CBN, SEC Okay GTCO’s N209bn Capital Raise

Recall that about a year ago, the Central Bank of Nigeria (CBN) gave financial institutions in the country till March 2025 to meet its new minimum capital requirements to remain in business and for the category of GTBank, which has international operations, it must have at least N500 billion compared with the currency N25 billion required of them.

GTCO and other swung into action by embarking on public offers, with the lender raising about N209.41 billion, which has been approved by the CBN and the Securities and Exchange Commission (SEC).

Business Post learned that the exercise garnered substantial interest from domestic retail investors from 130,617 valid applications for 4,705,800,290 ordinary shares, which have been fully allotted.

“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.

“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,” the chief executive of GTCO, Mr Segun Agbaje, said.

The GTCO equity capital raise programme is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with the organisation’s commitment to fostering a well-diversified and robust investor base.

Proceeds from the combined equity raise will be strategically deployed to recapitalize GTBank Nigeria, enhancing its ability to meet regulatory requirements 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 its subsidiaries.