Zenith Bank Plc is raising N289 billion through a rights issue and public offer to fund its expansion, enhance IT infrastructure, and support the real sector with a focus on SMEs and retail. The bank is issuing eight billion shares, with approximately 5.23 billion offered to existing shareholders at N36.00 per share and 2.77 billion to the public at N36.50 per share. The allocation includes 65% to existing shareholders and 35% to the public.
Dr. Adaora Umeoji, Zenith’s Group Managing Director/CEO, outlined that 35% of the funds will support strategic expansion, 20% will enhance IT capabilities, and 45% will be allocated to working capital for supporting SMEs and retail segments. Umeoji emphasized the bank’s profitability and strong corporate governance as key investment attractions.
The NGX Chairman, Ahonsi Unuigbe, and NGX Group CEO, Temi Popoola, praised Zenith Bank’s growth and its role in the technology and digitalization of the capital market, highlighting the mutual benefits of the relationship between the bank and the exchange.