GTCO Raises GTBank’s Paid-Up Capital to ₦504 Billion, Meets CBN Recapitalisation Requirement

Guaranty Trust Holding Company Plc (GTCO) has announced a major capital injection into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), increasing its paid-up share capital to ₦504 billion.

The recapitalisation followed GTCO’s subscription to a rights issue of 6,994,050,290 ordinary shares of 50 kobo each, valued at ₦365.85 billion, which raised GTBank’s paid-up capital from ₦138.19 billion to ₦504.04 billion.

This move ensures GTBank’s compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirement for commercial banks with international authorisation.

The capital injection was financed through GTCO’s two-phased equity capital raising programme. The initiative, concluded in 2024, included an international offering on the London Stock Exchange (LSE), which secured $105 million from long-term institutional investors in exchange for 2.29 billion new shares. This landmark transaction made GTCO the first West African financial institution to achieve a dual listing on both the NGX and LSE.

The programme also included a public offer in Nigeria, launched in July 2024, which raised ₦209.41 billion from 130,617 valid applications for 4.7 billion shares. The allotment was evenly split between retail and institutional investors.

Speaking on the development, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said:

“The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group. With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”

GTBank plans to utilise the fresh equity for branch network expansion, asset growth (loans, advances, and investment securities), and technology infrastructure upgrades, while also seizing emerging opportunities in Nigeria and its other operational markets.

Following the capital increase, GTCO Plc continues to hold 100% ownership of GTBank, with no direct or indirect interest held by any company director.

GTCO Plc is one of Africa’s leading financial services groups, with operations spanning banking, payments, asset management, and pensions across 11 countries, including Nigeria, the UK, and several key African markets. The Group is renowned for its strong growth trajectory, service excellence, and consistent shareholder returns.