Nigeria’s Zenith Bank Plc has issued a formal clarification, dismissing media reports of an ongoing acquisition of Paramount Bank in Kenya.
The clarification follows media and online publications suggesting that the institution had already made definitive decisions and initiated a takeover transaction.
In an official statement dated November 18, 2025, Zenith Bank stated that the information circulating online did not originate from the bank and was not authorised.
“The Bank wishes to formally notify the Nigerian Exchange Limited (NGX), our esteemed shareholders, investors, and the general public that the information currently circulating in the public domain was not released or authorised by the Bank,” read part of the Zenith Bank statement.
Zenith Bank’s Strategic Expansion Agenda
Zenith Bank confirmed that the institution is pursuing a long-term strategic growth plan that includes evaluating regional expansion prospects.
This includes examining potential opportunities within the East African market.
“However, as part of our long-term strategic growth agenda, the Bank is currently exploring various regional expansion opportunities—including within East Africa,” Zenith Bank noted.
The bank further noted that regulatory engagement has commenced in line with achieving its growth objectives.
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This may include discussions related to the potential acquisition of financial institutions in East Africa. However, the clarification pointed out that no transaction has been concluded at this stage.
“Regulatory engagement has been initiated with respect to achieving the above objective, including but not limited to acquisition of any financial institution within the East Africa region,” the Bank stated.
Regulatory Compliance Assurance
Zenith Bank confirmed that, should any future developments warrant regulatory or shareholder notification, the institution will follow the requirements of the Nigerian Exchange (NGX) Rulebook, the Securities and Exchange Commission (SEC) regulations, and other applicable statutory provisions.
“Should any transaction requiring regulatory disclosure or shareholder notification arise in the future, the Bank will comply with all applicable provisions of the NGX Rulebook,” the statement read in part.
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Further, the bank assured its shareholders that it is committed to providing accurate, reliable, and timely information to the market and encouraged stakeholders to rely solely on its official communication channels for verified updates.
Nigerian Zenith Bank Plc
Headquartered in Lagos, Nigeria, on Ajose Adeogun Street, Victoria Island, Zenith Bank has a strong domestic presence with over 500 branches and business offices across the country.
Internationally, it operates subsidiaries in Ghana, Sierra Leone, and Gambia, with representative offices in the United Arab Emirates and China, and established Zenith Bank Paris in France in 2024.
The bank is publicly traded on both the Nigerian and London Stock Exchanges.
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