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The short answer
The main Nigeria-linked companies quoted in London are Airtel Africa (LSE: AAF) and Seplat Energy (LSE: SEPL), both also listed on the Nigerian Exchange, and Guaranty Trust Holding Company (GTCO), which added a London listing of its ordinary shares in place of its old depositary receipts. You buy them through a UK broker in pounds, like any other London share.
For a UK investor, buying a Nigerian company's shares in London avoids a Nigerian broker, naira settlement and CSCS paperwork. The trade-off is choice: only a handful of companies with big Nigerian operations are quoted in London. This guide sets out what we could confirm about each one, what a London listing does and does not change, and how to check before you buy.
The companies
| Company | London ticker | Also listed in Lagos | Source note |
|---|---|---|---|
| Airtel Africa Plc | AAF | Yes, AIRTELAFRI | Named by African Markets as dual-listed |
| Seplat Energy Plc | SEPL | Yes, SEPLAT | Named by African Markets as dual-listed |
| Guaranty Trust Holding Co (GTCO) | Check on LSE | Yes, GTCO | African Markets: London listing of ordinary shares replaced GDRs |
African Markets reports that GTCO made its debut on the London Stock Exchange on 9 July with a standard ordinary share listing that replaced its Global Depositary Receipts, alongside a $105 million capital raise through 2.29 billion new ordinary shares. It describes GTCO as the first West African financial institution with a secondary listing in London. Confirm the current London ticker and trading status on the London Stock Exchange's own company page before you trade.
Other companies have come and gone over the years. If a broker or article names another Nigerian company as London-listed, check the LSE company page; a past GDR programme may have been cancelled.
What a London listing means for you
Dealing
You buy through any UK broker or platform that offers the stock, pay in pounds and hold it in a UK account. Prices in London and Lagos are linked but not identical, since each market has its own currency, hours and liquidity.
ISA and SIPP
HMRC's table of designated exchanges (updated 21 April 2026) treats the London Stock Exchange Main Market as listed, recognised from 19 July 2007, while AIM is not treated as listed. ISAs rely on that test. A Main Market share can therefore go in a Stocks and Shares ISA if your provider offers it, within the £20,000 allowance for 2026 to 2027 set out on GOV.UK. The same company's shares on the NGX cannot, because the NGX is not on HMRC's tables; see can Nigerian shares go inside a UK ISA.
Exposure
A London quote does not make the company less Nigerian. Revenue, currency and regulatory risk still follow the business. If a company reports in dollars and earns in naira, a weaker naira can affect results whichever market you bought in.
Tax outside an ISA
Outside an ISA, dividends and gains are taxable in the UK if you are UK resident. GOV.UK's guidance on foreign income explains how foreign dividends are reported; whether a particular dividend counts as UK or foreign depends on where the company is resident, so take the details from the dividend statement. For shares held directly on the NGX instead, see dividends from Nigerian shares to the UK.
What to check first
- Find the company on the London Stock Exchange site and confirm the market (Main Market or not) and ticker.
- Check your broker or ISA provider offers the stock.
- Read the latest annual report for how much of the business is in Nigeria.
- Compare the London price with the Lagos price converted to pounds, so you know whether the gap is wide.
- Keep dividend statements for your return if held outside an ISA.
For a wider list including companies quoted elsewhere, see Nigeria-linked stocks listed abroad.
Comparing London and Lagos prices
The same company can be cheaper in one market than the other, after currency. To compare, take the Lagos price in naira, convert it at today's naira to pound rate, and set it against the London price in pence, adjusting if one London share does not equal one Lagos share.
Example only. If a share trades at ₦2,000 in Lagos and the example rate is ₦2,000 to £1, the Lagos price is £1.00. If London quotes 104p, London is about 4% dearer. A gap like that can reflect dealing costs, currency controls or thin trading on one side. It is information, not a signal: you would still pay naira conversion costs and Nigerian dealing fees to use the cheaper market, and you would hold the shares in Lagos, outside any UK wrapper.
Currency to watch
A London price in pence moves with the pound, while the business earns mostly in naira and other African currencies. Over a holding period, naira moves can matter as much as the company's own results.
Where Pryme fits
London-listed shares are bought through a UK broker, not Pryme. If you also invest in Lagos, a Pryme account holds pounds and naira together, and Swap shows the rate and fee before you approve a conversion. See multicurrency accounts.
Questions people ask
Which Nigerian companies are listed in London?
Airtel Africa (AAF) and Seplat Energy (SEPL) are quoted in London and Lagos, and GTCO added a London listing of its ordinary shares, according to African Markets. Check the LSE site for current status.
Is GTCO listed on the London Stock Exchange?
African Markets reports a standard ordinary share listing that replaced GTCO's GDRs, with a $105 million raise. Confirm the ticker on the LSE company page.
Can I hold Airtel Africa in my ISA?
HMRC treats the LSE Main Market as listed, so it can qualify if your ISA provider offers it.
Are London and Lagos prices the same?
No. They are linked but trade in different currencies, hours and volumes, so small gaps are normal.
Sources
- African Markets: Guaranty Trust Holding becomes the first West African financial institution with a secondary listing on the London Stock Exchange · accessed Oct 2026
- HMRC: Designated recognised stock exchanges, section 1005 ITA 2007 (updated 21 Apr 2026) · accessed Oct 2026
- GOV.UK: Individual Savings Accounts (updated 30 Sep 2026) · accessed Oct 2026
- GOV.UK: Tax on foreign income (updated 1 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.