By Dipo Olowookere

The N350.4 billion sourced from the capital market through rights issue and public offer by Zenith Bank Plc have been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The hybrid offer comprised a rights issue of 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share and public offer of 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share.

The public offer was 160.47 per cent 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. The rights issue was also 100.18 per cent subscribed with a total 5,232,748,964 ordinary shares allotted.

The exercise, which opened on August 1, 2024, and closed on September 23, 2024, was to raise N290 billion. It was successfully executed largely as a digital offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the NGX’s e-offer platform, NGX Invest.

The results of the hybrid offer, which garnered substantial interest from domestic and international investors, have positioned the bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for banks with International Authorization well ahead of the March 2026 regulatory deadline.

The bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.

Proceeds from the hybrid offer will be strategically deployed to solidify the financial institution’s position as the leading financial institution in Nigeria.

Additionally, the funds will support the lender’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.

In a statement released to the Nigerian Exchange (NGX) Limited on Sunday, January 26, 2025, the chief executive of Zenith Bank, Ms Adaora Umeoji, said, “The success of our combined rights issue and public offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand.”

“This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.

“We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise.

“This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy,” she stated.

By Modupe Gbadeyanka

Over 4,000 members of staff of Zenith Bank Plc have been promoted, with salaries increased by 20 to 30 per cent across various employee grades.

The number of the persons elevated by the company is about 50 per cent of the workforce, as Zenith Bank boasts over 8,000 workers on its payroll.

The decision of the bank to promote its staff reflects its belief that its workforce is its most valuable asset.

A statement from the lender disclosed that the salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery.

Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

The chief executive of Zenith Bank, Ms Adaora Umeoji, expressed confidence that this development would boost staff morale and productivity, emphasising the importance of maintaining a motivated workforce.

She stated that the bank’s dedication to its employees would translate into superior service experiences for customers, highlighting the organisation’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

The financial institution’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Its growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS.

By Aduragbemi Omiyale

The chief executive of Wema Bank Plc, Mr Moruf Oseni, assured shareholders and other stakeholders that putting money in the company would not lead to biting of fingers.

Speaking ahead of the planned raising of about N200 billion in the second quarter of this year, he boasted that Wema Bank has everything to put smiles on the faces of investors.

The lender intends to commence its rights issue and special placement for about N200 billion on April 1, 2025, to complete the recapitalisation requirement of the Central Bank of Nigeria (CBN).

Last year, in the first tranche, Wema Bank raised N40 billion, with the second phase expected to surpass the minimum capital base of the regulator.

“We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank.

“Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel. I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations.

“Indeed, we are building Wema Bank into a formidable force in the African financial services landscape.

“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward.

“This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you,” Mr Oseni said.

With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, this move by Wema Bank will undoubtedly ensure the bank retains its national banking license way ahead of the deadline

Reaffirming its stance as a bank committed to transparency and adherence to regulatory standards, Wema Bank is working to secure all necessary approvals from relevant regulatory authorities to ensure the process is conducted in full compliance with applicable guidelines.