Guaranty Trust Holding Company (GTCO) Plc has successfully raised ₦209.41 billion through a public offer as part of its equity capital raise programme.
In a statement on Monday, GTCO revealed that the capital verification exercise was completed by the Central Bank of Nigeria (CBN), with the basis of allotment approved by the Securities and Exchange Commission (SEC).
A total of 130,617 valid applications for 4,705,800,290 ordinary shares were fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors,” the statement said.
Segun Agbaje, Group CEO of GTCO, expressed gratitude to shareholders and regulatory authorities for their support, emphasizing the confidence investors have in the company’s fundamentals.
GTCO announced that the second phase, slated for 2025, will focus on attracting significant foreign institutional investments.
The funds from this phase will be used to recapitalize Guaranty Trust Bank (GTB) Limited, enabling it to meet regulatory requirements and support group-wide growth initiatives, including product innovation and expansion across banking and non-banking subsidiaries.
This equity raise comes after the CBN’s review of minimum capital requirements, which increased the capital base for commercial banks with international licenses to ₦500 billion.
All banks are required to meet the new standard by March 31, 2026.
GTCO reaffirmed its commitment to delivering sustainable value to stakeholders and driving financial innovation across Africa.