• Contact Us
  • About Us
Friday, June 20, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Banking

Zenith Bank shelves plans to raise 100 bln naira due to weak economy-Reuters

metro by metro
March 23, 2017
in Banking, Economy
0
Zenith Bank
0
SHARES
0
VIEWS

Zenith BankNigeria’s Zenith Bank has shelved plans to raise 100 billion naira ($318 million) via a combination of bonds and share sales due to weak capital markets, it said on Thursday.

The bank had expected market conditions to improve when it announced plans to seek approval for the funds last month, said Zenith’s head of investor relations Michael Anyimah, but the lender cancelled them due to the struggling economy.
Africa’s biggest economy is in its first recession in 25 years, brought on by low oil prices which have slashed government revenues and crippled dollar supplies in the country, making life difficult for businesses.
“The request for shareholders’ approval to raise fresh capital has been withdrawn,” Anyimah said, adding that the bank had strong buffers to support its operations.
Shares in Zenith, which has shed 6.4 percent this year on the Lagos bourse, climbed 0.07 percent to 13.82 naira each by 1200 GMT. They gained 5 percent last year.
Nigerian regulators have been trying to revive their IPO market which dried up almost 10 years ago following a crisis in the West African country. The Securities and Exchange Commission has proposed to cut listing fees to attract issuers.
However, the main stock index is down 5.1 percent this year after it shed 6.2 percent in 2016. In dollar terms, stocks lost 40 percent last year as the naira fell by a third in the official market against the dollar due to central bank currency reforms.
Zenith has posted a pretax profit of 156.75 billion naira for 2016, up from 125.62 billion a year earlier. ($1 = 314.50 naira) ($1 = 306.4500 naira)

Read Also

Zenith Says Dividend Freeze, Temporary, Exits CBN Forbearance Arrangements By End Of June, 2025

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

Israel-Iran Conflict May Trigger FDI Decline In Nigeeia, Ghana- Report

Tags: Zenith Bank
Previous Post

East Lags West as Nigeria’s Biggest Bank Eclipses Kenya Peer-Bloomberg

Next Post

ISIS claims responsibility for London attack

Related Posts

Zenith Bank
Banking

Zenith Says Dividend Freeze, Temporary, Exits CBN Forbearance Arrangements By End Of June, 2025

June 18, 2025
CBN
Economy

CBN’s Forbearance Policy, CRR, LRR May Threaten Banks’ Lending, Proposed $1tn Economy

June 18, 2025
Dollars
Economy

Israel-Iran Conflict May Trigger FDI Decline In Nigeeia, Ghana- Report

June 16, 2025
Uneasy Calm In Banking Industry Over FG Special Investigator’s Report
Economy

Anxiety As CBN Sticks To June 3 Recapitalisation Deadline For BDC Operarors 

June 12, 2025
Next Post

ISIS claims responsibility for London attack

Business AI, cloud star at SAP Innovation Day in Kenya

June 20, 2025

African Sports Leaders Celebrated at Champs for Change and We Will Lead Africa Book Launch in Johannesburg

June 20, 2025
CBN’s Orthodox Policy Engenders Exploitation, Competition As Banks Rush To Meet Forbearance Deadline 

CBN’s Orthodox Policy Engenders Exploitation, Competition As Banks Rush To Meet Forbearance Deadline 

June 20, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version