Zenith Bank Seeks NGX’s Approval To List 5.23bn Shares

Zenith Bank Plc has officially approached the Nigerian Exchange Limited (NGX) to secure approval for the listing of 5,232,748,964 new ordinary shares at a price of N36.00 per share.

This strategic move aims to raise approximately N188.378 billion via a rights issue, offering existing shareholders one new share for every six held as of the qualification date, July 24, 2024.

The bank’s submission for this capital raise was facilitated by Stanbic IBTC Stockbrokers Limited, reflecting Zenith Bank’s continued efforts to strengthen its capital base and support its growth strategies.

Mr. Godstime Iwenekhai, Head of the Issuer Regulation Department at NGX, confirmed the receipt of the application, signalling the beginning of a critical phase in the bank’s capital augmentation plan.

The planned rights issue underscores Zenith Bank’s commitment to bolstering its financial standing in a challenging economic landscape, offering shareholders an opportunity to increase their stake in the institution at a competitive price.