GTCO set to list shares on London Stock Exchange with $100 million offering

• GTCO plans to raise $100 million through a stock offering and will list its shares on the London Stock Exchange, moving away from its Global Depositary Receipts (GDRs) structure.
• The offering aims to help recapitalize its banking affiliate, GTBank Nigeria, in line with new capital requirements set by the Central Bank of Nigeria.
• GTCO also reported a 61% year-on-year growth in profit after tax for the first quarter of 2025, driven by strong core earnings and a reduction in its non-performing loan ratio.

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Following the announcement of plans to raise about $100 million through a fully marketed stock offering and move away from its current Global Depositary Receipts (GDRs) structure, Guaranty Trust Holding Company Plc (GTCO) is scheduled to list its shares on the London Stock Exchange.

A report submitted to the Nigerian Exchange Limited (NGX) on Thursday states that the offering is scheduled to close on July 3, 2025, having started on July 2. On July 9, 2025, at 8:00 a.m., GTCO's common stock will be admitted to the London Stock Exchange.

In keeping with this action, GTCO stated that it has requested to have its GDRs removed from the FCA's Official List and the Main Market of the London Stock Exchange. After the GDRs are cancelled by July 31, 2025, the company will instead list its common shares directly on the LSE under the ticker code "GTHC," which will subsequently be changed to "GTCO."

According to the company, the sale will help recapitalise its banking affiliate, GTBank Nigeria, in accordance with the new N500 billion minimum capital requirement for foreign commercial banks set by the Central Bank of Nigeria.

“The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO’s growth strategy,” the company stated.

Segun Agbaje, GTCO's Group Chief Executive Officer, says the development is a turning point in the company's growth.

“This offering and transition to a full listing on the Official List of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African financial services institution,” Agbaje said.

He added,

“By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve.”

In July 2024, GTCO completed the first tranche of its capital raise, securing N209 billion. The current offering represents the second tranche aimed at meeting the CBN’s March 2026 deadline.

GTCO also disclosed that it delivered a profit after tax of N258 billion in the first quarter of 2025, representing a 61 per cent year-on-year growth (excluding fair value gains), driven by strong core earnings. The bank’s non-performing loan ratio improved to 4.5 per cent during the period under review, down from 5.2 per cent at the end of 2024.

GTCO chairman steps down

Legit.ng reported that Guaranty Trust Holding Company Plc (GTCO) has carried out a major shakeup, changing several board members.

This move follows the retirement of two of its long-serving board members who have been there since the Holding company was founded.

Hezekiah Oyinlola, the pioneer chairman of the holding company, has retired and will now be replaced by a former CBN deputy governor, Suleiman Barau.

Source: Legit.ng