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Zenith Bank Plc is planning to deepen its footprint across Africa, beginning with the launch of operations in Ivory Coast, as part of a broader regional expansion strategy fueled by a strengthened capital base. According to Olukayode Akinbinu, Head of Strategy at Zenith Bank, the lender is exploring both greenfield investments and acquisitions in West and Central Africa, with the Ivory Coast expected to open this year and Cameroon to follow “as soon as possible.”
The bank intends to allocate 40% of the N350.5 billion it raised earlier this year, funds secured to meet the Central Bank of Nigeria’s minimum capital requirements, toward its international growth agenda.
Capital Base Surged to N614.65 Billion
Zenith’s capital base surged to N614.65 billion, representing a 160% capitalization level, following a highly oversubscribed hybrid offer. This financial strength positions the bank to pursue strategic expansion across high-growth markets.
Ivory Coast, West Africa’s second-largest economy, has averaged 6.7% GDP growth over the past five years, making it one of the fastest-growing economies globally. The country’s robust economic performance continues to attract major investors, including Dangote Cement Plc, which plans to establish a new plant there.
Zenith Bank already operates subsidiaries in Ghana, Sierra Leone, and The Gambia, along with a representative office in South Africa. Beyond Africa, the bank maintains subsidiaries in the United Kingdom and France, a representative office in China, and a UK branch in Dubai.
Broader Trend Among Nigeria’s Leading Financial Institutions
The bank’s shares have climbed 43% year-to-date, outperforming the Nigerian Exchange All Share Index, which posted a 35% gain over the same period.
Zenith’s expansion aligns with a broader trend among Nigeria’s leading financial institutions, which have diversified their services and geographic reach since the 2016 economic downturn.
By offering payments, pensions, and asset management solutions and entering new markets, these banks aim to mitigate domestic credit risks and tap into growth opportunities abroad.
What You Should Know
In January 2025, Zenith Bank successfully raised N350.46 billion through a rights issue and public offering.
The hybrid offering included a rights issue of 5,232,748,964 ordinary shares at N36 per share, and a public offer of 2,767,251,036 ordinary shares at N36.5 per share.
Speaking at the bank’s Annual General Meeting (AGM) in Lagos, Group Managing Director/Chief Executive Officer (GMD/CEO) Adaora Umeoji assured shareholders of the bank’s solid financial standing, emphasizing that Zenith Bank is not under pressure to raise additional funds for its recapitalization.