Zenith Bank Plc, one of Nigeria’s largest financial institutions, has successfully listed 9.67 billion new shares on the Nigerian Exchange (NGX) after completing its hybrid offer—a combination of a rights issue and a public offer.
With this listing, Zenith Bank’s total issued shares have risen from 31.4 billion to 41.07 billion, pushing its market capitalization to an impressive N2.09 trillion ($1.4 billion).
A Capital Boost That Meets CBN’s New Requirement
The successful hybrid offer raised N350.4 billion ($230.3 million)—exceeding the bank’s initial target of N290 billion ($190.5 million). This major capital boost positions Zenith Bank as one of Nigeria’s most well-capitalized banks, ensuring it meets the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion ($328.5 million) for international banks ahead of the March 2026 deadline.
The breakdown of the offer includes:
- Rights issue: 5.23 billion shares at N36.00 ($0.023) each, fully subscribed at 100.18%.
- Public offer: 2.77 billion shares at N36.50 ($0.024) each, oversubscribed by 160.47%, with 4.44 billion shares allocated after regulatory verification.
Adaora Umeoji’s Leadership Drives Zenith Bank’s Growth
Since taking over as CEO in June 2024, Adaora Umeoji has led Zenith Bank to record-breaking financial results. Under her leadership, the bank has:
- Expanded internationally, opening a Paris branch in 2024 to strengthen its footprint in Francophone Africa and Europe.
- Increased gross earnings by 118%, from N1.33 trillion ($884.6 million) to N2.9 trillion ($1.93 billion) in the first nine months of 2024.
- Boosted total comprehensive income, which jumped from N647.7 billion ($430.8 million) to N1.33 trillion ($884.6 million) in the same period.
Zenith Bank’s Key Stakeholders
- Jim Ovia (Founder & Chairman) – Holds a 16.2% stake (5.08 billion shares), maintaining a strong influence over the bank’s strategy.
- Adaora Umeoji (CEO) – Owns 91.71 million shares, including 90 million directly and 1.71 million through Palais Vendome Limited.
With a solid financial base, strong leadership, and increasing market dominance, Zenith Bank remains a key player in Nigeria’s financial sector, poised for sustained growth in the coming years.
