GTCO Raises N209bn Through Public Offer

Guaranty Trust Holding Company (GTCO) Plc has successfully raised ₦209.41 billion through a public offer, marking the completion of the first phase of its equity capital raise programme.

In a statement released recently, GTCO announced that the public offer was concluded following capital verification by the Central Bank of Nigeria (CBN) and approval of the basis of allotment by the Securities and Exchange Commission (SEC).

The company revealed that the offer attracted 130,617 valid applications for 4,705,800,290 ordinary shares, all of which were fully allotted. The financial institution highlighted that the capital raise was structured around a balanced allocation strategy, ensuring an equal split between institutional and retail investors to maintain a diverse and robust investor base.

Mr. Segun Agbaje, Group Chief Executive Officer of GTCO, expressed gratitude to shareholders and regulatory authorities for their support during this phase.

“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,” Mr. Agbaje said.

He stated that the strong participation and smooth verification and allotment processes reflect investor confidence in GTCO’s fundamentals and strategic direction.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across our Banking and Non-Banking businesses,” he stated.

GTCO also announced plans for the second phase of its recapitalisation programme, scheduled for 2025, with a focus on attracting foreign institutional investments.

The company explained that proceeds from the next phase would be used to recapitalise its flagship subsidiary, Guaranty Trust Bank (GTB) Limited, ensuring it meets regulatory requirements while solidifying its position as a leading financial institution in Nigeria and beyond.

Additionally, the funds will support group-wide growth initiatives, including geographic expansion, product development, and innovation across both Banking and Non-Banking subsidiaries.

GTCO reaffirmed its commitment to delivering sustainable value to stakeholders while driving innovation and growth across the financial services sector in Africa.

The recapitalisation exercise follows the CBN’s directive issued on March 28, 2024, which raised the minimum capital requirement for commercial banks with international licenses to ₦500 billion. The banks are expected to meet these new requirements between April 1, 2024, and March 31, 2026.