GTCO Completes First Phase of Equity Capital Raise, Secures N209.41 Billion
Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, has successfully completed the first tranche of its equity capital raising programme. The initiative generated N209.41 billion through 130,617 valid applications for 4,705,800,290 ordinary shares, which were fully allotted.
The achievement follows the Central Bank of Nigeria (CBN)’s capital verification exercise and the Securities and Exchange Commission (SEC)’s approval of the offer’s basis of allotment.
Balanced Investment Strategy
This initial phase of GTCO’s equity raising programme was strategically designed to balance allocation between institutional and retail investors. The bank reported substantial participation from domestic retail investors, reflecting widespread confidence in its operations and growth potential.
Group Chief Executive Officer of GTCO, Segun Agbaje, expressed gratitude to shareholders and regulatory bodies for their support, noting that the strong investor participation underscores trust in the company’s fundamentals.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise reaffirm the confidence investors have in our fundamentals and execution capabilities,” Agbaje stated.
Driving Strategic Growth
GTCO plans to use the proceeds from this equity raising to recapitalize its flagship subsidiary, Guaranty Trust Bank Limited. This move will strengthen its financial position, ensure compliance with regulatory requirements, and support growth initiatives across both banking and non-banking subsidiaries.
The funds will also be directed towards enhancing product offerings, expanding market reach, and fostering innovations that align with GTCO’s long-term strategic roadmap. The company emphasized its commitment to maintaining a diversified and robust investor base to sustain its growth trajectory.
Second Phase Planned for 2025
GTCO revealed plans to launch the second phase of its recapitalization programme in 2025, targeting core foreign institutional investors. This phase aims to reinforce the Group’s international brand reputation and further solidify its standing as a leading player in Africa’s financial services sector.
Responding to Regulatory Changes
The capital raising comes in response to the CBN’s revised minimum capital requirements announced in March 2024. The apex bank raised the capital base for commercial banks with international licences to N500 billion, requiring compliance by March 31, 2026.
Through this equity raise, GTCO reaffirms its commitment to meeting these requirements while delivering sustainable value to stakeholders and driving innovation in the financial services landscape.
