Lagos, Nigeria – Guaranty Trust Holding Company Plc (GTCO Plc), listed on the Nigerian Exchange (NGX: GTCO), has announced the successful conclusion of the first tranche of its equity capital raise programme.
This milestone follows the completion of a capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
The offer, which attracted significant interest from domestic retail investors, raised ₦209.41 billion through 130,617 valid applications for 4,705,800,290 Ordinary Shares. The allotment was fully subscribed, marking a successful start to GTCO Plc’s phased recapitalization strategy, designed to balance participation between institutional and retail investors.
Speaking on the development, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed gratitude to stakeholders: “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.
READ ALSO: U.S Congress Certifies Trump’s Election Four Years After Capitol Building Invasion
“The strong participation and successful capital verification exercise reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap to unlock greater value across our Banking and Non-Banking businesses.”
The Group plans to commence the second phase of the recapitalization exercise in 2025, which will focus on attracting foreign institutional investments to bolster GTCO’s international footprint. Proceeds from the equity raise will be used to recapitalize Guaranty Trust Bank Limited, its flagship subsidiary, ensuring regulatory compliance while enhancing growth initiatives. The funds will also support product innovation, expansion across Banking and Non-Banking subsidiaries, and overall operational improvements.
GTCO Plc is recognized as one of Africa’s leading financial institutions, with a presence in 10 countries across Africa and the United Kingdom. The Group provides comprehensive banking, wealth management, and financial technology services to millions of customers, cementing its position as a key player in the financial services sector.
This achievement underscores GTCO’s commitment to sustainable growth and innovation, as it continues to deliver value to its stakeholders and contribute to Africa’s economic development.
