Condia Insider: Safaricom is under fire

We have prepared context and insights about this week’s leading news. The stories are:

• GTCO completes first phase of mandatory capital raise
• Meta changes content moderation policies
• Safaricom accused of involvement in Kenyan abductions

GTCO completes first phase of mandatory capital raise

On March 28, 2024, the Central Bank of Nigeria (CBN) revised the minimum capital requirements for commercial, merchant, and non-interest banks, mandating commercial banks with international licenses to raise their capital base to ₦500 billion. The CBN gave all banks a compliance window from April 1, 2024, to March 31, 2026, triggering fundraising activities across Nigeria’s banking sector.

Guaranty Trust Holding Company (GTCO) is now the third major bank to make progress on this directive. The financial services group announced it had completed the first phase of its mandatory capital raise, securing ₦ $209.41 billion ($135 million) from retail and institutional investors.

Last updated: January 8, 2025