According to a circular released by the SEC today, Monday, 28 October 2024, the meeting will consider applications from aspiring capital market operators, among other stakeholders.

The circular further reads that “Applications will be accepted from aspiring capital market operators regarding the registration of additional sponsored individuals, the transfer of existing sponsored individuals to new firms, changes in the status or function of sponsored individuals, and the registration of additional functions by existing capital market operators.”

According to the Securities and Exchange Commission (SEC), “the registration meeting will be held from 29 October to 1 November 2024, with an Oral/Virtual Interview (OVI) for Executives and MDs/CEOs from 29 October to 1 November 2024, and a Computer-Based Written Assessment for sponsored individuals on 30 October 2024.”

The venue for the Computer-Based Written Assessment is the Centre for Management Development (CMD), located at Management Village, Shangisa (off Lagos-Ibadan Expressway), Lagos.

SEC’s activities include developing and regulating a capital market that is dynamic, fair, transparent, and efficient, as well as contributing to the nation’s economic development.

In its regulatory role, the Commission undertakes various activities to protect investors and market operators, ensuring market integrity. This regulation is carried out through the deployment of the following tools:

– Registration of securities and market intermediaries to ensure that only fit and proper persons or institutions can operate in the market.
– Instruments and persons registered in the market include Securities/Commodity Exchanges, Capital Trade Points, Futures, Options, and Derivatives Exchanges, as well as Depository, Clearing, and Settlement agencies.
– Other registered entities include Capital Market Operators, Issuing Houses, Securities Dealers, Stock Brokers, Sub-brokers, Registrars, Transfer Agents, Trustees, Reporting Accountants, Solicitors, and Investment Advisers.

The bank announced this extension in a public statement. It explained that the extension of two weeks was granted following approval from the Securities and Exchange Commission (SEC).

The bank cited the nationwide protests that began on August 1, 2024, as the reason for the extension.

It stated: “Zenith Bank Plc has extended the acceptance/application lists for its ongoing Rights Issue and Public Offer which were scheduled to close on Monday, 9 September 2024 by two weeks to close on Monday, 23 September 2024. This is following the receipt of approval from the Securities and Exchange Commission.”

It would be recalled that the rights issue and public offer which launched on August 1, 2024, “were disrupted by the nationwide protest that commenced on the same day, which disrupted business operations and individual movement across the country.”

“The decision has been made to provide ample opportunity for shareholders to take up their rights and the general investing public to subscribe to the public offer,” it added.

Zenith Bank in the ongoing rights issue offers 5,232,748,964 ordinary shares of 50 Kobo each at N36.00 per share, while the Offer for Subscription presents 2,767,251,036 ordinary shares of 50 Kobo each at N36.50 per share.

The rights issue allows existing shareholders to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every six existing ordinary shares held as of Wednesday, July 24, 2024.

Conversely, the public offer for subscription is open to the general public and aims to attract new investors.

Today, Zenith Bank is the highest dividend-paying bank in Nigeria, a trend it has sustained over the past five years. Also, its shares are selling at a massive discount.