Zenith Bank Raises N350.4 billion from Rights Issue and Public Offer
In a significant achievement, Zenith Bank Plc has successfully raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.
The bank announced that it has secured full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the transaction.
The Rights Issue, which was 100.18% subscribed, saw the allotment of 5,232,748,964 ordinary shares, while the Public Offer, which was 160.47% subscribed, resulted in the allotment of 4,440,587,250 ordinary shares.
The success of the transaction is a testament to the strong confidence and trust that shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand.
According to Dr. Adaora Umeoji, Group Managing Director/Chief Executive of Zenith Bank Plc, “The success of our combined Rights Issue and Public Offering is a landmark transaction that underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.”
The proceeds from the Hybrid Offer will be strategically deployed to solidify the bank’s position as the leading financial institution in Nigeria.
Additionally, the funds will support the bank’s expansion into other markets in Africa and Europe, investment in technology, and other group-wide growth initiatives.
The transaction, which was executed largely as a digital offer, leveraged the Nigerian Exchange Limited’s e-Offer platform, showcasing the bank’s commitment to embracing technology to improve access to the equity capital market.
With this successful transaction, Zenith Bank has become one of the few banks in Nigeria to meet and surpass the CBN’s N500 billion minimum capital requirements for banks with international authorization, well ahead of the March 2026 regulatory deadline.
The bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.
The success of the transaction is a significant milestone for Zenith Bank, and it is expected to have a positive impact on the bank’s growth and profitability, as well as the overall development of the Nigerian economy.
