Nigeria’s Top Lender GTCO Eyes $100m in London Stock Listing

Guaranty Trust Holding Company Plc (GTCO), Nigeria’s biggest lender by market value, has announced the launch of “a fully marketed offering” of ordinary shares to raise about $100 million on the London Stock Exchange (LSE).

GTCO said it has given notice of its intention to cancel the listing of its existing global depositary receipts (GDRs) on the certificates representing certain securities category of the official list of the United Kingdom Financial Conduct Authority (FCA) and the admission to trading of GDRs on the LSE’s main market for listed securities.

“In place of the GDR listing, the company intends for all of the ordinary shares of the company to be admitted to the equity shares (international commercial companies secondary listing) category of the Official List of the FCA and to trading on the main market for listed securities of the LSE,” said the parent of Guaranty Trust Bank on Thursday.

It said the book-building period for the offering would commence on 2 July 2025 and is expected close on 3 July.

“This offering and transition to a full listing on the official list of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African Financial Services Institution,” Segun Agbaje, group chief executive officer of GTCO, said.

“This move builds on our tradition of ‘many firsts’ and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders,” he added.