In an Easter message released by his media office, Dr. Obasa noted the divine love of God for mankind as confirmed by the death and resurrection of Jesus Christ which is celebrated by Christians all over the world at Easter.
He argued that such love, spread among neighbours, will help to put Nigeria in an enviable position among the comity of nations.
According to Obasa, love comes before other considerations for a society’s existence or progress.
“It is love that propels peace. It is love that makes leaders want to act right, it is love that helps the followers to live in unity. Even Jesus noted that loving your neighbour is one of the most important commandments of God.
“It is love that will help us build faith in our country and grow it further from where it currently stands. With love, there can’t be cases of man’s inhumanity to man.
“Just as Easter allows us to understand the importance of love and forgiveness, I want to urge Nigerians to celebrate the resurrection of Jesus with sober reflection on His virtues and the lessons He left behind,” Obasa said.
The Speaker further urged Christians to use the opportunity of the celebration to pray for a better Nigeria, a peaceful 2023 election as well as divine wisdom for the leaders of the country.
He promised that the Lagos State House of Assembly will continue to promote peaceful co-existence among residents by passing pro-people laws, motions and resolutions.
2023: Tinubu Rallies APC Speakers, Ex-Legislators Ahead of Primary Election
– Says Nigeria Is In Need Of Drastic Solutions To Challenges
+ Mentions Qualities Needed By Nigeria’s Next President
The National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has declared that Nigeria needs a courageous leader to urgently meet the desire of citizens for drastic solutions to the challenges facing the country.
Tinubu also described himself as the most qualified for the position of President in 2023 adding that his aspiration is for a nation that would not be an index of poverty.
The presidential aspirant said this at a one-day parley held for serving Speakers and former Speakers and deputies held in Lagos with the theme: The Legislature, Changing Times and Nigeria’s Democratic Journey.
“We have the brilliance, the resources, the focus. We don’t just know how to run the race and take care of the gear of progress,” Tinubu said at the event hosted by the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa.
Tinubu further described himself as brilliant, courageous and sound enough to know the solutions to Nigeria’s problems adding: “Just as I need Nigeria, Nigeria needs me.”
Noting his can-do attitude, he recalled how he changed the fortunes of Lagos when he became governor of the State at a time of its challenge.
“In the face of tyranny, I have survived, struggled for democracy, I have endured the bush path, lived without a family, spent resources.
“To make Nigeria one is a task and who could do it? I am one. I am the first governor to grant autonomy to the House of Assembly. I survived non-allocation of local government funds. We didn’t suffer, we didn’t retrench. We made progress out of adversity.
“I inherited N600m as Internally Generated Revenue (IGR) with zero allocation from Federal Accounte Allocation Committee (FAAC). But we survived and today, Lagos is number one economy.
“That is why I am begging you to do me a favour so that I can do Nigeria a favour.
“It is a very challenging time for us in the country and we have to get it right. We need to intellectually interogate ourselves.
“I am the first governor to bring Independent Power Project (IPP) to Nigeria. It was 300 megawatts. If they had followed my advice then, Nigeria will not be facing epileptic power supplies,” he said recalling how he brought major investors to Nigeria and promising that he is ready to do it again.
Tinubu also said he believed in religious tolerance and women’s participation in politics.
Governor Babajide Sanwo-Olu, who was a guest of honour at the parley, described Tinubu as his mentor and benefactor.
He also urged the legislators to key into the desire to make Nigeria a better country with Tinubu as President.
Speaking with his colleagues, Dr. Obasa described Tinubu as a true democrat.
“I am standing here before you because Asiwaju is a talent hunter. He is someone that would support you, raise you to a point of leadership and give you room to excel.
“I can confirm that he is the brain behind the legislative autonomy that we enjoy today at the Lagos State House of Assembly and he did this far before the clamour for it by other states.
“So we can see that he is a person that will support the legislative arm of government to remain strong. Dear colleagues, let us all stand with him and support him,” he said.
