GTCO goes hunting

On July 9, Guarantee Trust Holding Company (GTCO)—which houses GTBank, Nigeria's smallest tier-1 bank by assets—listed 2.29 billion ordinary shares on the London Stock Exchange (LSE). After this move, it became the first financial services firm to be listed on both the Nigerian Exchange (NGX) and the LSE.

State of play: It's a clear push to grow GTCO’s revenue outside Nigeria, which still accounts for 67% of the company’s income. Listing abroad gives the company access to deeper pools of capital and puts it in front of a broader set of investors. It also helps address one of its structural constraints at home: raising capital locally can be slow and does not attract much foreign interest.

Catch up: GTCO began its fundraising by targeting domestic investors and raised ₦209 billion ($136 million). That approach let the company preserve its largely retail Nigerian base. With a remaining gap of about ₦150 billion ($98 million) to reach the capital requirements set by Nigeria's Central Bank, it turned to international markets to complete the raise.

Here's CEO, Segun Agbaje: “It was time to test whether the macroeconomic story of Nigeria should change, or whether you could go out and raise money in the international market.”

The bank is also looking to reprice its stock. Shares listed locally may not reflect the company’s true value, according to Agbaje. A second listing gives it a shot at reaching investors who might be willing to pay more.

Between the lines: GTCO is one of the few African banks with a dual listing, and only the third large corporation, after Airtel Africa and Seplat, with a dual-listing on the NGX and LSE. It indicates GTCO’s growing regional ambition and frustration with the limits of Nigeria’s capital markets.

GTCO wants more than capital. It wants a new audience; one with deeper pockets.

Data is expensive, but Nigerians are still burning through it.

Get this: Mobile network operators (MNOs) recently hiked data prices by 50%, but Nigerians turned around and consumed 1.04 million terabytes (TB) in May 2025 alone, the highest monthly record since January 2023. (Side-eyeing everyone reading this on mobile data right now). Since Nigerians crossed the 1 million TB mark in January 2025, they've not looked back.

Yet, as Nigerians use more data, fewer of them are actually online. Per the Nigerian Communications Commission (NCC), the telecom regulator, internet subscriptions on MTN, Airtel, Globacom, and 9mobile declined from 141.4 million in April to 141 million in May. This decline was driven by two operators: MTN and 9mobile. This means Nigerians are adjusting to the new prices by either paying more or logging off completely.

So, why is data usage going up? Simple. People are most likely buying bigger data bundles to make their data ‘last longer.’ Fewer users, but heavier consumption per head.

Between the lines: MTN still holds the crown in the telecoms race with 52.33% of mobile market share in Nigeria. Meanwhile, Airtel is climbing up, having gained 342,597 within a month. Globacom stayed flat at 20.6 million users. This non-movement might be a relief after recording an all-time low market share of 11.96% in April due to terrible service quality. But falling from its former Glo-ry to being number three? That’s not really a win.

Nigeria's mobile network space is still volatile with fierce competition and price shocks. Yet it is not slowing down because no matter the chaos, Nigerians keep finding ways to stay online and scroll, stream and search.

The Egyptian government plans to list its stakes in three companies on the Egyptian Exchange (EGX) as it rushes to meet key milestones in its IMF-supported macroeconomic reform agenda. These companies are: Banque du Caire, a commercial bank; Safi, a bottled water company; and Wataneya, a filling station operator. 

Why does it matter? The listings are expected to happen between August and September 2025. It is part of a larger economic reform agenda agreed upon with the IMF, aimed at strengthening Egypt’s privatisation programme. The government intends to unlock up to $6 billion in fresh investments by offering stakes in six companies on the EGX before the first quarter of 2026. Improving momentum on the privatisation programme could help enhance investor confidence.

ICYMI: Egypt has been under pressure to accelerate its stalled privatisation drive. The planned IPOs of Safi and Wataneya date back two years, when they were listed among 35 companies in the government’s original privatisation scheme. 

State of play: The stakes offered by the government for each of these companies are believed to be under 30%. The state aims to conclude at least four IPOs before the end of 2025. There are also plans to list two maritime transport firms. These announcements come at an eventful period for the EGX, with Valu, a local fintech powerhouse, making its IPO debut late in June. 

The big picture: The Egyptian ministry of Finance is working to offer stakes in 11 more state-owned companies during the upcoming fiscal year for 2025/2026. These efforts continue to signify Egypt’s bid to attract capital and ease FX pressures. 

Broadband penetration in Nigeria inched up again from 48.15% recorded in April 2025 to 48.81% in May 2025—not bad, but also not the goal.

What is broadband, and why is it even penetrating? Broadband is fast, always-on internet access. The kind that Nigeria needs to power its digital economy.

Now to the big picture: When the National Broadband Plan (NBP 2020-2025) was launched in March 2020, broadband penetration stood at 39.85%. The goal was to hit 70% by the end of 2025. But five months to the deadline, Nigeria remains stuck below 50%.

What if Nigeria fails to meet its broadband goal? Missing this target delays everything the broadband plan was meant to unlock. It will impede growth across various sectors that depend on faster internet to unlock the digital economy. Broadband is an infrastructure for economic growth, not just something that gives speed.

What's stalling progress? The Nigerian Communications Commission (NCC) says it’s a mix of challenges, but at the heart of it, is poor infrastructure and state-level bottlenecks. Operators are still battling steep right-of-way (RoW) charges just to lay fibre cables. Added to that, regulatory delays, taxation, and a hostile infrastructure rollout.

To be fair, growth (however small) is growth. And in tough economic times like these, even small wins deserve applause.