Guaranty Trust Holding Company, GTCO, Nigeria’s largest financial institution by market value, had its 36.4 billion ordinary shares admitted to the main market of the London Stock Exchange, LSE, on Wednesday morning for immediate trading and dealing, according to a statement on its website.
Valued at over ₦2.9 trillion on the Nigerian Exchange, where it holds its primary listing, GTCO gained entry into the LSE’s main market for listed equities after meeting the stringent requirements of the UK’s Financial Conduct Authority.
“The Company announces that its entire issued share capital, consisting of 36,425,229,514 shares, has today been admitted to the equity shares (international commercial companies secondary listing) category of the Official List of the United Kingdom Financial Conduct Authority,” the statement read.
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This secondary listing makes GTCO the first Nigerian financial institution to trade on the LSE’s main market, joining the ranks of Seplat (energy) and Airtel Africa (telecoms), who have previously established their presence on the London bourse.
Recapitalisation Drive
GTCO’s move is part of a broader push to meet Nigeria’s new minimum capital requirement for banks with international licenses. By cross-listing, GTCO aims to access new markets and attract foreign capital.
Last Thursday, the bank raised $105 million—5% above target through an equity offering to institutional investors. The sale of 2.3 billion ordinary shares was priced at ₦70 ($0.05) per share, a 15% discount on the Lagos market opening price that day. The capital raised brings GTCO closer to its ₦500 billion core capital goal by March 2026.
Earlier in January, GTCO raised ₦209 billion from retail investors during the first phase of its recapitalisation efforts.
Before this full listing, GTCO was trading in London via global depository receipts, GDRs, instruments allowing investors to trade foreign company shares locally. However, GDRs largely attracted institutional investors and failed to generate diverse transaction flows.
Last week, GTCO released a circular inviting GDR holders to exchange each receipt for 50 ordinary shares, paving the way for Wednesday’s listing.
“Following the cancellation of the listing of GDRs, the company intends to change the ticker symbol for the Shares from ‘GTHC’ to ‘GTCO,’” the group added in a joint statement with the LSE.
GTCO’s listing comes at a time when over 200 companies have exited the LSE since 2016, driven by Brexit-related uncertainties and shifting investor confidence. Despite the trend, GTCO’s move signals confidence in the global market and a strategic expansion of its international footprint.
PREMIUMTIMESNIGERIA
