ZENITH BANK SET TO COMMENCE N290 BILLION CAPITAL RAISING EXERCISE THROUGH RIGHTS ISSUE AND PUBLIC OFFER

 ZENITH BANK SET TO COMMENCE N290 BILLION CAPITAL RAISING  
EXERCISE THROUGH RIGHTS ISSUE AND PUBLIC OFFER  

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.) Adaora Umeoji, 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,  
who are not yet shareholders, can have the opportunity to join in the ownership of  
this premium brand.
“In terms of Tier-1 Capital, Zenith Bank has been adjudged by The Banker, Financial  
Times to be number one in Nigeria and the only Nigerian Bank in the top 600 banks  
globally. Over the years, we have consistently rewarded our esteemed shareholders.  
Specifically, in the last five years, we have maintained the record as the highest  
dividend-paying Bank in Nigeria. In 2023, we set a record as the only Nigerian Bank  
to pay a dividend of N4 per share.” She added that the proceeds from the capital  
raise will be channelled towards expanding banking operations across Africa and  
internationally, investing in technology infrastructure, and supporting working capital  
on an ongoing basis. She expressed optimism that given Zenith Bank’s track record  
of profitability and consistency in creating wealth for shareholders, the capital raise  
will be a resounding success. She assured prospective investors that Zenith Bank  
will maintain its leadership in dividend payout in the years ahead and encouraged them to invest in value and invest in Zenith Bank.She also expressed her profound gratitude to the Founder and Chairman, Dr. Jim  
Ovia CFR, whose vision over 34 years ago laid the foundation for a reputable,  
dominant, globally recognised financial institution known for innovation, superior  
performance, and the creation of premium value for all stakeholders.
The Chief Executive of Stanbic IBTC Capital Limited, Mr. Oladele Sotubo,  
commended the management of Zenith Bank for their commitment to the  
transaction, which provides an opportunity for existing shareholders to consolidate  
their position and welcomes new investors to join the journey towards the future of  
Zenith Bank. He also expressed gratitude for the opportunity for Stanbic IBTC  
Capital Limited to lead and guide the execution of the transactions. Speaking further,  
he said, “A combined offer that is both a Rights Issue and a Public Offer confirms  
Zenith Bank's position as a pacesetter and a role model, which will undoubtedly spur  
more transactions in the capital market.”
The lead issuing house for the Rights Issue and Public Offer is Stanbic IBTC Capital  
Limited, with joint issuing houses including 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. The Offer will open on Thursday, August 1, 2024, and close on  Monday, September 9, 2024.

 
Zenith Bank has provided a robust suite of platforms for the Rights Issue and Public  
Offer. Applications can be made through any of Zenith Bank’s electronic channels:  
Zenith Bank Internet Banking, Zenith Bank Mobile Application, Zenith Bank  
Corporate Internet Banking, Zenith Bank Branches nationwide and NGX Invest  
platform.  
The Zenith Bank E-Application channels have been integrated into the NGX Invest  
platform, which can be accessed at https://invest.ngxgroup.com, and are available to  
all applicants and authorised receiving agents to submit applications on behalf of  
applicants. The electronic channels democratises the distribution of public offers and  
rights issues in the capital market, enabling investors to subscribe with the click of a