GTCO Holdings, the parent company of Guaranty Trust Bank, is set to begin trading all its ordinary shares on the London Stock Exchange (LSE) by 8:00 a.m. on July 9, becoming the first Nigerian banking group to achieve a full direct listing on the UK bourse.

This milestone marks a strategic shift from its Global Depositary Receipts (GDR) programme, as the group launches a fresh public offering to raise approximately $100 million in capital through an accelerated bookbuild managed by Citigroup.

The equity raise, which commenced on July 2 and runs through July 31, is aimed at bolstering the group’s capital base, particularly to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international licenses. With an exchange rate of about N1,540 to the dollar, the targeted sum equals roughly N154 billion.

From GDRs to Full Equity Listing

In a regulatory disclosure filed with the LSE, GTCO said it will cancel its existing GDRs and instead list its entire ordinary share capital under a secondary listing in the equity shares category for international commercial companies on the FCA’s Official List. The GDR delisting will take effect on July 30, 2025, giving existing holders over a year to convert their receipts into depositary interests (DIs).

Under the new structure, the group’s shares will initially trade in U.S. dollars under the ticker symbol “GTHC.” GTCO plans to revert to its traditional “GTCO” symbol once the GDR programme is formally wound down.

GTCO began trading GDRs on the LSE in 2007, with one GDR representing 50 ordinary shares. Now, with the dual listing, it joins a growing list of Nigerian companies such as Seplat Energy and Airtel Africa that have shifted to direct listings to improve visibility and attract a wider investor base.

Offer Details and Investor Strategy

The $100 million capital raise is being executed via an accelerated bookbuild—a fast-track equity offering mechanism that targets qualified and institutional investors in the UK, U.S., and other jurisdictions. Citigroup is acting as the sole global coordinator and bookrunner for the transaction. GTCO is aiming for a free float of 99% of its issued and to-be-issued shares following the listing.

The final offer price and number of shares to be issued will be announced following the bookbuild close, which occurred on July 3. The company’s prospectus is expected to be published on July 4. CREST accounts will be credited with the corresponding DIs, and applicable share certificates will be dispatched the same day trading begins—July 9.

GTCO is allowing GDR holders to exchange their receipts for DIs starting July 9, with a submission deadline of July 23. By July 30, the group will complete the delisting process and issue any outstanding DIs to valid requesters.

Local Listing and Market Implications

GTCO emphasized that its domestic listing remains unaffected. The group’s shares will continue to trade in Nigerian Naira on the Nigerian Exchange Limited (NGX) under the symbol “GTCO.” Following the London listing, shares are expected to be transferable between the NGX and LSE, provided regulatory and procedural requirements are met.

The move comes as Nigerian banks race to meet new capital thresholds set by the Central Bank of Nigeria (CBN). Zenith Bank and Access Holdings have already exceeded the N500 billion requirement. For GTCO, the fresh capital injection will primarily recapitalize GTBank Nigeria, enabling it to retain its international banking license.

Industry analysts say the listing aligns with GTCO’s broader efforts to diversify its investor base, enhance liquidity, and signal global readiness. It also marks a turning point for Nigerian financial institutions seeking stronger global footprints amid rising regulatory standards and competitive pressures in the domestic market.

GTCO’s decision to bypass its GDR framework in favor of full ordinary share admission mirrors trends seen in other emerging markets, where dual listings and cross-border capital raising are becoming more vital as firms pursue deeper integration with international markets.

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In conclusion, the journey of All Talentz is more than a business success story; it is a template for national economic diversification and empowerment. By strategically leveraging Nigeria’s human capital – its English-speaking graduates, its vibrant youth, and its inherent drive – we can build formidable global remote talent communities. This paradigm shift, from exporting commodities to exporting competence, holds the key to transforming countless lives, creating sustainable wealth, and firmly positioning Nigeria as a critical hub in the global digital economy. The time for this talent revolution is now, and the groundwork laid by pioneers like All Talentz illuminates the path forward.

Robinhood’s attempt to revolutionize private equity access with tokenized shares of OpenAI and SpaceX is unraveling fast, after OpenAI issued a stark warning that it had no role in the offering.

