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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)

NEWS

2027: INEC Steps Up Preparations, Completes Nine Activities

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By Tambaya Julius, Abuja 

The Independent National Electoral Commission (INEC) has completed nine of the 14 activities on its timetable for the 2027 general elections, while addressing complaints from political parties over alleged omissions and discrepancies in candidates’ lists.

The development emerged at a youth engagement programme in Abuja, where electoral stakeholders also called for measures to protect young voters from violence and strengthen public confidence in the electoral process.

The INEC Chairman, Prof. Joash Amupitan, represented by the National Commissioner for Information and Voter Education, Dr.

Mohammed Haruna, said the commission was reviewing its preparations and working to resolve outstanding issues ahead of the polls.

The event, titled “The Electorate: A Youth Dialogue with INEC,” was organised by Abuja Global Shapers Community (AGC) in partnership with Nigeria Youth Futures Fund, Yiaga Africa Abuja and Enough is Enough Nigeria, under the theme, “Let’s Talk About the 2027 Elections.”

Haruna said the commission had made progress on key activities, including the publication of candidates nominated by political parties for elective positions.

He acknowledged that the publication had generated complaints from some parties over alleged omissions and discrepancies, adding that INEC had invited the affected parties to submit petitions for consideration before finalising the list.

He described the voters’ register as central to the electoral process, noting that it would serve as the basis for identifying and accrediting eligible voters on election day.

Haruna also said INEC had increased the frequency of its meetings to review preparations, assess progress and take decisions necessary for the smooth conduct of the elections.

He explained that the commission comprises a chairman and 12 national commissioners responsible for policy decisions, alongside resident electoral commissioners across the 36 states and the Federal Capital Territory.

The Curator of Abuja Global Shapers Community, Solape Sonuga, urged participants to engage INEC on its readiness for the elections and the measures needed to ensure credible polls.

Sonuga described the 2027 elections as particularly important to young Nigerians, saying the engagement was designed to promote youth participation, strengthen voter education and encourage civic responsibility beyond election day.

The Programme Manager for Governance at Yiaga Africa, Yetunde Bakare, called for deliberate efforts to ensure that young Nigerians could participate safely and meaningfully in the elections.

Citing Yiaga Africa’s voting intention survey, Bakari said 84 per cent of Nigerians surveyed were likely or very likely to vote in 2027. She said 61 per cent feared electoral violence could prevent them from participating, while only 40 per cent of young respondents said they were very likely to vote.

She described the figures as a concern for electoral stakeholders, stressing that voter mobilisation alone would not be sufficient without a safe and accessible environment for participation.

Bakare commended INEC’s preparations, including online voter registration, printable Permanent Voter Cards, planned nationwide mock accreditation exercises and efforts to strengthen the governance of electoral technology and artificial intelligence.

She urged the commission to communicate promptly with voters when technical or operational challenges arise, ensure transparency in the use of electoral technologies and make adequate provisions for eligible voters in hard-to-reach communities.

She also encouraged young Nigerians to seek credible information, reject electoral violence and misinformation, and hold elected officials accountable beyond election day.

Bakari said transparency, effective communication and credible electoral processes were essential to building public trust and ensuring that the 2027 elections reflected the will of Nigerians.

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Foreign News

Senate Demands Compulsory Screening of Foreign Arrivals

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By Eze Okechukwu, Abuja

The Senate yesterday ordered mandatory health screening for every international passenger arriving Nigeria airports, seaports, land borders as Ebola resurfaces in the Democratic Republic of Congo with a scare case reported in the FCT.

The resolution followed an urgent motion by Senator Francis Fadahunsi, who warned that with Lassa fever already ravaging states, Nigeria cannot afford another outbreak.

“Protecting our entry points is far cheaper than managing Ebola,” Fadahunsi told the chamber.

Lawmakers insisted screening must be total and indiscriminate — no exemptions based on nationality or departure country because infected travellers can transit through safe-listed nations.

Senator Diket Plang raised the stakes further, demanding immediate funding for NCDC and Port Health Services, including release of withheld funds and emergency budget.

Senate President Godswill Akpabio said the Federal Government has started releasing Ebola response funds but ordered relevant committees to track every kobo.

“Ascertain whether the funds were released and judiciously utilised. Any outstanding debt must be released by the Finance Ministry without delay,” Akpabio directed.

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Economy

Reps Summon Telecom Operators over Poor Network Services

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By Ubong Ukpong, Abuja 

The House of Representatives on Wednesday, summoned telecommunication operators in the country to appear before it over the present poor network services.

The Ad Hoc Committee investigating the persistent poor quality of telecommunication services in Nigeria gave the chief executive officers (CEOs) of major telecom operators seven days to appear before it and explain the deteriorating quality of network services across the country.

The committee issued the ultimatum at a public hearing in Abuja on Wednesday, directing the CEOs of MTN Nigeria, Airtel Nigeria, Globacom (Glo), Mafab Communications Ltd.

and other telecommunications service providers to appear before it on October 28, 2026.

The resolution followed the adoption of two motions sponsored by Rep. Sunday Umeha and Rep Afam Ogene after the committee expressed displeasure over the failure of the invited telecom operators, including MTN and Mafab Communications, to honour previous invitations and appear before the lawmakers.

The committee directed the Nigerian Communications Commission (NCC) to ensure that all the affected operators comply with the invitation and appear before it at 2 p.m. on October 28 in Hearing Room 447 of the New Building of the National Assembly Complex, Abuja.

It also directed the operators to submit all relevant documents to the committee on or before the scheduled date and account for the persistent decline in service quality, which has continued to affect millions of subscribers and businesses across the country.

The lawmakers warned that any chief executive who failed to honour the invitation would face a possible summons for arrest to compel their appearance before the committee.

Speaking at the hearing, the committee’s Chairman, Rep. Olumide Osoba (APC-Ogun), said telecommunications services had become indispensable to Nigeria’s economy, extending beyond voice calls and internet access to critical commercial activities, including Point of Sale (POS) transactions.

Osoba noted that businesses, financial transactions and other essential services depended heavily on reliable telecommunications networks, making the persistent decline in service quality a matter of serious national concern.

He said the House constituted the ad hoc committee to investigate the recurring complaints by subscribers and determine the factors responsible for the poor quality of services provided by telecommunications operators.

The chairman, however, expressed concern that the invited chief executives had continued to evade direct engagement with the committee by offering various excuses or sending lower-ranking officials to represent them.

He said the practice undermined the purpose of the parliamentary investigation, stressing that the committee expected the chief executives, who were in a position to explain their companies’ operational challenges and commitments, to appear in person.

Also speaking, Rep. Ibe Osonwa expressed displeasure over what he described as the operators’ disregard for the House, despite the substantial revenue they generated from their operations in Nigeria.

Osonwa said it was unacceptable for companies benefiting from the Nigerian market to ignore invitations from the legislature, particularly when the purpose was to obtain explanations on issues directly affecting their customers and the wider economy.

He stressed that telecommunications operators had a responsibility to account for the quality of services delivered to Nigerians, adding that the House would not overlook any attempt to frustrate its investigation.

In his ruling, Osoba urged the NCC to ensure full compliance with the committee’s resolution, reiterating that the affected telecommunications operators must appear before the lawmakers on October 28 and provide the necessary explanations and documents.

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