GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

Lagos, Nigeria — 29 August 2025 — Guaranty Trust Holding Company Plc (NGX: GTCO; LSE: GTCO), today announced that it has increased its investment in its wholly owned Banking subsidiary, Guaranty Trust Bank Limited (“GTBank”) to ₦504 billion through a rights issue subscription for 6,994,050,290 ordinary shares of fifty kobo each made by GTBank for a total consideration of ₦365,850,403,572.67, thus increasing GTBank’s paid-up share capital from ₦138,186,703,485.78 to ₦504,037,107,058.45.

This Capital Injection ensures GTBank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the CBN.

The Capital Injection was funded by the two-phased equity capital raising programme recently undertaken and concluded by GTCO Plc with an international fully marketed offering on the London Stock Exchange (LSE) that secured $105 million from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares, making GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE. Launched in July 2024, GTCO’s equity capital programme began with a public offering to Nigerians that raised ₦209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares, fully allotted and evenly split between retail and institutional investors.

Commenting on the recapitalisation of Guaranty Trust Bank Ltd, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said: “The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group. With significant new capital secured and the CBN’s recapitalisation directive for Guaranty Trust Bank now fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”

The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans, advances, and investment securities portfolio), fortification of its information technology infrastructure and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence.

Following the Capital Injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank. None of the Directors of the Company has any interest, direct or indirect, in the Bank.

Passport Drama: Nigerians Kick as FG Defends Hike to ₦100,000, ₦200,000

By Femi Oyewale

The Federal Government’s decision to raise the cost of Nigerian international passports has sparked outrage across the country, with many citizens describing the move as insensitive at a time of economic hardship.

Beginning September 1, the price of the standard 32-page passport will rise to ₦100,000, while the 64-page booklet with a ten-year validity will now cost ₦200,000. This represents a doubling of fees within just over a year, intensifying debates about affordability, fairness, and government priorities.

Government’s Defence

Interior Minister Olubunmi Tunji-Ojo defended the hike, insisting it was necessary to modernize the passport system and stamp out corruption in the issuance process. He explained that a new centralized personalization centre will ensure passports are ready within 24 hours, curbing delays and eliminating opportunities for middlemen to exploit applicants.

According to him, the review is not merely about revenue but about restoring dignity to Nigeria’s travel documents, which have suffered from abuse and credibility issues. Officials argue that by setting a higher, uniform fee and tightening the system, the days of backdoor payments and extortion—which often saw desperate applicants spend as much as ₦200,000 unofficially—would be over.

Public Outcry

Yet the explanation has done little to calm tempers. From academics to civil society groups, voices of dissent are rising. Many argue that the sharp increase effectively makes passports a luxury reserved for the wealthy. For young graduates, teachers, and mid-level professionals already struggling with stagnant incomes and soaring inflation, the new fee is simply out of reach.

Some see the move as elitist, deepening inequality by dividing citizens into those who can afford international mobility and those who cannot. Others warn that the hike reflects a troubling pattern of government relying on citizens for revenue generation without providing proportional relief or opportunities.

A Divided Debate

While critics condemn the policy as harsh, supporters point out that the cost of producing and securing passports has increased, and argue that genuine travellers will pay regardless of the price. To them, the promise of speed, transparency, and an end to extortion justifies the hike.

Still, the broader question remains: should access to a passport—a document central to mobility, education, and opportunity—be determined by financial muscle alone?

As Nigerians adjust to the reality of ₦100,000 and ₦200,000 passports, the clash between government justification and public frustration underscores a larger national tension: the struggle between reforms aimed at efficiency and the harsh economic realities faced by ordinary people.

Alpha Morgan Bank Expands Footprint with Three New Branches

Alpha Morgan Bank announced the opening of three new branches in Maitama Abuja, Garki Abuja and Olu Obasanjo Road, Port Harcourt, a strategic move that reinforces the bank’s commitment to expanding access to satisfying banking services across Nigeria.

With headquarters in Wuse 2, Abuja, and kickstart with over 14 branches nationwide, the bank’s expansion is expected to create several opportunities, supporting employment opportunities, stimulating small business growth and development initiatives through strategic partnerships and outreach.

“This growth is about deepening our connection to the communities we serve,” said Mr. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank. “We are not just opening doors; we are opening opportunities.”

The bank also offers tailored banking solutions, through its digital and *734# USSD banking. Alpha Morgan Bank is ensuring that individuals and businesses, regardless of background or digital literacy, can participate fully in the financial ecosystem.

Alpha Morgan Bank’s growth is anchored in a bold commitment to delivering satisfying banking to customers.
As the new branches open their doors, the Bank invites individuals, entrepreneurs, and corporate clients to walk in and experience its approach to Satisfying Banking.