GTCO Raises $100 Million in London Listing to Meet CBN Capital Requirement

Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, is set to list its shares on the London Stock Exchange (LSE) as part of a plan to raise $100 million (approximately N154 billion) through a fully marketed equity offering. This move marks GTCO as the first Nigerian bank to be listed on the LSE.

The initial offering began on Wednesday, July 2, and is expected to close on Thursday, July 3, 2025. The admission of GTCO’s ordinary shares on the LSE is scheduled for July 9, 2025, by 8:00 am. The offering is structured to support the recapitalisation of its Nigerian banking subsidiary, GTBank Nigeria, to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion for international commercial banks.

The net proceeds from 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. In March 2024, the CBN announced an upward review of the minimum capital requirements for commercial, merchant, and non-interest banks, adjusting the capital base for commercial banks with international licences to N500 billion. All banks were required to meet the minimum capital requirement between April 1, 2024, and March 31, 2026.

GTCO has applied to cancel the listing of its Global Depository Receipts (GDRs) on the Financial Conduct Authority’s (FCA) official list and the LSE main market. The group noted that it will list its ordinary shares on the LSE under the tag “GTHC,” and then change to “GTCO” after the cancellation of the GDRs by July 31, 2025.

Group Chief Executive Officer of GTCO, Segun Agbaje, stressed that the development represents a significant milestone in the company’s growth model. “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 that by enhancing global visibility and access to capital, GTCO isn’t just advancing its growth target but also shaping transformative opportunities across its customer segment and markets it operates in. For GTCO, the capital raise is a testament to its commitment to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

The current listing marks the Group’s second tranche aimed at meeting the CBN’s March 2026 minimum capital requirement deadline. In January 2025, the company completed the first tranche of its equity capital raise, securing ₦209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, which were fully allotted. The first phase of GTCO’s phased equity capital raising programme was structured on a balanced allocation strategy based on an equal split between institutional and retail investors. The group added that the offer secured significant interest from domestic retail investors.

While reacting to the recapitalisation phase, Group Chief Executive Officer of GTCO, Segun Agbaje, who recognised the input of various shareholders, said that the process is an affirmation of investors’ confidence in the company’s potential. “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities,” he said.

Aside from the capital raise, the group’s latest financial books marked another milestone in its history. In its financial statement for 2024, GTCO recorded the highest-ever profit in its history after announcing a profit after tax of N1.017 trillion in 2024, representing an 88.4% surge from the N539.6 billion recorded in 2023. The company also reported an increase in gross earnings from N1.13 trillion a year earlier to N2.12 trillion. In addition to the performing financial result, it recorded a pre-tax profit of N1.266 trillion for the 2024 full year, representing a 108 per cent increase from the N609.3 billion recorded in 2023.