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Tomarket

Tomarket Airdrop Event Kicks Off Today: Key Insights About the Project

Tomarket Airdrop Event Kicks Off Today: Key Insights About the Project

September 2, 2024
Business/Fintech/News
1 min read
Corporate-Online-Banking
Traitocrat Magazine
betalife

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  • Home
  • News
    • Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

      Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

    • Just In: Alimosho LG Vice Chairman Gets Appointment Letter To Take Over Office

      Just In: Alimosho LG Vice Chairman Gets Appointment Letter To Take Over Office

    • Unity Bank, CashToken Rewards Promo Produces New Millionaire

      Unity Bank, CashToken Rewards Promo Produces New Millionaire

  • Business
    • Unity Bank, CashToken Rewards Promo Produces New Millionaire

      Unity Bank, CashToken Rewards Promo Produces New Millionaire

    • Unity Bank, Anwbn Empower Women Entrepreneurs With Ai, Digital Marketing Skills

    • Fidelity Bank Stock record Over 20% Growth Following Combined Offer

      Fidelity Bank Stock record Over 20% Growth Following Combined Offer

  • Politics
    • Just In: Alimosho LG Vice Chairman Gets Appointment Letter To Take Over Office

      Just In: Alimosho LG Vice Chairman Gets Appointment Letter To Take Over Office

    • “Nigerian Government Delivers CNG Buses to Oyo State”

      Nigerian Government Delivers CNG Buses to Oyo State

    • Gbajabiamila: BPP Recovers N1.7 Trillion from Fraudulent Procurement

  • People
    • UBA To Host Business Series ‘Built To Last’ For African Founders, Entrepreneurs

      UBA To Host Business Series ‘Built To Last’ For African Founders, Entrepreneurs

    • Olukayode Ariwoola retires as Chief Justice of Nigeria

      Olukayode Ariwoola retires as Chief Justice of Nigeria

    • Africa needs to be competitive, says Chike-Obi, Fidelity Bank’s Chairman

      Africa needs to be competitive, says Chike-Obi, Fidelity Bank’s Chairman

  • Videos
    • Adron Homes Marks World Day for Safety and Health with Fitness Hangout

