Zenith Bank to seek approval to raise ₦100b

Nigeria's Zenith Bank said on Tuesday it would seek shareholder approval next month to raise 100 billion naira ($318 million) via a combination of share or bond sale and global depository receipts.

The lender also said it would seek approval to increase its share capital to 40 billion naira from 20 billion naira at the shareholders' meeting on March 22.

Zenith Bank on Monday reported a 2016 pretax profit of 156.75 billion naira, up from 125.62 billion a year earlier.