With Over N614 Billion Capital Base
OpenLife Nigeria reports that using varied metrics, Zenith Bank Plc has convincingly positioned itself as a bank with requisite financial muscles to lend credible supports to federal government’s target of achieving a $1 trillion Gross Domestic Product (GDP) target by 2030.
On Monday, July 21, 2025, Federal Government announced its commitment toward achieving one trillion dollars economy by 2030 as part of its 8-point Renewed Hope Agenda. Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made this disclosure at a Domestic Investment Summit in Abuja.
According to Oduwole, the ministry is accelerating economic diversification through targeted reforms in industrialisation, digitisation and creative economy, manufacturing and innovation.
“The Nigeria First Policy,” she stated is how to “actualise that vision by turning ambition into productivity and productivity into competitiveness.”
Before then, specifically on July 8, the Central Bank of Nigeria, CBN, insisted that recapitalisation of banks in the country was for the common good of the nation to achieve robust, resilient, and fit for purpose banks to grow the economy.
Notably, Banks, as an indispensable elements in the actualization of this humongous economic target will not only provide bulk of the money supply being the primary means of facilitating the flow of credits to business players but provide medium and long-term finance to the industrial and agricultural sector.
At the moment, leading the recapitalization game is Zenith Bank Plc.
Foundation
Founded in May 1990 by Dr. Jim Ovia to compete with the existing four major banks like Union Bank, First Bank, UBA and Afribank, Zenith Bank commenced banking operations in July of the same year.
At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors.
Expansion
The bank’s first office was originally a residential house in Victoria Island that was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth.
In 1997, following a directive for banking institutions to shore up their capital base, Zenith increased its capitalization to N500 million.
Growth using technology
In 1999, Zenith Bank embraced the use of the internet for marketing financial services and to promote the use of online banking by consumers and becoming one of the earliest companies to invest in online banking.
In the early 2000s, Zenith’s profile began to rise, its investments in information technology helped it compete against the major banks that had a larger branch outreach and it soon began to announce net profits comparable to some of the older big banks.
Initial Public Offer
On 17 June 2004, following a successful IPO, the bank became a public limited company. On 21 October 2004 its shares of the stock were listed on the Nigeria Stock Exchange (NSE). The bank’s shares are traded on the London Stock Exchange (LSE) following a listing of the $850 million worth of its shares at $6.80 each, in 2013.
Leading the Pack
Zenith Bank has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by The Banker, Financial Times Group, United Kingdom.
These feats are testaments to the bank’s ability to withstand headwinds.
Recapitalization
Ahead of the March 31, 2026 deadline for recapitalization, Zenith Bank Plc has surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirement for banks with international authorisation, achieving a capital base of ₦614.65bn following the conclusion of its public offer, which raised ₦350.46bn.
Listed on the Nigeria Stock Exchange and the London Stock Exchange, this feat demonstrates the bank’s proactive approach to meeting regulatory standards, positioning it as one of the most well-capitalised brands in the Nigerian banking sector.
Confirming the strength of the bank and credibility of Nigeria’s capital markets at a closing of Gong Ceremony recently , Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, lauded the success of Zenith Bank’s offer as a demonstration of the depth and integrity of the bank.
Service outlets
With over five hundred {500} branches and business offices nationwide, Zenith Bank has presence in all the state capitals, the Federal Capital Territory (FCT) and major towns and metropolitan centres in Nigeria.
Indisputably, Zenith Bank is one of Nigeria’s leading financial institutions operating domestically, regionally and internationally.
Headquartered in Victoria Island, Lagos, Zenith Bank is a major financial services provider in Anglophone West Africa.
It maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone and The Gambia. The Bank also has an office in China and France.
Impressive 2025 Financial report
Zenith Bank PLC reported gross earnings of ₦2.52 trillion for the six months ended 30 June 2025, a 20% increase compared to ₦2.10 trillion in the same period of 2024. Profit before tax, however, decreased to ₦625.63 billion from ₦727.03 billion. Profit after tax also decreased to ₦532.18 billion from ₦577.99 billion
Zenith Bank PLC’s total assets stood at ₦30.99 trillion as of 30 June 2025, compared to ₦29.96 trillion at 31 December 2024. Total liabilities reached ₦26.42 trillion, up from ₦25.93 trillion. Shareholders’ equity increased to ₦4.57 trillion from ₦4.03 trillion. The increase in assets was primarily driven by growth in cash and balances with central banks, treasury bills, and loans and advances.
The group’s international banking license strengthens its fundamentals in H1 2025, complemented by an extensive retail and corporate banking network, as well as diversification across interest and non-interest income streams. With a cost-to-income ratio rising to 48.2%, efficiency pressures persist; however, management has successfully maintained asset quality, with non-performing loans (NPLs) improving to 3.1% in H1 2025 from 4.5% the previous year.
This follows the bank’s limitation of the single obligor limit (SOL) to one obligor, while its forbearance on other credit facilities applied to two customers prior to the end of Q2 2025.
Capital adequacy also improved to 26.3%, exceeding regulatory requirements, which provided Zenith with a buffer to support its growth.
Outlook
Zenith Bank remains a fundamentally strong financial lender, with a robust balance sheet reflecting growing deposits and large capitalisation. Overtime, the bank continues to generate superior margins and healthy returns relative to the broader market.
Asset quality has improved, capital adequacy remains strong, and liquidity buffers appear comfortable, thereby positioning Zenith Bank to withstand severe macroeconomic headwinds.
With the bank’s stock trading at relatively modest multiples, the bank indicates a hidden value opportunity; it has received strong recent buy recommendations from top-rated stockbrokers and financial advisers.
Awards
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.
Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.
The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.
Corporate Governance
The bank’s chairman is Dr. Jim Ovia . In 2024, Dame Adaora Umeoji became the Group Chief Executive Officer, succeeding the immediate CEO, Mr.Ebenezer Onyeagwu.
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