After Kenya deal and Côte d’Ivoire launch, Zenith Bank expands with new branch in southern Nigeria

Zenith Bank Plc, the Lagos-based financial services group led by Nigerian banker Adaora Umeoji, has strengthened its domestic network with the opening of the Zenith Bank Osubi Branch in Warri, Delta State, extending its presence in Nigeria’s South-South region as it balances international expansion with growth in its home market.

The branch opening reflects a strategy that combines expansion across Africa with continued investment in Nigeria, where the bank continues to grow its physical footprint while serving retail, commercial, and corporate customers. At the official opening on June 24, Umeoji was joined by Delta State Governor Sheriff Francis Orohwedor Oborevwori. Traditional rulers, invited guests, and members of the bank’s senior management also attended the ceremony. 

Zenith Bank scales cross-border banking operations

The new branch comes after a series of moves that have expanded Zenith Bank’s presence beyond Nigeria over the past several months. In March, the lender opened a branch in Manchester, United Kingdom, strengthening its ability to serve businesses involved in cross-border trade and investment while building on its existing operations in the UK.

A month later, Zenith Bank completed the acquisition of Paramount Bank in Kenya, giving it a foothold in one of East Africa’s largest banking markets. The deal also made Zenith the fourth Nigerian lender operating in Kenya, joining United Bank for Africa, Guaranty Trust Bank and Access Bank.

The expansion continued in May with the launch of a new subsidiary in Côte d’Ivoire, marking the bank’s entry into the Francophone banking market. Approved by local regulators, the new unit is expected to support trade finance, corporate banking and cross-border settlement services across the West African Economic and Monetary Union.

Bank assets hit $23.4 billion amid growth

The expansion has been backed by steady earnings growth through 2025 and into early 2026, as higher interest income and stronger fee-based revenue lifted financial performance. In the first quarter of 2026, net interest income increased to N634.1 billion ($462.6 million), from N591.2 billion ($431.3 million) a year earlier. Net fee and commission income rose to N81.05 billion ($59.1 million), compared with N56 billion ($41 million).

Zenith Bank’s balance sheet also continued to grow during the quarter. Total assets rose to N32 trillion ($23.4 billion) as of March 31, 2026, from N31.46 trillion ($22.93 billion) at the end of December 2025. Shareholders’ equity increased to N5.16 trillion ($3.76 billion), while retained earnings climbed to N1.52 trillion ($1.1 billion), reflecting continued growth in operations.