Guaranty Trust Holding Company Plc (GTCO) has announced that it has increased its financial commitment to Guaranty Trust Bank Limited (GTBank) with fresh capital worth ₦365.9 billion, in line with the Central Bank of Nigeria’s (CBN) new recapitalisation directive.
Gatekeepers News reports that in a disclosure to the Nigerian Exchange (NGX) on Friday, the company said the funds came through the allotment of 6.99 billion ordinary shares of 50 kobo each, issued by GTBank to GTCO.
GTCO explained that the capital was raised from its two-phase equity programme approved at the 2024 Annual General Meeting (AGM).
It said, “Following the Capital Injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank.”
GTCO noted that the Capital Injection was funded by the two-phased equity capital raising programme approved by the Company’s Shareholders at its 2024 Annual General Meeting and subsequently executed in line with the approvals obtained from the relevant regulatory authorities.w
It added, “Through this Capital Injection, the share capital of GTBank has been increased from ₦138,186,703,485.78 to ₦504,037,107,058.45 and ensures the Bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria.”
According to GTCO, the fresh capital will be used to expand GTBank’s branch network, grow its loan book and investment portfolio, and upgrade its information technology systems.
The firm reiterated that it remains the sole shareholder of GTBank, clarifying that none of its directors hold direct or indirect stakes in the bank.
The development comes after the CBN, in March 2024, reviewed upward the minimum capital base for commercial, merchant, and non-interest banks, setting ₦500 billion as the new threshold for lenders with international licences. Banks are expected to comply by March 31, 2026.
Earlier in 2024, GTCO raised ₦209.41 billion through a public offer, while in July the CBN confirmed that only eight banks had fully met the recapitalisation target.