2023: Community Leaders, APC Chieftains Endorse Speaker Obasa
The Speaker of the Lagos State House of Assembly, Rt Hon. (Dr) Mudashiru Obasa, on Sunday evening got the endorsements of respected leaders of the State from Agege and Orile-Agege for a return to the House.
The leaders all agreed that the Speaker has an unbeatable chance of winning if he vied for a seat in the Senate ahead of the 2023 election, but said their appeal for his return to the House of Assembly was in the interest of the entire Agege people and Lagos state, which he has made better through effective legislations and related activities.
At an Iftar programme that inadvertently provided an opportunity for the leaders to speak about Obasa’s achievements so far, the leaders said the Speaker had become a pride, not only to Agege, but to Lagos State.
At least 80 leaders, political appointees and chieftains of the All Progressives Congress (APC), including Dr. Babatunde Adejare of the House of Representatives; Wale Ahmed, Lagos Commissioner for Local Government and Chieftaincy Affairs; Afolabi Ayantayo, Special Adviser to Governor Babajide Sanwo-Olu, Parastatals Monitoring Office; and Oba Ambaliu Hakeem Agbedeyi, the Alaige of Orile Agege supported that the Speaker return to the House.
Some of the others who gave their support included Chief Safari Adaranijo, APC Apex Leader in Agege; Gani Owolabi Dada, leader; Elder Rotimi Adesina; Olaniyi Salau Ojo APC chairman in Orile-Agege, Alhaji Tunde Azeez; APC chairman in Agege; former and current local government council chairmen; vice chairmen; councillors; supervisory councillors and Special Advisers of the two council chairmen.
While urging that the Speaker be asked to return to the House, Adejare said Agege is now noted for good road networks with the help of Obasa.
“Days ago, during the 80th birthday of Ebenezer Obey, a visiting Senator was marvelled that Agege now has very good roads. I told him not to forget that we have the Speaker of Lagos here,” he said while praying for more wisdom for Obasa in his leadership position.
Wale Ahmed who said he expects Obasa to be unopposed, added: “My prayer is that after the elections next year, we would all gather here to celebrate again.”
Oba Agbedeyi, while thanking Obasa for positively making Agege a place to reckon with, urged the Speaker to return so as to bring more developments to the area.
Mr. Johnson Sunday Babatunde, chairman of Orile-Agege LCDA, who led the conversation, warned that Agege must not lose all that it had gained through Speaker Obasa. Rather, he said, the area should experience more dividends of democracy.
“A lot of people from Agege have been employed because of Obasa. A lot of infrastructure have come to us because of Obasa. There should be no vacancy in Agege Constituency 1,” he said.
He noted that one way Agege can appreciate Obasa’s love for the area is to ask him to return and work for him to occupy the position again.
Supporting the collective decision by the leaders, Ganiyu Egunjobi, chairman of Agege local government council, said the Speaker had brought glory to Agege and that he should be encouraged to return to the House unopposed.
Earlier, the Islamic clergy at the Iftar, Chief Imam Quadri Abdul Ganiu Ayorinde, harped on love and the importance of Ramadan.
He prayed for Asiwaju Bola Tinubu, National Leader of the APC, and Obasa and described those who invite Muslim faithful to break fast with them as blessed.
Sensational Afro-pop singer, Mamah Stanley Emeka popularly known as Nedro (D Fireboy), is currently warming up to grace this month’s edition of Unique Celebrity Nite (UCN) as a special guest. The multi-talented singer will be hosted alongside crew members of 03 Media, a top notch entertainment outfit.
Unique Celebrity Nite is a night of complete entertainment package where Nigeria’s finest talents from all walks of life are celebrated every last Wednesday of the month. It will hold on 27 April, 2022.
The monthly event is hosted by Unique Gentlemen’s Club, located at 37, Ogundana Street, Allen Avenue, Ikeja-Lagos.
Speaking on the choice of Nedro and 03 Media Crew as the special guest of UCN, the Chairman, Mr Tony Ojo, said the honour is overdue.
