Zenith bank surpasses CBN target with ₦350bn oversubscribed offer

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Zenith Bank Plc has surpassed the Central Bank of Nigeria’s recapitalization benchmark, following the successful conclusion of its oversubscribed ₦350.46 billion public offer.

The milestone, celebrated with a Closing Gong Ceremony at the Nigerian Exchange (NGX) on Tuesday, raised the bank’s total capital base to ₦614.65 billion, well above the ₦500 billion requirement for banks with international authorization.

The achievement highlights investors’ strong confidence in Zenith Bank’s leadership and strategic direction amid ongoing reforms in Nigeria’s financial sector.

Speaking at the ceremony, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), commended the success of the offer, describing it as a reflection of the market’s strength and integrity. “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,” he said.

Also speaking, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), 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, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the role of innovation in driving the success of the offer.

“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,” he stated.

Reflecting on the achievement, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, 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.

Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, 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. “Reaching a capital base exceeding ₦600 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,” she stated.

The Closing Gong Ceremony symbolized the beginning of a new chapter for Zenith Bank, one defined by strengthened capacity, innovation, and renewed investor confidence.

It also underscored the productive collaboration between the Bank, regulators, and the exchange group in fostering a resilient and dynamic capital market in Nigeria.

Credit: Agency.