Business
GTCO targets $100m equity raise, plans full London Stock Exchange listing
Guaranty Trust Holding Company Plc (GTCO) has unveiled plans to raise $100 million through a fully marketed equity offering, as part of its broader strategy to recapitalise its banking subsidiary and secure a full listing on the London Stock Exchange (LSE).
The financial services giant disclosed the move in a regulatory filing to the Nigerian Exchange on Thursday, revealing that the offering began on July 2 and is expected to close on July 3, 2025. Admission of GTCO’s ordinary shares to the LSE Main Market is scheduled for 8:00 a.m. on July 9, 2025.
As part of this transition, GTCO will cancel the listing of its Global Depositary Receipts (GDRs) on the FCA’s Official List and the LSE, shifting instead to a direct listing of its ordinary shares. The stock will initially trade under the symbol “GTHC”, which will be changed to “GTCO” after the cancellation of the GDRs by July 31, 2025.
The equity raise is aimed at meeting the Central Bank of Nigeria’s new minimum capital requirement of ₦500 billion for international commercial banks, set to take full effect by March 2026. The net proceeds from the offering will be directed towards the recapitalisation of GTBank Nigeria and aligned with GTCO’s broader growth objectives.
GTCO Group Chief Executive Officer, Segun Agbaje, described the dual initiative of equity raise and direct listing as a transformative milestone for the company.
“This offering and transition to a full listing on the LSE’s main market marks a pivotal moment in our growth journey,” Agbaje said. “It enhances our global visibility, strengthens access to capital, and positions us to unlock significant opportunities across the markets we serve.”
This latest move follows the successful first tranche of GTCO’s capital raise in July 2024, where the group secured ₦209 billion. The current $100 million raise represents the second tranche in GTCO’s effort to meet regulatory capital thresholds and expand its global investor base.
Meanwhile, GTCO continues to show strong financial performance. In the first quarter of 2025, the group posted a profit after tax of ₦258 billion—a 61 percent increase year-on-year, excluding fair value gains. Additionally, its non-performing loan ratio declined to 4.5 percent from 5.2 percent at the end of 2024, underscoring improved asset quality.
GTCO’s full listing on the LSE is expected to bolster investor confidence and signal the company’s readiness to compete on a larger global stage.
