GTCO Boosts GTBank’s Capital to ₦504 Billion in Strategic Recapitalization
Guaranty Trust Holding Company Plc (NGX: GTCO; LSE: GTCO) announced a significant increase in its investment in its wholly owned banking subsidiary, Guaranty Trust Bank Limited (GTBank). The company completed a rights issue, subscribing to 6,994,050,290 ordinary shares at fifty kobo each, amounting to a total consideration of approximately ₦366 billion. This move raised GTBank’s paid-up share capital from ₦138.2 billion to ₦504 billion, aligning with recent regulatory requirements.
This capital injection fulfills the Central Bank of Nigeria’s (CBN) new minimum capital standards for commercial banks with international authorization, reinforcing GTBank’s position as a leading financial institution.
The recapitalization was financed through a two-phase equity raising program conducted by GTCO Plc, which included a fully marketed international offering on the London Stock Exchange (LSE). The offering attracted $105 million from long-term institutional investors in exchange for 2.29 billion new shares, marking GTCO as the first West African financial services firm dual-listed on both the NGX and LSE. The program launched in July 2024, beginning with a Nigerian public offering that raised ₦209.41 billion from over 130,000 retail and institutional investors, with equal allocation to both groups.
Segun Agbaje, Group CEO of GTCO Plc, commented: “The successful recapitalization of GTBank is a key milestone that strengthens our Group’s foundation. With the new capital in place and CBN’s directives fulfilled, we are committed to advancing innovation, enhancing service quality, and expanding our footprint in high-growth markets, all while upholding our industry-leading standards.”
The additional funds will primarily support branch network expansion, asset growth—including loans, advances, and investments—strengthening of IT infrastructure, and seizing emerging opportunities across Nigeria and other markets where GTBank operates.
Post-recapitalization, GTCO Plc maintains full ownership of GTBank, with no directors holding any direct or indirect interest in the bank.