Shareholders of Zenith Bank Plc have given their unanimous approval for the restructuring of the Bank into a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually on Friday, April 26, 2024. In line with the Scheme of Arrangement dated March 28, 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020, the shareholders voted to transfer shares to Zenith Bank Holding Company Plc in exchange for the allotment of shares in the HoldCo in the same proportion to their shareholding in the Bank.
During the EGM, Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, expressed his gratitude to the shareholders for their unwavering commitment, stating, "The transition of the Bank to a holding company is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives."
Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive, praised Jim Ovia for his pivotal role in creating a trailblazing institution in the nation's financial services industry. Dr. Onyeagwu highlighted the potential of the HoldCo structure, saying, "The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking...It presents a big opportunity for us to have a wider lens and scope in terms of what we can do."
Regarding the recapitalisation plan, Dr. Onyeagwu mentioned that Zenith Bank is on track to receive shareholder approval at the upcoming Annual General Meeting on May 8, 2024. He expressed confidence in the Bank's ability to raise the required capital, noting that Zenith is expected to raise the least amount among its industry peers due to its robust capital base.
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