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Zenith Bank Assures Shareholders of no Dilution in Combined Offering

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Zenith Bank Plc has reassured its shareholders that its existing shareholding will remain unchanged during the bank’s ongoing combined offering.

Zenith Bank Plc’s Group Managing Director (GMD), Dr Adaora Umeoji, gave the assurance at the “Fact Behind the Combined Offer” event held at the Nigerian Exchange Ltd.

(NGX) on Monday in Lagos.

Umeoji said that the bank was offering 65 per cent of its shares to existing shareholders and 35 per cent to the public to avoid diluting current holdings.

She said that Zenith Bank, on Aug. 1, launched a combined offering of eight billion units of shares to raise a total capital of N289.4 billion, and set to close on Sept.

9.

“A breakdown shows the shares offered shows that 5.23 billion units of shares of 50k each at N36 per share to its existing shareholders through a rights issue of one new share for every six held.

“We are also offering 2.77 billion ordinary shares of 50k each at 36.50 per share to the public through a public offer, in line with the Central Bank of Nigeria(CBN) recapitalisation directive to Nigerian banks.

“Again, 35 per cent of the proceeds realised from the ongoing combined offering will be used to fund the bank’s expansion strategy and increase its footprint in Africa and other parts of the world, ” she said.

Emeoji further said that 20 per cent of the fund would also be used to enhance the bank’s Information Technology (IT) infrastructure and digital capabilities.

The bank chief said that the balance of 45 per cent raised would be deployed as working capital to support the real sector of the economy.

“We are very confident that after the ongoing recapitalisation exercise, the bank will experience exponential growth, and shareholders will get greater value for their investment.

“Our dominant footprint in Nigeria, West Africa, and our international network presents exciting growth opportunities.

“We currently have subsidiaries and representative offices in Ghana, Sierra Leone, Gambia, UK, UAE and China; and we recently obtained a banking license to commence operations in Paris.

“We are going to leverage on the Paris subsidiary to consolidate our business in the African Francophone region starting from Cote d’Ivoire and Cameroon.

“All our subsidiaries are making good profit and contributing almost 20 per cent to the group’s performance,” she said.

According to her, the bank’s historical and current financial performance, as well as its prospects provide a compelling reason for investors to invest in it.

The GMD stated that the bank’s investment in its people, technology and service had transformed it into a global brand, and placed it among the top 10 banks in Africa and the best in Nigeria.

Umeoji added that in ranking, compared to its peers, and backed by facts and figures, Zenith Bank emerged the number one bank by Tier-one capital, shareholders’ funds, market capitalisation, profit before tax and in dividend payout.

She said: “As at the end of 2023 financial year, we paid a dividend of four Naira per share, making us the highest dividend paying bank in Nigeria.

“This trend has been sustained in the past five years. Our dividend payout was 25 per cent of our organic profit without Foreign Exchange(FX) revaluation gains.

“This implies that we have the

capacity to even pay more dividend organically without FX revaluation gains.

“The total assets of the bank stood at N20.4 trillion, while our total deposit liability stood at N15.2 trillion, placing us among the top three banks in this category.”

Accordingly to her, the bank recorded the largest loan portfolio of N7.1 trillion and NPL standing at 4.4 per cent, which is well below industry average.

” This shows our solid risk management capacity. Zenith Bank’s Tier-one capital was N1.9 trillion, indicating the highest in the Nigerian banking industry.

“Shareholders’ funds stood at N2.3 trillion, while we recorded a market capitalisation of N1.3 trillion Naira, which is also the highest in the industry.

“The Bank achieved PBT of N796 billion, making us the most profitable bank in Nigeria,” she added.

In his remarks, the Chief Executive Officer of the NGX Group, Mr Temi Popoola, commended the bank’s strategic use of funds to enhance its digital infrastructure and support its retail and corporate banking segments.

He noted that this aligned with NGX’s vision to expand its market presence and deliver superior value to investors.

The Chief Executive Officer of the NGX, Mr Jude Chiemeka, also commended the bank for its corporate governance, which contributed to the integrity of the market and attracted international investors.

Chiemeka emphasised that Zenith Bank’s listing on the NGX’s premium board signifies high corporate governance standards, reinforcing the bank’s reputation and fostering investor confidence.(NAN)

Health

NCDC Warns of Cholera Surge, Gives Updates on Other Outbreaks

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 The Nigeria Centre for Disease Control and Prevention (NCDC) has issued a public health advisory following a significant surge in cholera cases across 30 Local Government Areas (LGAs) in nine states.

During a media briefing in Abuja on Friday, the Director-General of the NCDC, Dr                    Jide Idris, expressed concern over the rising number of cholera infections as the rainy season begins.

He warned that the situation posed a serious public health threat.

“As of April 28, 2025, over 1,141 suspected cholera cases and 30 deaths have been reported across multiple states, with Bayelsa, Lagos, Abia, and Zamfara among the most affected,” he said.

Idris attributed the outbreak to poor sanitation, inadequate access to clean water, and widespread open defecation.

He said the NCDC was working in collaboration with state governments, the Federal Ministry of Water Resources, and development partners to strengthen surveillance, improve access to oral rehydration therapy, and promote hygiene education.

On Lassa fever, he reported a decline in weekly cases but warned that the disease remained persistent in endemic states such as Edo, Ondo, and Bauchi.

