Business
GTCO Makes History, Becomes First Nigerian Bank on London Stock Exchange
GTCO Holdings would soon commence trading on the London Stock Exchange, as the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so. This landmark event is set to take place on July 9.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange. The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List. It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly. GTCO aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List. The shares will also begin trading on the LSE’s main market for listed securities.
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According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria. Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
Details of the listing
The group targets a free float of around 99 percent of GTCO’s issued and to-be-issued share capital immediately after admission of the offered shares.
The bookbuild has opened following the announcement, with the offer price and number of shares to be disclosed after the book closes. The final pricing, allocations, and timing will be determined at the discretion of the company and Citigroup, which is acting as the Sole Global Coordinator and Bookrunner.
Access Bank has been named Bank of the Year 2025 – Nigeria at the prestigious Banker Awards ceremony held in London on Wednesday, December 3, 2025. Organised annually by The Banker, a publication of the Financial Times Group, the awards celebrate the best-performing financial institutions across more than 120 countries, recognising excellence in innovation, financial performance, operational resilience, and industry leadership.
The announcement was made during a high-profile gala at the Peninsula Hotel in London, where leading global banks gathered to celebrate outstanding achievements in the international financial services sector. Access Bank emerged as the sole winner for Nigeria, reflecting the Bank’s exceptional performance, disciplined execution of strategy, and continued commitment to delivering world-class banking experiences.
Speaking on the recognition, Roosevelt Ogbonna, Managing Director/CEO, Access Bank, said: “This award reflects the remarkable dedication of our people and the trust of our customers. Being recognised as Bank of the Year 2025 – Nigeria is a strong validation of our strategy to build a globally connected, digitally powered, and sustainably driven banking institution.
We remain committed to delivering exceptional value across all our markets while contributing meaningfully to Africa’s economic advancement.”
Access Bank has continued to solidify its position as one of Africa’s most forward-thinking financial institutions, driven by innovation, customer-centricity, and strong corporate governance. The Bank’s strategic investments across digital transformation, trade finance, financial inclusion, and sustainable banking have positioned it as a leading force shaping Africa’s financial future.
These initiatives, coupled with its disciplined approach to growth and operational excellence, continue to set Access Bank apart within the continent’s rapidly evolving financial landscape.
Each year, The Banker undertakes a rigorous, five-month evaluation process involving more than 1,000 applications submitted by banks worldwide. Only one bank is selected per country, underscoring the exclusivity and prestige of the award. Access Bank’s victory therefore represents not only a recognition of its achievements over the past year but also a reaffirmation of its long-term commitment to driving innovation, supporting customers, and enabling a more connected African and global economy.
With operations spanning three continents and a customer base of more than 60 million, Access Bank continues to demonstrate its capability and ambition to shape the future of banking in Africa and contribute meaningfully to global financial progress.
About Access Bank
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 24 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa Asia and Europe, with representative offices in China, Lebanon, India, and the UAE.
Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management, and capital management capabilities.
The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last 20 years, becoming one of the continent’s largest retail banks. As part of its continued growth strategy,
Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.
Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.
Fidelity Bank Plc has received the Straight-Through Processing (STP) Excellence Award from Citigroup in recognition of its outstanding operational efficiency in foreign currency payments in 2024.
STP refers to transactions processed accurately and without human intervention, resulting in a cost-effective and timely process. Fidelity Bank, which has consistently earned this award over the years, achieved an impressive 97%+ STP rate in concluding USD payments in the awarding period.
Citigroup, a leading global bank headquartered in New York and present in more than 160 countries, annually honors select banks and financial institutions that demonstrate the highest levels of efficiency in foreign currency transactions.
Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc, attributed the achievement to customer trust and the team’s dedication.
“This award reflects the quality of initiatives we have implemented to simplify cross-border payments for our customers. It affirms our commitment to delivering cutting-edge services in servicing our valued customers,” said Dr. Onyeali-Ikpe.
The recognition adds to a growing list of accolades for Fidelity Bank especially in deploying innovative services and products in meeting customer needs. These include an award from the Nigeria Customs Service for being the first bank to successfully process Customs Duty and the Pre-Arrival Assessment Report (PAAR) on the Unified Customs Management System (UCMS). The bank also won Most Innovative Bank of the Year and Best Bank for Export and Trade Finance at the 2025 BusinessDay Bank and Other Financial Institutions’ (BAFI) Awards.
“We are delighted by this recognition and remain committed to providing seamless, value-adding services to our customers as we pursue our mandate to help individuals grow, support businesses to thrive and propel economies to prosper,” added Dr. Onyeali-Ikpe.
