Amanze ChinonyeGuaranty Trust Holding Company Plc has injected N365.85 billion into its subsidiary Guaranty Trust Bank Limited to comply with the Central Bank of Nigeria’s new capital requirements for internationally licensed banks.
The capital injection, executed through a rights issue of nearly 7 billion ordinary shares, raises GTBank’s share capital to N504.037 billion, exceeding the CBN’s minimum requirement of N500 billion.
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According to the regulatory filing, the additional equity will be deployed for branch network expansion, asset growth, fortification of information technology infrastructure, and leveraging emerging opportunities in Nigeria and other markets where GTBank operates. This strategic move positions GTBank for expansion and secures its international banking license, joining tier-1 lenders Access Bank and Zenith Bank in meeting the new capital threshold.
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The filing signed by Company Secretary Erhi Obebeduo notes: “Through this capital injection, the share capital of GTBank has been increased from N138.186 billion to N504.037 billion and ensures the bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria.”
Prime Business Africa reports that the CBN’s recapitalization directive, issued in March 2024, requires commercial banks to bolster their capital bases by March 2026. As of July, CBN Governor Olayemi Cardoso confirmed that at least eight banks had met the new requirements, while others continue to explore mergers and acquisitions to remain competitive.
GTCO retains 100% ownership of GTBank following the allotment, with the recapitalization program approved at GTCO’s 2024 Annual General Meeting and executed in two phases with full regulatory clearance.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
