By Ayomide Otitoju
Guaranty Trust Holding Company Plc (GTCO Plc), listed on the Nigerian Exchange (NGX: GTCO), has announced the successful completion of the first tranche of its equity capital raise programme. The milestone follows the Central Bank of Nigeria’s (CBN) capital verification exercise and the Securities and Exchange Commission’s (SEC) approval of the Basis of Allotment.
The offering, which attracted strong interest from domestic retail investors, raised ₦209.41 billion through 130,617 valid applications for 4,705,800,290 ordinary shares. All shares were fully allotted, marking the conclusion of this phase of GTCO’s equity raise initiative, which aims to maintain a balanced allocation strategy equally split between institutional and retail investors.
Investor Confidence
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed gratitude to stakeholders and regulatory bodies for their support throughout the process.
“The strong participation, coupled with the successful capital verification and allotment, underscores the confidence investors have in our fundamentals and our ability to execute. This achievement lays a solid foundation for advancing our strategic roadmap toward transformational growth and delivering enhanced value across our banking and non-banking businesses,” Agbaje said.
Future Plans
Building on the success of this initial phase, GTCO is set to embark on the second phase of its recapitalization plan in 2025. This next tranche aims to attract substantial foreign institutional investments, bolstering the Group’s position as a globally recognized financial services brand.
Strategic Deployment
Proceeds from the equity raise will be used to recapitalize GTCO’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), to meet regulatory requirements and reinforce its leadership in the financial sector. The funds will also support group-wide growth initiatives, including expanding its footprint, enhancing product offerings, and driving innovation across both banking and non-banking subsidiaries.
GTCO remains committed to delivering sustainable value, maintaining its profitability leadership, and pioneering innovation within Africa’s financial services landscape.
