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Guaranty Trust Holding Company Plc (GTCO) has obtained 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 revealed that the offer generated substantial interest from domestic retail investors, resulting in 130,617 valid applications for 4,705,800,290 ordinary shares.
The shares were fully allotted, marking the successful completion of this initial phase of the equity capital raise.
Expressing gratitude, GTCO’s Group Chief Executive Officer, Segun Agbaje, stated:
“We are deeply grateful to our new and existing shareholders and the regulatory authorities for their steadfast support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification and allotment process underscore the confidence investors place in our fundamentals and our ability to execute effectively.
“This milestone lays a robust foundation for accelerating our strategic roadmap to drive transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”
GTCO highlighted its leadership in key profitability metrics and financial performance among its peers.
Following the successful conclusion of this first tranche, the Group plans to commence the second phase of its recapitalization program in 2025. This phase will target significant foreign institutional investments, reinforcing GTCO’s reputation as an international financial services brand.
Proceeds from the equity capital raise will be strategically directed towards recapitalizing GTCO’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria). This will bolster its ability to meet regulatory requirements and solidify its position as a leading financial institution.
Additionally, the funds will support group-wide initiatives, including footprint expansion, product innovation, and enhancement across both Banking and Non-Banking subsidiaries.
GTCO reiterated its commitment to delivering sustainable value to stakeholders and driving innovation across Africa’s financial services landscape.
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