Adaora Umeoji Spends N732 Million to Increase Zenith Bank Stake, Signals Bullish Growth Outlook

Zenith Bank CEO/ Group Managing Director Dr. Adaora Umeoji has splashed N732.6 million ($488,000) to purchase eleven million (11 million) new shares of the bank in a signal of the solid growth outlook of the lender post recapitalization.

The shares were purchased at N66.6 per share and the date of the transaction was Wednesday November 26, 2025, according to a notification on the NGX.

The Tier-One Nigeria lender recently saw its stock price target raised to N97.86 a share as Nigeria is being considered by FTSE Russell for a potential return to Frontier Market status, following its 2023 downgrade.

This move by the global index provider underscores the ongoing improvements in the country’s foreign exchange (FX) market.

“A successful reinstatement would not only be positive for the broader market but would also reinforce our conviction that Zenith Bank—previously included in the index—stands to benefit meaningfully,” Cardinal Stone Partners analysts led by Philip Anegbe said in a November 20 note to clients.

“We expect its return to FTSE Russell coverage to strengthen the case for a re-rating of the counter toward valuation levels closer to its EMEA peers.”

Following updates to its model, Cardinal Stone revised its 12-month Target Price (TP) for Zenith Bank to N97.86, implying a 64.5% potential upside from the market price of N59.50 (at the time of the report) and reinforcing its BUY recommendation.

Zenith Bank shares are up 31.8% year-to-date and the lender has a market capitalization of N2.46 trillion ($1.64 billion)

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