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Lagos-based Guaranty Trust Holding Company Plc (GTCO), led by Nigerian banker Segun Agbaje, has received approvals from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) for a private placement of ordinary shares, aiming to raise N10 billion ($6.9 million) from investors.
GTCO offers 125 million shares
GTCO said it plans a capital raise under Section 7.1 of Nigeria’s guidelines for licensing and regulation of financial holding companies, which sets out capital requirements for such entities.
The transaction will involve the allotment of up to 125 million ordinary shares, each with a nominal value of 50 kobo, priced at N80 ($0.05) per share. If fully subscribed, the placement could generate gross proceeds of N10 billion ($6.9 million).
GTCO said the private placement will be conducted on a best-efforts basis and is not underwritten. The lender has appointed professional advisers to identify potential investors. The offer is scheduled to close on Dec. 31, subject to regulatory approvals and other conditions.
GTCO’s banking unit exceeds CBN minimum
The private placement follows a resolution at GTCO’s annual general meeting on May 9, 2024, where shareholders authorized a capital-raising program of up to $750 million or its equivalent through a mix of equity and debt instruments.
Under the mandate, the board can issue ordinary or preference shares, convertible or non-convertible bonds, or explore funding via public offers, private placements, rights issues, or book-building exercises, depending on market conditions.
In August, GTCO’s banking unit, Guaranty Trust Bank Ltd., said it had surpassed the Central Bank of Nigeria’s minimum capital requirement for banks with international authorization. The bank reported a capital base of N504 billion ($348.2 million) at that time.
GTCO Q3 profit drops 35 percent
GTCO operates across retail and investment banking, asset and pension management, and payment services. Under the leadership of Segun Agbaje, the group has expanded its non-banking businesses alongside traditional lending operations.
In the third quarter of 2025, GTCO posted a net profit of N699.64 billion ($483.1 million), down 35.5 percent from N1.085 trillion ($749.17 million) a year earlier, reflecting tougher operating conditions across Nigeria’s banking sector, with pressure on margins and lending activity.
