Top Nigerian lender, Zenith Bank Plc is set to list its shares – valued at $850 million –  on the London Stock Exchange(LSE), Reuters reported late on Tuesday.

According to Reuters, these shares will be listed at $6.80 each as global depository receipts (GDRs) later this month.

Zenith joins Guaranty Trust Bank, Diamond Bank and First Bank, the three other Nigerian lenders with GDRs trading in London.

Zenith said the secondary listing was intended at advancing liquidity in its stock instead of raising capital, Reuters reported.

According to the global news agency, a well-placed banking source said it was anticipated that the GDR would be listed tomorrow.

Zenith, according to Reuters, has all necessary approvals from Nigerian authorities to go ahead with the listing.

Sources also told the agency, the deal would allow non-nationals, who desire to keep dollar assets, to invest in the bank.

JP Morgan is reported to be acting as the depository bank, while Citi, the giant US bank, will act as the custodian.

Apparently the LSE this month said it expected a surge in new listings from African companies this year.

According to Ibukun Adebayo, LSE’s Head of Equity Primary Markets for Africa, Middle East and South Asia, Africa is a very big focus for us in terms of future opportunity and is deemed to have its “fair share among this year’s listings.”

About 96 Sub-Saharan companies have already listed on the London bourse. This numbers includes 23 companies that have shares on the LSE’s main market.