Guaranty Trust Holding Company Plc (GTCO) has completed a major recapitalisation of its flagship subsidiary, Guaranty Trust Bank Ltd (GTBank), raising the bank’s paid-up capital to ₦504 billion.
The increase followed GTCO’s subscription to GTBank’s rights issue of 6,994,050,290 ordinary shares priced at 50 kobo each, valued at ₦365.85 billion. Consequently, the bank’s share capital jumped from ₦138.19 billion to ₦504.04 billion, in compliance with the Central Bank of Nigeria’s (CBN) recapitalisation directive for international banks.
The capital raise was funded through GTCO’s two-phase equity programme. The initiative, launched in July 2024, included a public offering in Nigeria that secured ₦209.41 billion from 130,617 valid applications for 4.7 billion shares, as well as an international fully marketed offering on the London Stock Exchange (LSE), which raised $105 million from institutional investors in exchange for 2.29 billion new shares.
GTCO became the first West African financial institution to achieve a dual listing on both the NGX and LSE.
According to management, the new equity capital will be deployed towards branch expansion, asset growth, technology upgrades, and leveraging emerging opportunities in both Nigeria and international markets where GTBank operates.
Segun Agbaje, Group CEO of GTCO Plc, described the recapitalisation as a “pivotal step” in strengthening the group’s foundation. He added:
“With the CBN recapitalisation directive now fulfilled, our focus is on deepening innovation, driving performance, and expanding across high-growth markets, while upholding the industry-leading standards that define GTCO.”
GTCO confirmed it still holds 100% ownership of GTBank’s issued and paid-up capital, with no director having direct or indirect interests in the shares.
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