Zenith Bank Plc has announced plans to expand its operations into Côte d’Ivoire and eight other Francophone African countries, marking a major step in its regional growth strategy following the successful completion of its N614.65 billion hybrid capital raise.
At a closing gong ceremony held at the Nigerian Exchange (NGX), the Group Managing Director and Chief Executive Officer, Adaora Umeoji, said the recapitalization has positioned Zenith Bank for accelerated growth and regional scale.
“Since the capital raise exercise, we’ve been able to use part of the money to expand our footprints. We started by opening our Paris branch, and we are going to move from there to Côte d’Ivoire, which we are already processing the license,” Umeoji said.
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She explained that the Côte d’Ivoire expansion represents a strategic entry point into Francophone Africa, as securing the license will grant the bank passporting rights into eight additional French-speaking markets across West and Central Africa.
“This expansion strategy is a result of us following our customers’ business and ensuring that we go to countries and economies where we can scale and be able to provide more returns for our shareholders,” Umeoji said, emphasizing that the new phase of growth aligns with Zenith Bank’s broader ambition to become a pan-African financial powerhouse.
The move also reflects a broader shift in the Nigerian banking industry, where institutions are increasingly looking beyond domestic borders to mitigate currency and regulatory pressures while tapping into high-growth regional markets. Francophone West Africa, which includes economies like Senegal, Benin, and Burkina Faso, offers strong growth potential due to rising cross-border trade, expanding financial inclusion, and relatively stable monetary policies under the CFA franc zone.
Zenith Bank’s hybrid capital raise — combining debt and equity instruments — was significantly oversubscribed, lifting its capital base by 160% to N614.65 billion. The successful raise not only fortified the bank’s balance sheet but also expanded its shareholder base.
“This recapitalization exercise has really helped us, positioned us, grown our business, and it has made us have more than 700,000 shareholders since we got listed,” Umeoji said.
The bank’s latest financial performance underscores its readiness for the next phase of growth. For the first half of 2025, Zenith Bank reported a pre-tax profit of N625.63 billion and a post-tax profit of N532.18 billion. Gross earnings rose 19.96% year-on-year to N2.521 trillion, driven mainly by a surge in interest income.
Interest income contributed 73% to gross earnings in H1 2025, up sharply from 55% in the same period last year, with a 60% year-on-year increase to N1.839 trillion. The figure already accounts for 67% of the bank’s full-year 2024 interest income, reflecting strong credit growth and improved yield on assets.
In recognition of its robust performance, Zenith Bank’s Board approved an interim dividend of N1.25 per share, a 25% increase from the N1.00 paid in H1 2024. The dividend hike, Umeoji noted, reaffirms the bank’s commitment to rewarding shareholders while sustaining its expansion agenda.
Zenith’s expansion drive comes amid renewed capital requirements for Nigerian banks following the Central Bank of Nigeria’s recapitalization directive, which aims to strengthen the banking sector ahead of macroeconomic challenges and currency volatility. Analysts say Zenith Bank’s early capital raise gives it a competitive advantage, positioning it ahead of peers in meeting regulatory thresholds while pursuing regional diversification.
With its Paris branch now operational and Côte d’Ivoire next in line, Zenith Bank appears poised to leverage its strengthened capital base to tap into Africa’s fast-growing cross-border banking corridor. The move, analysts say, could transform Zenith into one of the continent’s most influential financial institutions — linking Anglophone and Francophone Africa under a single, integrated banking network.