Zenith Bank Shareholders Unanimously Approve Restructuring to Holding Company


Shareholders of Zenith Bank Plc have given their unanimous approval for the bank’s restructuring into a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually over the weekend.

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The restructuring, in accordance with the Scheme of Arrangement dated March 28 under Section 715 of the Companies and Allied Matters Act (CAMA), 2020, involves transferring 31,396,493,787 ordinary shares from Zenith Bank Plc to Zenith Bank Holding Company Plc (HoldCo). This transfer will be exchanged for an equivalent number of ordinary shares in the HoldCo.

Additionally, each existing Global Depository Receipt (GDR) holder will receive one new HoldCo GDR for each existing GDR held. Shareholders also approved the transfer of all shares held by the bank’s nominees in Zenpay Limited, a direct subsidiary of the HoldCo, to the HoldCo.

Furthermore, the Board of Directors was authorized to delist Zenith Bank’s shares from the Nigerian Exchange and the Existing GDRs from the London Stock Exchange. The bank will also be re-registered as a private limited company under CAMA Act 2020.

Speaking during the EGM, the bank’s Founder/Chairman, Jim Ovia, expressed gratitude to shareholders for their unwavering commitment, highlighting their role in the bank’s exceptional performance. He welcomed the transition to a holding company structure, anticipating its strategic positioning in exploring opportunities in the Fintech space and strengthening digital and retail banking initiatives.

Group Managing Director/Chief Executive (MD/CEO), Ebenezer Onyeagwu, commended Ovia for his pivotal role in creating a trailblazing financial institution. He expressed optimism about the bank’s growth prospects under the new structure, emphasizing the opportunity to unlock shareholder value and diversify investments, particularly in Fintech and other business verticals.

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Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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