Guaranty Trust Holding Company Plc (GTCO) has boosted the capital base of its banking subsidiary, Guaranty Trust Bank Limited, with a ₦365.9 billion injection to meet the new minimum capital requirement set by the Central Bank of Nigeria (CBN) for banks with international authorization.

In a statement filed with the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE), GTCO explained that the injection was executed through the issuance and allotment of 6,994,050,290 ordinary shares of fifty kobo each by GTBank to its holding company through a rights issue.

With this move, GTBank’s share capital has risen from ₦138.19 billion to ₦504.04 billion, ensuring compliance with the CBN’s recapitalisation directive.

The transaction was funded through GTCO’s two-phased equity capital raising programme, approved at the company’s 2024 Annual General Meeting and carried out with the necessary regulatory approvals. Following the process, GTCO confirmed it retains 100 per cent ownership of GTBank, adding that no director of the holding company has any direct or indirect interest in the bank.

The Group General Counsel and Company Secretary, Erhi Obebeduo, noted that the funds would be channelled towards strategic growth areas, including branch network expansion, loan and investment portfolio growth, enhancement of IT infrastructure, and leveraging emerging opportunities in Nigeria and other markets where GTBank operates.

GTCO highlighted that the capital programme was executed in two stages. The first, launched in July 2024, raised ₦209.41 billion through a public offering in Nigeria, attracting 130,617 valid applications for 4.7 billion ordinary shares split between retail and institutional investors. The second phase involved an international offering on the London Stock Exchange, which secured $105 million from long-term institutional investors in exchange for 2.29 billion new ordinary shares. The dual listing made GTCO the first West African financial services institution to be listed on both the NGX and the LSE.

Commenting on the development, Group Chief Executive Officer of GTCO Plc, Segun Agbaje, described the recapitalisation of GTBank as a milestone in strengthening the Group’s foundation.

“With significant new capital secured and the CBN’s recapitalisation requirement now fulfilled, our focus is on driving innovation, enhancing customer service, delivering stronger performance, and expanding our presence across high-growth markets while maintaining the standards that define the GTCO brand,” Agbaje stated.