GTCO emerges first West African bank to dual list on NGX, LSE

Guaranty Trust Holding Company Plc (GTCO Plc), has achieved a landmark milestone by successfully listing its Ordinary Shares on the main market of the London Stock Exchange (LSE).

The listing falls under the International Commercial Companies Secondary Listing category of the UK Financial Conduct Authority’s (FCA) Official List, establishing GTCO as the first West African financial services institution to achieve a dual listing on both the Nigerian Exchange (NGX) and the LSE.

The dual listing follows the successful pricing of a fully marketed public offering, raising $105 million in gross proceeds through the issuance of 2.29 billion new ordinary shares.

The offering attracted strong interest from high-quality, long-term institutional investors, affirming confidence in GTCO’s financial stability, governance, and strategic direction.

Concurrent with the new listing, GTCO also announced plans to cancel its Global Depositary Receipts (GDRs) previously listed on the LSE, transitioning fully to the direct listing of its ordinary shares.

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The company disclosed that proceeds from the LSE offering will be used to bolster its capital base, meet Nigeria’s new recapitalization requirements, and support strategic growth initiatives across high-potential markets and sectors within and beyond Nigeria.

This transaction builds on the momentum of GTCO’s earlier N209 billion capital raise in July 2024—the first tranche in its broader equity capital programme.

The dual listing is expected to enhance liquidity, broaden the shareholder base, and provide a transparent channel for cross-border trading, with provisions to allow share transfers between the Nigerian and UK exchanges, subject to regulatory conditions.

According to GTCO, admission and commencement of unconditional trading on the LSE is expected to become effective by 8:00 a.m. UK time on July 9, 2025, under the ticker “GTHC”. The company also plans to later change the ticker to “GTCO”, with a formal announcement forthcoming.

Speaking on the historic listing, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed pride in the company’s achievement, calling it a defining moment for African financial institutions.

Agbaje also acknowledged the pivotal roles played by shareholders, advisors, regulators, and the Nigerian government in creating an enabling environment for cross-border financial advancement.

Analysts say GTCO’s successful offering and international investor interest reflect renewed confidence in Nigeria’s economic outlook.

Dr. Kunle Ayeni, a capital markets analyst, noted that the timing aligns with improved macroeconomic sentiment following Nigeria’s adoption of orthodox monetary policies and structural economic reforms.

“This dual listing sends a strong signal that institutional investors still see Nigeria as a viable long-term market, particularly when reforms are matched with corporate governance and strategic clarity,” Ayeni said.

Olabisi Adebayo, an investment strategist, added that GTCO’s milestone could inspire similar moves from other African financial players.

“GTCO is setting the standard for African financial institutions to access global capital efficiently. This positions them well for the continent’s evolving financial landscape,” she said.