Guaranty Trust Holding Company Plc has successfully raised N209.41 billion for the first tranche of its equity capital raise program after obtaining the required approvals from the Securities and Exchange Commission and the Central Bank of Nigeria.

According to a statement released by GTCO, 130,617 valid applications for 4,705,800,290 common shares were received, indicating that the offer generated a high level of interest from domestic retail investors.

The program's initial phase came to a successful end when all of the shares were distributed.

Segun Agbaje, Group Chief Executive Officer of GTCO Plc, commented on this stage of the recapitalization effort and conveyed his appreciation.

“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.”

GTCO Plc stated that it outperformed its competitors in terms of financial performance and important profitability indicators.

“Building on this successful first phase, the Group will commence the second phase of its recapitalisation plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a ‘Truly International’ financial services brand,” the company added.