• Latest
  • Trending
GTCO secures N209.41 billion in equity capital raise

GTCO secures N209.41 billion in equity capital raise

January 7, 2025
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

GTCO secures N209.41 billion in equity capital raise

Oluwatosin Adeyemi by Oluwatosin Adeyemi
January 7, 2025
149 1
0
GTCO secures N209.41 billion in equity capital raise

GTCO secures N209.41 billion in equity capital raise

465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Guarantee Trust Holding Company (GTCO) Plc successfully raised N209.41 billion in its public offering, the company announced in a statement on Monday. The public offer marks the first stage of GTCO’s equity capital raise program.

The financial institution confirmed that the first phase of the offering was completed following approval from the Securities and Exchange Commission (SEC) on the basis of allocation and a capital verification operation conducted by the Central Bank of Nigeria (CBN).

According to GTCO, they received 130,617 legitimate applications for 4,705,800,290 common shares, all of which were allotted.

Read also: Central Bank of Egypt increases limits on withdrawals, transfers for financial inclusion accounts

RelatedPosts

SEC Nigeria advocates transparency in crypto transactions to curb fraud

Nigeria urges regional crypto regulation over $2.1 billion illicit transactions

Nigeria embraces stablecoins, but on SEC terms

“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors,” GTCO said.

“This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” it noted.

GTCO’s CEO shows appreciation to shareholders 

GTCO’s Group Chief Executive Officer, Segun Agbaje, thanked shareholders for their support throughout the initial stage of the recapitalisation process.

“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise,” Agbaje said.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.”

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”

Read also: National Bank of Ethiopia raise credit growth cap to 18% amid declining inflation

Second phase of recapitalisation program to take place 

According to GTCO, the recapitalisation program’s second phase will take place later in the year.

In order to strengthen the company’s reputation as a global brand, the second phase would focus on large foreign institutional investments, the company noted.

The company noted that the funds raised in the initial phase will be used to recapitalise Guarantee Trust Bank (GTB) Limited, GTCO’s flagship subsidiary. This will help enhance the bank’s capacity to meet regulatory standards and further solidify its position as a leading financial institution.

“Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries,” the company added.

The CBN announced an increase in the minimum capital requirements for merchant, commercial, and non-interest banks on March 28, 2024.

The capital base for commercial banks with foreign licences was changed by the CBN to N500 billion. The minimum capital requirement must be met by all banks between April 1, 2024, and March 31, 2026.

Tags: GTCOSEC
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.