Guaranty Trust Holding Company Plc (GTCO) has officially become the first financial services institution in Nigeria—and West Africa—to list its ordinary shares on the London Stock Exchange (LSE). The milestone, achieved on July 9, 2025, marks a defining moment in the company’s global growth strategy and underlines its long-term ambition to establish itself as Africa’s most respected financial services group.
The dual listing, which follows a successful public offering on the Nigerian Exchange (NGX), saw GTCO raise a total of $105 million through the issuance of 2.29 billion new ordinary shares. The offering attracted strong demand from high-quality, long-term institutional investors, reflecting market confidence in GTCO’s governance, track record, and growth potential.
The shares were admitted to trading under the UK Financial Conduct Authority’s Equity Shares (International Commercial Companies Secondary Listing) category, and the listing ceremony was led by GTCO’s Group CEO, Segun Agbaje, at the London Stock Exchange headquarters.
Beyond Capital — A Strategic Leap
This move is more than a capital raise—it is a validation of GTCO’s global credibility and its readiness to meet international governance standards. The listing transitions GTCO from Global Depository Receipts (GDRs), which previously gave foreign investors indirect exposure to the company’s shares, to a full-fledged ordinary share listing on the LSE. This offers investors enhanced transparency, liquidity, and flexibility, particularly those seeking direct ownership in Nigerian companies through international markets.
“This was not just about raising capital,” said Agbaje during the market opening. “It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute. We are incredibly proud to be the first West African financial institution to list on the LSE.”
Dual Listing Strategy: Local Roots, Global Wings
GTCO’s strategy combines a domestic capital raise of ₦209 billion with the international offering on the LSE to avoid diluting its large base of Nigerian retail investors—who make up more than half its shareholder base. As Agbaje explained, “We raised as much as we could locally… then came to the international market for the delta.”
In tandem with the LSE listing, the Nigerian Exchange admitted an additional 2.28 billion ordinary shares on July 10, 2025, at ₦70.00 per share. This brings the group’s total issued shares to 36.4 billion, up from 34.1 billion, consolidating its capital position ahead of new regulatory recapitalization targets for Nigerian banks.
Fueling Expansion
The capital raised will be deployed toward strengthening GTCO’s capital base and funding strategic expansion across high-growth regions. While Nigeria still accounts for 67% of the group’s profits, GTCO is eyeing increased contributions from East Africa, currently at 1.5%, and its UK operations, which stand at 1.8%. Senegal has been identified as the next market entry point, as the group focuses on deepening competitiveness in its existing markets rather than pursuing aggressive geographic expansion.
A Bold Chapter Ahead
With operations in 11 countries and business lines spanning banking, payments, pensions, and asset management, GTCO’s dual listing underscores its commitment to becoming a Pan-African financial powerhouse. The listing also reflects a broader narrative: that world-class African institutions can thrive and compete on the global stage.
