GTCO Raises ₦209 Billion in Equity, Targets Foreign Investors Next
Nigeria’s largest lender by market value, Guaranty Trust Holding Co. (GTCO), has successfully raised ₦209 billion ($136 million) through local share sales, marking the completion of the initial phase of its equity capital-raising program. The funds will support compliance with new banking industry capital requirements and fuel the group’s growth strategy.
“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,” the group announced in a statement. The approach aligns with GTCO’s commitment to building a diversified and resilient investor base.
Group Chief Executive Officer Segun Agbaje described the achievement as a significant step in the company’s journey towards transformational growth.
“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 said. “The strong participation and successful capital verification exercise reaffirm the confidence investors have in our fundamentals and execution capabilities.”
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The second phase of GTCO’s capital-raising initiative will commence this year, targeting foreign investors through a share placement. In total, the bank aims to secure a net 392 billion naira to recapitalize its flagship subsidiary, Guaranty Trust Bank Ltd., and drive broader expansion across its banking and non-banking businesses.
This move comes as Nigerian banks work to meet stricter capital requirements introduced by the Central Bank of Nigeria in March, which raised the threshold tenfold. GTCO needs an additional 362 billion naira to meet the new benchmarks for banks with international operations, according to Afrinvest West Africa.
Segun Agbaje emphasised the importance of the milestone, noting, “This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s businesses.”
