CBN, SEC Approve GTCO’s N209bn Equity Capital Offer

Guaranty Trust Holding Company Plc has secured the necessary approvals from the Central Bank of Nigeria and the Securities and Exchange Commission for the first tranche of its equity capital raise programme, successfully raising N209.41bn.

In a statement, GTCO disclosed that the offer attracted significant 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 conclusion of this first phase of the programme.

Commenting on this phase of the recapitalisation exercise, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, 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,” Agbaje said.

“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.” he added.

GTCO Plc stated that it 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,” the company added.

The proceeds from the combined equity raise will be strategically deployed to recapitalise the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBankNigeria), 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.

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

Punch news/Olusola Akintonde