By Stanley Onyeka, Lagos
Guaranty Trust Holding Company Plc (GTCO), yesterday, said it has successfully completed the first phase of its equity capital raise programme.
This followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
A statement signed by the Group Chief Executive Officer (GCEO), Segun Agbaje, said the offer, which garnered substantial interest from domestic retail investors, raised N209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted.
The statement reads: “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.
“This balanced approach aligns with GTCO Plc’s commitment to fostering a well-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.”
Mr. Agbaje noted that the strong participation and successful capital verification exercise and allotment process reaffirmed the confidence investors have in GTCO’s fundamentals and execution capabilities, adding that this sets a solid foundation for accelerating the Group’s strategic roadmap.
Proceeds from the combined equity raise will be strategically deployed to recapitalise the group’s flagship subsidiary, GTBank Nigeria, to enhance its ability to meet regulatory requirements and further solidify its position as a leading financial institution.
He reiterated GTCO’s commitment to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.
He explained that the capital raise aims to position the Group for transformational growth while unlocking greater value across its banking and non-banking businesses, as it has continued to lead its peers in key profitability metrics and financial performance.
He continued: “Building on this successful first phase, the group will commence the second phase of its recapitalisation plan in 2025.
“This is strategically positioned to attract significant foreign institutional investments, also reinforcing its reputation as a “truly international” financial services brand.”
He informed that proceeds from the combined equity raise will be strategically deployed to recapitalise the group’s flagship subsidiary, Guaranty Trust Bank Ltd. (GTBank Nigeria), to enhance its ability to meet regulatory requirements and further solidify its position as a leading financial institution.
The proceeds will also support group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries.
