Zenith Bank Capital Hits N614.65bn on Oversubscribed Hybrid Offer
Zenith Bank Plc.’s capital base has increased to N614.65 billion following a significant oversubscribed hybrid offer. The financial services group said its new capital base is well above N500 billion in new capital required by the Central Bank.
In a regulatory filing, Zenith Bank revealed that its hybrid offer was oversubscribed by more than 160%. The bank told the Nigerian Exchange it has secured the full regulatory approval of the Central Bank of Nigeria and the Securities and Exchange Commission in respect of its recently concluded hybrid offer.
Recall that the bank launched its rights issue of 5,232,748,964 ordinary shares of 50k each at N36.00 per share and a public offer of 2,767,251,036 ordinary shares of 50k each at N36.50 per share last year in a bid to meet the deadline.
The public offer was 160.47% subscribed, with a total of 4,440,587,250 ordinary shares allotted based on the terms of the offer and the CBN’s capital verification exercise, Zenith told the Nigerian Exchange.
The bank said the rights issue was also 100.18% subscribed with a total of 5,232,748,964 ordinary shares allotted. The target of the hybrid offer was thereby achieved as Zenith Bank raised a total of N350,460,397,329. It said the hybrid offer garnered substantial interest from domestic and international investors.
This development has positioned Zenith Plc as one of the few banks in Nigeria to meet and even surpass the Central Bank of Nigeria’s N500 billion minimum capital requirements for banks with international authorisation well ahead of the March 2026 regulatory deadline.
The bank’s share capital would now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement. Zenith Bank has once again reiterated its leadership role and position among the Nigerian banks.
It successfully executed a largely digital offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-offer platform.
The financial services company said the proceeds from the hybrid offer will be strategically deployed to solidify the company’s position as the leading financial institution. Additionally, the funds will support expansion into other markets in Africa and Europe, investment in technology, and other group-wide growth initiatives. #Zenith Bank Capital Hits N614.65bn on Oversubscribed Hybrid Offer Naira Plunges as Banks Resume FX Sales to Customers
