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Guaranty Trust Holding Company Plc (GTCO) has invested ₦365.9bn in its banking subsidiary, Guaranty Trust Bank Limited (GTBank), ensuring compliance with the Central Bank of Nigeria’s new minimum capital requirement for commercial banks with international authorisation.
The holding company disclosed this in a statement filed with both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) over the weekend, confirming that the recapitalisation was achieved through the issuance and allotment of 6,994,050,290 ordinary shares of 50 kobo each by GTBank to GTCO via a rights issue.
The statement said the transaction raised GTBank’s share capital from ₦138,186,703,485.78 to ₦504,037,107,058.45, securing its compliance with the Central Bank’s directive.
GTCO explained that the capital injection was financed through a two-phased equity raising programme approved at its 2024 Annual General Meeting, executed in line with regulatory approvals. The company reaffirmed its full ownership of GTBank’s issued and paid-up share capital and clarified that none of its directors holds any direct or indirect interest in the bank.
Erhi Obebeduo, Group General Counsel and Company Secretary of GTCO, said the fresh funds would be channelled towards key growth initiatives.
“The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth, including loans, advances, and investment securities, as well as the strengthening of its information technology infrastructure. It will also enable the bank to seize emerging opportunities in Nigeria and other regions where it operates,” he said.
The statement further detailed that the recapitalisation effort followed GTCO’s landmark capital raising programme, which began in July 2024 with a domestic public offering that raised ₦209.41bn from 130,617 valid applications for 4.7 billion ordinary shares, evenly split between retail and institutional investors.
It added that the second phase, an internationally marketed offering on the London Stock Exchange, secured $105m from long-term institutional investors in exchange for 2.29 billion new ordinary shares, making GTCO the first West African financial services institution to achieve a dual listing on the NGX and LSE.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, described the successful recapitalisation as a defining moment for the institution.
“The recapitalisation of our flagship subsidiary, Guaranty Trust Bank Limited, is a crucial step in strengthening our Group’s foundation. With this significant capital now secured and the Central Bank’s directive fully met, we are focused on innovation, service excellence, and expanding across high-growth markets, while maintaining the standards that distinguish the GTCO brand,” Agbaje stated.
The holding company reiterated that GTBank’s new capital base would fuel growth, expansion, and operational resilience while sustaining its leadership in the banking sector.