Zenith Bank Plc said it had achieved the Central Bank of Nigeria’s (CBN) recapitalisation target, with a capital base of N614.65 billion.
The bank stated this at its Closing Gong Ceremony on the Nigerian Exchange (NGX), celebrating the successful conclusion of its public offer and the achievement of the Central Bank of Nigeria’s (CBN) recapitalisation target.
The bank’s recently concluded public offer, which was heavily oversubscribed, contributed N350.46 billion to its total capital raise, bringing its capital base to N614.65 billion. This positions Zenith Bank comfortably above the N500 billion regulatory threshold for banks with international authorisation and underscores the strong confidence investors continue to place in the institution’s leadership, performance, and growth strategy.
Speaking at the ceremony, the director-general of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, commended the offer’s success and described it as a reflection of the market’s strength and integrity.
“This capital raise demonstrates the robust capacity of our markets. It is a clear signal that with sound fundamentals and transparency, Nigeria can efficiently mobilise capital for growth,” he said.
The group chairman of Nigerian Exchange Group, Alhaji 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.”
Also, the group managing director/chief executive officer of NGX Group, Temi Popoola, highlighted the role of innovation in driving the offer’s success.
According to him, Zenith Bank’s offer’s oversubscription directly results from innovation and collaboration. Our NGX Invest platform was instrumental in broadening access, onboarding new investors, and deepening market participation.
Reflecting on the achievement, the founder and chairman of Zenith Bank, Dr Jim Ovia, expressed gratitude to the investing public for their trust and support, saying, “This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory.”
The group managing director/chief executive officer of Zenith Bank, Dame Adaora Umeoji, described the accomplishment as 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 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,” she stated.