“At UCN, we strictly celebrate unique people, who have broken barriers and carved a niche for themselves. Nedro perfectly fits into this category because we have been monitoring his progress over the years. He’s a unique and outstanding talent.
“On the other hand, we are all aware of the exploits of 03 Media Inc. an entertainment company that has effortlessly promoted Nigerian culture and artistes all over the world. Many A-list artistes have benefited from their international tours. It’s payback time for their hard work and diligence,” Mr Ojo said.
Nedro can simply be described as a complete entertainer. With his excellent vocal ability, electrifying stage craft and appealing physique, he is definitely a star to behold.
He has performed on big stages within and outside the shores of Nigeria and has worked with the likes of Patoranking, Skuki, Tosyn Bucknor (now late) N6 and DJ Secxy to mention a few.
Nigeria Police Force And Actors Guild Partner To Promote Value
In a bid to standardize the portrayal of the Nigeria Police Force in movies and other creative content produced by the Nigeria movie and entertainment industry, the Police has partnered with the leadership of the Nigeria Guild of Actors, and other relevant associations in the Nigeria entertainment industry.
This was made known on Sunday in a statement signed by CSP Olumuyiwa Adejobi, acting Force Public Relations Officer and made available to the National Association of Online Security Reporters, NAOSRE.
According to the statement, the NPF met with the leadership of the guild of actors recently at the Louis Edet House, Force Headquarters, Abuja, to critically deliberate on topical issues of national security viz-a-viz intelligence gathering and community partnership.
The meeting also discussed areas of possible collaboration to shape positive thoughts and narratives, portray good values, and resuscitate Nigerian cultures through movies, skits, creative content, which would impress positively on the Nigerian public, add value to our system, provide police officers with modern innovations to actively carry out policing duties and on-screen role models who would influence their lives and career, and consequently improve security mechanisms in Nigeria.
The President of the Guild of Actors, Ejezie Emeka Rollas, who was at the meeting in the company of his Senior Special Adviser on Military, Police, and other security agencies, Mr. Steve Eboh, appreciated the current leadership, especially the Inspector-General, IGP Usman Alkali Baba, for the opportunity to collaborate and promote good and meaningful ideals after twenty-four years of the Guild’s existence.
The NPF authority reiterated the readiness of the Nigeria Police Force to brainstorm alongside the guild in harnessing the potentials within Nollywood to achieve seamless synergy aimed at building a change in narratives with regards to police portrayals in movies, skits, etc and other ideological perspectives that can improve internal security. The NPF equally assured that it has set up mechanisms to ensure prompt approvals of requests for uniforms, kits, and other police props in movie productions to stimulate required and seamless collaboration.
NDLEA Intercepts Cocaine In Children Duvets, Seizes Drugged Milo Beverage
No less than 101 parcels of Cocaine concealed in eight children duvets have been intercepted by operatives of the National Drug Law Enforcement Agency, NDLEA, at the Murtala Muhammed International Airport, MMIA, Ikeja, Lagos.
According to a signed statement by Femi Babafemi, NDLEA Director, Media & Advocacy and made available to the National Association of Online Security Reporters, NAOSRE, the illicit drug was brought into the country by a 52-year-old Brazilian returnee, Akudirinwa Hilary Uchenna who hails from Oru East Local Government area of Imo state.
He was arrested on Saturday 9th April at the D-Arrival Hall of the Lagos airport upon his return from Sao Paulo, Brazil via Doha aboard Qatar Airline flight, while the 101 parcels of the class A drug with a gross weight of 13.2 kilogram were recovered from his only check-in bag.
During preliminary interview, Uchenna who claimed to be a carpenter confessed that he was to be paid N5million for trafficking the drug after successfully delivering the consignment in Lagos.
