GTCO Concludes First Tranche of Equity Capital Raise, Secures N209.41 Billion

Guaranty Trust Holding Company Plc (GTCO Plc) has successfully completed the first phase of its equity capital raise programme, marking a significant milestone in its strategic growth plan.

The exercise, which attracted robust participation from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4,705,800,290 ordinary shares, all of which were fully allotted.

The completion of this phase followed the verification of capital by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

This first tranche exemplifies GTCO Plc’s commitment to fostering a diversified and resilient investor base, employing a balanced allocation strategy that equally caters to institutional and retail investors.

Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed gratitude for the overwhelming support received 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.

“The strong participation, coupled with the seamless capital verification exercise and allotment process, reaffirms the confidence investors have in our fundamentals and execution capabilities.

“This lays 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,” Agbaje stated.

With this successful first tranche, GTCO Plc has reiterated its position as a leader in profitability and financial performance within the financial services sector.

The Group has announced plans to commence the second phase of its recapitalisation initiative in 2025.

This phase will focus on attracting significant foreign institutional investments, further reinforcing GTCO Plc’s standing as a truly global financial services brand.

The proceeds from this equity capital raise will be strategically channelled into recapitalising GTCO’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria).

This move is aimed at meeting regulatory requirements and bolstering the bank’s status as a leading financial institution.

Furthermore, the funds will support various growth initiatives across the Group, including footprint expansion, product enhancement, and innovation across both its Banking and Non-Banking subsidiaries.

As the bank continues to chart a course for transformational growth, the company remains steadfast in its commitment to delivering sustainable value to stakeholders and driving innovation within the African financial services landscape.