Citibank, Stanbic, Zenith Pensions Stake in GTCO Nears 40%
Citibank Nigeria Limited, Stanbic Nominees and Zenith Pensions Limited controlled about 40% of GTBank’s non-operating holding company, GTCO, as of the end of the financial year 2025.
These strategic shareholders appear loyal, keeping their stake intact amidst GTCo’s earnings bumps.
Market value of GTCO Plc.’s 36.550 billion outstanding shares surged by about 7% week on week to N5.263 trillion, according to its trading data from the Nigerian Exchange.
Share price climbed to close at N144 on Friday, when 29.213 million units valued at N4.127 billion were executed in the local bourse. GTCO gained 6.6667% over five trading sessions, briefly touching a new 52-week high before a slight pullback.
Equity analysts acknowledged that GTCO continues to attract foreign portfolio holders due to its lower keyman risk compared with most of its immediate rivals in the Nigerian market.
Though the orange-branded financial services company, which is dual-listed on NGX and the London Stock Exchange, experiences significant earnings disappointment, its market value reflects investors’ positive sentiment.
“We expect continued positive but cautious sentiment around the stock, but the tax liability spike and EPS decline will temper the enthusiasm of earnings-focused investors until greater clarity emerges on the group’s effective tax rate trajectory for the rest of 2026”, Cowry Asset Management Limited said in its equity report.
Who Owns What in GTCO?
Key shareholders in GCTO include Citibank Nigeria Limited, which holds 14.4162% or 5,269,158,789 units of shares in its capacity as Custodian for the Underlying Shares of the Depository Interest (DI) issued by GTCO in December 2025 and listed on the London Stock Exchange.
According to GTCO, Citibank does not exercise any rights over the underlying shares as a beneficial owner. All the rights to the Underlying Shares reside with the various depository interest holders.
Stanbic Nominees Nigeria Limited held 18.59% of the Bank’s shares, largely in trading accounts on behalf of various investors. In addition, Zenith Pensions held 6.72% of the Bank’s shares, largely in trading accounts on behalf of various investors.
Segun Agbaje has 41.628 million units out of GTCO’s outstanding shares, based on data released in the audited financial statement for 2025. This contrasts with the usual pattern seen in other big lenders. The low-keyman risk explains foreign investors’ attraction to GTCO
Q1 2026 Earnings
GTCO opens 2026 with unimpressive earnings, extending its negative run that began in 2025 amid recapitalisation and a tight regulatory environment. Profit tanked in 2025, and the first quarter of 2026 is no different.
Interest income grew by 17.52% year-on-year to N467.0 billion from N386.0 billion in Q1 2025, driven by expansion in customer loans and improved yields on earning assets.
The core banking business remained a source of strength, with net interest income rising 11.98% to N356.3 billion from N318.2 billion in the equivalent period in Q1 2025.
Analysts noted that GTCO’s profitability told a tale of two lines. Profit before tax grew by just 0.88% year-on-year to N302.9 billion from N300 billion, suggesting near-stagnation at the pre-tax level despite top-line income growth.
The far more significant pressure came below the tax line: profit after tax declined by 15.42% to N218.1 billion, primarily due to higher tax liabilities, with income tax expense surging to N84.76 billion from N42.35 billion in Q1 2025. Wema Bank Shrinks by 8.5% Ahead of Shareholders Meeting