In a related development, big pellets of skunk concealed in detergent containers have been intercepted at the Akanu Ibiam International Airport, AIIA, Enugu. A 37-year-old South African returnee, Ezekwesili Afamefune brought in the consignment weighing 730grams aboard Ethiopian Airline flight from Johannesburg, South Africa via Addis Ababa, Ethiopia. Ezekwesili is from Awka south local government area of Anambra state.
In Edo state, a 24-year-old drug dealer Christian John was arrested by NDLEA operatives in Egbeta, Ovia North East LGA for selling assorted illicit drugs which include sachets of drugged Milo beverage, cannabis sativa, swinol and tramadol tablets, while in Zamfara state, one Chibuzor Uba, 30, was arrested on Friday 8th April with 1,955 ampules of pentazocine at Kaura Namoda area of Zamfara state.
A cross-border drug trafficker, Stanley Chibuzor, 21, was on Friday 8th April arrested by officers of the Marine Unit of NDLEA stationed at Oron beach, Oron, Akwa Ibom state. The suspect who hails from Ihiala, Anambra state was nabbed with 11,190 tablets of Tramadol during the outward clearance of passengers traveling to Cameroon.
In Ondo state, a drug dealer who produces and sells skuchies, Oluwaseun Agboola, 25, was arrested on Thursday 7th April, at his Igoba, Second Gate, Akure residence where 73 bottles of skuchies weighing 77kg stocked in his kitchen were recovered. Skuchies are usually a mixture of Tramadol, Cannabis sativa, Codeine, Black Currant (popularly called Zobo) and water.
In Lagos, an early morning raid in the notorious Akala, Mushin area of the state on Saturday 9th April led to the seizure of 746.25 kilograms of cannabis.
While commending officers and men of the MMIA, AIIA, Edo, Zamfara, Akwa Ibom, Lagos and Ondo state Commands of the Agency for the arrests and seizures, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) charged them and their colleagues across the country to remain focussed and abstain from acts capable of compromising or jeopardising the collective goal of ridding Nigeria of drug abuse and illicit drug trafficking.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns.
The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting, which was held at the Transcorp Hilton Hotel, Abuja on Thursday April 7, 2022, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.
“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”
Whilst expressing his delight to shareholders and customers who have stood with UBA for almost eight decades, Elumelu remained confident of the bank’s capacity to sustain this momentum especially as economic activities recover from the impact of the Covid -19 pandemic.
l-r: Executive Directors, United Bank for Africa(UBA) Plc, Mr. Chiugo Ndubisi, Ibrahim Puri; Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Deputy Managing Director, Mr Oliver Alawuba; Executive Directors – Mr Chukwuma Nweke and Mr Ike Uche, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.
“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” the Chairman noted.
UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who went into details about the improved performance of the bank’s subsidiaries in the financial year under consideration, said, “We are happy that the global community recognises the role our Group is playing in the transformation of the African economic landscape through innovative and customer focused banking services.”
He pointed out that the bank’s business in the United Kingdom had specifically witnessed remarkable expansion, adding “As from July 2021, UBA UK started making profit, and even to date, they are still doing well, and the same can be said for many of our African subsidiaries. The truth is that we are driven by the opportunities and potential in each of the geographies that we invested in, and we are happy with what we have achieved so far’.
Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare and Chief Timothy Adesiyan, were unanimous in their commendation of the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.
“Despite the economic situation UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I therefore commend the UBA board,” Umar noted in his remarks.
At the end of the 2021 financial year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. As a result, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the Bank had earlier paid an interim dividend of 20kobo.
United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty seven million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and its more recent operating license in the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
l-r: Deputy Managing Director, United Bank for Africa(UBA) Plc. Mr. Oliver Alawuba; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Company Secretary, Mr. Bili Odum; and Vice Chairman, Ambassador Joe Keshi at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.l-r: Non-Executive Directors – Erelu Angela Adebayo, Ms Angela Aneke, Mrs Owanari Duke; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Non-Executive Directors –Hajia Aisha Hassan Baba and Mrs Caroline Anyanwu, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.
