Moody’s awarded the transaction its highest possible sustainability quality score, SQS1 Excellent. The bond will ​support African farmers, sustainable agriculture businesses and water systems​,​ protecting some of the planet’s most important ecosystems.

Impact on the ground in Africa

Africa is home to some of the world’s most important natural capital, including arable land, tropical forests, freshwater systems and biodiversity across hundreds of millions of hectares. But, until now, private nature capital has not flowed to Africa at the scale the continent’s ecological significance warrants​ in global ecological resilience.

D​​espite hosting 25% of global biodiversity, Africa receives less than 3% of nature finance​​. Ecobank’s Nature Bond​ is a direct response to this gap. It​ will support smallholder farmers adopting sustainable agricultural practices, agri-processors with verified deforestation-free supply chains, and water infrastructure protecting freshwater ecosystems relied upon by millions of people.

Unlike many conservation-focused financing vehicles, Ecobank’s Nature Bond channels capital directly through Africa’s real economy, financing businesses and communities whose day-to-day activities shape environmental outcomes at scale.

The investments will be made in 24 markets, with significant deployment in biodiversity-priority countries such as Côte d’Ivoire, Burkina Faso and Ghana.

Importantly, 81% of the eligible lending pool is allocated to countries where agricultural land-use change is the primary driver of biodiversity loss, helping direct capital to the areas where it can have the greatest environmental impact.

The framework also incorporates independent monitoring and verification mechanisms, including deforestation screening and supply chain traceability requirements, helping ensure that financed activities deliver measurable nature-positive outcomes. Every eligible loan carries seven independently verified sustainability conditions.

The launch of this bond​ also​ comes as governments and investors worldwide face mounting pressure to mobilise private capital for biodiversity protection and sustainable land use. ​​​​

What is a Nature Bond?

A Nature Bond, under the ICMA secondary designation​,​ requires proceeds to actively contribute to nature-positive outcomes, including transforming economic activities to reduce the drivers of nature loss at scale.

The Nature Bond was designed to reach those that conservation-focused instruments were not designed to serve, farmers, agri-processors and water operators whose daily activities collectively determine ecosystem outcomes.

While green bonds typically finance a broad range of environmental objectives, the Nature Bond designation focuses the use of proceeds specifically on nature-related outcomes, including biodiversity, sustainable agriculture, land use and water infrastructure.

The transaction

The USD 450 million bond was priced following strong investor demand with the final orderbook exceeding USD 1.36 billion – 3.9x the original target size. The strength of demand enabled Ecobank to increase the transaction by USD 100 million and tighten pricing by 50 basis points.

The transaction attracted support from both international and African investors, demonstrating Ecobank’s unique ability to mobilise capital across global and African markets.

For the first time, international and African capital markets have a credible, scalable mechanism for financing the protection of African natural capital through the communities who depend on it.

Jeremy Awori, group chief executive officer, Ecobank Transnational Incorporated, commented:

“This transaction is a defining moment for African sustainable finance. Investors did not just support this bond. They demanded more of it, allowing us to increase the size and tighten pricing.

We are not a bank that simply labels bonds. We have spent four years building the systems, governance and accountability needed to make nature finance credible and scalable in Africa.

This bond is ultimately about the farmers, cooperatives and communities whose livelihoods depend on healthy ecosystems.”

Rachael Antwi, group head of Sustainability and ESRM, Ecobank Transnational Incorporated, added:

“Nature finance will only scale in Africa if it is practical, measurable and connected to the real economy. This bond is designed to do that by linking international capital to eligible lending for sustainable agriculture and water infrastructure across 24 countries. It reflects the systems and standards Ecobank has built to ensure nature finance supports both environmental resilience and the communities whose livelihoods depend on healthy ecosystems.”

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.