By Ayomide Otitoju
Zenith Bank Plc has announced the successful conclusion of its hybrid Rights Issue and Public Offer, raising a total of ₦350.4 billion. The bank disclosed this milestone in a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, following regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The Hybrid Offer comprised a Rights Issue of 5.23 billion ordinary shares priced at ₦36.00 per share and a Public Offer of 2.77 billion ordinary shares priced at ₦36.50 per share. The Public Offer was oversubscribed at 160.47%, with 4.44 billion ordinary shares allotted, while the Rights Issue achieved a 100.18% subscription, with 5.23 billion shares allotted.
Commenting on the achievement, Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, praised the overwhelming confidence from shareholders and investors. “The success of our combined Rights Issue and Public Offering highlights the trust in Zenith Bank’s vision and strategy. This landmark transaction reinforces our commitment to bolstering our capital base, driving sustainable growth, and delivering value to stakeholders while contributing to the economy,” she said.
Proceeds from the offer will be utilized to strengthen Zenith Bank’s position as Nigeria’s leading financial institution, support expansion into Africa and Europe, and invest in technology and growth initiatives across the Group.
The Hybrid Offer, executed primarily as a digital transaction via the Nigerian Exchange Limited’s e-Offer platform, ran from August 1, 2024, to September 23, 2024. Originally targeting ₦290 billion, the offer exceeded expectations, attracting significant interest from both domestic and international investors.
This achievement places Zenith Bank among the select few financial institutions to surpass the CBN’s ₦500 billion minimum capital requirement for banks with international authorization well ahead of the March 2026 deadline. Following the transaction, the bank’s share capital has risen to ₦614.65 billion—₦114.65 billion above the regulatory minimum.
Zenith Bank’s success underscores its commitment to leveraging innovative solutions and strategic investments to sustain its leadership in the financial sector while driving economic development.
