Na big news for banking sector today as Zenith Bank Plc from Nigeria don officially finalize di acquisition of Paramount Bank Kenya Limited. Di deal wey dem first talk about for November 2025 don finally see finish after all regulatory approvals from both Nigeria and Kenya authorities. As we dey yarn dis gist, Zenith Bank don become full owner of Paramount Bank with 100% share capital.
Dis move mean say Zenith Bank don officially enter Kenya market and by extension, East Africa. For those wey no sabi, Paramount Bank na di 33rd bank out of 39 licensed banks for Kenya, with market share of about 0.2%. But di real deal na di strategic position wey Kenya dey offer. Kenya get stable economy, predictable exchange rate, and GDP wey pass $136 billion. Na proper gateway into East Africa market.
Zenith Bank Group Managing Director and CEO, Dame Dr. Adaora Umeoji, OON, yarn say di 2025 results show say dem dey serious about dia strategy execution. “We successfully strengthened our asset quality, optimized our balance sheet, and invested in the capabilities that will propel our next phase of growth,” she talk. Di bank record gross earnings of NGN4.19 trillion for 2025, wey be 6% increase from 2024.
Even though profit before tax drop by 5% to NGN1.26 trillion, profit after tax still grow small by 1% to reach NGN1.04 trillion. Customer deposits rise by 11% to NGN24 trillion, show say people still trust di bank. Di bank also propose total dividend of NGN10 per share, double wetin dem pay for 2024.
For di acquisition matter, di bank statement wey company secretary Michael Osilama Otu sign explain say dis na major step for dia long-term growth strategy. “Di move not only strengthens our footprint across sub-Saharan Africa but also enhances our ability to support customers engaged in cross-border business operations,” di statement yarn.
Na interesting turn of events because for November 2025, Zenith Bank don deny reports say dem dey plan to acquire Paramount Bank. But now, di deal don complete. Di bank already get presence for Ghana, Sierra Leone, and The Gambia for West Africa, plus United Kingdom, China, United Arab Emirates and France.
With dis new acquisition, Zenith Bank go fit support clients wey dey operate across multiple regions for Africa. Di bank get strong operational base with 456 branches and over 30 million cards issued as of end-2025. Dem also open 1.9 million new accounts for last year alone.
Di value of di deal no dey disclosed, but analysts dey look am as strategic move to tap into Kenya’s growing financial sector. Kenya na one of Africa’s key financial hubs with relative macroeconomic stability. Di bank say di acquisition align with dia strategy of expanding alongside dia clients’ businesses.
For related news, Access Bank (Kenya) Plc don also secure permission to complete acquisition of National Bank of Kenya from Kenya Commercial Bank Group. Di Central Bank of Kenya approval allow Access Bank to take over 100% of NBK shareholding. Meanwhile, for stock market side, Ghana Stock Exchange don become Africa’s best-performing securities market for first quarter of 2026 with 43% rally.
Nigeria’s Naira don become world’s second best performing currency dis year, gain over 7% against dollar for first quarter. Nigerian stock market dey get boost from Dangote refinery planned IPO wey go happen within next four to five months. Alhaji Aliko Dangote, President of Dangote Group, confirm say shares of Dangote Refinery go list on Nigerian Exchange Group soon.
Back to Zenith Bank matter, di bank enter Kenya with strong financial performance. Total assets rise to 31,458 billion naira ($22.8 billion) for 2025. Non-performing loan ratio improve to 3.8% from 4.7% for 2024. Capital adequacy ratio stand at 25% and liquidity ratio at 71%, well above regulatory minimum.
Di completion of Paramount Bank acquisition follow receipt of all necessary regulatory approvals from authorities in both Nigeria and Kenya. Di bank emphasize say dis move underscore dia commitment to deepening presence for key African markets and driving sustainable growth.
For East Africa side, Nairobi Stock Exchange dey generate significant momentum because of recent listing of Kenya Pipeline Company. Di IPO close oversubscribed with Kenyan institutional investors and East African buyers absorb most of di KSh106.3 billion share sale. Trading at NSE enter new phase after rollout of Safaricom‘s Ziidi Trader app.
As Zenith Bank settle for Kenya market, industry watchers dey look how dem go integrate Paramount Bank operations. Di acquisition mark Zenith Bank’s official entry into East African banking market after months of speculation and regulatory processes.
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