Zenith Bank Expands into Côte d’Ivoire, Eyes Eight Francophone African Markets After N500bn Capital Raise

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Zenith Bank Plc has announced plans to expand its operations into Côte d’Ivoire and eight other Francophone African countries, following the successful completion of its ₦500 billion hybrid capital raise.

The expansion marks a strategic step in the bank’s ambition to strengthen its footprint across West and Central Africa, with East Africa also on the radar.

Speaking at the closing gong ceremony at the Nigerian Exchange (NGX), Group Managing Director and CEO, Dr. Adaora Umeoji, said the recapitalization exercise has positioned Zenith Bank for accelerated regional growth.

“Since the capital raise exercise, we’ve been able to use part of the funds to expand our footprints. We started by opening our Paris branch, and we are now processing the license for Côte d’Ivoire,” Umeoji said.

Expansion Into Francophone Africa

Dr. Umeoji explained that securing a banking license in Côte d’Ivoire will grant Zenith Bank passporting rights to operate across eight additional Francophone African countries, in line with the bank’s strategy to follow its customers into high-growth markets.

“This expansion strategy stems from our commitment to follow our customers’ businesses and enter economies where we can scale sustainably and deliver more value to our shareholders,” she added.

Capital Raise Strengthens Balance Sheet

Zenith Bank’s ₦500 billion hybrid capital raise, which was significantly oversubscribed, has increased the bank’s capital base by 160% to ₦614.65 billion.

Dr. Umeoji noted that the exercise has fortified the bank’s balance sheet, improved capital adequacy, and broadened its shareholder base.

“This recapitalization exercise has really strengthened us, positioned us for growth, and expanded our ownership. We now have over 700,000 shareholders since we got listed,” she said.

Strong Financial Performance in H1 2025

Zenith Bank posted robust financial results for the first half of 2025 (H1 2025), ending June 30.

Key highlights include:

Pre-tax profit: ₦625.63 billion
Post-tax profit: ₦532.18 billion
Gross earnings: ₦2.52 trillion (up 19.96% year-on-year)

The growth was largely driven by interest income, which surged 60% year-on-year to ₦1.839 trillion, contributing 73% of gross earnings—up from 55% in the same period in 2024.

In recognition of its strong performance, Zenith Bank’s Board approved an interim dividend of ₦1.25 per share, representing a 25% increase from ₦1.00 declared in H1 2024.

What This Means

Analysts say Zenith Bank’s push into Francophone Africa aligns with Nigeria’s broader strategy to strengthen regional financial integration and deepen trade across the continent under the African Continental Free Trade Area (AfCFTA).

The expansion is expected to enhance foreign earnings, boost competitiveness, and diversify income streams as the bank positions itself as a pan-African financial powerhouse.