Nigeria, Jan. 27 -- Zenith Bank completed a capital raise which enabled it to source N350.1 billion from equity investors ahead of a deadline to meet new recapitalisation requirements by the Central Bank of Nigeria (CBN).

Nigeria's biggest lender after GTCO raised the cash from a mix of public offer and rights issue during which 2.8 billion and 5.2 billion ordinary shares were put up for sale respectively, it said in a statement on Monday.

The rights issue was 100.2 per cent subscribed, while the public offer was 160.5 per cent subscribed.

In all, 4.4 billion shares were allotted in accordance with the terms of the offer and the central bank's capital verification exercise, the regulatory filing stated.

Commercial banks in Nigeria are...