GTCO raises N209bn in first tranche of equity offering
Onome Amuge
Segun Agbaje, Group CEO, Guaranty Trust Holding Company Plc
Guaranty Trust Holding Company Plc (GTCO) has successfully completed the initial tranche of its equity capital raise programme.
The total amount raised from the offer stood at N209.41 billion, with all the shares applied for being fully allotted.
The development follows the successful completion of a capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the subsequent approval by the Securities and Exchange Commission (SEC) of the offer’s allotment basis.
Segun Agbaje, the Group chief executive officer of GTCO, confirmed the successful completion of the initial tranche in a recent statement.
According to Agbaje, the offer attracted substantial interest from domestic retail investors, resulting in 130,617 valid applications for 4,705,800,290 ordinary shares.
“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,” he stated.
Agbaje identified the strong participation and successful capital verification and allotment process as evidence of investors’ confidence in GTCO’s fundamentals and execution capabilities. This, he said, serves as a solid foundation for the group’s accelerated strategic roadmap.
Agbaje further emphasized GTCO’s leading position among its peers, noting its outstanding profitability and financial performance metrics. With the successful completion of the first phase, he assured that the group would 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 added.
Agbaje also provided insight into the deployment of the funds raised from the combined equity raise, noting that the proceeds would be used to recapitalize the group’s flagship subsidiary, Guaranty Trust Bank Ltd. (GTBank Nigeria).
According to Agbaje, this will enhance GTBank’s ability to meet regulatory requirements and strengthen its position as a leading financial institution in Nigeria.
The group CEO further noted that the funds would not only be used to recapitalise the financial institution but also to support group-wide growth initiatives, including expanding its footprint, enhancing its product offerings, and fostering innovation across both banking and non-banking subsidiaries.
He reiterated GTCO’s commitment to providing sustainable value to its stakeholders and driving financial innovation across the African continent.