inefficient Support: Long wait times and unresolved complaints worsened customer experiences.

Fintechs Rising Amid the Chaos

While banks like GTBank face these issues, fintech companies such as OPay, Moniepoint and PalmPay are stepping in to fill the void. 

Offering faster, more transparent, and customer-centric platforms, these digital challengers are attracting frustrated bank customers.

According to a Financial Inclusion Nigeria survey, 45% of affected users are considering switching to fintech alternatives if traditional banks do not address these challenges.

The disruptions stress the need for better preparation and customer-centric policies during such transitions. 

Important takeaways include:

1. Adequate Testing: Extensive pre-launch testing can prevent large-scale issues.
2. Customer Communication: Clear, transparent updates during transitions are essential.
3. Improved Support: Banks must prioritise effective and empathetic customer care.
4. Regulatory Oversight: The CBN should enforce tough guidelines to ensure smoother transitions.

Rebuilding Trust

The goal of digital transformation in banking is undeniable as it will bring faster services, enhanced security, and improved efficiency. 

However, without solid infrastructure and customer-first policies, these advancements risk alienating the very people they aim to serve.

In line with this, GTBank stated in its apology: “Your trust is the foundation on which we stand, and your patience during this transition has been extraordinary. We are committed to upholding the highest standards moving forward.”

Now, will GTBank and other Nigerian banks rise to the challenge of rebuilding trust, or leave their customers searching for alternatives?

With proper planning, transparent communication, and a focus on customer experience, future transitions can be smoother. 

Nigerian banks must act quickly and decisively to prevent further loss of customers, ensuring they remain relevant as they try to meet up with technological changes in the financial sector.

This, according to Punchng.com report, was indicated in the offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement of the Central Bank of Nigeria.

In late March, the CBN announced new capital requirements for the banks operating in the country.

The apex bank directed commercial banks with international authorisation to increase their capital base to N500bn, national banks to N200bn and those with regional authorisation were expected to achieve a N50bn capital floor.

CBN gave the financial institutions two years to achieve the target and three options: raising additional capital, mergers and acquisitions, and licence upgrade or downgrades.

According to PwC, there is a significant capital shortfall of N4.2tn across all licence categories, as much as between 35 per cent and per cent of the new minimum capital.

Punch’s analysis of the offering documents showed that Guaranty Trust Holding Company had budgeted the highest amount to be invested in technology.

GTCO offered nine billion ordinary shares of 50 each at N44.50 per share with the intent to raise about N400.50bn.

Of its net proceeds of N392.49bn, the holding company said 94.3 per cent of the proceeds (N370bn) would go towards the recapitalisation of its banking subsidiary, GTBank, while the remaining 5.7 per cent would be on the acquisition of pension fund administration and asset management businesses.

The offer document revealed that GTBank intends to spend N98.50bn (26.6 per cent) of the net offer proceeds on technology infrastructure upgrades, with a majority of it going towards, “Core banking application implementation, associated hardware infrastructure, network architecture, and ancillary costs related to optimisation of data centre/disaster recovery centre.”

Meanwhile, information security & fraud prevention and detection software get about N15bn (4.1 per cent) of the net proceeds.

Access Holdings indicated that 20 per cent of the net proceeds from its rights offer (N343.09bn) would be invested in IT infrastructure upgrades and development.

About N41.17bn would be invested in network infrastructure and N27.48bn in cyber defense capabilities, bringing the total spend on IT to N68.62bn.

A significant portion of the net proceeds would go towards local and international business expansion (N223.01bn).

Zenith Bank Plc said that the proceeds of its offering would “enable the bank to conclude the overhaul of its information technology infrastructure and provide additional working capital to support its expanding operations and enable the Bank to take maximum advantage of emerging opportunities”.

For investment in technology, Zenith Bank noted that it would spend about 20 per cent of the net proceeds, N99.27bn, which amounts to N19.85bn.

A breakdown showed that Zenith Bank planned to spend N8.93bn on computer hardware/servers, N3.97bn each on software licences, registration and network infrastructure upgrades and another N2.98bn on cybersecurity architecture/software.

Fidelity Bank, which has closed its offering, planned to invest about N19.01bn in IT infrastructure, which is about 20 per cent of the net proceeds from the offering.

The bank, which raised about N127bn in its combined offer, said that it intended to invest N9.03bn in cybersecurity capabilities, N7.60bn in software licences and hardware and N2.38bn as additional investment in its network infrastructure.

Of the five banks reviewed, FCMB Group has the least amount budgeted for technology at N16.22bn (15 per cent of the net proceeds).

About N11bn would go to upgrade its information technology infrastructure and N5.23bn towards investment in cybersecurity capabilities.

Fresh budgets for IT infrastructure are being allocated amid a recent surge in attacks on banks’ technology infrastructure, resulting in financial losses and subsequent legal actions.

[Featured Image Credit]