By Anastasia John E.
Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer. In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the bank announced that it had secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded hybrid offer, comprising of a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share and Public Offer of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share.
The Public Offer was 160.47 per cent subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise.
The Rights Issue was also 100.18 per cent subscribed with a total 5,232,748,964 ordinary shares allotted. Lauding the development, the Group Managing Director/ Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said:
“The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand.
This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.
“We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise.
This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.” Proceeds from the hybrid offer will be strategically deployed to solidify the bank’s position as the leading financial institution in Nigeria.
