Zenith Dethrones GTCO as Nigeria’s Most Valuable Bank Amid London Listing Plan
Zenith Bank Plc has overtaken Guaranty Trust Holding Company (GTCO) to become Nigeria’s most valuable banking group after its shares surged following the announcement of its plan to list on the London Stock Exchange by 2027.
Data from the Nigerian Exchange Limited (NGX) show that Zenith shares rose by 7.91 percent to N111.15 at the close of trading on Tuesday, pushing the lender’s market capitalisation to about N4.56 trillion.
That places it ahead of GTCO’s N4.51 trillion market value, although GTCO’s share price remains higher at N123.50. Stanbic IBTC Holdings Plc remains the most valuable banking stock by price at N134.00 per share.
A potential London listing would deepen the bank’s access to global investors and reflect a wider trend of African lenders tapping international capital markets to fund expansion and support trade flows. In July last year, GTCO became the first Nigerian lender to list on the LSE, raising about $105 million.
In a statement, the group noted that the planned listing forms part of a broader growth strategy aimed at strengthening its international footprint and supporting cross-border economic activity.
It already has a presence on the London market through its Global Depository Receipts (GDRs), which have been listed since 2013 under the ticker ZENB.L, providing a platform for international investor participation.
The listing announcement also coincides with the opening of Zenith’s new branch in Manchester, marking an expansion of its UK operations beyond London. The Manchester hub is expected to create about 30 direct jobs and will focus on corporate banking, trade finance and treasury services, particularly for businesses operating along the UK–Africa trade corridor.
Adaora Umeoji, group managing director and chief executive officer of Zenith Bank, said the Manchester expansion reflects the lender’s long-term strategy to strengthen its global presence.
She added that the United Kingdom remains a key financial hub, enabling Zenith Bank to deepen client relationships, facilitate trade flows and enhance connectivity between African and European markets.
