GTCO raises GTBank’s Paid-Up Capital to ₦504bn

By Taiye Olayemi

Guaranty Trust Holding Company Plc (GTCO) has injected fresh capital into its flagship banking subsidiary, Guaranty Trust Bank Ltd. (GTBank), raising the lender’s paid-up share capital to ₦504.04 billion.

The recapitalisation followed GTCO’s subscription to GTBank’s rights issue of 6,994,050,290 ordinary shares at 50 kobo each, amounting to ₦365.85 billion. With this injection, GTBank’s share capital jumped from ₦138.19 billion to ₦504.04 billion, ensuring compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirements for commercial banks with international authorisation.

The funds were raised through GTCO’s two-phased equity capital programme, which combined both local and international offerings.

In July 2024, the holding company launched a public offering that attracted ₦209.41 billion from 130,617 valid applications for 4.7 billion shares, evenly split between retail and institutional investors.

This was followed by an international fully marketed offering on the London Stock Exchange (LSE), which secured $105 million from long-term institutional investors through the issuance of 2.29 billion new ordinary shares.

The dual listing made GTCO the first financial services institution in West Africa to be listed on both the Nigerian Exchange (NGX) and the LSE.

GTCO said the capital injection would be deployed to expand GTBank’s branch network, grow its loan and investment portfolios, and strengthen its information technology infrastructure. It also aims to leverage new opportunities across Nigeria and other markets where the bank operates.

Following the recapitalisation, GTCO continues to own 100 per cent of GTBank’s issued and paid-up share capital, with none of the directors holding personal interests in the bank.

Speaking on the development, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, described the recapitalisation as a “pivotal milestone” for the group.

“The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our group,” Agbaje said.

“With significant new capital secured and the CBN’s recapitalisation directive now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”