GMD Umeoji Tells Investments That Transformed Zenith Bank No 1 In Nigeria, Top 10 In Africa
The Group Managing Director, Adaora Umeoji has highlighted the investments that transformed Zenith Bank into the industry leader in Nigeria and among the top 10 financial institutions in Africa.
The Group Managing Director (GMD), who made the disclosures as part of highlighting the value of the ongoing Zenith Bank Hybrid Rights Issue and Public Offer, revealed that “our investment in our people, technology and service has transformed us into a global brand placing us among the top 10 in Africa and the best in Nigeria”.
Checks revealed that the payment of the highest dividend – back to back – for five years running, posting of the highest profit before tax – N796Billion as of December 31, 2023 -, and retaining the the Number One Bank in Nigeria by Tier-1 Capital for the past fifteen years in Top 1000 World Banks’ Rankings, publish by The Banker Magazine attest to the revelation GMD Umeoji.
The GMD provided the insight on Monday, August 12, 2024, at the engagement themed “Facts Behind The Offer”, in regards to the bank’s ongoing Hybrid Rights Issue and Public Offer, aimed at raising N290 billion.
Aside from enabling the bank to meet the Central Bank of Nigeria’s requirement, the Hybrid Rights and Public Offer is geared towards providing additional working capital to support Zenith Bank’s expanding operations and investments in information technology infrastructure.
At present the bank boasts of a network of over 447 branches and cash centers, more than 2, 000 ATM (Automatic Teller Machine) and a Hood Network of agents serving the un-served and under-served communities in consolidating financial inclusion strategy while expanding financial footprints in Africa, Europe and China and United Arab Emirates.
With its issued and fully paid share capital standing at N15.698 billion, complemented by a share premium of N255.047 billion, Zenith Bank is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 percent gain in potential immediate return for existing shareholders and new investors.
In a strong show of confidence in the operations of Zenith Bank, Monday’s enlightenment ceremony about the ongoing Hybrid Rights Issue and Public Offer themed “Facts Behind The Offer” had in attendance the Chairman of the NGX Mr. Ahonsi Unuigbe; Mr. Temi Popoola the GMD/CEO of the NGX; Mr Jude Chiemeka CEO of the NGX; the MD/CEO of the Central Securities PLC Mr. Haruna Jalo-Waziri; the Doyen of the Market Alhaji Rasheed Yusuf; Executive Directors of the Bank; Dr. Henry Oroh, Dr. Adobi Nwapa, Mr. Akin Ogunranti, Mr. Lawani Adamu, Mr. Louis Odom; and Non-Executive Director Dr. Al-Mujtaba Abubakar.
Also in attendance were the representatives of the NGX, the offer Transaction Parties: Stanbic IBTC Capital, Quantum Zenith, Cardinal Stone, Chapel Hill Denham, Coronation, Meristem Capital Limited and Vetiva Capital Management Limited; and other senior management staff of the bank.
Source: SocietyNow.ng
