GTCO Becomes First West African Bank to List Shares on London Stock Exchange

Guaranty Trust Holding Company (GTCO) has made history again by becoming the first West African financial institution to have its shares listed on the London Stock Exchange (LSE). This milestone positions GTCO as a dual-listed entity, trading both on the LSE and the Nigerian Exchange Limited (NGX).

The official listing ceremony at the LSE highlighted the transformational impact this development will have on Nigeria and the African financial sector. Earlier this month, GTCO announced plans to raise approximately $100 million from the international capital market and list its securities on the LSE Main Market. In a disclosure filed on the NGX, the bank confirmed that its entire issued share capital of 36,425,229,514 shares is now admitted to the equity shares category of the Official List of the UK Financial Conduct Authority and actively trading on the LSE.

GTCO also cancelled its Global Depository Receipts (GDRs), replacing them with ordinary shares listed on the LSE main market. Speaking at the ceremony, GTCO Group CEO Segun Agbaje emphasized the benefits for investors, stating:

"We have created another avenue for raising capital. Investors now enjoy the best of both worlds — trading on both the NGX and the LSE. This listing unlocks opportunities for Nigeria and Africa in the international market."

Agbaje also revealed plans to use part of the capital raised to expand GTCO’s branch network across African markets and enhance returns for both local and international shareholders.

Tom Attenborough, Head of International Primary Markets at the London Stock Exchange, lauded GTCO’s achievements, recalling its original GDR listing in 2007 and noting that the bank has continually blazed a trail as a truly international African financial institution.

Jude Chiemeka, CEO of NGX, highlighted GTCO’s strong corporate governance, stating that the dual listing will improve share liquidity and attract more international investment, further strengthening the bank’s position in the capital markets.

Lanre Buluro, Managing Director at Chapel Hill Denham and GTCO’s Nigerian transaction adviser for the LSE listing, described the milestone as transformational for Nigeria’s capital market, praising GTCO for its vision in expanding access to international investors.

GTCO’s public offering included 2,288,250,000 ordinary shares at N70 per share, increasing the company’s total issued and fully paid-up shares from 34,136,979,514 to 36,425,229,514 shares of 50 kobo each. This dual listing reinforces GTCO’s position as a leading African bank with a global outlook, unlocking new capital-raising opportunities and further integrating Nigeria into the international financial ecosystem