Zenith Bank Plc has successfully raised a total of N350.4 billion through a combination of a Rights Issue and a Public Offer, demonstrating the strength of its brand and investor confidence.

In a statement released to the Nigerian Exchange (NGX) Group on Sunday, 26 January 2025, the bank confirmed it had secured the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for the Hybrid Offer. The transaction comprised a Rights Issue of 5,232,748,964 ordinary shares at N36.00 per share and a Public Offer of 2,767,251,036 ordinary shares at N36.50 per share.

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

Group Managing Director and Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, hailed the achievement, describing it as a testament to stakeholders’ trust in the bank’s vision and strategy.

“The success of our combined Rights Issue and Public Offering underscores the strong confidence our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand,” she said. “This landmark transaction enhances our capital base, strengthens our competitive edge, and positions us for sustainable growth and profitability.”

Umeoji also expressed gratitude to the CBN and SEC for their support and guidance throughout the process.

Proceeds from the Hybrid Offer will be strategically deployed to reinforce Zenith Bank’s position as Nigeria’s leading financial institution. The funds will support expansion into African and European markets, investment in technology, and other growth initiatives across the Group.

The offer, which ran from 1 August to 23 September 2024, initially aimed to raise N290 billion. Leveraging the Nigerian Exchange Limited’s e-Offer platform, the bank executed the transaction largely through digital means, broadening access to the equity capital market.

The Hybrid Offer attracted significant interest from both domestic and international investors, enabling Zenith Bank to surpass the CBN’s N500 billion minimum capital requirement for banks with international authorisation. The bank’s share capital now stands at N614.65 billion, exceeding the regulatory requirement by N114.65 billion, well ahead of the March 2026 deadline.