Speaker Obasa advocates better funding for Nigeria’s health sector
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has mentioned poor funding of the health sector in Nigeria as a hindrance to the country’s attainment of the Universal Health Coverage (UHC) target of the World Health Organisation (WHO).
Dr. Obasa spoke on Thursday at a 2-day health programme organised by the House in conjunction with the Legislative Advocacy Initiative For Sustainable Development (LISDEL) aimed at enhancing the capacities of legislators and key stakeholders in the health sector of Lagos state as part of moves to help Nigeria meet the universal health coverage.
Represented by the Deputy Speaker, Hon. Wasiu Eshilokun-Sanni, Obasa said Nigeria is embattled with various challenges in the health sector, but that poor funding has become a major issue.
“To my mind, the biggest challenge facing the health sector in Nigeria is lack of adequate financing. This is because none of the other problems is too obscure to identify or complicated to solve.
“To solve the problems of lack of adequate financing and thereby invest in the health sector and achieve the Universal Health Coverage in Nigeria, you, the stakeholders have come up with laudable innovative ideas like the Community-based Health Intervention/Insurance.
“This initiative is largely addressing the issue of ‘out-of-pocket payments’ and would alleviate the struggles of our people in the rural areas.
“On this note, I salute the determination of the stakeholders in this sector for your efforts day and night to tackle these rather evasive but tormenting problems,” the Speaker’s representative said.
In his keynote address, the chairman of the committee on health of the Lagos State House of Assembly, Hon. Akeem Olusola Sokunle, noted that the programme would help address the basics of ensuring universal health coverage policies and objectives.
He commended LISDEL for helping legislators, clerks of various Houses of Assembly and others with capacity building in relation to health financing.
“It is targeted at strengthening the state’s health sector and deepening legislators’ understanding of health financing, universal health coverage and public health coverage objectives,” Sokunle said about the programme.
He promised more partnerships with stakeholders to make the health sector of Lagos better.
Speaking concerning the programme, the chairman of the House Committee on Information, Hon. David Setonji, noted that even though Lagos still had a lot to grapple with, the state is doing well and taking the right steps to meet the WHO targets.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly
World Health Day: Let’s Ensure Good Nutrition For Children Because#OurChildrenOurResponsibility
World Health Day (WHD) is celebrated every April 7. This is the day that commemorates the anniversary of the founding of the World Health Organization (WHO) in 1948. WHD aims to focus on a specific theme relevant to public health each year. This year WHO is focusing global attention on urgent actions needed to keep humans and the planet healthy and foster a movement to create societies focused on wellbeing.
Nutrition plays a very crucial role in ensuring humans are healthy. It is an important part of an individual’s overall health and development right from a very young age. Proper and balanced nutrition is directly linked to improved infant, toddler, child, and maternal health and wellbeing. It offers stronger immunity, lowers the risk of health problems such as diabetes and cardiovascular disease, and improves longevity. Also, healthy children are not just physically strong but also mentally sound. Having balanced and healthy nutrition also helps boost their productivity and helps create more opportunities to break the cycle of poverty eventually.
Malnutrition, in any form, poses a significant threat to human health. Not having proper and balanced nutrition can lead to malnutrition. Currently, the world faces two types of malnutrition – undernourishment, and obesity. The former tends to be more prevalent among the economically disadvantaged populations in low and middle-income countries.
Good nutrition in the early stages of life sets the stage for lifelong health. In the words of Anne Mulcahy, “Investing in early childhood nutrition is a surefire strategy. The returns are incredibly high.”
One of the keys to parenting healthy children is providing them with a healthy and nutritious diet..
Key nutrients in supporting optimal growth and development…When a child consumes a balanced diet, they can develop their physical and mental skills in the present and the future. The benefits impacted by nutrition while the child is young are:
Ensures proper development of the brain, which helps the neurocognitive process
Improves a child’s physical health and ensures an active social life as the child grows old.
