Zenith Bank Plc. Zenith Bank raised N350.4 billion in aggregate through a rights issue of N162.08 billion (subscribed at 160.47%) and a public offer of N188.38 billion (subscribed at 100.78%). Post-recapitalisation capital stands at N614.65 billion, representing a 22.9 per cent premium above the N500 billion threshold. The oversubscription of the rights issue reflects sustained institutional confidence in the bank’s earnings profile and dividend track record. Zenith Bank, Nigeria’s most capitalised lender, has decided to accelerate its global ambitions with a dual move: a planned London bourse listing by 2027 and the inauguration of a new corporate banking hub in Manchester, positioning Zenith as a bridge between African and European markets.
Commodity Market Insights
AccessCorp (Access Bank Plc). AccessCorp completed a rights issue of N370.41 billion, oversubscribed by 5.76% relative to the prospectus offer size of N351 billion, and a private placement of N40 billion, producing a corrected total raise of N410.41 billion. Post-recapitalisation capital stands at N662.22 billion, the highest in the international licence category and in the sector overall. The transaction consolidates AccessCorp’s position as the largest capitalised bank in Nigeria and provides headroom for its pan-African expansion strategy.
FirstHoldCo (First Bank of Nigeria Holdings). FirstHoldCo raised N537.60 billion in total, comprising a rights issue of N187.60 billion (oversubscribed by 25%) and a private placement of N350 billion. Post-recapitalisation capital, on a corrected basis, is N789.42 billion, reflecting the cumulative effect of base capital, the rights issue, and the private placement. The N350 billion private placement is the single largest instrument-level capital raise in the current exercise, reflecting the depth of institutional appetite for First Bank’s restructured credit.
GTCO (Guaranty Trust Holding Company). GTCO deployed a three-instrument capital structure comprising a rights issue of N156.44 billion, a public offer of N209.41 billion, and a private placement of N10 billion, bringing post-recapitalisation capital to N514.04 billion. The combination of institutional and retail participation across three instruments and the scale of the public offer reflect GTCO’s premium market-franchise positioning and broad investor base.
UBA Plc: UBA executed its recapitalisation through two phases of rights issues, with aggregate allotments of N397 billion. Phase one of N239 billion and Phase two delivered N158 billion. Post-recapitalisation capital, on a corrected basis, stands at N512.82 billion, revised from N511.82 billion in prior editions following an arithmetic audit. UBA’s pan-African deposit base and diversified revenue streams underpin the investor thesis that supported subscription levels across both tranches.
Doing Business Advice
Fidelity Bank Plc: Fidelity deployed a three-instrument strategy comprising a rights issue of N29.60 billion, a private placement of N250 billion (subscribed at 109%, and a public offer of N97.50 billion (subscribed at 237%). Post-recapitalisation capital is N506.81 billion. The exceptional public offer subscription rate of 237% is the highest in the current cycle and reflects strong demand from retail investors, positioning Fidelity as a significant beneficiary of the deepening of Nigeria’s retail capital markets.
FCMB Group Plc. FCMB completed a two-phase public offer of N376.40 billion, N11.0 billion through minority divestment in FCMB Pensions Limited, and a convertible note instrument of N23.10 billion, producing a corrected total raise of N410.50 billion. Post-recapitalisation capital is N535.79 billion, which exceeds the N500 billion target. FCMB is requested to formally disclose the terms and conversion mechanics of the convertible note in its next regulatory filing.
