On Tuesday, Guaranty Trust Bank (GTBank) took a significant step towards fulfilling Nigeria’s Central Bank (CBN) revitalization mandate. Its parent company, Guaranty Trust Holding Company Plc (GTCo Plc), raised ₦209 billion ($136 million) through a campaign named “A Slice of Orange”, a retail equity offer.
The campaign generated a lot of attention on social media, highlighting the liquidity available on the Nigerian Exchange (NGX) to support such ambitious fundraising efforts. Despite this success, the outcome fell short of GTCo’s ₦369 billion ($569 million) target, leaving a gap of ₦162 billion ($105 million). To address this, the bank plans a second phase of fundraising, targeting foreign institutional investors.
While the retail campaign demonstrated GTCo’s ability to engage the public and generate substantial funds, the shortfall raises concerns. For one of Nigeria’s largest and most reputable banks, it prompts the question: Why did the marketing effort not achieve the expected outcome? Economic uncertainty and market conditions may have contributed, but the gap is significant given the scale of the bank’s campaign and its strong brand.
Looking ahead, GTCo’s second phase of fundraising is critical not only for meeting CBN’s mandate but also for supporting its strategic ambitions. The funds will primarily strengthen GTBank’s capital base, but the bank also plans to use them to expand operations, enhance product offerings, and drive innovation across both its banking and non-banking subsidiaries.
As GTCo enters this next phase, its ability to attract institutional investors and close the funding gap will serve as a key test of its market confidence and strategic direction.
