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GTCO Acquires Asset Management and Pension Fund Businesses

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Guaranty Trust Holding Company Plc, GTCO Plc, a diversified financial services provider, today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or the Seller).

IOPM is licensed by the Nigerian Pensions Commission (PenCom) to operate as a Pension Fund Administrator in Nigeria. On the other hand, IOFM is licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser. The Seller is regulated by the SEC and offers a wide range of services including Investment Management, Trust Services, Financial Advisory Services, Security Brokerage and Pension Funds Management. Forthwith, the Companies cease to be subsidiaries of the Seller and have become wholly owned subsidiaries of GTCO Plc.

In line with GTCO Plc’s aspirations to operate across the financial services sector value chain in Africa, these acquisitions would expand the product and service offerings of the Group into the Assets and Funds management segments whilst positioning GTCO Plc as a dominant player for all critical financial services.

Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said: “We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continue to drive our financial success. As a Proudly African and Truly International brand, we will continue to live by these values — of excellence, hard work and integrity, even as we create faster, cheaper, safer and products for people and businesses through every stage of life.”

The acquisitions were facilitated by Exotix Advisory Limited and Vetiva Capital Management Limited as Financial Advisers, Aluko & Oyebode as Legal Adviser and Deloitte & Touche (Nigeria) as Financial Due Diligence Adviser.

Distributed by APO Group on behalf of Guaranty Trust Holding Company Plc.

About Guaranty Trust Holding Company Plc (GTCO Plc):
GTCO Plc is a diversified financial services company with N5.144trillion in assets, providing commercial banking services and non-banking financial services across eleven countries, including the United Kingdom. The Group offers a wide range of banking as well as non-banking financial services in Nigeria, West Africa, East Africa, and the United Kingdom.

The Group is rated B- by S&P, a reflection of the Group’s stability and reputation of being a well-established franchise with strong asset quality and consistent excellent financial performance.

This Press Release has been issued by APO. The content is not monitored by the editorial team of African Business and not of the content has been checked or validated by our editorial teams, proof readers or fact checkers. The issuer is solely responsible for the content of this announcement.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Blames Growing Data Demand Network Quality Issues

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Nigerian Communications Commission (NCC) has linked Quality of Service (QoS) challenges across telecom networks to rising data consumption, stating that operators are ramping up efforts to sustain investments to improve coverage and capacity.

NCC Blames Growing Data Demand Network Quality Issues

Dr Aminu Maida, executive vice chairman, NCC,

Dr Aminu Maida, executive vice chairman, NCC, stated this during a breakfast meeting with the media in Abuja on Friday, where he noted that while service quality is improving, it is yet to meet regulatory expectations.

He said recent data shows positive signals from independent user-based measurements, indicating that network performance is getting better rather than deteriorating.

However, he explained that increased usage is offsetting gains, creating a cycle where improved services trigger higher demand, which in turn puts fresh pressure on infrastructure.

“We’re still not where we want to be, but are we satisfied as a regulator? I would say within the context for which we operate, I think the area of satisfaction is the fact that we’re beginning to see the right signals. But at the same time, we also see a rise in consumption. So it’s like a cycle. As they’re making investments and making upgrades, people are consuming more,” he said.

Maida disclosed that data consumption has risen by about 170 per cent in the last two years, describing the surge as a major factor behind network strain.

The EVC added that operators are responding with increased investments, with site upgrades expected to rise significantly this year to expand both coverage and capacity.

He also highlighted regulatory efforts to improve industry sustainability, including ongoing policy reviews, cybersecurity framework implementation, and collaboration with security agencies to protect telecom infrastructure.

 

 


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FG Pushes Digital Economy Bill to Fast-Track AI, Cloud Adoption

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Nigeria’s drive toward a fully digital economy is gathering pace as the Federal Government intensifies work on e-governance and digital economy bill to strengthen the regulatory framework for emerging technologies and boost public sector innovation.

FG Pushes Digital Economy Bill to Fast-Track AI, Cloud Adoption

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, CCIE, represented the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, at the Global Partnership for Human-Centric ICT Standardisation (GIST) Nigeria Introductory Stakeholder Workshop in Abuja.

At the Global Partnership for Human-Centric ICT Standardisation (GIST) Nigeria Introductory Stakeholder Workshop in Abuja, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa representing the Minister of Communications, Innovation and Digital Economy, Bosun Tijani said the country has moved beyond strategy design to implementation of its national Artificial Intelligence (AI) roadmap.

He noted that the current phase focuses on developing clear guidelines and regulatory frameworks to ensure AI deployment aligns with ethical standards, accountability, and strong safeguards.

As part of the broader digital transformation agenda, the government is also advancing data classification efforts to ensure the availability of clean, reliable datasets for AI training. In parallel, it is promoting cloud adoption across public institutions to enhance efficiency, scalability, and service delivery.

