Zenith Bank not under pressure to raise more money after exceeding N500 billion capital requirement – CEO Adaora Umeoji 

The bank achieved 160% capitalization as its capital base increased to N614.65 billion following a significantly oversubscribed hybrid offer.

In January 2025, Zenith Bank successfully raised N350.46 billion through a rights issue and public offering.

The hybrid offering included a rights issue of 5,232,748,964 ordinary shares at N36 per share, and a public offer of 2,767,251,036 ordinary shares at N36.5 per share.

Speaking at the bank’s Annual General Meeting (AGM) in Lagos, Group Managing Director/Chief Executive Officer (GMD/CEO) Adaora Umeoji assured shareholders of the bank’s solid financial standing, emphasizing that Zenith Bank is not under pressure to raise additional funds for its recapitalization.

“We have finalized our recapitalization exercise and have reached 160% capitalization. We are not under any pressure to go back for the second time to raise money. Our robust capital structure allows us to continue delivering value to our shareholders,” Umeoji stated.

Zenith Bank’s financial results for 2024 showcased impressive growth, with profit before tax (PBT) increasing by 67%, reaching N1.3 trillion, up from N796 billion in 2023.

This surge was driven by a combination of top-line expansion and efficient treasury portfolio management.

Other key financial highlights include: 

During the AGM, Umeoji reiterated the bank’s commitment to increasing dividends paid to shareholders, stating that Zenith Bank has consistently rewarded its investors and will continue to do so.

Umeoji provided insights into the increase in interest expenses during 2024, linking it to growth in the bank’s deposit base and adjustments in the Monetary Policy Rate (MPR).

“Our deposit base grew from N15.1 trillion in 2023 to N21.9 trillion in 2024, which impacted our interest expense and asset repricing,” she explained.

She further elaborated on how Nigeria’s MPR adjustments, which rose from 18.75% in February 2023 to 27.5% in November 2024, influenced the effective interest repayment of deposits, particularly savings accounts.

Zenith Bank’s shareholders expressed satisfaction with the N5.00 final dividend payout, while urging the bank to continue exceeding expectations in future financial years.

“I am proud to be both a shareholder and customer of Zenith Bank. They have maintained professionalism and reliability, making it easy to recommend them. The growth of customer deposits shows their commitment to service,” said Chief Timothy Ayobami Adeshiyan.

“The N5 dividend payout was promised, and they delivered, which reinforces our confidence in the bank,” he said.

“The N5 dividend payout was promised, and they delivered, which reinforces our confidence in the bank,” he said.

In the 2024 financial year, the bank’s Return on Average Equity (ROAE) declined to 32.5% on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1%.

As Zenith Bank strengthens its financial position, its capital structure, revenue growth, and commitment to shareholder value continue to position it as one of Nigeria’s leading financial institutions.