Guaranty Trust Holding Company Plc (GTCO) has announced the launch of a fully marketed equity offering of new ordinary shares to raise approximately $100m, alongside its plan to transition from Global Depositary Receipts (GDRs) to a direct listing of its shares on the London Stock Exchange (LSE).
According to the proposal document submitted to the Nigerian Exchange Limited and seen by THE WHISLER, the equity raise, which commenced on July 2 and is expected to close by July 3, 2025, is part of GTCO’s broader capital enhancement strategy.
The net proceeds will support the recapitalization of its flagship banking subsidiary, GTBank Nigeria, in line with the Central Bank of Nigeria’s (CBN) new minimum capital requirements issued in March 2024.
Under the new directive, international commercial banks are required to maintain a minimum capital base of ₦500bn by March 31, 2026.
GTCO has also given notice of its intention to cancel the listing of its existing GDRs on the FCA’s Official List and their admission to trading on the London Stock Exchange’s main market.
In their place, GTCO will seek admission of its ordinary shares to the equity shares (International Commercial Companies – Secondary Listing) category of the Official List of the UK Financial Conduct Authority and to trading on the main market of the London Stock Exchange.
Group Chief Executive Officer of GTCO, Segun Agbaje described the move as a defining moment in the company’s growth trajectory.
“This offering and transition to a full share listing on the LSE reinforces our position as a forward-thinking African financial institution.
“It enhances our global visibility, improves liquidity, and provides broader access to capital—all of which support our long-term strategy,” he said.
Agbaje emphasized that the proceeds will be deployed to expand GTCO’s loan portfolio across retail, SME, and institutional segments, upgrade its information technology infrastructure, increase branch footprint, and pursue strategic acquisitions, particularly in the pension and asset management sectors.
Citigroup Global Markets Limited is acting as Sole Global Coordinator and Sole Bookrunner for the offering, which targets institutional investors in the UK, United States (under Rule 144A), and other international markets. GTCO and its Executive Directors have agreed to customary lock-up arrangements to ensure offering stability.
GTCO has confirmed that GDR holders will have the option to convert their GDRs into either depository interests representing the new LSE-listed shares or ordinary shares for trading on the NGX.
The offering marks the second tranche of GTCO’s capital-raising programme. In July 2024, the Group successfully raised ₦209bn, and this current raise will further bolster compliance with the CBN’s recapitalization mandate.