By Ayomide Otitoju
Zenith Bank Plc has become Nigeria’s most capitalized financial institution in terms of share capital and share premium, reaching a total of ₦614.65 billion—well above the ₦500 billion threshold set by the Central Bank of Nigeria (CBN) for banks with international licenses.
The CBN in March 2024 directed all commercial banks with international authorization to raise their capital base to ₦500 billion as part of sweeping reforms aimed at bolstering the resilience of the financial sector. Banks with national licenses were mandated to raise ₦200 billion, while regional banks were to meet a ₦50 billion requirement.
To meet the regulatory target, Zenith Bank launched a ₦500 billion recapitalization plan. It successfully raised ₦350.46 billion via a rights issue and public offering, strengthening its already robust capital base and setting the pace for other banks.
In a demonstration of its growing international presence, Zenith Bank inaugurated a branch in Paris, France, on November 27, 2024. Located at 21 Rue de la Paix, the Paris office operates as part of Zenith Bank UK Limited, expanding the bank’s footprint in Europe.
Zenith Bank’s performance and corporate governance have consistently earned it top accolades. It has been named Nigeria’s number one bank by Tier-1 capital for 15 consecutive years by The Banker magazine. Other awards include Bank of the Year (Nigeria) by The Banker in 2020, 2022, and 2024; and Best Bank in Nigeria by Global Finance from 2020 to 2022 and again in 2024.
In 2023, Euromoney awarded Zenith the title of Best Bank for Digital Solutions in Nigeria, while World Finance recognized it as the Best Commercial Bank in Nigeria from 2021 to 2024. The bank also earned the Most Sustainable Bank title from International Banker in 2023 and 2024.
Additionally, Zenith Bank was lauded for excellence in corporate governance by Ethical Boardroom and World Finance, and was named Most Valuable Banking Brand in Nigeria by The Banker Magazine in 2020 and 2021.
Zenith’s hybrid capital offer was also named the Rights Issue/Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025, further reinforcing its leadership in Nigeria’s banking sector.