Inuwa stressed the importance of a “cloud-first” policy, warning that continued dependence on premise systems could slow large scale digital transformation. However, he added that cloud integration would be approached cautiously to safeguard Nigeria’s digital sovereignty and protect critical national data.

Progress is also being recorded in the e-governance space, with the development of an interoperability framework and the Nigerian Government Enterprise Architecture. Additionally, work is ongoing on a data exchange platform to support Government Statistics Digital Public Infrastructure (DPI), aimed at improving data sharing and coordination among Ministries, Departments, and Agencies (MDAs).

The initiative is expected to harmonise public sector digital projects while creating opportunities for private sector participation.

Inuwa stressed the need for stronger collaboration among government, industry, and other stakeholders to build resilient digital infrastructure. He expressed confidence that the proposed legislation and related initiatives would enhance Nigeria’s standing in digital governance while promoting innovation, transparency, and inclusive growth.

Earlier, the European Commission’s Team Leader for Digital Governance, Peter Marien DG INTPA, highlighted the role of international cooperation in shaping global digital standards. He said the European Union’s digital strategy prioritises partnerships and ecosystem alignment across regions, including Nigeria and the United Kingdom.

Marien referenced a recent engagement in Brussels on e-governance, organised with Smart Africa, which included participation from NITDA. He described Nigeria’s involvement in the GIST initiative as a strong signal of its commitment to global digital governance.

He emphasised the EU’s focus on a human-centric digital ecosystem that prioritises inclusivity, privacy, and security, noting that its 27 member states have, over two decades, built a cohesive digital framework centred on citizens.

Marien also identified Nigeria as a strategic player in Africa’s quest for a unified digital market, highlighting its role in advancing cross-border digital integration.

According to him, standards serve as the “invisible backbone” of modern societies, supporting critical systems across sectors. He said the GIST platform enables alignment of technical standards and fosters knowledge exchange between regions.


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How Nigerians Are Secretly Using AI to Master Creative Skills Fast

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Google has revealed new insights showing that Nigerians are increasingly leveraging Search and artificial intelligence tools to develop creative skills and explore artistic pursuits in 2026.

How Nigerians Are Secretly Using AI to Master Creative Skills Fast

Google AI

According to the latest trends for March, there is a growing shift toward using technology as a practical assistant for personal growth, learning and creative expression across the country.

Nigeria’s longstanding reputation as a creative powerhouse continues to shape this trend. From the global dominance of Afrobeats to the rise of Nollywood—now ranked as the fifth-largest film industry globally—the country’s cultural influence remains strong. Industry data shows Nollywood’s value is approaching $8 billion, with over 70 per cent of viewership for Nigerian-produced content coming from international audiences. Similarly, Afrobeats continues its global surge, recording more than 13 billion streams annually on platforms like Spotify.

Google’s data indicates that Nigerians are deliberately using digital tools to sharpen their creative abilities. Interest in learning painting has surged by 90 per cent over the past year, while calligraphy has emerged as a breakout trend, reflecting new forms of artistic exploration.

Music-related learning is also on the rise, with searches for guitar lessons increasing by 80 per cent. At the same time, users are exploring emerging AI-powered tools such as Lyria 3, highlighting a blend of creativity and advanced technology.

Beyond the arts, Nigerians are turning to digital tools to broaden global connections. Interest in learning Italian has jumped by 130 per cent, while searches for Japanese language learning have doubled within the past year.

This growing appetite for digital learning is supported by Nigeria’s expanding tech-driven economy. Research by Public First suggests that every dollar invested in digital technology generates more than eight dollars in economic value. The ICT sector has also emerged as a key contributor, accounting for over 16 per cent of the country’s real GDP.

Students and families are equally tapping into AI-powered tools for education. Searches for AI tutors have become a breakout trend, while interest in combining AI with subjects like chemistry has doubled over the past year. Homework-related searches have also risen by 70 per cent.

These developments are being bolstered by improved digital infrastructure, including projects such as the Equiano subsea cable, which significantly increases internet capacity and connectivity across the region.

Commenting on the trend, Taiwo Kola-Ogunlade said it is encouraging to see Nigerians using AI creatively to unlock new opportunities.

He noted that the rise in creative arts and language learning reflects a population actively shaping its future with technology, using AI tools as “24/7 tutors” to build skills and connect globally.

Google added that tools such as Search and Workspace are already delivering measurable productivity gains, with Nigerian knowledge workers saving over 22 million hours weekly—equivalent to an estimated $4.7 billion boost in productivity.

The surge in AI literacy, which has grown by 840 per cent, further underscores a broader shift as Nigerians increasingly integrate technology into their creative, academic and professional lives.


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