We Paid Highest Dividend Without FX Revaluation Gains – Zenith Bank GMD, Umeoji Declares

The Group Managing Director Adaora Umeoji has declared that Zenith Bank paid the highest dividend, by any bank in Nigeria, with organic gains.

The bank which paid four Naira – N4.00 – per share in its latest profit sharing has retained its status as the highest dividend paying financial institution for five years – back to back.

Providing insight into the development that further shores up confidence of shareholders and investing public in the ongoing Zenith Bank Hybrid Rights Issue and Public Offer, aimed at raising approximately N290 billion, Umeoji disclosed that “this dividend payout is actually from our organic profit without  FX revaluation gain.  This shows room and the ability to actually pay dividends organically. We can actually pay more because. we just paid 25%. so the room and the gap is there to pay more to our shareholders.”

Forex revaluation gains occur when there is an increase in the value of a bank’s assets and liabilities denominated in foreign currency due to a change in the exchange rate between the foreign currency and the local currency.

The history making Chief Executive – the first female Group Managing Director of the nation’s most profitable bank – made the disclosure, about how well Zenith Bank is doing independent of FX revaluation gains, on Monday, August 12, 2024, at an engagement themed “Facts Behind The Offer” regarding its hybrid offer .with stock brokers, shareholders and investing and related public in attendance.

The “Facts Behind The Offer”engagement further highlights the value of the ongoing 2024 hybrid offer that comes on the heels of other successes recorded in the capital market including the  oversubscribed by 524 percent offer of 2004, the 2007 public offer and rights issue oversubscribed by 497 percent and the fully redeemed and successful one Billion dollars euro bonds of 2022.

With its issued and fully paid share capital standing at N15.698 billion, complemented by a share premium of N255.047 billion, Zenith Bank is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 percent gain in potential immediate return for existing shareholders and new investors.