GTCO Raises N10 Billion via Private Placement Post CBN, SEC Approval

Guaranty Trust Company (GTCO) raised N10 billion through a private placement following approvals from the Central Bank of Nigeria and the Securities and Exchange Commission. The move was in line with regulatory requirements, including meeting the new CBN minimum capital requirement for commercial banks.

The private placement involved the issuance of 125,000,000 ordinary shares at 50 kobo each. Erhi Obebeduo, the company's Group General Counsel and Company Secretary, confirmed that the capital raise was carried out in accordance with the company's shareholder resolutions passed at the Annual General Meeting in May 2024.