GTCO Raises N209b In First Phase Of Equity Capital Programme

Guaranty Trust Holding Company (GTCO) Plc has successfully concluded the first tranche of its equity capital raise programme, securing N209.41 billion.

The announcement came after the Central Bank of Nigeria (CBN) completed a capital verification exercise and the Securities and Exchange Commission (SEC) approved the Basis of Allotment for the Offer.

The offer, which attracted significant interest from domestic retail investors, received 130,617 valid applications for 4,705,800,290 Ordinary Shares. These shares were fully allotted, marking the completion of the first phase of a programme designed to achieve a balanced allocation strategy between institutional and retail investors.

Segun Agbaje, Group CEO of GTCO Plc, expressed gratitude to stakeholders, saying, “The strong participation and successful completion of this phase reflect investor confidence in our fundamentals and ability to execute our strategic goals.”

The funds raised will be directed towards recapitalizing Guaranty Trust Bank Limited, the Group’s flagship subsidiary, to meet regulatory requirements and enhance its competitive position. Additionally, proceeds will support expansion efforts, product innovation, and growth initiatives across GTCO’s Banking and Non-Banking subsidiaries.

The company has announced plans to begin the second phase of the capital raise in 2025, aiming to attract substantial foreign institutional investments. This move aligns with GTCO’s strategy to solidify its position as a leading player in the financial services sector, both domestically and internationally.

GTCO’s recapitalization comes at a time of heightened competition in Nigeria’s financial landscape, with the company leveraging its profitability metrics and strong financial performance to maintain its edge. The Group remains focused on driving sustainable growth and innovation across Africa’s financial services sector.