Zenith Bank Plc has announced that it successfully raised a total of ₦350.4 billion through a hybrid rights issue and public offer, reinforcing its position as one of Nigeria’s leading financial institutions.
In a statement issued to the Nigerian Exchange (NGX) Group on Sunday, the bank confirmed receiving full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the offer. The exercise comprised a rights issue of 5,232,748,964 ordinary shares at ₦36.00 per share and a public offer of 2,767,251,036 ordinary shares at ₦36.50 per share.
The public offer recorded a subscription rate of 160.47%, with 4,440,587,250 ordinary shares allotted. The rights issue also saw a 100.18% subscription rate, resulting in the allotment of 5,232,748,964 shares.
Speaking on the development, Zenith Bank’s group managing director/chief executive, Dr Adaora Umeoji, described the achievement as a reflection of the trust and confidence shareholders and investors have in the bank’s vision.
“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.”
Dr. Umeoji also expressed gratitude to the regulators, noting their role in ensuring the integrity and smooth execution of the transaction.
Proceeds from the hybrid offer will be deployed to reinforce Zenith Bank’s position as a market leader, drive its expansion into other African and European markets, invest in technology, and support various growth initiatives.
The hybrid offer, which opened on August 1, 2024, and closed on September 23, 2024, sought to raise ₦290 billion but exceeded expectations, leveraging the Nigerian Exchange Limited’s e-Offer platform to attract significant interest from both domestic and international investors.
With the success of the offer, Zenith Bank’s share capital will now rise to ₦614.65 billion, surpassing the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for banks with international authorization, ahead of the March 2026 deadline.
“This successful transaction will enable us to continue delivering value to our stakeholders while also contributing to the growth and development of the economy,” Dr. Umeoji added.
