Zenith Bank Plc says it plans to raise up to $500 million in fresh capital through a Eurobond issuance and a rights issue, as part of efforts to strengthen its balance sheet and comply with the Central Bank of Nigeria’s new minimum capital requirements.

In a notice to the Nigerian Exchange Limited on Sunday, the lender said the programme will be executed in phases, subject to regulatory approvals and market conditions.

The plan includes issuing a $500 million Eurobond to international investors alongside a rights issue to existing shareholders.

Proceeds will be used to boost capital adequacy, expand lending to key sectors, and position the bank for long-term growth.

The move follows the CBN’s March 2024 directive mandating commercial banks to increase their minimum capital bases within two years—N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks.

Zenith Bank, one of Nigeria’s largest lenders by assets and profitability, said the capital raising highlights its commitment to sector leadership and support for Nigeria’s economic development.

“The capital raising exercise is in line with the bank’s strategy of maintaining a strong capital buffer to support business growth, sustain investor confidence, and ensure full compliance with regulatory requirements,” the notice stated.

Zenith Bank, which posted a profit-before-tax of N505 billion in H1 2025, is viewed as well-positioned to draw strong investor demand for its Eurobond and rights issue.

The recapitalisation is expected to reshape Nigeria’s banking sector, with industry consolidation and new foreign inflows likely as lenders rush to meet the CBN’s deadline.