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Key Points
- The listing, following a hybrid offer, raises its total issued shares to 41.07 billion, boosting market value to N2.09 trillion ($1.4 billion).
- The bank raised N350.4 billion ($230.3 million), surpassing its N290 billion ($190.5 million) target, ensuring compliance with Nigeria’s new banking capital rules.
- Under Adaora Umeoji, gross earnings surged 118% to N2.9 trillion ($1.93 billion), reinforcing the bank’s position as a top-performing Nigerian lender.
Zenith Bank Plc, a Lagos-based financial services group led by Nigerian banker Adaora Umeoji, has listed an additional 9.67 billion ordinary shares on the Nigerian Exchange (NGX). The listing follows the completion of its hybrid offer, which included a rights issue and a public offer.
With the addition of these shares—priced at N36 ($0.024) each—Zenith Bank’s total issued and fully paid-up shares have increased from 31.4 billion to 41.07 billion ordinary shares. This brings the bank’s total market value to N2.09 trillion ($1.4 billion).
The listing comes two weeks after Zenith Bank announced it had successfully raised N350.4 billion ($230.3 million) through the rights issue and public offer, surpassing its target of N290 billion ($190.5 million). This solidifies its position as one of Nigeria’s most capitalized lenders.
Zenith Bank’s capital boost meets CBN requirement
The hybrid offer, launched on Aug. 1, 2024, and closed on Sept. 23, 2024, saw overwhelming demand. Zenith Bank offered 5.23 billion ordinary shares at N36.00 ($0.023) each through the rights issue and an additional 2.77 billion shares at N36.50 ($0.024) each through the public offer. The public offer was oversubscribed by 160.47 percent, with 4.44 billion shares allocated after regulatory verification.
The rights issue saw full allotment with a 100.18 percent subscription, bringing the bank’s total share capital to N614.65 billion ($408.8 million). This exceeds the Central Bank of Nigeria’s minimum capital requirement of N500 billion ($328.5 million) for international banks ahead of the March 2026 deadline.
Umeoji leads Zenith Bank’s earnings surge
Founded in 1990 by Jim Ovia, who still holds a 16.2 percent stake (5.08 billion shares), Zenith Bank has remained a major player in Nigeria’s banking sector. The bank has expanded its footprint beyond Nigeria, opening a branch in Paris in 2024 to strengthen its presence in Francophone Africa and Europe.
Since stepping in as CEO in June 2024, Adaora Umeoji has driven strong growth at Zenith Bank. She holds 91.71 million shares, including 90 million directly and 1.71 million through Palais Vendome Limited.
Under Umeoji, gross earnings in the first nine months of the 2024 fiscal year surged by 118 percent, from N1.33 trillion ($884.6 million) to N2.9 trillion ($1.93 billion), while total comprehensive income jumped from N647.7 billion ($430.8 million) to N1.33 trillion ($884.6 million), reinforcing Zenith Bank’s position as one of the country’s top-performing lenders.
