Zenith Bank Shareholders Approve Holdco Structure Nume Ekeghe Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights,
Zenith Bank Plc, Victoria Island, Lagos, on Friday, April 26, 2024. In accordance with the Scheme of Arrangement dated March 28 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo
each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc (the HoldCo) in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo
each in the share capital of the HoldCo in the same proportion to their shareholding in the Bank. Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR. The shareholders also approved
that all of the shares held by the nominees of the Bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo. The Board of Directors were also authorised to delist the shares of the Bank
and the Existing GDRs from the official list of the Nigerian Exchange and the London Stock Exchange respectively as well as re-register the Bank as a private limited company under CAMA Continued on page 5
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L-R: Chief Executive, Lazard Group, Peter Orszag; Rwanda President, Paul Kagame; President Bola Ahmed Tinubu; Malaysia Prime Minister, Anwxar Ibrahim; Managing Director, International Monetary Fund, Kristalina Geogieva and Head of Middle East and North Africa, World Economic Forum, Maroun Kairouz, during the World Economic Forum in Saudi Arabia... yesterday
Tinubu at WEF, Says Subsidy Removal, Forex Reform Saved Nigeria from Bankruptcy Meets Microsoft founder, Bill Gates, Chairman of A.P Moller-Maersk, Maersk Uggla, CEO of Samsung, Hong Namkoong, others Secures $600m Danish investment to expand Nigeria's existing seaports Deji Elumoye in Abuja President Bola Tinubu, yesterday, said last year's removal of fuel subsidy and current efforts by his administration to manage Nigeria's foreign exchange market were necessary steps that prevented the country from going into bankruptcy. Tinubu, who spoke at the opening of a two-day Special World Economic Forum in Riyadh, Saudi Arabia, also met with key global business leaders, on the sidelines of the event. The business leaders included Microsoft founder and philanthropist, Mr. Bill Gates; Chairman of Danish shipping and logistics company, A.P Moller-Maersk, Maersk Uggla; President and Chief Executive Officer of Samsung, Hong Namkoong; as well as Chairman of Samsung Investment Global, Jungwook Kim. Continued on page 5
ZENITH BANK COURT-ORDERED EXTRAORDINARY GENERAL MEETING... The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Right) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Left) during a court-ordered Extraordinary General Meeting (EGM) held virtually from the Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos... Last Friday