Zenith Bank Approves N195.67bn Dividend Payout

Zenith Bank Plc have approved a final dividend of N4.00 per share, bringing the total dividend for the 2024 financial year (FY2024) to N5.00 per share, valued at N195.67 billion.

The approval was granted at the bank’s 34th Annual General Meeting (AGM) held in Lagos recently.

The 2024 dividend highlights Zenith Bank’s commitment to shareholder value creation, even amid macroeconomic pressures. The payout reflects an increase from previous years and reinforces the bank’s standing as one of Nigeria’s most consistent dividend-paying institutions.

Mr. Jim Ovia, Chairman and Founder of Zenith Bank, credited the bank’s strong fundamentals and adaptive strategy for sustaining performance across geographies.

“Despite global economic headwinds in 2024, Zenith Bank leveraged opportunities within each operating environment to deliver results that reaffirm the resilience of our brand,” he said, expressing gratitude to shareholders for their loyalty.

Strong Capital Position and Strategic Stability

The bank’s recently concluded recapitalisation exercise, with a 160% subscription rate, positions it well for growth under the Central Bank of Nigeria’s recapitalisation mandate. According to Dr. Adaora Umeoji, Group Managing Director/Chief Executive Officer of Zenith bank, the bank now holds sufficient capital buffers to support expansion without needing additional equity in the near term.

“We are not under pressure to raise funds again. We are well-capitalised and positioned to grow our topline organically while adhering strictly to corporate governance principles,” she stated. She assured shareholders of sustained value creation and hinted at even more generous dividends in the future. “Our dividend trajectory has always moved upward — and this trend will continue.”

Investor Confidence and Recognition

Zenith Bank’s consistent returns have made it a benchmark in Nigeria’s financial services sector. Stakeholder groups commended the board and management for their track record of delivering value. Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the leadership for driving the bank’s strong financial metrics and maintaining trust with retail and institutional investors.

In the words of Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, “No Nigerian bank matches Zenith in dividend consistency. Their payouts have not only enriched shareholders but also set the standard for performance and accountability.”

With a robust capital base, prudent cost management, and a strategy centered on organic growth and governance, Zenith Bank is poised to sustain earnings and maintain shareholder returns in 2025 and beyond. The N5.00 per share payout not only affirms investor confidence but also signals the bank’s readiness to compete at scale, amid rising regulatory and capital adequacy expectations.

The bank’s financials for FY2024 are expected to reflect solid topline growth, improved asset quality, and strong return on equity (ROE), further enhancing its appeal to long-term investors. Analysts say the dividend decision signals continued profitability and a disciplined capital allocation strategy that prioritises long-term value.