WATCH THE VIDEO HERE Zenith Bank Plc has announced that it has obtained approval from the Central Bank of Nigeria and the Securities and Exchange Commission for its recently concluded rights offer, successfully raising N350.46 billion. In July 2024, the company announced a hybrid offer consisting of a rights issue and a public offer, seeking to raise N290 billion—a necessary step to meet the CBN’s capital requirement of N500 billion. Following this, the bank announced on January 27, 2025, that its hybrid offer—consisting of a rights issue of 5,232,748,964 ordinary shares at 50 kobo each priced at N36.00 per share, alongside a public offer of 2,767,251,036 ordinary shares at 50 kobo priced at N36.50 per share—witnessed increased participation. According to the company, the public offer was oversubscribed by 160.47%, leading to the allocation of 4,440,587,250 ordinary shares based on the offer’s terms and the Central Bank of Nigeria’s Capital Verification Exercise. The rights issue had a subscription rate of 100.18%, resulting in the allotment of 5,232,748,964 ordinary shares. With a total of N350.46 billion raised from this hybrid offering, the bank has now met the Central Bank of Nigeria’s N500 billion minimum capital requirement at a share capital of N614.65 billion. According to the bank, the funds raised from this hybrid offering will be directed towards bolstering its market position, pursuing expansion opportunities in Africa and Europe, and investing in technology upgrades. During a Rights Issue/Public Offer Signing Ceremony on July 29, 2024, Zenith Bank Plc unveiled plans to raise N290 billion through a strategic blend of a rights issue and a public offer, aligning with the updated minimum capital requirements set by the Central Bank of Nigeria (CBN). “We are extremely pleased with the level of enthusiasm we have already seen from our existing shareholders for the rights issue. Beyond existing shareholders, incorporating a public offer is crucial to ensure that our customers, who are not yet shareholders, can have the opportunity to join in the ownership of this premium brand.” Zenith Bank is currently riding a long-term buy trend in the Nigerian stock market, with a year-to-date performance of 17.7% in 2024. As of January 2025, Zenith Bank has continued its upward trajectory, posting an over 8% gain month-to-date.
Zenith Bank completes Hybrid Offer, reveals N350.46 billion capital raise
