GTCO secures N209bn in equity capital, paving way for transformational growth

Guaranty Trust Holding Company Plc (GTCO) has taken a significant step toward enhancing its financial strength and strategic growth with the successful completion of the first tranche of its equity capital raise programme. The company announced on Monday that it raised N209.41 billion after receiving regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The equity offer, which garnered substantial interest from domestic retail investors, recorded 130,617 valid applications for over 4.7 billion ordinary shares. All shares were fully allotted, signaling strong investor confidence in the financial institution’s long-term prospects.

The Group Chief Executive Officer of GTCO Plc, Segun Agbaje, highlighted the significance of this milestone, expressing gratitude to shareholders and regulators for their support. “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 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,” Agbaje said.

According to the statement, proceeds from the equity raise will be utilized to recapitalize Guaranty Trust Bank Limited (GTBank Nigeria), the Group’s flagship subsidiary, ensuring compliance with regulatory requirements while bolstering its position as a leader in the financial sector. Additionally, the funds will fuel group-wide growth initiatives, including market expansion, product innovation, and the strengthening of both Banking and Non-Banking operations.

Looking ahead, GTCO plans to launch the second phase of its recapitalization plan in 2025, targeting foreign institutional investors to solidify its reputation as a globally recognized financial services brand.

“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,” Agbaje added.

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