GTCO Plans N400.5 Billion Capital Raise via Public Offering


Guaranty Trust Holding Company Plc (GTCO) has unveiled plans to raise N400.5 billion through a public offer on the Nigerian Exchange Ltd. (NGX), subject to Securities and Exchange Commission (SEC) approval. This initiative is aimed at meeting the Central Bank of Nigeria’s (CBN) recapitalization directive for banks.

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Mr. Segun Agbaje, Group Managing Director of GTCO, announced this during the “Facts Behind the Offer Presentation” held in Lagos on Monday. The capital raise will involve the issuance of nine billion ordinary shares at an offer price of N44.50 per share, a strategy that predates the CBN’s recent announcement.

Agbaje emphasized the necessity of bolstering GTCO’s capital base amidst challenges like Naira devaluation, which has affected asset strength and operational capabilities across the banking sector. He expressed confidence in GTCO’s potential to achieve significant milestones, including becoming the first Nigerian financial institution to reach one billion dollars in profit.

“We aim to enhance market capitalization to elevate Nigeria’s economic profile,” Agbaje stated, underscoring the critical role of increased equity in supporting expanded business operations amid the Federal Government’s target of achieving a one trillion dollar economy by 2026.

Looking forward, Agbaje outlined GTCO’s growth strategy, focusing on expanding its footprint within Nigeria and venturing into key sectors such as pensions. Additionally, plans include investments in Senegal and expansions in Cote d’Ivoire, Ghana, and Kenya, alongside core-banking software upgrades across the region.

Alhaji Umaru Kwairanga, Group Chairman of NGX Group Plc, commended GTCO for its resilience and leadership in the financial sector, reaffirming NGX’s commitment to supporting GTCO and other financial institutions in their recapitalization efforts.

Ahonsi Unuigbe, Chairman of NGX Exchange Ltd., praised GTCO’s recent financial performance, highlighting robust profitability metrics and urging the company to uphold high standards of corporate governance and regulatory compliance.

The move by GTCO reflects its proactive approach to capitalizing on growth opportunities and maintaining investor confidence in Nigeria’s evolving financial landscape.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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