Zenith Bank Plc has successfully raised a total of N350.4 billion through its recently concluded Hybrid Rights Issue and Public Offer, cementing its position as a leader in Nigeria’s financial sector.
The Bank disclosed, in a statement to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, that the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) had granted full regulatory approval for the transaction. The Hybrid Offer comprised a Rights Issue of 5,232,748,964 Ordinary Shares at N36.00 per share and a Public Offer of 2,767,251,036 Ordinary Shares at N36.50 per share.
The Public Offer recorded an impressive subscription rate of 160.47%, with 4,440,587,250 Ordinary Shares allotted after the CBN’s Capital Verification Exercise. Similarly, the Rights Issue was fully subscribed at 100.18%, reflecting the strong confidence of shareholders and investors.
Dame (Dr.) Adaora Umeoji, OON, the Group Managing Director/Chief Executive of Zenith Bank Plc, hailed the success as a significant milestone. She remarked, “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 appreciate the unwavering support of our shareholders, investors, stakeholders, and regulators, particularly the CBN and SEC, for ensuring the integrity and success of this exercise.”
The proceeds from the Hybrid Offer will be strategically deployed to solidify Zenith Bank’s dominance in Nigeria’s financial sector. The funds will also facilitate the Bank’s expansion into other African and European markets, investment in cutting-edge technology, and various group-wide growth initiatives.
Notably, the Hybrid Offer, executed largely as a digital transaction via the Nigerian Exchange Limited’s e-Offer platform, reflects Zenith Bank’s innovative approach to leveraging technology to enhance access to equity markets.
With the successful completion of this Hybrid Offer, Zenith Bank’s share capital now stands at N614.65 billion, surpassing the CBN’s N500 billion minimum capital requirement for Banks with International Authorization. This positions the Bank well ahead of the March 2026 regulatory deadline.
For more updates and insights into this groundbreaking financial development, visit fasnewsng.com.
By Augustine Idoje