Lagos: Zenith Bank Plc has successfully concluded its public offer, surpassing the Central Bank of Nigeria’s (CBN) recapitalisation target. The bank’s initiative raised N350.46 billion, elevating its total capital base to N614.65 billion, which is significantly above the N500 billion regulatory requirement for banks with international authorisation.
According to News Agency of Nigeria, this accomplishment underscores the strong confidence investors continue to place in Zenith Bank’s leadership, performance, and growth prospects. Dr. Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), lauded the achievement during a Closing Gong Ceremony in Lagos, highlighting it as a testament to strong leadership and a significant win for Nigeria’s capital markets.
Kwairanga further stated that the bank’s success solidifies its position as a cornerstone of the financial sector and affirms the market’s faith in its future. He also paid tribute to Dr. Jim Ovia, CFR, for his visionary leadership, which has helped build Zenith Bank into a respected and enduring financial institution in Africa.
Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), also praised the successful offer, noting that it reflects the market’s strength and integrity. Agama remarked that the capital raise demonstrates the robust capacity of Nigeria’s markets to mobilise capital efficiently for growth.
Temi Popoola, Group Managing Director of NGX Group, emphasized the role of innovation in driving the public offer’s success. He noted that the oversubscription was a direct result of innovation and collaboration, with the NGX Invest platform playing a crucial role in expanding access and attracting a new generation of investors.
Reflecting on the achievement, Dr. Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed gratitude to the investing public for their trust and support. He described the capital raise as a vote of confidence in the bank’s legacy and future growth trajectory.
Dr. Adaora Umeoji, Group Managing Director of Zenith Bank Plc, described the accomplishment as both a regulatory milestone and a springboard for sustainable growth. She acknowledged the role of NGX Invest as a vital enabler, noting that reaching a capital base exceeding ?600 billion is not just a compliance achievement but a foundation for the future. She highlighted how platforms like NGX Invest broadened access, simplified participation, and drove inclusivity and growth within the market ecosystem.