Zenith Bank outpace CBN recapitalisation target

Zenith Bank Plc has completed its public offer and officially met the Central Bank of Nigeria’s recapitalisation target.

The bank raised ₦350.46 billion through its oversubscribed public offer, increasing its total capital base to ₦614.65 billion—well above the ₦500 billion required for banks with international authorisation.

In a statement released on Wednesday, Zenith Bank said the outcome reflects investors’ strong confidence in its leadership, performance, and long-term growth strategy.

During the Closing Gong Ceremony at the Nigerian Exchange Group, NGX,in Lagos, Dr. Umaru Kwairanga, Group Chairman of NGX Group, described the milestone as “a victory for strong leadership and Nigeria’s capital markets.”

Kwairanga praised Zenith Bank for maintaining its position as a pillar of the financial sector and said the result highlights the market’s trust in the institution’s future.

“This achievement reinforces Zenith Bank’s reputation as one of Nigeria’s strongest and most resilient financial institutions—a model of excellence and discipline,” he said.

He also credited the bank’s founder, Dr. Jim Ovia for his visionary leadership that built Zenith Bank into one of Africa’s most respected institutions.

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The Director-General of the Securities and Exchange Commission Dr. Emomotimi Agama, also applauded the bank’s success. He said the outcome reflects the strength and transparency of Nigeria’s capital market.

“This capital raise shows that our market can mobilise funds efficiently when driven by sound fundamentals,” Agama said.

Temi Popoola, Group Managing Director of NGX Group, emphasised the role of innovation in the bank’s success. He said the NGX Invest platform expanded access, attracted new investors, and deepened participation in the capital market.

Zenith Bank’s Founder and Chairman, Dr. Jim Ovia, thanked investors for their trust and support. “This successful capital raise secures our regulatory standing and reflects confidence in our legacy and growth path,” he said.

Group Managing Director, Dr. Adaora Umeoji, described the achievement as both a regulatory milestone and a foundation for future growth.

“Crossing ₦600 billion in capital strengthens our base for expansion. Platforms like NGX Invest allowed more investors to participate easily, showing how innovation drives inclusivity and growth,” Umeoji said.

The successful recapitalization cements Zenith Bank’s leadership position in Nigeria’s financial sector and marks a new phase of sustainable expansion for the institution.

NAN