The bank raises ₦209.41 billion in the first phase of its equity capital programme, paving the way for transformational growth
[dropcap]G[/dropcap]uaranty Trust Holding Company Plc (GTCO Plc) has successfully completed the first tranche of its equity capital raise programme, raising an impressive ₦209.41 billion.
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This milestone was achieved following a thorough capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission’s (SEC) approval of the Basis of Allotment of the Offer.
The offering, which attracted significant interest from domestic retail investors, received 130,617 valid applications for 4,705,800,290 Ordinary Shares, all of which were fully allotted.
This marks the successful conclusion of the first phase of GTCO’s capital raise programme, which employs a balanced allocation strategy, equally split between institutional and retail investors. This approach reflects GTCO Plc’s dedication to building a diversified and resilient investor base.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed appreciation to stakeholders, stating:
“We extend our sincere gratitude to our new and existing shareholders and regulatory authorities for their steadfast support. The robust participation and seamless verification and allotment processes underscore the trust investors place in our strong fundamentals and execution capabilities. This successful first phase lays a solid foundation for advancing our strategic roadmap and delivering value across our Banking and Non-Banking businesses.”
The funds raised will bolster the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enabling it to meet regulatory requirements and strengthen its leadership in the financial sector.
Additionally, the capital will be directed toward growth initiatives, including footprint expansion, innovative product development, and enhancements across the Group’s Banking and Non-Banking subsidiaries.
Following this first phase, GTCO plans to launch the second phase of its recapitalisation programme in 2025.
This phase aims to attract significant foreign institutional investments, reinforcing GTCO’s position as a global financial services leader.
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GTCO Plc continues to excel in profitability metrics and financial performance, demonstrating its commitment to delivering sustainable value to stakeholders and driving innovation in the African financial services landscape.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
