WCSS Zenith (IFC-36982)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Completed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 18, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ZENITH BANK PLC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Nov 12, 2015


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Project Description

This project finances the short-term foreign exchange liquidity needs of local banks to support trade and foreign currency working capital finance needs, including a short-term liquidity facility that will support local enterprises, including small and medium-sized enterprises.

Investment Description
  • International Finance Corporation (IFC)

Zenith Bank PLC is a top-tier bank headquartered in Nigeria and has over 350 branches across the country. Zenith commenced operations in 1990 and became a public limited liability company in 2004, with shares listed on the Nigerian Stock Exchange. Zenith is one of Nigeria's largest banks by total assets. Zenith provides an array of commercial banking services to corporate, commercial and individual customers within and outside Nigeria. Zenith Bank is one of Nigeria's largest banks by total assets and has a market capitalization of NGN 690.7 billion. Zenith Bank has 3 shareholders holding more than 5% of the Bank's total shareholding: Mr Jim Ovia - 9.38%, Stanbic Nominees Nigeria Limited/C001 - 9.24%, Stanbic Nominees Nigeria Limited/C002 - 7.50%, and all other shareholders own less than 5%.

Private Actors

Zenith Bank PLC is a top-tier bank headquartered in Nigeria and has over 350 branches across the country. Zenith commenced operations in 1990 and became a public limited liability company in 2004, with shares listed on the Nigerian Stock Exchange. Zenith is one of Nigeria's largest banks by total assets. Zenith provides an array of commercial banking services to corporate, commercial and individual customers within and outside Nigeria. Zenith Bank is one of Nigeria's largest banks by total assets and has a market capitalization of NGN 690.7 billion.

Contact Information

Michael Anyimah
Multilateral Group
Zenith Bank Plc
Zenith Heights, 87 Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Tel: +234-1-2782328
Email: mailto:Michael.anyimah@zenithbank.com
Website: http://www.zenithbank.com

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/