Zenith Bank Plc has concluded its public offer and attained the Central Bank of Nigeria’s (CBN) recapitalisation target.
The bank’s public offer, which was oversubscribed, raised N350.46 billion, bringing its total capital base to N614.65 billion, above the N500 billion regulatory threshold for banks with international authorisation.
The bank in a statement on Wednesday, said this achievement underscored the strong confidence investors continued to place in the institution’s leadership, performance, and growth.
Dr Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), speaking at a Closing Gong Ceremony in Lagos to announce the achievement, said the milestone is “a testament to strong leadership and a win for Nigeria’s capital markets”.
Kwairanga said the bank’s achievement solidified its position as a pillar of the financial sector and underscored the market’s faith in its future.
“This outstanding achievement reinforces Zenith Bank’s reputation as one of Nigeria’s most resilient and well-capitalised financial institutions, a model of excellence, vision, and discipline.
“I must also pay special tribute to Dr Jim Ovia, CFR, whose visionary leadership and steadfast commitment have built Zenith Bank into one of Africa’s most respected and enduring financial institutions,” he said.
Also speaking, Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), commended the success of the offer.
Agama the development reflected 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 mobilise capital for growth,” he said.
In his remarks, Temi Popoola, Group Managing Director 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 said.
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.
“This successful capital raise, which secures our regulatory standing, is a vote of confidence in our legacy and our future growth trajectory,” he said.
Also, 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 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 said.
