By Peter Egwuatu

Zenith Bank Plc is set to raise N290 billion through a combination of a Rights Issue and a Public Offer in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN).

This announcement was made during the Zenith Bank Rights Issue/Public Offer Signing Ceremony held yesterday, July 29, 2024, at The Civic Centre, Victoria Island, Lagos. This event marks a significant milestone in the bank’s previously announced capital-raising programme, aimed at bolstering its capital base and supporting its growth trajectory across its banking and non-banking subsidiaries.

The Rights Issue offers 5,232,748,964 ordinary shares of 50  kobo each at N36.00 per share, while the Offer for Subscription presents 2,767,251,036 ordinary shares of 50  kobo each at N36.50 per share. The Rights Issue  affords  existing  shareholders the opportunity to  purchase  additional  shares in proportion to their current holdings  and is being  offered on the basis of one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024. Conversely, the public offer for subscription is open to the general public and aims to attract new investors.

Speaking at the signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) AdaoraUmeoji, OON, expressed enthusiasm about the Rights Issue  and  Public Offer, stating, “Today, we signed    the transaction documents with respect to Zenith Bank’s  N290 billion Rights Issue and Public Offer. This is slightly above the N230 billion required for us to meet the CBN’s  minimum  recapitalisation requirement. We are extremely pleased with the level of enthusiasm we have already seen from our existing shareholders for the Rights Issue. Beyond existing shareholders, incorporating a public offer is crucial to ensure that our customers, w