Zenith Bank Plc has finally concluded plans to raise about N290bn fresh capital, which is higher than the N230bn needed to meet the new recapitalisation mandate of the Central Bank of Nigeria (CBN)

A statement from Zenith Bank on Monday, July 29, 2024, revealed that the capital raise was made known at the bank’s rights issue/public offer signing ceremony in Lagos.

The lender stated that the capital raise will be a combination of a rights issue and a public offer.

The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr Adaora Umeoji, said: “Today, we signed the transaction documents with respect to Zenith Bank’s N290bn rights issue and public offer. This is slightly above the N230bn required for us to meet the CBN’s minimum recapitalisation requirement.

“We are extremely pleased with the level of enthusiasm we have already seen from our existing shareholders for the Rights Issue. Beyond existing shareholders, incorporating a public offer is crucial to ensure that our customers, who are not yet shareholders, can have the opportunity to join in the ownership of this premium brand.

“In terms of tier-1 capital, Zenith Bank has been adjudged by The Banker, Financial Times to be number one in Nigeria and the only Nigerian Bank in the top 600 banks globally. Over the years, we have consistently rewarded our esteemed shareholders. Specifically, in the last five years, we have maintained the record as the highest dividend-paying Bank in Nigeria. In 2023, we set a record as the only Nigerian bank to pay a dividend of N4 per share.”

The Chief Executive of Stanbic IBTC Capital Limited, Mr Oladele Sotubo, also added, “A combined offer that is both a rights issue and a public offer confirms Zenith Bank’s position as a pacesetter and a role model, which will undoubtedly spur more transactions in the capital market.”