Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered
extraordinary general meeting held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday.
By the Scheme of Arrangement dated March 28, 2024, under Section 715 of the Companies and Allied Matters Act , 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo each in the share capital of...
Also speaking during the EGM, Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive, lauded the Founder and Chairman, Jim Ovia, CFR, for his pivotal role in creating an institution that has consistently been a trailblazer in the nation’s financial services industry. Dr Onyeagwu expressed his optimism about the Bank’s growth trajectory in the coming years as it transitions into a holding company structure.
On the recapitalisation plan of the Bank, Onyeagwu stated that the bank is on course to receive the needed shareholder’s approval in the forthcoming Annual General Meeting , which will kickstart its capital-raising effort in line with the CBN directive. He expressed confidence in the Bank’s ability to raise the stipulated capital, stating that amongst its peers in the industry, Zenith was expected to raise the least amount due to its already robust capital base.
Nigeria and 11 other members of the African Consultative Group have called for adequate and affordable financing to ensure that structural reform agenda produce the desired result.
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