Zenith Bank Seeks Shareholders’ Approval for Share Capital Increase at Upcoming AGM

Zenith Bank Plc is set to request shareholders’ approval to increase its share capital at its upcoming annual general meeting (AGM) in May.

The bank plans to raise its share capital from N15,698,246,893.50 to N31,396,493,787, divided into 31,396,493,787 ordinary shares of N0.50 kobo each.

This move comes as the banking sector faces increased minimum capital requirements by the Central Bank of Nigeria (CBN).

In addition to the proposed share capital increase, Zenith Bank also plans to establish a capital raising program in line with the current realities of the banking sector.

This program aims to raise capital in the Nigerian or international capital market, through the issuance of ordinary shares, preference shares, or a combination of methods, subject to obtaining the necessary regulatory approvals.

The proposed resolutions will be presented to shareholders at the AGM, which is scheduled to take place next month.

The bank’s management has emphasized the importance of adapting to the evolving financial landscape and ensuring that Zenith Bank remains well-positioned to capitalize on growth opportunities.

By increasing its share capital, Zenith Bank aims to strengthen its financial position and maintain a competitive edge in the Nigerian banking sector.

The bank’s management believes that this move will enable the institution to meet the increased minimum capital requirements set by the CBN and support its strategic objectives.

Shareholders will have the opportunity to vote on the proposed resolutions at the upcoming AGM, and their approval is crucial for the successful implementation of the capital raising program.

Zenith Bank’s commitment to transparency and shareholder engagement will be demonstrated through the presentation of these proposals and the subsequent voting process.

As the banking sector in Nigeria continues to evolve, Zenith Bank’s proactive approach to capital management and strategic growth demonstrates its dedication to remaining a leading financial institution in the region.