Zenith Bank Plc is preparing to raise N290 billion through a Rights Issue and a Public Offer to meet the revised minimum capital requirements set by the Central Bank of Nigeria (CBN). This announcement was made at the Rights Issue/Public Offer Signing Ceremony on July 29, 2024, at The Civic Centre, Victoria Island, Lagos. This initiative represents a key step in the bank’s capital-raising strategy to strengthen its capital base and support its expansion in banking and non-banking sectors.
The Rights Issue will offer 5,232,748,964 ordinary shares at 50 Kobo each for N36.00 per share. Existing shareholders can buy these shares at a ratio of one new share for every six shares held as of July 24, 2024. Additionally, the Public Offer will present 2,767,251,036 ordinary shares at 50 Kobo each for N36.50 per share, aimed at attracting new investors.
Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, highlighted the significance of the event, noting that the amount raised slightly exceeds the N230 billion required by the CBN. She praised the enthusiasm from existing shareholders and emphasized the importance of the Public Offer for potential new investors. Umeoji also highlighted Zenith Bank’s strong performance, including being ranked number one in Nigeria for Tier-1 Capital by The Banker and paying a record dividend of N4 per share in 2023.
The capital raised will be used to expand operations across Africa and globally, invest in technology, and support ongoing working capital needs. Umeoji expressed confidence in the success of the capital raise, citing Zenith Bank’s track record of profitability and shareholder value creation. She also thanked Dr. Jim Ovia CFR, the Founder and Chairman, for his visionary leadership over the past 34 years.
Mr. Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Limited, praised Zenith Bank’s management for their dedication and the opportunity for Stanbic IBTC Capital to lead the transaction. He noted that the combination of a Rights Issue and a Public Offer underscores Zenith Bank’s role as a market leader.
Stanbic IBTC Capital Limited is the lead issuing house, with Quantum Zenith Capital & Investments Limited, CardinalStone Partners Limited, Meristem Capital Limited, Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, and Vetiva Advisory Services Limited as joint issuing houses. The Offer will open on August 1, 2024, and close on September 9, 2024.
Applications for the Rights Issue and Public Offer can be submitted through Zenith Bank’s electronic platforms, including Internet Banking, Mobile Application, Corporate Internet Banking, branches nationwide, and the NGX Invest platform at https://invest.ngxgroup.com. These digital channels streamline the application process, making it accessible to all investors.
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Reporting by Godwin Okafor, The Naija247news in Lagos, Nigeria.
