ZENITH BANK RAISES OVER N350 BILLION IN COMBINED RIGHTS ISSUE AND PUBLIC OFFER

Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.

In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the Bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded Hybrid Offer, comprising of a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share and Public Offer of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share.

The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise. The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

Lauding the development, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand. This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability. We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise. This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”

Proceeds from the Hybrid Offer will be strategically deployed to solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the Bank’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.

The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.

The results of the Hybrid Offer, which garnered substantial interest from domestic and international investors, has positioned the Bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline. The Bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.

Responses That Should Turn You Off While Doing Due Diligence in Nigeria’s Real Estate

By Dennis Isong

Let me share a story. A painful one.
In November 2023, I met Chika, a young entrepreneur full of ambition. She had saved for three years to buy her first plot of land in Lagos. She dreamed of building her own bakery there someday—a dream she’d nurtured since childhood.

Chika found a seller through a friend’s recommendation. The location seemed perfect, and the price was “a steal.” When she began asking basic questions during due diligence, the seller’s responses were… strange.

When she asked about the land’s title, the seller waved her off. “Ah, no need to stress yourself. Trust me, this land is clean!” he said, flashing a reassuring smile. When she pressed further, he added, “See, other buyers are waiting. If you waste time, someone else will grab it!”

Against her better judgment, Chika paid. The fear of missing out overpowered her. Months later, she discovered that the land was already sold to two other buyers. Her N3 million vanished. Her bakery dream was shattered.

She sat in my office, teary-eyed, asking, “Dennis, why didn’t I see the red flags? How could I have been so blind?”
Her story is a painful reminder that some responses during due diligence are major red flags. If you hear any of the following phrases or behaviors, it’s time to step back and protect yourself.

1. “Don’t Worry, the Land is Clean”
Whenever a seller or agent says, “Don’t worry, trust me,” without providing proof, you should immediately worry. In Nigeria’s real estate market, trust is earned, not assumed.

A land being “clean” means it is free of disputes, government acquisition, or other issues. If the seller refuses to provide documents like the Certificate of Occupancy (C of O), Deed of Assignment, or Survey Plan, it’s a glaring warning sign.

What they’re really saying is, “I have something to hide, and I don’t want you to find out.”

2. “You Don’t Need a Lawyer”
Ah, this one. Many shady sellers will try to convince you that involving a lawyer is unnecessary. They’ll say things like:
“I’ve done this for years; lawyers just want to collect your money.”

“You’ll waste time if you involve a lawyer.”

This is manipulation, plain and simple. A lawyer ensures that all documents are valid and protects you from legal pitfalls. If someone discourages you from hiring a lawyer, it’s a sign they’re trying to cut corners—and possibly scam you.

3. “The Price Will Increase Tomorrow”
Pressure tactics are a classic move in real estate fraud. When a seller tells you, “Other buyers are waiting,” or “If you don’t pay today, the price will go up tomorrow,” it’s often a ploy to rush you into making a hasty decision.

Think about it: Why would a genuine seller rush you? Good land doesn’t sell itself in one day, especially when proper documentation is involved. If they’re pushing you to act fast, it’s likely because they don’t want you to uncover the truth.

4. “I’ll Handle All the Documents for You”
While it may sound convenient, a seller offering to handle all documentation should raise your suspicions. Why don’t they want you to see the process?

Here’s the truth: handling documentation gives you control and ensures transparency. If you blindly trust a seller to “take care of it all,” you might end up with fake or incomplete papers.

5. “It’s Family Land; We Don’t Have Titles Yet

In Nigeria, many disputes arise from “family land.” Sellers often claim they inherited the land and don’t have titles yet but promise to “regularize” the documents after you pay.

This is risky. Without proper titles, you could be buying into a web of family disputes. If they can’t produce a clear document, walk away.

6. “You Don’t Need to Inspect the Land”
Imagine paying for land you’ve never seen. Unbelievable, right? Yet, it happens more often than you think. Some sellers will discourage you from inspecting the property by saying:

“The land is far; I’ll show you pictures.”
“The area is still developing, but it’s a good investment.”

Never buy land without seeing it yourself—or better still, with a professional surveyor. Pictures can be deceiving, and some sellers will show you land that doesn’t even exist.

7. “Don’t Involve the Community”
In many parts of Nigeria, land transactions involve local communities or traditional rulers. Some sellers, however, will warn you not to speak to the community, saying:
“They’ll confuse you.”
“The land doesn’t concern them.”
This is a major red flag. Communities often have valuable information about the land, including its history, disputes, or encumbrances. If a seller is trying to cut them out of the process, something is likely wrong.

8. “The Survey Plan is With Someone Else”
The survey plan is a crucial document that shows the exact location and size of the land. If a seller says it’s “with someone else” or promises to provide it after payment, be careful.
How can you verify what you’re buying without a survey plan? This excuse often hides fraudulent intentions.

9. “Don’t Worry About a Search; It’s Stressful”
Conducting a search at the land registry is one of the most critical steps in due diligence. It confirms whether the land has a valid title and is free from disputes.
If a seller tells you not to bother, they’re trying to hide something. The search process might take time, but it’s worth every second.

10. “Just Trust Me”
Finally, the ultimate red flag is when a seller relies solely on trust without offering proof. Real estate is a business transaction, not a friendship. Trust is good, but documents are better.

How to Protect Yourself
Ask Questions: Don’t feel intimidated. Ask for every document—C of O, Deed of Assignment, Survey Plan, and any other relevant papers.
Hire a Professional: Get a lawyer, surveyor, or real estate expert to guide you.
Do a Search: Visit the land registry to verify the property’s status.
Visit the Land: Inspect the property yourself to confirm its existence and condition.
Involve the Community: Speak to locals to understand the land’s history and avoid disputes.

Final Thoughts
Chika’s story—and countless others like it—reminds us of one thing: due diligence is not negotiable. If a seller’s responses sound suspicious or dismissive, take a step back. It’s better to miss out on a deal than to lose your hard-earned money.
In Nigeria’s real estate market, red flags are everywhere. Your job is to spot them, avoid them, and protect your investment. Don’t let pressure or promises cloud your judgment. Always remember: it’s better to walk away than to walk into trouble.
Your investment deserves protection. Don’t rush. Don’t assume. Verify everything.

Written by Dennis Isong, your trusted partner in Nigeria’s real estate market. Let’s guide you to safe and profitable property investments.

ZENITH BANK ENHANCES STAFF PAY BY OVER 20% AND PROMOTES ABOVE 4,000

One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.

This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.

With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS