At a virtual Extraordinary General Meeting (EGM) held on April 26, 2024, Zenith Bank Plc shareholders unanimously approved the bank’s restructuring into a holding company.

Under the Scheme of Arrangement, shareholders exchanged their existing Zenith Bank shares for an equal number of shares in Zenith Bank Holding Company Plc (HoldCo). GDR holders received new HoldCo GDRs for their existing shares.

The restructuring also includes the transfer of Zenpay Limited shares and liabilities to HoldCo. The Bank’s shares and existing GDRs will be delisted from the Nigerian and London Stock Exchanges, and the Bank will be re-registered as a private limited company.

Zenith Bank Chairman, Jim Ovia, thanked shareholders for their support and expressed optimism about the restructuring’s benefits. He highlighted the opportunity to explore emerging Fintech opportunities and bolster digital and retail banking initiatives.

Group Managing Director/CEO, Dr. Ebenezer Onyeagwu, praised Ovia’s leadership and emphasized the growth potential of the HoldCo structure. He explained that it allows for diversification into non-banking sectors, including Fintech, where Zenith has received regulatory approval.

Onyeagwu also discussed the Bank’s recapitalization plan, noting that shareholder approval is expected at the upcoming AGM on May 8, 2024. He expressed confidence in Zenith’s ability to raise the required capital due to its strong capital base.