Nigeria’s biggest bank by market value, Guaranty Trust Holding Company Plc (GTCO), is making bold moves to expand its international reach. The banking group has announced plans to list its shares directly on the London Stock Exchange (LSE), leaving behind its earlier Global Depository Receipts (GDRs) arrangement.
This move, according to financial analysts, is a major step that could increase GTCO’s presence in global financial markets, improve investor confidence, and boost foreign interest in Nigerian banking stocks.
GTCO made this disclosure on Thursday, July 3, 2025, in a regulatory statement released through the Nigerian Exchange Limited (NGX). The bank explained that it is preparing to switch from GDRs to a proper open-market listing of its ordinary shares in London.
The group’s decision is driven by its aim to attract a wider range of global investors and improve liquidity, which means more active buying and selling of its shares on the stock exchange. GTCO believes this new strategy will make its stock more attractive, more accessible, and more actively traded in international markets.
“Accordingly, the company is seeking to amend the listing of its securities on the London Stock Exchange from GDRs to Shares,” the statement read.
“It intends to apply to the Financial Conduct Authority (FCA) for all of the ordinary shares of the company (the ‘Shares’) to be admitted to the equity shares (international commercial companies secondary listing) category of the official list of the FCA, and to the London Stock Exchange for all of the shares to be admitted to trading on the London Stock Exchange’s main market for listed securities.”
GTCO’s journey with the UK stock market began in 2007 when it raised $750 million through GDRs. The securities were then listed on the LSE, making it the first African bank and Nigerian company to do so. JP Morgan served as the depository bank during that offer.
However, over the years, the GDR market for GTCO has seen very low trading activity, with fewer investors buying and selling. Unlike normal stock listings, GDRs are mainly targeted at institutional investors and don’t allow as many trading options as direct share listings. GTCO is now seeking a more inclusive and active market, which it hopes to achieve through this new open-market listing.
According to the announcement, July 9, 2025, has been set as the official date for the start of share trading in London under the new arrangement. GTCO is confident that this move will boost investor confidence and bring in more foreign capital.
This international listing is coming just months after GTCO successfully completed the first part of its recapitalisation plan in January 2025. That phase raised N209.4 billion from domestic retail investors. The money raised is part of the bank’s efforts to meet the Central Bank of Nigeria’s (CBN) new requirement for a minimum N500 billion paid-up capital for banks with international licences by March 2026.
The bank is now getting ready for the second round of its capital raising exercise, which will target foreign institutional investors. The planned London listing, therefore, could help GTCO tap into new sources of funding as it continues to meet regulatory demands and drive its growth plans.
GTCO has been restructuring in recent months. In June, the bank reshuffled its board and appointed Mrs. Aisha Ahmad, a former CBN Deputy Governor, as its new Board Chairperson. That move was seen as part of the group’s efforts to strengthen corporate governance and prepare for expansion.
Financial analysts say GTCO’s London listing strategy is well-timed. With global investors showing renewed interest in frontier markets like Nigeria, this move could help the bank stand out as a leader in Africa’s financial services sector.
Industry watchers also note that this listing could improve Nigeria’s image in global finance, especially at a time when the country is seeking more foreign investment to support its economy.
GTCO’s expansion plans are being closely followed by both local and international stakeholders, especially given the ongoing reforms in Nigeria’s banking industry.
The group, known for its innovation and leadership in the Nigerian financial sector, is showing once again that it is ready to play on the world stage.
With its upcoming London listing, improved capital base, and stronger governance, GTCO is positioning itself for bigger international opportunities while flying the flag for Nigerian banks globally.