The clash, which initially triggered a rally in Robinhood’s stock, has now reversed course, dragging the shares down as concerns mount about the legality and ethics of the launch.

Background: Robinhood’s Tokenized Equity Debut

The controversy stems from Robinhood’s announcement on Monday, unveiled during a high-profile product showcase in Cannes, France. The company introduced a new range of tokenized equities—blockchain-based assets designed to give retail investors exposure to shares of private firms, including Elon Musk’s SpaceX and Sam Altman’s OpenAI. These tokens were rolled out on Robinhood’s EU crypto platform, which now offers more than 200 tokenized stocks and ETFs for trading five days a week, with no commission or spread.

The launch was touted as a landmark move in crypto-financial innovation, aimed at breaking down traditional barriers that restrict access to private markets.

“The goal with tokenization is to let anyone participate in this economy,” said Johann Kerbrat, Robinhood’s Senior VP and General Manager of Crypto.

To drive adoption, Robinhood even launched a promotion, offering 5 euros worth of OpenAI and SpaceX tokens to every eligible EU user who signed up to trade stock tokens by July 7. The offering is made possible by Robinhood’s stake in a special purpose vehicle (SPV) that holds shares in the companies, allowing the platform to issue synthetic tokens representing indirect exposure.

The move initially thrilled investors, propelling Robinhood shares above $100—a new all-time high for the company—just hours after the announcement.

OpenAI’s Disclaimer

But the euphoria didn’t last. In a post on X (formerly Twitter) late Monday, OpenAI made it clear it had not authorized the use of its name or equity in any Robinhood product.

“These ‘OpenAI tokens’ are not OpenAI equity,” the company stated. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

OpenAI went further, warning users that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and concluded with a blunt: “Please be careful.”

The post directly contradicted Robinhood’s pitch, sparking widespread confusion among users and analysts. The denial raised questions about whether Robinhood’s tokens might mislead investors into thinking they’re purchasing real equity, and whether regulators could step in.

Robinhood responded by clarifying that the tokens do not represent actual ownership but are synthetic instruments tied to an SPV that indirectly holds shares.

From Surge to Slide: Market Turns on Robinhood

While the initial announcement fueled investor optimism and pushed Robinhood stock above $100, OpenAI’s forceful disavowal triggered a sell-off. By Tuesday morning, Robinhood shares had slid by over 7%, erasing much of the earlier gains. The also stock dipped about 2% in Thursday’s premarket, trimming gains from Wednesday’s roughly 6% pop, on renewed questions over the token offering.

Analysts say the company now faces reputational and regulatory risks, particularly if other private firms whose names are being tokenized follow OpenAI’s lead in distancing themselves.

The episode illustrates the growing tension between crypto platforms pushing for decentralized access to capital and private companies aiming to maintain strict control over their equity and brand. It also reignites concerns over regulatory oversight: Robinhood’s crypto offerings are not available to U.S. users, partly because of tighter rules around securities and accredited investor definitions. In contrast, the European Union’s looser investment restrictions have enabled the rollout—but perhaps at the cost of investor clarity.

Additionally, the OpenAI-Robinhood conflict underscores the fragile foundation underpinning tokenized equity. While tokenization has long been heralded as the next frontier in financial democratization, the lack of formal partnerships with the companies being tokenized could prove to be a legal minefield.

Robinhood’s strategy relies on a network of SPVs to replicate exposure to elite, hard-to-access startups. But if companies like OpenAI push back—asserting control over their equity, brand, and investor relations—the risk of regulatory intervention and investor backlash escalates.

As of now, SpaceX has not publicly commented on the tokens issued in its name. However, the situation remains fluid. Any further rejection from Musk’s camp could deepen the fallout and invite regulatory scrutiny across multiple jurisdictions.

Thus, the broader question remains: Can crypto platforms truly democratize access to private markets without buy-in from the companies themselves? For now, Robinhood’s setback with OpenAI suggests that the answer may not be as bullish as the blockchain dreamers would like.