Nigeria’s top banks are raising over $550m on the Nigerian Exchange (NGX) in order to expand at home and abroad. They also plan to transform IT systems and customer experience and new acquisitions. The campaigns come after the Central Bank of Nigeria gave those banks with international authorization the deadline of 31 March 2026 to ensure they hold capital of at least NGN 500bn ($318m).

Guaranty Trust Holding Company (GTCO) is raising NGN 400 billion ($253 million); Access Holdings Plc, parent of Nigeria’s biggest bank by assets, targets NGN 351bn ($222m); and Fidelity Bank aims for NGN 127bn ($82m).

FBN Holdings, listed owner of First Bank of Nigeria, earlier announced plans to raise NGN 300bn ($183m) capital but cancelled an April shareholder meeting to discuss this.

The CBN made the regulatory announcement in March and said banks need more capital after two large devaluations in the NGN since June 2023. The economy has been hit by high inflation and low growth for ten years, while interest rates have soared and many Nigerians struggle with cost of living. News agency Reuters reported that more than 20 banks are affected.

The three banks unveiled their war plans, including through “Facts Behind the Offer” presentations at the NGX.

GTCO unveils

On 8 July GTCO Group CEO Segun Agbaje said “We are going to issue 9bn ordinary shares at NGN 44.50 per share to the investing public, subject to regulatory approval. We want the public to enjoy our success in terms of growth and profitability.

“We aren’t only raising this because the Central Bank asked us to do so. We have decided before that we are going to raise capital. We are going to grow the business in Nigeria and grow the non-banking businesses.”

The funds will cover recapitalization of Guaranty Trust Bank Limited (GTBank Nigeria) and investing in technology infrastructure to support current operations, establishing new subsidiaries and selective acquisitions of non-banking businesses, according to this report in Vanguard.

Agbaje noted that the bank has launched three new businesses in the last two years and these have grown ten times. They are GT Fund Managers, GT Pension Managers and a fintech subsidiary, HabariPay. These businesses have grown 10x, Agbaje claimed. The planned capital raise will also help expand the asset management and pension arms.

He added: “Outside Nigeria, we are planning to invest in Senegal, because we think business is good there. We are going to grow in Côte d’Ivoire, Ghana, and Kenya.” He pledged GT Bank group would become the first financial institution to reach $1bn in profit, according to a Nairametrics article.

“We’re going to improve our technology and when people ask me what my job description is today, I say I’m in the business of creating great customer experiences.”

He said GTCO has averaged a 29% return on average equity (RoAE) in the last ten years, according to Nairametrics. The company, has a market capitalization of NGN 1.39 trillion and accounts for about 9% of stocks traded on the NGX.

GTCO aims to end its offer during the first week of August. The lead issuing house is Stanbic IBTC Capital Limited, while joint issuing houses include Absa Capital Markets Nigeria, FCMB Capital Markets and Vetiva Advisory.

Access Bank’s global vision

Aigboje Aig-Imoukhuede, Chairman of Access Holdings Plc, asked: “When you are the largest bank in Nigeria and one of the largest banks in Africa, where do you go from here? Our vision is now global, very, very global.” On 9 July Access Holdings said it will issue 17.7bn new ordinary shares at NGN 19.75 each.

The funds raised will be used to expand its loan book and offer more lending services across business and retail. Money will be used to upgrade infrastructure and Access will open new branches in Lagos, Port Harcourt, and Abuja over the next 24 months. It plans to expand into new markets, including the USA, and to set up a trade office in Malta.

Roosevelt Ogbonna, Access Bank Managing Director and CEO, said: “We are very selective in the markets we invest in. We are chasing the money. It isn’t a return on ego. We are focused on where the money is,” according to this article on Tech Cabal.

Access has grown aggressively since 2002 through a strategy focused on local and foreign acquisitions to build a presence in 18 countries. It merged with Intercontinental Bank In 2012, completed a merger with Diamond Bank in 2019 and acquired majority shares in Standard Chartered Bank’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone in 2023. In June 2024, Access acquired African Banking Corporation of Tanzania (ABCT) Limited.

Fidelity share offer opened

Fidelity Bank’s presentation was on 20 June, the day it opened its share offer of 10bn shares at NGN 9.75 per share and rights issue of 3.2bn shares at NGN 9.25 per share. Some 20% of the proceeds will go on IT infrastructure, 70% will go into business and regional expansion, according to this article in BusinessDay.

Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, while the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The offer will close on 29 July.

Ahonsi Unuigbe, NGX Chairman, said “By providing a robust and efficient platform for capital formation, NGX facilitates the mobilization of resources necessary for banks to meet this regulatory requirement and sustain growth”, according to this report on Nairametrics.