Lagos-based Warranty Belief Holding Firm Plc (GTCO), led by Nigerian banker Segun Agbaje, has acquired approvals from the Central Financial institution of Nigeria (CBN) and Securities and Change Fee (SEC) for a non-public placement of extraordinary shares, aiming to boost N10 billion ($6.9 million) from buyers.
GTCO gives 125 million shares
GTCO mentioned it plans a capital increase beneath Part 7.1 of Nigeria’s tips for licensing and regulation of monetary holding firms, which units out capital necessities for such entities.
The transaction will contain the allotment of as much as 125 million extraordinary shares, every with a nominal worth of fifty kobo, priced at N80 ($0.05) per share. If absolutely subscribed, the location may generate gross proceeds of N10 billion ($6.9 million).
GTCO mentioned the personal placement can be performed on a best-efforts foundation and isn’t underwritten. The lender has appointed skilled advisers to establish potential buyers. The supply is scheduled to shut on Dec. 31, topic to regulatory approvals and different circumstances.
GTCO’s banking unit exceeds CBN minimal
The personal placement follows a decision at GTCO’s annual basic assembly on Could 9, 2024, the place shareholders licensed a capital-raising program of as much as $750 million or its equal by a mixture of fairness and debt devices.
Below the mandate, the board can situation extraordinary or desire shares, convertible or non-convertible bonds, or discover funding through public gives, personal placements, rights points, or book-building workout routines, relying on market circumstances.
In August, GTCO’s banking unit, Warranty Belief Financial institution Ltd., mentioned it had surpassed the Central Financial institution of Nigeria’s minimal capital requirement for banks with worldwide authorization. The financial institution reported a capital base of N504 billion ($348.2 million) at the moment.
GTCO Q3 revenue drops 35 %
GTCO operates throughout retail and funding banking, asset and pension administration, and fee companies. Below the management of Segun Agbaje, the group has expanded its non-banking companies alongside conventional lending operations.
Within the third quarter of 2025, GTCO posted a internet revenue of N699.64 billion ($483.1 million), down 35.5 % from N1.085 trillion ($749.17 million) a yr earlier, reflecting harder working circumstances throughout Nigeria’s banking sector, with strain on margins and lending exercise.
