Zenith Bank’s Chief Executive Officer and Group Managing Director, Dr. Adaora Umeoji, has acquired 11 million units of the bank’s shares in a move widely seen as a strong vote of confidence in the lender’s growth trajectory after Nigeria’s banking recapitalisation drive.

According to a regulatory filing on the Nigerian Exchange (NGX), the transaction—valued at N732.6 million—was executed on, November 26, at N66.60 per share.

Market analysts say the sizeable insider purchase underscores management’s assurance in Zenith Bank’s resilience, capital strength, and near-term earnings prospects.

Dr. Umeoji’s share acquisition comes at a time when investor sentiment around the Tier-One lender has strengthened considerably. Zenith Bank has recently attracted bullish coverage from research houses following expectations that Nigeria may soon return to the FTSE Russell Frontier Market Index, two years after its 2023 downgrade.

The potential reinstatement, analysts say, could unlock additional foreign portfolio inflows for leading Nigerian stocks—including Zenith Bank, which was previously part of the index.

A report by CardinalStone Partners, led by analyst Philip Anegbe, described the FTSE Russell review as a “major catalyst” for Nigerian equities, noting that Zenith Bank stands to gain significantly if the market upgrade materialises.

“A successful reinstatement would not only be positive for the broader market but would also reinforce our conviction that Zenith Bank stands to benefit meaningfully,” the firm said in its November 20 investment note to clients.

CardinalStone also revised its 12-month target price for Zenith Bank to N97.86, representing a potential 64.5% upside from the market price of N59.50 at the time of the report.

The financial advisory firm reaffirmed its BUY recommendation, citing the bank’s robust balance sheet, consistent profitability, and its comparative valuation gap relative to peer institutions in Europe, the Middle East and Africa (EMEA).

Zenith Bank’s stock has performed strongly in 2025, rising 31.8 percent year-to-date, supported by improved liquidity conditions in Nigeria’s foreign exchange market and renewed investor appetite for high-quality banking stocks. The lender currently holds a market capitalisation of N2.46 trillion ($1.64 billion), cementing its position among the country’s most valuable financial institutions.

Market watchers note that Dr. Umeoji’s fresh investment—coming amid heightened anticipation of market reclassification and sector-wide recapitalisation—reinforces the bank’s message of stability, strong governance, and long-term value creation for shareholders. (TRIBUNE)