Supports the immune system to ably fight against various infectious diseases
Key nutrients for brain development… Phospholipids are known to be essential nutrients for brain development. These nutrients are structural components of neurological systems (neural networks), and deficits during early life can impact brain function long-term. Long-chain omega 3s like DHA and ARA and other brain-supportive nutrients may also benefit proper neural network development and enhance visual acuity and cognition.
Key nutrients for physical growth… Proteins are the building blocks of physical growth. Dietary protein requirements are higher in children than in adults because they have faster growth and development rates due to their increased cell turnover. Inadequacy of high-quality dietary proteins can cause stunted growth, poor body composition, and wasting. Calcium and vitamin D play an important role in physical development too. Calcium is the main component of the skeleton, while vitamin D ensures calcium reaches the growing bones.
Key nutrients for supporting immunity… A variety of vitamins and minerals that include micronutrients such as Vitamin A, B, C, D, E, Iron, Zinc, Magnesium, and Selenium, among others, have vital functions in the human body. Several studies have found that children provided with foods high in these essential micronutrients improve their immune system’s response rate and help them steer clear of various immune system diseases.
Childhood is the most significant period of growth and development, both physically and mentally. Setting the foundation with good nutrition during childhood has a profound impact, even during later life, and helps develop society and the world as a whole.
Multi-nutrient fortified Growing Up Milk such as Peak 456 formulated for children ages four to six is an excellent way to ensure optimal intake of several vitamins and minerals in a child’s daily diet.
On this World Health Day, let’s take a pledge to support WHO’s initiative of #OurPlanetOurHealth by focusing on good nutrition for our children’s health which can help them grow strong and smart.
ZENITH BANK’S SHAREHOLDERS EXCITED AS BANK PAYS N97.33 BILLION DIVIDEND
Founder and Chairman, Zenith Bank Plc, Mr. Jim Ovia, CON (Centre) flanked by the Group Managing Director/CEO, Mr. Ebenezer Onyeagwu (Left) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji (Right) at the 31st Annual General Meeting of the bank held yesterday at the Civic Centre, Victoria Island, Lagos.
Shareholders of Zenith Bank Plc,at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion.
In his statement, the Founder and Chairman of Zenith Bank Plc, Mr Jim Ovia, CON, thanked the shareholders for their unflinching loyalty, which has enabled the bank to rise to the pinnacle of the nation’s financial services industry, and assured them of the bank’s commitment to consistently deliver superior value to them.
Speaking on the bank’s performance, the Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said: “if you look at the bank’s history over the years, Zenith Bank has always grown, and even within the pandemic, we have maintained a reasonable positive growth trajectory. Growth is coming from the fact that we are deploying our digital capability to grow more businesses, simplify our service processes, make our processes more efficient, and deal with customers’ complaints. Apart from developing new products, we are discovering new business verticals, especially within the retail segment, which have significant revenue.” He added that: “meeting the expectation of shareholders means we have to work harder. The team is dodged, hardworking, resilient, and above all, we have a very supportive board that comes with superior guidance”.
Commenting on the dividend payout, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the delight of shareholders over the consistent payment of dividends by Zenith Bank, noting that the bank’s shares remain the toast of investors because the bank has never failed to pay dividends to shareholders.
Also speaking on behalf of shareholders, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said: “The bank is doing very well. All the ratios and indices have gone up. And more importantly, while we were in the meeting, I got my alert of the credit of my dividend. This is very commendable. The leadership of the bank has been very effective; we thank Jim Ovia for the leadership he has been giving, he has increased the dividend in spite of the economic hardship in the country, and I believe the GMD is doing very well. I commend the management and staff of the bank, including the board, and I am very confident that this year would also be very good for the bank.” Dr Faruk Umar also commended the Group Managing Director for the numerous awards the bank received in 2021, especially the sustainability awards.
In spite of a challenging macroeconomic environment aggravated by the COVID-19 pandemic, the Zenith Bank Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of a 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.
Profit before tax also grew by 10%, from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.
Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.
Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.
In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
