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Market Digest Nigeria

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Zenith Bank Shareholders approves N100b Fresh Capital

The approval to raise additional capital of N100 billion has been granted by the shareholders of Zenith Bank Plc.

This approval came during the 26th Annual General Meeting (AGM) of the bank held in Lagos on Wednesday.

The N100 billion would be raised at the capital market through public hearing, rights issue or any other method deemed fit by the board in local or international market or combination of both.

Mr Peter Amangbo, the Group Managing Director of Zenith Bank, promised that more would be done to grow the bank’s deposit base, adding that the focus now is to continue to satisfy its esteemed customers with efficient and effective service delivery mechanism.

He further said the bank was working closely with registrars to bring down the unclaimed dividend figure.

During the meeting yesterday, shareholders authorised a hike in the bank’s share capital to N25 billion comprising N20 billion by the creation of additional 10 billion ordinary shares of 50k each.

Speaking at the meeting, Mr Sunny Nwosu, founder, Independent Shareholders Association of Nigeria (ISAN), commended the bank for the improved performance and final dividend of N1.77 per share in spite of unfriendly operating environment.

Mr Nwosu said that the bank needed to map out strategies aimed at bringing operating expenses to reduce operating cost. He said that the management must put machineries in place to ensure all loans were recovered.

Mr Nona Awo, a shareholder, said that the bank needed to drive down its unclaimed dividend figure of N3 billion as at Dec. 31, 2016.

Mr Awo said that the bank should increase deposit drive by extending tentacles across the country, especially to unbanked areas.

 

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