Guaranty Trust Holding Company Plc (GTCO) has announced that it raised N209.41 billion after completing the first tranche of its equity capital raise programme.
The Central Bank of Nigeria (CBN) has completed the capital verification and the Securities and Exchange Commission (SEC) has approved the Basis of Allotment of the Offer.
The offer attracted significant interest from domestic retail investors, resulting in 130,617 valid applications for 4,705,800,290 ordinary shares.
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”
The 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 solidifying its position as a leading financial institution.
The funds will also support group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries.
Commenting on this phase of the recapitalisation exercise, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, stated thus:
“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.”