Guarantee Trust Holding Company Plc (GTCO) has announced the successful pricing of its $105 million primary equity on the London Stock Exchange (LSE).
Disclosed in a regulatory filing, signed by Erhi Obebeduo, company secretary, the company stated that a total of approximately 2.29 billion new ordinary shares in the Company will be listed in U.S dollar at reference price of 70.00 naira per share, equivalent to $0.0459 per share to raise a gross proceeds of $105 million.
This follows the company’s disclosure of its intention to cancel the listing of its existing Global Depository Receipts (GDRs) in London, United Kingdom, citing low volumes being traded on the LSE Main Market and the listing of the company’s shares on the LSE Main Market. The company believes that investors will benefit from the shares trading on the LSE and will offer more liquidity than the GDRs.
A First in Nigerian Banking History
With this, GTCO becomes the first Nigerian bank to transition from Global Depository Receipts (GDRs) to a full equity listing on the LSE—marking a watershed moment for domestic financial institutions.
Securing Regulatory Capital Requirements
The $105M raise is strategically aimed at recapitalizing GTBank Nigeria to meet the Central Bank’s ₦500 billion paid-up capital threshold by March 2026, ensuring GTCO retains its international banking license.
Strengthened Balance Sheet
Post-raise, GTCO’s paid-up share capital rises to ~₦508 billion, providing a strengthened buffer for loan growth and resilience against non-performing assets.
Access to Global Institutional Capital
The accelerated book-build sold 2.29 billion shares at ₦70 each (~$0.0459), drawing strong interest from investors in the U.S., UK, and beyond—highlighting international confidence in Nigerian banking.
Improved Liquidity & Credibility
Switching from GDRs to publicly traded ordinary shares will likely broaden liquidity, enhance visibility, and cement GTCO’s standing as a world-class financial institution.
Catalyst for Sector-wide Upgrades
GTCO’s move sets a benchmark for peers; other banks will be under pressure to either raise capital, merge, or face license downgrades when complying with CBN’s new rules.
Potential Rerating of Domestic Stocks
The LSE listing may prompt a revaluation of GTCO’s share price on the Nigerian Exchange (NGX), aided by foreign investor participation and improved investor perception.
Funding Growth and Diversification
GTCO plans to channel proceeds into retail, SME expansions, digital banking, and non-banking segments such as payments, pensions, and asset management.
Strengthens Nigeria’s Capital Market Narrative
GTCO’s LSE debut strengthens the case for Nigerian financial institutions as globally relevant, well-capitalized, and governance-compliant, encouraging long-term FDI inflows.
Signaling Nigeria’s Global Ambition
This milestone aligns with broader economic goals—boosting Nigeria’s image as an emerging market with mature financial architecture capable of global capital mobilization.
🧭 Why This Matters for Nigeria’s Banking Sector
By securing international capital and meeting regulatory demands, GTCO is not just fortifying itself—it’s raising the bar across the banking sector.
This signals greater resilience, competitiveness, and readiness to support Nigeria’s target of becoming a ₦1 trillion economy by 2030.
