Zenith Bank Plc has successfully raised N350.4 billion in its hybrid rights issue and public offer, further solidifying its position as a key player in Nigeria’s financial sector. The hybrid offer, which combined a rights issue and a public offer, has been fully subscribed and received approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The rights issue saw the allotment of 5,232,748,964 ordinary shares at N36 each, while the public offer, priced slightly higher at N36.50 per share, was oversubscribed by 160.47%, with 4,440,587,250 shares allocated. The rights issue was similarly well-received, with a subscription rate of 100.18%.
Zenith Bank’s Group Managing Director/CEO, Adaora Umeoji, expressed deep gratitude for the confidence shown by the bank’s shareholders, investors, and regulators. “The success of this combined offering underscores our commitment to strengthening our capital base, enhancing our competitive edge, and ensuring sustainable growth,” Umeoji remarked. She further emphasized the critical role played by the CBN and SEC in ensuring the integrity of the transaction.
The funds raised will be utilized to bolster Zenith Bank’s position as the leading financial institution in Nigeria. Additionally, the capital will support the bank’s expansion into African and European markets, investment in technology, and broader growth initiatives across its various business segments.
The hybrid offer, launched on August 1, 2024, and closed on September 23, 2024, was largely executed digitally through the Nigerian Exchange Limited’s e-Offer platform, reflecting the bank’s drive to leverage technology for improving accessibility to the equity capital market.
With the success of this offer, Zenith Bank has already exceeded the Central Bank’s N500 billion minimum capital requirement for banks with international authorization, well ahead of the March 2026 deadline. The bank’s new share capital stands at N614.65 billion, marking a significant leap above the regulatory minimum.
This strategic capital raise reinforces Zenith Bank’s commitment to remaining a dominant player in the global banking landscape, positioning it for long-term growth and prosperity.