Guaranty Trust Holding Company Plc (GTCO) has received approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the first tranche of its equity capital raise program, successfully securing N209.41 billion.
In a statement released on Monday, GTCO announced that the offer garnered substantial interest from domestic retail investors, resulting in 130,617 valid applications for 4,705,800,290 ordinary shares. All shares were fully allotted, marking a successful conclusion to the first phase of the program.
Expressing his gratitude, GTCO’s Group Chief Executive Officer, Segun Agbaje, said, “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 reaffirm the confidence investors have in our fundamentals and execution capabilities.”
Agbaje further highlighted that this success lays a solid foundation for the company’s strategic growth roadmap, aiming to drive transformational growth across its Banking and Non-Banking businesses.
Next Steps in the Recapitalisation Plan
GTCO revealed plans to launch the second phase of its recapitalisation in 2025, targeting foreign institutional investors. This phase is expected to further cement its reputation as a “Truly International” financial services brand.
The proceeds from the equity raise will be strategically utilized to recapitalise Guaranty Trust Bank Limited (GTBankNigeria), GTCO’s flagship subsidiary. This move will strengthen the bank’s ability to meet regulatory requirements and maintain its position as a leading financial institution in Nigeria.
Additionally, the funds will support group-wide initiatives, including expanding its footprint, enhancing product offerings, and driving innovation across both its Banking and Non-Banking subsidiaries.
GTCO continues to outperform its peers in key profitability metrics, positioning itself as a major player in Nigeria’s financial sector while advancing its long-term strategic objectives.
