Jim Ovia, Chairman of Zenith Bank Plc, has expanded his ownership in the financial institution to 14.12% after the completion of the bank’s N350.4 billion hybrid Rights Issue and Public Offer.
Ovia now controls 5.799 billion shares in Zenith as of June 2025, compared with 5.082 billion shares at the end of December 2024. Based on the bank’s September 18 closing price of N66 per share, his stake is currently worth about N335 billion.
The capital raise included a Rights Issue of 5.23 billion ordinary shares offered at N36.00 each, and a Public Offer of 2.77 billion ordinary shares at N36.50 each.
The Rights Issue achieved full subscription at 100.18%, while the Public Offer recorded 160.47% subscription, with 4.44 billion shares allotted in accordance with the Central Bank of Nigeria’s capital verification guidelines.
Following the exercise, Zenith Bank’s total outstanding shares stood at 41.06 billion as of June 30, 2025.
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