Stockbroking firms have revealed that Guaranty Trust Holdings Company (GTCO) Plc, the leading tier-1 banking institution in Nigeria, intends to raise N525 billion from the local debt capital market.
The financial services company would raise ₦525 billion in total before the regulator’s requirement through rights issues and private placements. Recently, the Central Bank announced that it would raise the capital basis of banks holding international licenses to N500 billion.
The central bank set a two-year timetable for the bank recapitalization process, which started on April 1. In the meantime, GTCO Plc has stated that its first quarter of 2024 unaudited financial statement will have a closure period and board meeting on April 26.
The unaudited 2023 outcome for the Tier-1 lender has not been released by the Central Bank of Nigeria (CBN) 2 months after submission for regulatory consideration and approval .
According to information from the Nigerian Exchange, the market value of GTCO shrank to N1.412 trillion on Friday following reduced buying interest. Its share price had opened the week at N52. But as of Friday’s close, heavy selloffs had driven its share price down to N48.
