Zenith Bank Surpasses CBN Recapitalisation Target, Raises ₦350.46bn in Oversubscribed Public Offer
A strong vote of investor confidence as Zenith cements its position as Nigeria’s most capitalised bank.
In a resounding display of investor confidence and financial resilience, Zenith Bank Plc has successfully concluded its public offer, raising ₦350.46 billion—a result that not only overshot expectations but also propelled the bank’s total capital base to ₦614.65 billion, well above the Central Bank of Nigeria (CBN) recapitalisation threshold of ₦500 billion for international banks.
The oversubscription marks a major milestone in Nigeria’s ongoing bank recapitalisation drive, signalling renewed trust in the local banking sector and reaffirming Zenith Bank’s leadership as a fortress of liquidity, governance, and investor confidence.
Investor Confidence at an All-Time High
Speaking at a special Closing Gong Ceremony hosted by the Nigerian Exchange Group (NGX) in Lagos, Dr Umaru Kwairanga, Group Chairman of NGX, described Zenith Bank’s achievement as “a testament to strong leadership and a win for Nigeria’s capital markets.”
“This outstanding performance reinforces Zenith Bank’s reputation as one of the most resilient, transparent, and well-capitalised financial institutions in Africa,” Kwairanga noted.
“It also underscores the market’s faith in the bank’s governance, vision, and long-term strategy.”
The achievement consolidates Zenith’s standing as a pillar of Nigeria’s banking system, demonstrating the depth of the local capital market to mobilise funding for systemic growth without relying on external capital inflows.
A Showcase of Market Depth and Innovation
For the Securities and Exchange Commission (SEC), the offer’s success was also a validation of the strength of Nigeria’s capital market.
Dr Emomotimi Agama, Director-General of SEC, commended the development, describing it as “a powerful signal that transparency, fundamentals, and innovation can efficiently mobilise domestic capital for national growth.”
The NGX Group’s Managing Director, Temi Popoola, echoed the sentiment, attributing the success to the market’s growing digital sophistication.
“The oversubscription of Zenith Bank’s offer is directly linked to innovation and inclusion,” Popoola explained.
“Through the NGX Invest platform, we expanded access to a new generation of investors, deepening participation and democratising ownership.”
This digital transformation, he added, reflects how the Exchange is evolving into a modern capital-raising powerhouse, seamlessly blending traditional finance with technology-enabled inclusion.
Leadership Vision: Confidence Meets Capital Strength
For Zenith Bank, this capital raise is far more than a compliance exercise — it’s a strategic statement.
Dr Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed gratitude to the investing public, calling the outcome “a decisive vote of confidence in the bank’s legacy of performance and its forward-looking strategy.”
“This capital raise secures our regulatory standing and strengthens our foundation for sustainable growth,” Ovia said.
“We are deeply grateful to our investors and regulators for their faith in our brand.”
Echoing this sentiment, Dr Adaora Umeoji, Group Managing Director and CEO, described the milestone as “a springboard for sustainable expansion.”
“Crossing the ₦600 billion mark is not just about compliance; it’s about building capacity for the future,” Umeoji stated.
“Innovation and collaboration were central to our success, and the NGX Invest platform gave us unprecedented access to retail and institutional investors.”
Technology and Trust Drive Investor Engagement
Umeoji highlighted how NGX’s X-stream electronic trading platform was pivotal in achieving the remarkable 160% subscription rate during the Zenith Bank Recapitalisation exercise.
“The X-stream platform provided real-time visibility, transparency, and efficiency throughout the process,” she explained.
“Zenith’s recapitalisation wasn’t just successful—it was a model for how technology and trust can redefine the Nigerian capital market.”
She further revealed that the bank’s stock price had nearly doubled, climbing from ₦36.50 to ₦68 per share since the recapitalisation began.
Zenith Bank also delivered Nigeria’s highest dividend payout for the first half of 2025, consolidating its reputation as the investor’s favourite bank.
Beyond Recapitalisation: Sustained Growth and Expansion
Looking ahead, Umeoji reaffirmed Zenith’s commitment to creating value for shareholders and strengthening its international footprint.
“Our expansion strategy follows our customers’ growth across borders,” she said.
“We’re focused on entering markets where we can scale effectively and maximise returns for our investors.”
She promised that the bank would continue to reward shareholders with enhanced dividends, maintaining its status as “the investors’ delight.”
Market Leadership Recognised
At the ceremony, Dr Agama of the SEC commended the NGX for fostering confidence and efficiency in the marketplace, noting that Nigeria’s market capitalisation had grown dramatically — from ₦55 trillion at his assumption of office to between ₦89 trillion and ₦93 trillion today.
“This transformation didn’t happen by chance. It’s the result of vision, transparency, and collective discipline across market stakeholders,” he said.
“Our ambition is to grow market capitalisation to ₦200 trillion by next year—and success stories like Zenith Bank’s show that we’re on the right path.”
Similarly, Alhaji Rasheed Yusuf, the Doyen of the Exchange, hailed Jim Ovia as “the doyen of Nigeria’s commercial banking sector,” celebrating his visionary leadership and enduring contribution to the nation’s financial ecosystem.
Zenith Bank: Strengthening Nigeria’s Financial Future
Zenith Bank’s recapitalisation success represents more than a financial milestone—it embodies institutional trust, investor loyalty, and national confidence.
As one of the first deposit money banks to meet the CBN’s new recapitalisation threshold, Zenith has not only secured its regulatory compliance but also reaffirmed its role as a key enabler of Nigeria’s economic transformation.
With a fortified balance sheet, a clear expansion roadmap, and a commitment to innovation and inclusion, Zenith Bank continues to set the benchmark for financial excellence in Nigeria’s evolving banking landscape.
