Zenith Bank Plc has successfully concluded its public offer, raising a total of ₦350.46 billion and pushing its overall capital base to ₦614.65 billion, surpassing the ₦500 billion recapitalisation benchmark set by the Central Bank of Nigeria (CBN) for banks with international authorisation.
In a statement on Wednesday, the bank said the oversubscribed offer reflected investors’ strong confidence in its leadership, performance, and long-term strategy.
At a Closing Gong Ceremony held at the Nigerian Exchange Group (NGX) in Lagos, Dr Umaru Kwairanga, Group Chairman of NGX, hailed the milestone as “a testament to strong leadership and a win for Nigeria’s capital markets.”
“This outstanding achievement reinforces Zenith Bank’s reputation as one of Nigeria’s most resilient and well-capitalised institutions,” Kwairanga said, while commending the bank’s founder, Dr Jim Ovia, for his visionary leadership.
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, also lauded the success, noting that it demonstrated the “robust capacity and integrity” of Nigeria’s capital markets.
Temi Popoola, Group Managing Director of NGX Group, highlighted innovation as a key factor behind the oversubscription, crediting the NGX Invest platform for broadening access and attracting new investors.
Reacting to the development, Dr Jim Ovia, Founder and Chairman of Zenith Bank, expressed appreciation to investors, describing the result as a “vote of confidence” in the bank’s legacy and growth path.
Dr Adaora Umeoji, Group Managing Director of Zenith Bank, described the feat as both a regulatory milestone and a launchpad for future expansion.
“Reaching a capital base exceeding ₦600 billion is not just a compliance achievement; it’s a foundation for the future,” she said, adding that innovation and inclusion through platforms like NGX Invest were key to the success.