As the year of recapitalisation approaches, Zenith Bank Plc has successfully weathered wind that is blowing through Nigeria’s financial sector.
The bank has raised the bar, making investors see the strength of the bank in raising money.
The bank, whose shares sell for ₦50.00 as of January 27, 224, has successfully raised ₦350.4 billion through a combination of a rights issue and a public offer. This exceeds expectations and reinforces investors’confidence.
The bank announced the completion of the Hybrid Offer after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) granted full regulatory approval.
The offer included a rights issue of over 5.2 billion shares at ₦36.00 per share and a public offer of nearly 2.8 billion shares at ₦36.50 per share.
Notably, investors oversubscribed to the public offer by an impressive 160.47%, while shareholders fully subscribed to the rights issue at 100.18%.
Expansion Plan
Meanwhile, Zenith Bank’s Group Managing Director and Chief Executive, Adaora Umeoji, expressed gratitude for the trust that stakeholders have shown.
She emphasised that the successful offer demonstrated the bank’s strong commitment to strengthening its capital base and driving sustainable growth.
Furthermore, she acknowledged the regulators’ unwavering support, which ensured a smooth and transparent process.
Read Also; Nigeria’s Stock Market Gains ₦206 Billion In A Week
Zenith Bank plans to strategically utilise the proceeds to reinforce its leadership in Nigeria, expand into African and European markets, and invest in technology and growth initiatives.
Initially, the bank aimed to raise ₦290 billion through the offer, which opened on August 1 and closed on September 23, 2024.
However, due to strong demand, the bank exceeded its target, largely benefiting from a digital execution via the NGX’s e-Offer platform.
As a result of this success, Zenith Bank’s share capital has now reached ₦614.65 billion, surpassing the regulatory requirement by ₦114.65 billion.
This achievement places the bank well ahead of the CBN’s 2026 capital requirement deadline for banks with international authorisation.
