Zenith Bank Plc has announced that it is not under any pressure to raise additional capital after exceeding the Central Bank of Nigeria’s (CBN) new minimum capital requirement for international banks. The bank’s capital base now stands at an impressive N614.65 billion, well above the N500 billion threshold set by the CBN, following a highly successful hybrid capital raise earlier this year.
The recapitalization, completed in January 2025, saw Zenith Bank raise N350.46 billion through a combination of a rights issue and a public offer. Both components of the offer were oversubscribed, reflecting strong investor confidence in the bank’s strategy and future prospects. The rights issue was 100.18% subscribed, while the public offer saw a 160.47% subscription rate.
Speaking at the bank’s Annual General Meeting in Lagos, Group Managing Director and CEO, Adaora Umeoji, assured shareholders that Zenith Bank’s robust capital structure means there is no need to seek further funds for recapitalization. “We have finalized our recapitalization exercise and have reached 160% capitalization. We are not under any pressure to go back for the second time to raise money. Our robust capital structure allows us to continue delivering value to our shareholders,” Umeoji said.
Zenith Bank’s strong financial performance in 2024 underpins this confidence, with profit before tax rising 67% to N1.3 trillion and continued growth in both interest and non-interest income. The bank’s market capitalization has also climbed, reaching N1.87 trillion and cementing its position as one of Nigeria’s leading financial institutions.
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