Zenith Bank Plc has successfully raised ₦350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.
In a statement issued to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the bank confirmed it had obtained full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the Hybrid Offer.
This included a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at ₦36.00 per share and a Public Offer of 2,767,251,036 Ordinary Shares of 50k each at ₦36.50 per share.
The Public Offer was oversubscribed at 160.47%, with 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise.
Similarly, the Rights Issue saw a subscription rate of 100.18%, with 5,232,748,964 shares allotted.
Commenting on the achievement, Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/Chief Executive of Zenith Bank Plc, expressed her gratitude: Adaora Umeoji, OON, said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand.
“This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.
“We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise.
“This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”
The proceeds from the Hybrid Offer will be used to reinforce Zenith Bank’s position as Nigeria’s leading financial institution.
Additionally, the funds will drive the bank’s expansion into African and European markets, support technology investments, and bolster Group-wide growth initiatives.
The Offer, which opened on August 1, 2024, and closed on September 23, 2024, aimed to raise ₦290 billion through a combination of a Rights Issue and Offer for Subscription.
The process was executed largely as a digital Offer, leveraging the Nigerian Exchange Limited’s e-Offer platform to improve access to the equity capital market.
This successful capital raise has positioned Zenith Bank among the select few Nigerian banks to meet and surpass the CBN’s ₦500 billion minimum capital requirement for banks with international authorization well before the March 2026 regulatory deadline.
The bank’s share capital has now increased to ₦614.65 billion, exceeding the regulatory requirement by ₦114.65 billion.
