Nigeria's GTCO to List On London Stock Exchange Amid $100m Offering

TLDR

GTCO Holdings will begin trading on the London Stock Exchange (LSE) at 8:00 a.m. on July 9
The dual listing is accompanied by a $100 million capital raise through an accelerated bookbuild offering led by Citigroup
Proceeds will help recapitalize GTBank Nigeria to meet the N500 billion capital threshold for international banking licenses

GTCO Holdings will begin trading on the London Stock Exchange (LSE) at 8:00 a.m. on July 9, becoming the first Nigerian banking group to directly list all its ordinary shares in London.

The dual listing is accompanied by a $100 million capital raise through an accelerated bookbuild offering led by Citigroup. The offer, launched on July 2, targets institutional investors in the UK, US, and other markets. Proceeds will help recapitalize GTBank Nigeria to meet the N500 billion capital threshold for international banking licenses.

As part of the move, GTCO will terminate its Global Depositary Receipts (GDR) program, active since 2007. GDR holders have until July 23 to exchange their instruments for depositary interests, with the GDR delisting scheduled for July 30. GTCO follows a similar path to Seplat and Airtel Africa, which also maintain dual listings on the NGX and LSE.

The domestic listing on the Nigerian Exchange (NGX) under the symbol "GTCO" remains unaffected. Shares will be transferable between the NGX and LSE, subject to regulatory conditions.

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Key Takeaways

GTCO's direct listing on the LSE reflects a strategic shift to access deeper international capital markets amid rising regulatory demands. The $100 million raise supports Nigeria's Central Bank recapitalization directive, which has pushed top banks to scale capital buffers ahead of 2026. GTCO's move away from a GDR structure signals greater market integration, offering investors direct access to shares on both the LSE and NGX. Dual listings have become a key pathway for African firms seeking global visibility without abandoning domestic investors. For GTCO, this means broader investor reach, more liquidity, and alignment with reforms aimed at strengthening Nigeria's financial system.

Read the original article on Daba Finance.