The Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, has described the public offer of Zenith Bank Plc as a reflection of the capital market’s strength and integrity.
The tier-one lender recently concluded the raising of N350.46 billion from the market, bringing its capital base to N614.65 billion, well above the N500 billion regulatory threshold for banks with international authorization.
At the closing gong ceremony for the company on Tuesday at the Nigerian Exchange (NGX) Limited in Lagos, Mr Agama said, “This capital raise demonstrates the robust capacity of our markets. It’s a clear signal that with sound fundamentals and transparency, Nigeria can efficiently mobilize capital for growth.”
Also speaking, the chairman of NGX Group, Mr Umaru Kwairanga, described the milestone as “a testament to strong leadership and a win for our capital markets,” adding that “Zenith Bank’s achievement solidifies its position as a pillar of the financial sector and underscores the market’s faith in its future.”
In his remarks, the chief executive of NGX Group, Mr Temi Popoola, said, “The oversubscription of Zenith Bank’s offer is a direct result of innovation and collaboration. Our NGX Invest platform was instrumental in broadening access, onboarding a new generation of investors, and deepening market participation.”
Reflecting on the achievement, the founder and chairman of Zenith Bank, Mr Jim Ovia, expressed gratitude to the investing public for their trust and support.
“This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory,” he said.
On her part, the chief executive of Zenith Bank, Ms Adaora Umeoji, described the accomplishment as both a regulatory milestone and a springboard for sustainable growth.
She also acknowledged the role of NGX Invest as a vital enabler in achieving the bank’s goals, saying, “Reaching a capital base exceeding N600 billion is not just a compliance achievement; it’s a foundation for the future. Through platforms like NGX Invest, which expanded access and simplified participation, we were able to reach a broader pool of investors. This underscores how innovation within our market ecosystem can drive inclusivity and accelerate growth.”