GTCO lists on LSE, becoming the first West African bank to achieve dual listing in London and Nigeria, aiming to attract global institutional investors

GTCO lists on LSE in a landmark move that makes it the first West African financial institution to secure a full share listing on the London Stock Exchange (LSE), further cementing its position as a pan-African financial powerhouse.

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The milestone, which also grants Guaranty Trust Holding Company Plc dual listing status on both the LSE and Nigerian Exchange Limited (NGX), was confirmed by the Group Chief Executive Officer of GTCO, Segun Agbaje, during a post-listing media chat in London on Thursday.

Agbaje described the development as a strategic shift from the previous Global Depositary Receipts (GDRs) structure to a full share listing, allowing GTCO direct access to global capital and long-term institutional investors.

“We have created another platform to raise capital, whether for business in Nigeria or for the group,” he said. “That’s why I call it the best of both worlds.”

He added that the move allows GTCO to gauge international appetite for Nigeria’s macroeconomic outlook and test new capital-raising options beyond domestic markets.

Explaining the motivation behind the dual listing, Agbaje noted that the bank sought to unlock value for its shareholders and create a broader investor base.

“You have growth plans; you give yourself more options. If you ever need capital, you want to know you can raise it locally or internationally,” he said.

The GTCO boss also spoke candidly about Nigeria’s current market valuations, noting that many companies are undervalued despite strong fundamentals.

“For discerning investors, Nigeria is a pretty cheap place to shop at the moment,” he said, citing several firms trading below book value while delivering over 30 percent return on equity.

On the strategy for raising capital, Agbaje explained that GTCO adopted a two-phase approach, prioritising its 50 percent retail base in Nigeria before turning to international markets.

“We raised ₦209bn from retail. We needed ₦500bn. The difference will be sourced internationally,” he said.

As part of its future vision, the group aims to ensure dividend yields of at least 15 percent to meet retail investor expectations and a minimum of 25 percent return on equity for institutional investors.

“We’re managing these dual expectations now, and that requires performance and clarity,” Agbaje stated.

Asked about global expansion, the GTCO CEO disclosed plans to strengthen the bank’s footprint in West and East Africa, particularly in Senegal.

He also hinted at increased activity in non-banking subsidiaries and deeper penetration in the UK, which currently contributes just under two percent of group profit.

Expansion into Asia, particularly the Far East, is also under consideration, he said, due to its growing trade significance for Africa.

Agbaje admitted the regulatory requirements for LSE listing were demanding but worthwhile.

“The takeaway is that you can scale if you live your life well. The due diligence process pulls up everything you’ve ever done,” he said.

He also warned that media narratives could influence investor perception, emphasising responsible journalism.

On Nigeria’s banking reforms, Agbaje stated that the removal of the Central Bank’s forbearance window was well-telegraphed.

“We had enough notice. It shouldn’t come as a surprise,” he said.

He also acknowledged the impact of the Cash Reserve Ratio (CRR) but expressed optimism that it would ease once the government addressed Nigeria’s inherited liquidity overhang.

In conclusion, GTCO’s LSE debut symbolises a bold stride for Nigerian banks seeking global relevance.

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“This is not just a financial milestone,” Agbaje declared. “It’s a strategic recalibration for a future of African capital unlocking global value.”