      Adron Homes Marks World Day for Safety and Health with Fitness Hangout

    • Just In: Dana Air plane crash-lands in Lagos

      Just In: Dana Air plane crash-lands in Lagos

  • Arts
    • Zenith Bank Plc is set to raise N290 billion through a combination of a Rights Issue and a Public Offer in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN). This announcement was made during the Zenith Bank Rights Issue/Public Offer Signing Ceremony held yesterday, July 29, 2024, at The Civic Centre, Victoria Island, Lagos. This event marks a significant milestone in the bank’s previously announced capital-raising programme, aimed at bolstering its capital base and supporting its growth trajectory across its banking and non-banking subsidiaries. The Rights Issue offers 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the Offer for Subscription presents 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share. The Rights Issue affords existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered on the basis of one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024. Conversely, the public offer for subscription is open to the general public and aims to attract new investors. Speaking at the signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, expressed enthusiasm about the Rights Issue and Public Offer, stating, “Today, we signed the transaction documents with respect to Zenith Bank’s N290 billion Rights Issue and Public Offer. This is slightly above the N230 billion required for us to meet the CBN’s minimum recapitalisation requirement. We are extremely pleased with the level of enthusiasm we have already seen from our existing shareholders for the Rights Issue. Beyond existing shareholders, incorporating a public offer is crucial to ensure that our customers, who are not yet shareholders, can have the opportunity to join in the ownership of this premium brand. “In terms of Tier-1 Capital, Zenith Bank has been adjudged by The Banker, Financial Times to be number one in Nigeria and the only Nigerian Bank in the top 600 banks globally. Over the years, we have consistently rewarded our esteemed shareholders. Specifically, in the last five years, we have maintained the record as the highest dividend-paying Bank in Nigeria. In 2023, we set a record as the only Nigerian Bank to pay a dividend of N4 per share.” She added that the proceeds from the capital raise will be channelled towards expanding banking operations across Africa and internationally, investing in technology infrastructure, and supporting working capital on an ongoing basis. She expressed optimism that given Zenith Bank’s track record of profitability and consistency in creating wealth for shareholders, the capital raise will be a resounding success. She assured prospective investors that Zenith Bank will maintain its leadership in dividend payout in the years ahead and encouraged them to invest in value and invest in Zenith Bank. She also expressed her profound gratitude to the Founder and Chairman, Dr. Jim Ovia CFR, whose vision over 34 years ago laid the foundation for a reputable, dominant, globally recognised financial institution known for innovation, superior performance, and the creation of premium value for all stakeholders. The Chief Executive of Stanbic IBTC Capital Limited, Mr. Oladele Sotubo, commended the management of Zenith Bank for their commitment to the transaction, which provides an opportunity for existing shareholders to consolidate their position and welcomes new investors to join the journey towards the future of Zenith Bank. He also expressed gratitude for the opportunity for Stanbic IBTC Capital Limited to lead and guide the execution of the transactions. Speaking further, he said, “A combined offer that is both a Rights Issue and a Public Offer confirms Zenith Bank’s position as a pacesetter and a role model, which will undoubtedly spur more transactions in the capital market.” The lead issuing house for the Rights Issue and Public Offer is Stanbic IBTC Capital Limited, with joint issuing houses including Quantum Zenith Capital & Investments Limited, CardinalStone Partners Limited, Meristem Capital Limited, Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited and Vetiva Advisory Services Limited. The Offer will open on Thursday, August 1, 2024, and close on Monday, September 9, 2024. Zenith Bank has provided a robust suite of platforms for the Rights Issue and Public Offer. Applications can be made through any of Zenith Bank’s electronic channels: Zenith Bank Internet Banking, Zenith Bank Mobile Application, Zenith Bank Corporate Internet Banking, Zenith Bank Branches nationwide and NGX Invest platform. The Zenith Bank E-Application channels have been integrated into the NGX Invest platform, which can be accessed at https://invest.ngcgroup.com, and are available to all applicants and authorised receiving agents to submit applications on behalf of applicants. The electronic channels democratises the distribution of public offers and rights issues in the capital market, enabling investors to subscribe with the click of a button. R – L: Executive Director, Zenith Bank Plc, Mr. Louis Odom; Executive Director, Mr. Akin Ogunranti; Managing Director/Chief Executive, Vetiva Advisory Ltd, Mr Chuka Eseka; Group Managing Director/Chief Executive, Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON; Group Managing Director, Meristem Securities Ltd, Mr Wole Abegunde; Company Secretary, Mr. Micheal Otu; Executive Director, Stanbic IBTC Capital Limited, Mrs Oyindamola Akinyemi; Executive Director, Mr. Henry Oroh; Executive Director, Mrs. Adobi Nwapa; and Executive Director, Mr. Adamu Lawani during the Zenith Bank Capital Raising Signing Ceremony at the Civic Centre, Victoria Island, Lagos, yesterday.

      Zenith Bank Finalises Plans for N290 Billion Rights Issue and Public Offer

    • Zenith Bank’s 15th Year Reign as Nigeria’s Numero Uno Bank by Tier-1 Capital Among Top 1000 Global Bank Ranking Applauded

      Zenith Bank’s 15th Year Reign as Nigeria’s Numero Uno Bank by Tier-1 Capital Among Top 1000 Global Bank Ranking Applauded

    • Adaora Umeoji Highlights Zenith Bank’s Robust Financial Metrics: Says Bank Is Poised to Cross the N1 Trillion Mark in Profit In 2024

      Adaora Umeoji Highlights Zenith Bank’s Robust Financial Metrics: Says Bank Is Poised to Cross the N1 Trillion Mark in Profit In 2024

  • Opinion
    • Sola Adeyemo Urges Nigerians to Support President Tinubu in Tackling the Nation's Myriad Challenges

      Sola Adeyemo Urges Nigerians to Support President Tinubu in Tackling the Nation’s Myriad Challenges

    • Adron Homes GMD, CEO Offers Insights for National Development

      Adron Homes GMD, CEO Offers Insights for National Development

    • Gbajabiamila: No amount of falsehood can stop Tinubu’s wheel of good governance - Group

      Gbajabiamila: No amount of falsehood can stop Tinubu’s wheel of good governance – Group

  • World
    • Chinese investors Zhongshang seize another $57m Nigerian jet in Canada

      Chinese investors Zhongshang seize another $57m Nigerian jet in Canada

    • Finland Pledges Cooperation with Nigeria on Simon Ekpa Case

      Finland Pledges Cooperation with Nigeria on Simon Ekpa

    • The European Union (EU) Launches EU4Skills Initiative to Enhance Employability and Bridge Skills Gap in Libya

      The European Union (EU) Launches EU4Skills Initiative to Enhance Employability and Bridge Skills Gap in Libya