Zenith Bank Plc is preparing to finalize its capital raising efforts to meet the Central Bank of Nigeria’s new banking sector capital requirements.
Additionally, the bank is transitioning to a holding company structure to bolster its position in emerging markets and enhance digital and retail banking services.
At an event with stakeholders, Zenith Bank highlighted its robust financial performance, including N1.8 trillion in tier-1 capital, N2.3 trillion in shareholders’ funds, and a market capitalization of N1.3 trillion as of December 2023.
The bank aims to raise N230 billion from the market, with N270.7 billion already secured, positioning it favorably among peers.
Zenith Bank’s leadership, including Group Managing Director/CEO Dr. Adaora Umeoji, emphasized plans for financial inclusion, expansion in corporate and retail banking through advanced technology, and the establishment of ZenPay, a fintech subsidiary.
Dr. Umeoji underscored the bank’s commitment to profitability and expansion into France and Francophone Africa.
The bank’s CFO, Dr. Mukhtar Adam, highlighted consistent revenue growth exceeding 27% CAGR over the past five years, despite economic challenges in Nigeria.
Executive Director Dr. Henry Oroh discussed the bank’s digital transformation initiatives focused on SME financing, trade, and cybersecurity measures.
Dr. Umeoji acknowledged the bank’s accolades, attributing them to Zenith’s commitment to global best practices and innovative service delivery.
She credited Founder and Chairman Dr. Jim Ovia, CFR, for his leadership and expressed gratitude to stakeholders for their support in achieving industry benchmarks.