Zenith Bank Plc, Nigeria’s largest lender by Tier-1 capital, has announced plans to resolve its breaches of the Central Bank of Nigeria’s (CBN) Single Obligor Limit (SOL) by June 30, 2025. This move comes as part of efforts to meet regulatory conditions following a CBN directive halting dividend payments and foreign investments by banks under forbearance.
In a notice to shareholders and investors on Wednesday, the bank confirmed its commitment to meet all requirements to exit the CBN’s regulatory forbearance. Zenith also expressed confidence in resuming dividend payments to shareholders for the 2025 financial year.
The announcement follows increased regulatory scrutiny over the capital positions of Nigerian banks. The CBN had earlier directed banks with unresolved forbearance-related exposures or SOL breaches to suspend dividend payments, prompting tighter oversight.
Zenith clarified that its SOL exposure is limited to a single customer and will be brought within regulatory limits by the June deadline. It added that the forbearance on other credit facilities applies to only two customers, and the bank has already made significant provisions for these. Zenith said it is taking further steps to ensure full provisioning is completed by the end of June.
The bank also highlighted its strong capital base, stating it has already exceeded the new N500 billion minimum capital requirement set by the CBN. This, it said, positions the bank to continue delivering value to stakeholders.
Zenith Bank reaffirmed its leadership in Nigeria’s financial sector, citing its consistent delivery of innovative products and services, strong digital presence, and solid financial results. The bank has also maintained its reputation for excellence, recently being named Nigeria’s top bank by Tier-1 capital for the 15th consecutive year in The Banker magazine’s 2024 Top 1000 World Banks ranking.
