GTCO injects N365.9bn into GTBank via rights issue to meet CBN’s new capital rules, enabling expansion, tech upgrades, and compliance

The capital injection, completed through a rights issue, resulted in the issuance of over 6.99 billion ordinary shares to Guaranty Trust Holding Company Plc (GTCO), raising GTBank’s share capital from ₦138.2 billion to ₦504 billion.

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In a statement filed with the Nigerian Exchange Limited and the London Stock Exchange, GTCO confirmed the move aligns with regulatory reforms aimed at strengthening the Nigerian banking system.

“This capital injection ensures the bank’s compliance with the new minimum capital requirement,”the company said, adding that it was executed under a two-phased equity capital raising programme approved by shareholders at the 2024 AGM.

Despite the transaction, GTCO retains 100% ownership of GTBank, with no director having a direct or indirect interest in the bank, according to Group General Counsel and Company Secretary, Erhi Obebeduo.

GTBank plans to deploy the fresh capital across key strategic areas, including:

Branch network expansion
Growth in lending and investment portfolios
IT infrastructure upgrades
Leveraging opportunities across Nigeria and other markets

“The funds will enable us to expand our footprint, drive digital innovation, and strengthen our service delivery,” the company stated.

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The announcement follows GTCO’s recent milestone as the first West African financial institution to list its shares on the London Stock Exchange, cementing its leadership position in Africa’s financial sector.