Zenith Bank Plc has successfully raised a staggering N350.4 billion through its recently concluded Hybrid Rights Issue and Public Offer, reinforcing its position as a leader in Nigeria’s financial sector.
In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, Zenith Bank announced the completion of its Hybrid Offer, which included a Rights Issue of 5.23 billion ordinary shares at N36.00 per share and a Public Offer of 2.77 billion ordinary shares at N36.50 per share. The offer received full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The Public Offer was oversubscribed by 160.47%, with 4.44 billion shares allotted, while the Rights Issue achieved a 100.18% subscription rate, with all 5.23 billion shares allotted.
Commenting on the resounding success, Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, expressed gratitude to shareholders and stakeholders for their unwavering trust in the bank.
“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,” she said.
“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 contributing to the growth and development of the economy.”
Zenith Bank announced that the funds raised will be strategically deployed to:
- Solidify its position as Nigeria’s leading financial institution.
- Expand into other African and European markets.
- Invest in technology and other group-wide growth initiatives.
The Hybrid Offer, which opened on August 1, 2024, and closed on September 23, 2024, successfully leveraged the Nigerian Exchange Limited’s e-Offer platform to improve access to the equity capital market, showcasing Zenith Bank’s embrace of digital innovation.
This monumental achievement places Zenith Bank among the few Nigerian banks to surpass the CBN’s N500 billion minimum capital requirement for banks with international authorization, well ahead of the March 2026 regulatory deadline. Following the success of the Hybrid Offer, Zenith Bank’s share capital now stands at N614.65 billion, N114.65 billion above the regulatory threshold.