“We must not relax. The virus is still circulating in the rodent population,” he cautioned.

He also noted continued transmission of Mpox, with recent cases reported in Lagos, Rivers, and the Federal Capital Territory.

“While no deaths have been recorded in the past month, the virus continues to spread through close contact,” he added.

On Cerebrospinal Meningitis (CSM), Idris stated that outbreaks had occurred in Sokoto, Kebbi, and Yobe states, predominantly affecting children and young adults.

He said vaccination campaigns were underway in high-burden areas, supported by the National Primary Health Care Development Agency (NPHCDA) and Gavi.

Idris further emphasised the urgent need for the rational use of antibiotics in managing the ongoing outbreaks, warning that misuse, particularly in cholera and Lassa fever treatment, could worsen antimicrobial resistance (AMR).

“We must remind our health workers and communities that not every illness requires antibiotics.

“Inappropriate use during outbreaks is a silent pandemic that could undermine our ability to treat infections in the future,” he warned.

He urged Nigerians to adopt preventive measures such as regular hand washing, proper waste disposal, and early medical attention when symptoms of any of the listed diseases were observed.

“Public health is a shared responsibility,” Idris said, calling on the media and civil society groups to support risk communication and community engagement efforts

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General News

FRSC Gets New Sector Commander in Osun 

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 The Federal Road Safety Corps (FRSC) has appointed Mr Leye Adegboyega as the new Sector Commander for Osun RS11.1 Command.

The News Agency of Nigeria (NAN) reports that Adegboyega, who assumed on on May 2, took over from Mr Taofeeq Sokumbi , who has been redeployed.

NAN further reports that the new sector commander until his appointment was the Zonal Head of Operations at Zone RS11 Command Headquarters, Osogbo.

He was was enlisted into the service of the Federal Road Safety Corps on Nov. 1, 1993, and was appointed as the Personal Assistant to the Director of Operations, a post he held till 1998.

Adegboyega was later redeployed and appointed the pioneer Principal Staff Officer (PSO) to the erstwhile Acting Corps Marshal and Chief Executive of the FRSC, Mr Danyaro Yakasai.

In 1999, he was redeployed to the then Department of Planning, Research and Statistics (PRAS) as the Staff Officer (Statistics) and in 2003, he was posted to Imo  Sector Command as Staff Officer (Operations).

The new sector commander was in 2005 redeployed to Owo Unit Command in Ondo State as the Unit Head of Administration and Human Resources, a position he occupied until 2009, as an Assistant Corps Commander l.

After several promotions and awards, he was promoted to his present rank of Corps Commander in April 2022.

The new sector commander was redeployed on April1, 2022 to the Federal Road Safety Command and Staff College, Udi, Enugu State, as Director of Coordination, a position he held till July 2023.

In July 2023, he was redeployed to Zone RS11 Command Headquarters, Osogbo as the Zonal Head of Operations.

Adegboyega was born in Abeokuta on  July 25,  1969, to the family of Late Pa Femi Adeleye and Mrs Felicia Adeleye from Ayetoro in Yewa South Local Government Area of Ogun State.

He attended St. Andrew’s Primary School, Ibara, Abeokuta, from 1974 to 1979 and later proceeded to the prestigious African Church Grammar School, Ita-Eko, Abeokuta, from where he obtained the West African Secondary School Certificate (WASSCE) in 1985.

He bagged a Bachelor of Science (B.Sc) degree in Political Science from the Ogun State University, Ago-Iwoye, Ogun State, in the year 1992  and later did his mandatory one year National Youth Service Corps (NYSC)  in Enugu with the Federal Road Safety Corps.

Adegboyega received commendations for his outstanding performance and was subsequently given automatic employment by the FRSC Management in 1993.

He is married to Mrs Oluwayemisi Elizabeth and the union is blessed with four lovely children.

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JUDICIARY

Court Remands 6 Men Docked Over Alleged Breach of Peace, Unlawful Gathering

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A Grade A Customary Court at Mapo in Ibadan has remanded six men standing trial for alleged breach of public peace, following their inability to meet their bail conditions.

The defendants are; Ismail Oladipupo, Ridwan Raji, Biodun Gbadamosi, Usman Mohammed, Samuel Olowu and Sunday Akande.

Due to their inability to meet bail, the Court President, Mrs S.

M. Akintayo, ordered that the six defendants be remanded in Abolongo Correctional Centre in Oyo.

Akintayo had admitted each of the defendants to N200,000 bail after they all pleaded not guilty to the three-count charge of conspiracy, unlawful gathering and conduct likely to cause breach of the peace.

The court also ordered that the defendants should provide two reliable sureties, one of whom must be a community leader.

However, the six men could not meet the bail conditions and therefore were remanded at the Abolongo Correctional Centre in Oyo town.

Akintayo subsequently adjourned the suit until June 24 for hearing.

Earlier, the prosecutor, Insp Ayodele Ayeni, had told the court that the defendants committed the offences on April 14, at 12:45 a.m., at Agbaje Market, Ibadan, Oyo State.

Ayeni said that the defendants were arrested after they were caught using various dangerous objects such as cutlasses, broken bottles and stones, daring anybody to confront them.

According to him, the six men by their actions allegedly caused apprehension and fear in the entire community.

He stated that the offences contravened the provisions of Sections 516, 416 and 249 of the Criminal Code Cap 38 vol. II Law of Oyo State 2000

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