Guaranty Trust Holding Company has announced a significant increase in its investment in Guaranty Trust Bank Limited, boosting the bank’s paid-up share capital to $504 billion. This development follows a rights issue subscription for 6,994,050,290 ordinary shares, valued at $365,850,403,572.67. As a result, GTBank’s paid-up share capital has risen from $138,186,703,485.78 to $504,037,107,058.45.
The move is aimed at ensuring GTBank’s compliance with the Central Bank of Nigeria’s new minimum capital requirement for commercial banks with international authorisation. The capital injection was funded by a two-phased equity capital raising programme undertaken by GTCO Plc, which included an international fully marketed offering on the London Stock Exchange. This offering secured $105 million from institutional investors in exchange for 2.29 billion new ordinary shares, making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE.
In July 2024, GTCO launched a public offering to Nigerians, raising $209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares. The additional equity capital will be utilized by GTBank to expand its branch network, enhance its information technology infrastructure, and leverage emerging opportunities in Nigeria and other operating environments.
Segun Agbaje, Group Chief Executive Officer of GTCO, stated that the successful recapitalisation of GTBank marks a significant step in strengthening the foundation of the group. With the new capital secured, GTCO is focused on deepening innovation and service excellence, delivering improved performance, and expanding its footprint across high-growth markets.
The capital injection will also enable GTBank to fortify its asset growth, including loans, advances, and investment securities portfolio. Following the capital injection, GTCO continues to hold 100% of the entire issued and paid-up share capital of the bank. This development is expected to reinforce GTBank’s position in the Nigerian banking sector and enhance its ability to compete in the global market. With its increased capital base, GTBank is well-positioned to drive growth and expansion in the region.
