January 07, (THEWILL) – Guaranty Trust Holding Company Plc has successfully raised N209.41 billion in the first phase of its equity capital raise programme, marking a significant step in its recapitalisation strategy.
In a statement issued on Monday, the financial services group disclosed that the Central Bank of Nigeria had completed the capital verification exercise, while the Securities and Exchange Commission approved the basis of allotment.
Group CEO, Segun Agbaje, expressed gratitude to investors, announcing that the public offer attracted substantial interest, particularly from domestic retail investors.
A total of 130,617 valid applications were received for 4,705,800,290 Ordinary Shares, which were fully allotted, raising N209.41 billion.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is based on a balanced allocation strategy with an equal split between institutional and retail investors,” Agbaje said.
He added that the strategy aligns with GTCO’s commitment to fostering a diversified and robust investor base.
“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 noted.
Agbaje emphasised that the strong participation and smooth allotment process reaffirmed investor confidence in GTCO’s fundamentals and execution capabilities.
He noted that the capital raise is designed to position the Group for transformational growth while enhancing value across its banking and non-banking businesses.
“GTCO continues to lead its peers in key profitability metrics and financial performance,” he said.
The second phase of the recapitalisation plan, slated for 2025, will focus on attracting substantial foreign institutional investments.
“Building on this successful first phase, the Group will commence the second phase in 2025, strategically targeting foreign institutional investors to further solidify its reputation as a truly international financial services brand,” Agbaje disclosed.
Proceeds from the combined equity raise will be allocated to recapitalising GTCO’s flagship subsidiary, Guaranty Trust Bank Ltd. to strengthen its ability to meet regulatory requirements and maintain its position as a leading financial institution.
Agbaje explained that the funds will also support the Group’s growth initiatives, including footprint expansion, product enhancement, and innovation across its banking and non-banking subsidiaries.
“GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa,” he stated.
THEWILL reports that the equity raise aligns with the CBN’s revised capital requirements, which mandate commercial banks with international licenses to meet a ₦500 billion capital base by March 31, 2026. GTCO’s phased recapitalisation efforts are aimed at ensuring full compliance with these regulatory standards.
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