GTCO PLC Announces Completion Of N209.41bn First Phase Capital Raise

LAGOS – Guaranty Trust Holding Company Plc (GTCO) has announced the success­ful completion of the first tranche of its equity capital raise programme, following the completion of the cap­ital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).

The offer, which garnered substantial interest from domestic retail investors, raised a total of N209.41 bil­lion from 130,617 valid appli­cations for 4,705,800,290 ordi­nary shares, fully allotted.

This milestone con­cludes the first phase of GTCO’s phased equity capi­tal raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail in­vestors.

This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.

Commenting on this phase of the recapitalisa­tion exercise, Segun Agbaje, Group Chief Executive Offi­cer of GTCO Plc, expressed his gratitude: “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 and allot­ment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

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

GTCO continues to lead its peers in key profitabil­ity metrics and financial performance. Building on this successful first phase, the group will commence the second phase of its re­capitalisation plan in 2025, which is strategically posi­tioned to attract significant foreign institutional invest­ments, reinforcing its repu­tation as a “Truly Interna­tional” financial services brand.

Proceeds from the com­bined equity raise will be strategically deployed to recapitalise the Group’s flag­ship subsidiary, Guaranty Trust Bank Limited (GT­Bank Nigeria), enhancing its ability to meet regulatory requirements and further so­lidify its position as a leading financial institution.

Additionally, the funds will support Group-wide growth initiatives, includ­ing footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries.

GTCO remains commit­ted to delivering sustainable value to its stakeholders and driving innovation across the financial services land­scape in Africa.