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 goal to become a leading pan-African financial institution. The move follows the successful completion of the bank’s N614.65 billion hybrid capital raise, which was oversubscribed by investors and has significantly strengthened its financial base.
The expansion plan was revealed by the Group Managing Director and Chief Executive Officer of Zenith Bank, Dr. Adaora Umeoji, during the closing gong ceremony at the Nigerian Exchange (NGX) in Lagos. She said the capital raise exercise has positioned the bank for accelerated regional growth and stronger financial resilience.
“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.
According to her, the license in Côte d’Ivoire will serve as a major gateway for the bank to expand into eight other Francophone African markets. These include countries in West and Central Africa, where Zenith Bank aims to follow its customers who are increasingly investing and trading across the region.
“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,” she added.
The planned move into Francophone Africa marks Zenith Bank’s second major cross-border milestone in recent years, following the successful opening of its Paris branch. The Paris office is already playing a key role in strengthening the bank’s global correspondent network and enabling access to European markets.
Zenith Bank’s hybrid capital raise, which attracted strong participation from both institutional and retail investors, has increased the bank’s capital base by 160 percent to N614.65 billion. The exercise has also broadened its shareholder base to over 700,000 investors, reinforcing market confidence in the bank’s long-term strategy.
“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.
Financial analysts have described the expansion as a bold step that reflects Zenith Bank’s ambition to become one of Africa’s largest banking groups. With the bank’s strong profitability and balance sheet, it is well-positioned to compete in high-growth economies across West and Central Africa, and possibly East Africa in the near future.
In the first half of 2025, Zenith Bank reported strong financial performance. The group’s pre-tax profit stood at N625.63 billion, while post-tax profit reached N532.18 billion for the period ending June 30, 2025. Gross earnings grew by 19.96 percent year-on-year to N2.521 trillion, driven largely by a surge in interest income.
Interest income accounted for 73 percent of gross earnings in H1 2025, up from 55 percent in the same period last year. The bank recorded a 60 percent year-on-year growth in interest income, hitting N1.839 trillion, which already surpasses 67 percent of its full-year 2024 interest income.
In recognition of its strong performance, the Board of Directors of Zenith Bank approved an interim dividend of N1.25 per share, representing a 25 percent increase from the N1.00 paid in the same period of 2024. The dividend increase highlights the bank’s continued focus on rewarding shareholders while sustaining its expansion and digital innovation strategy.
Industry observers believe Zenith Bank’s expansion into Francophone Africa will not only enhance regional financial inclusion but also boost Nigeria’s banking influence across the continent. The move is expected to strengthen trade flows between Anglophone and Francophone countries, particularly in sectors such as oil and gas, agriculture, manufacturing, and digital banking.
Zenith Bank, which was founded in 1990 by Jim Ovia, has grown to become one of Nigeria’s largest banks with operations in several countries, including the United Kingdom, Ghana, Sierra Leone, The Gambia, and the United Arab Emirates. Under Dr. Adaora Umeoji’s leadership, the bank has continued to focus on digital transformation, innovation, and regional expansion as part of its long-term growth vision.
The bank’s latest move comes as Nigeria’s financial sector continues to witness a wave of recapitalization activities prompted by new regulatory requirements from the Central Bank of Nigeria (CBN). Many top banks are strengthening their capital positions to meet the new standards and prepare for expansion across Africa.
Zenith Bank’s upcoming presence in Côte d’Ivoire is seen as a key step toward achieving a stronger regional presence, especially in countries using the West African CFA franc, where Nigerian banks have been seeking opportunities to increase their footprint.
With its strengthened capital base, growing digital capabilities, and strategic leadership, Zenith Bank appears well-positioned to drive its next phase of growth across the African continent.
