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Zenith Bank Plc has extended the deadline for its ongoing Rights Issue and Public Offer by two weeks, thereby joining the ranks of Access Holdings Plc and Fidelity Bank Plc.
Initially set to close on September 9, 2024, the acceptance period will now end on September 23, 2024.
The extension is in response to disruptions caused by nationwide protests that began on the same day the offer launched, impacting business operations and individual movement across the country.
The Rights Issue and Public Offer were introduced on August 1, 2024, just as nationwide protests commenced, resulting in severe interruptions to business activities and transportation.
These disruptions hindered many potential investors from participating in the offer as originally planned. In light of this, Zenith Bank sought and received approval from the Securities and Exchange Commission (SEC) to extend the application period.
The bank’s decision to extend the deadline is aimed at providing ample time for shareholders and the public to participate fully in the offer, despite the unforeseen challenges posed by the protests.
Zenith Bank’s Rights Issue and Public Offer are part of its strategic plan to raise an additional N290 billion in capital, which will be used to strengthen its operations, enhance market presence, and improve its balance sheet.
The Rights Issue allows existing shareholders to buy additional shares at a discounted price, thereby increasing their equity in the bank. Meanwhile, the Public Offer provides an opportunity for new investors to acquire shares and benefit from the bank’s growth.
The extension according to the bank, now offers more time for investors to take part, even as the protests continue to affect various sectors of the economy.
The extension presents an opportunity for existing shareholders to reassess their investment and potentially increase their stake in one of Nigeria’s most prominent banks.
Meanwhile, Zenith Bank reported its 2024 second quarter results showing pre-tax profits topped N406 billion in the second quarter of 2024 as forex-related gains boosted the bottom line.
The profits represent a 370 percent increase year on year when compared to the N86.8 billion reported a year earlier.

Zenith Bank’s profits got a major boost from gains made on its trading books which soared to N871.6 billion for the first 6 months of the year up from N77.9 billion a year earlier, just as its shares are trading at about N37 per share.
Zenith Bank’s extension came after Fidelity Bank extended the period of its public offer and rights issue to August 12. It’s hybrid offer was initially to end on July 29, 2024.
However, according to a corporate disclosure on the NGX website, the bank was granted approval by SEC to extend the offer to August 12.
The extension of the offer came with an increase in the size of the total offer, from the initial N127.1 billion to N205.45 billion.
On July 26, the bank convened an extraordinary general meeting where it received its shareholders’ approval to increase the number of ordinary shares being offered. The extended offering will see the creation of 8.2 billion shares
In the same way, Access Holdings Plc extended by a week, the duration of its rights issue, earlier scheduled to end on Wednesday, 14 August.
It allowed Nigeria’s biggest lender by assets more days to make up for the disruption caused by the nationwide protests against the cost-of-living crisis to its bid to raise N351 billion in fresh capital.

“The decision is in response to the recent nationwide protest that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights,” the group said in a regulatory filing

Chima Nwokoji