Zenith Bank Achieves Milestone With Over N614.65bn In Share Capital And Share Zenith Bank Plc has emerged as Nigeria’s most recapitalized bank in share capital and share premium threshold with over N614.65 billion.

Zenith Bank Achieves Milestone With Over N614.65bn In Share Capital And Share 

 

Zenith Bank Plc has emerged as Nigeria’s most recapitalized bank in share capital and share premium threshold with over N614.65 billion.

Zenith Bank is a Tier 1 bank and with its N614.65 billion in share capital and share premium, the bank has significantly surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences.

In March 2024, the Central Bank of Nigeria (CBN) ordered a ₦500 billion recapitalization for banks. This directive requires commercial banks with international authorization to increase their capital base to this amount, while those with national authorization need to reach ₦200 billion.

The CBN set a two-year timeline for compliance, starting April 1, 2024, and ending March 31, 2026.

According to CBN, the recapitalization is part of broader reforms aimed at strengthening the Nigerian banking sector and the overall financial system.

The CBN, thereafter, urged the banks to consider various options to meet the new requirements, including private placements, rights issues, offers for subscription, mergers, and acquisitions.

Following this advisory from CBN, Zenith Bank went to the market with its N500 billion recapitalization plan and successfully raised N350.46 billion through a rights issue and public offering. This further solidified the bank’s capital base.

As a demonstration of the Jim Ovia led bank’s determination to lead the way in the global banking space, Zenith Bank opened its Paris branch on November 27, 2024.

The official commissioning ceremony took place at 21 Rue de la Paix, Paris, France, and was officiated by the Honorable Minister of Finance and Coordinating Minister of the Economy.

The Paris branch is the third-country branch of Zenith Bank UK Limited which has technically positioned the bank well globally.

Over time, the Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.

The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

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