Zenith Bank Secures Regulatory Approval for N350.4 Billion Hybrid Offer

Zenith Bank Secures Regulatory Approval for N350.4 Billion Hybrid Offer

Zenith Bank Plc has announced the successful conclusion of its N350.4 billion hybrid Rights Issue and Public Offer, securing full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

In a statement released to the Nigerian Exchange Group (NGX) on Sunday, January 26, 2025, the Bank revealed that the Hybrid Offer comprised a Rights Issue of 5,232,748,964 Ordinary Shares of 50 kobo each at N36.00 per share and a Public Offer of 2,767,251,036 Ordinary Shares of 50 kobo each at N36.50 per share.

The Public Offer was oversubscribed at 160.47%, resulting in the allotment of 4,440,587,250 shares, while the Rights Issue recorded 100.18% subscription, with 5,232,748,964 shares allotted.

Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/Chief Executive of Zenith Bank, described the success of the Hybrid Offer as a testament to the trust and confidence shareholders and investors have in the Bank.

“The success of our combined Rights Issue and Public Offering underscores the strength of the Zenith Bank brand, our strategic vision, and our unwavering commitment to delivering value. This transaction not only reinforces our capital base but also positions us for sustainable growth, profitability, and expansion. We are deeply grateful for the guidance and support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, in ensuring the integrity of this exercise,” she said.

The Bank plans to strategically deploy the proceeds to strengthen its leadership position in Nigeria, expand into other markets across Africa and Europe, invest in technology, and support Group-wide growth initiatives.

The Offer, which opened on August 1, 2024, and closed on September 23, 2024, initially sought to raise N290 billion. It embraced technology through the Nigerian Exchange Limited’s e-Offer platform, enabling seamless access for domestic and international investors.

The success of the Hybrid Offer ensures that Zenith Bank has exceeded the CBN’s N500 billion minimum capital requirement for Banks with International Authorization, well ahead of the March 2026 deadline.

With its share capital now rising to N614.65 billion—N114.65 billion above the regulatory minimum—Zenith Bank continues to cement its position as a leader in Nigeria’s financial sector while charting a course for future growth and innovation.