Zenith raises N350bn in rights issue, public offer

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, the bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange […]

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, the bank announced that it has 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% 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% subscribed with a total 5,232,748,964 ordinary shares allotted.

The Group Managing Director/Chief Executive of Zenith Bank Plc, Adaora Umeoji, 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.

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“This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.”

She said proceeds from the Hybrid Offer will be strategically deployed to solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the bank’s expansion into other markets in Africa and Europe, investment in technology and other group-wide growth initiatives.

The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer.