GTCO shatters records with ₦1.08t earnings in first three quarters of 2024 following historic Q1 profit.

Guaranty Trust Holding Company (GTCO) sets a new milestone with ₦1.08t profit after tax in the first three quarters of 2024, following its record-breaking first quarter.

Source:

GTCO Financial Statements

Period:

2015 - 2024
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Nigeria saw an increase of 2.9 million deployed POS in 2024, following the naira redesign in 2023
  • Deployed POS terminals grew from about 156,000 in 2017 to 8.4 million in 2025.
  • Nigeria added more than eight million terminals in eight years, indicating rapid adoption of digital payments.
  • Growth accelerated sharply after 2020, marking a major shift toward cashless transactions.
  • The highest year-on-year growth (116.8%) occurred in 2024, following the naira redesign.
  • About three million terminals were added in 2024 alone.
  • POS agents became critical financial access points during the period of cash shortage.
  • POS terminals now function as mini-banks in many communities.
  • Financial inclusion has expanded through agent-based banking and POS networks.
Zero Losses: Every Access Holdings’ subsidiary made a profit in H1 2025
  • Every subsidiary reported profit in H1 2025, compared to three loss-making units in H1 2024.
  • Nigeria’s profit eased, but stronger performance across other African markets helped support overall group results.
  • Zambia, Sierra Leone, the DRC, Cameroon, and Kenya showed notable turnarounds from previous low or negative earnings.
  • The UK operation remained a major contributor, reinforcing the benefits of Access Holdings’ diversified regional presence.
UBA is the only Tier 1 bank in Nigeria that grew its profit in the first three quarters of 2025 compared to 2024
  • FUGAZ posted a combined ₦2.91 trillion in profit from Q1 to Q3 of 2025.
  • Access Bank recorded the lowest PAT among the FUGAZ
  • UBA recorded a 3% year-on-year increase in PAT
  • FUGAZ recorded an average year-on-year percentage change of -11.2% for the period
Conoil's profit after tax soared 585% from 2020 to the 2023 peak; profit before tax jumped 471%
  • Profit Before Tax (PBT) surged 471% from ₦2.15 billion (2020) to ₦12.28 billion (2023); Profit After Tax (PAT) jumped 585% to ₦9.87 billion.
  • Both metrics declined ~11% from the 2023 peak but remained well above historical averages.
  • Effective tax rate fell from 38% (2012) to 20% (2024), allowing the company to retain 80% of pre-tax profits.
  • Absolute tax payments increased from an average of ₦1.01 billion (2011-2020) to ₦2.30 billion (2021-2024), reflecting higher profitability.
Nigeria exited the FATF grey list in October 2025, after being placed on it in February 2023, approximately 32 months later
  • Nigeria exited the FATF grey list in October 2025, after 32 months of monitoring.
  • The country was added to the grey list in February 2023 due to technical compliance shortcomings.
  • FATF conducted an assessment of Nigeria’s AML/CFT measures in 2008, marking the beginning of its oversight of the measures.
  • Between 2010 and 2013, Nigeria appeared repeatedly in FATF statements for strategic AML/CFT deficiencies.
Stablecoins are the most frequently transacted asset for outbound payments among Nigerian users (38.3%), outpacing bitcoin (27.3%)
  • Stablecoins lead the market, accounting for 38.3% of all crypto sent, highlighting Nigerians’ preference for stability and dollar-backed assets.
  • Bitcoin ranks second at 27.3%, showing it remains a major channel for store-of-value transfers and remittances.
  • Altcoins like SOL, ADA, SHIB, and DOGE (15.4%) attract younger and experimental users but remain secondary to stable assets.
  • Ethereum (10.2%) and BNB (8.9%) maintain moderate transaction volumes, suggesting users favor low-fee and widely accepted tokens for transfers.
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