Opay Faces Mass Migration as Customers Incurs heavy loss as System Failed again
Popular financial technology company, Opay has once again rendered its over 40 Million customer base most of who are offering e-hailing services and other online deliveries stranded due to an unexplained application glitch, barely a month after customers complained of their funds disappearing into thin air.
Several customers were embarrassed and made to incur loss on Monday when transactions made to them were reversed hours after it was initially declared as successful while others were left frustrated after their attempt to perform transactions failed repeatedly without any form of solution and explanation from the fintech company which prides itself as a company that gives freedom to make quick and easy payments.
Unfortunately, the company’s reputation to provide quick and easy payments proved otherwise following the inability of customers to make and receive payments. Some had to rely on rival fintech apps like Moniepoint and Palmpay to execute their transactions.
According to Isaiah an Uber driver, “more than sixty per cent of the transfers I received as payment were reversed on Monday, making sure that most of the work of that day is in futility especially during this fuel scarcity and I don’t know how many customers I can call back now”
In another incident a customer explained ‘’I went to bokku mart to purchase some goods and because I don’t have an ATM, I use my Opay always because it’s always been easy but I was embarrassed yesterday when the payment failed. I didn’t even see my transaction history but my account was debited. It was like disappearance of money’’, said a frustrated customer.
Another customer explained that his transactions were on pending for several hours when he tried to make payments after purchasing food items for his baby.
‘’My baby’s food finished and I thought of buying some at the supermarket on my way from work. I got there, picked what I wanted and proceeded to make payment but my transactions were pending. I initially thought it was network so I changed the line I was using for data. It was the same thing, I had to leave there to my house to get my ATM so that my baby will not starve.’’
It would be recalled that one month ago, customers experienced similar situation with Opay.
ead some tweets below
@OPay_NG
please explain why I say those money add up to my account and suddenly disappeared
”I made a transfer to an account, the money was debited twice but not credited to the account and I can’t even find the transaction in my Opay history. What’s going on!?”
”I don taya for Opay o I made a transaction and there was network error before I knew it my money was debited without any receipt to show for it. I’m getting tired of all this wey person dey try survive. Be like I go soon switch wallet to Palmpay”
”This is absolutely unacceptable! I transferred 10,000 to my Opay account, and to my greatest surprise, the amount has vanished without a trace. There is no receipt or transaction history available for this transfer.I demand a proper and immediate explanation for this.”
However, there has been no statement from the fintech company to explain the reason for this application glitch.
The lack of information is forcing many of the fintech company customers to have a rethink of their association as there are others offering similar services.
Access Holdings Strengthens Commitment to Child Education, Donates Buses to Bethesda Child Support Agency
In demonstration of its commitment to social impact, Access Holdings Plc has taken another significant step towards empowering vulnerable children through education. As part of its longstanding partnership with Bethesda Child Support Agency, the Human Resources and Executive Office team of Access Holdings PLC, as part of its Corporate Social Responsibility (CSR) program, acquired and formally handed over two coaster buses to the organisation during a ceremony held recently at Access Towers in Victoria Island, Lagos.
This donation marks an important moment in Access Holdings’ mission to provide quality education to 1,000 underprivileged children across Nigeria—a mission that has been at the heart of its corporate social responsibility (CSR) efforts for over a decade. The newly donated buses are set to play a crucial role in Bethesda’s operations, enabling the safe and efficient transportation of children to and from school, thus removing one of the significant barriers to education for these young minds.
The team of about 20 employees has in the last couple of years channelled resources generated mainly from personal funds under its CSR program to support Bethesda’s comprehensive services, which include education, healthcare, and essential support for underserved children. This partnership exemplifies how individuals, groups and corporate initiatives can extend beyond philanthropy, directly impacting lives and fostering community development.
Speaking at the handover event, Victor Willie, Head of Government & Stakeholder Relations at Access Holdings PLC, emphasised the transformative potential of this partnership: “This collaboration with Bethesda is more than just a philanthropic gesture; it’s about creating tangible opportunities and breaking the cycle of poverty for vulnerable children. The buses we’ve donated will help Bethesda reach more children, ensuring they have access to the education that is fundamental to their growth and the future of our nation.”
With millions of Nigerian children still out of school, Access Holdings’ initiatives address a critical need by eliminating obstacles to education. For many of these children, gaining access to education is not merely about learning; it represents a lifeline that can protect them from exploitation and abuse while offering a pathway out of poverty. By addressing transportation challenges, Access Holdings is actively contributing to the creation of a brighter, more equitable future for these children and their communities.
Pastor (Mrs.) Nkoyo Rapu, founder of Bethesda Child Support Agency, expressed deep gratitude during the event, noting the profound impact of Access Holdings’ continued support:
“Access Holdings has been a dedicated partner in our mission for over ten years. This latest donation of buses will change the lives of countless children who otherwise would have had no access to education. Their support underscores the power of collective responsibility and demonstrates what can be achieved when organisations truly commit to community upliftment. Together, we are unlocking doors of opportunity for those who need it most.”
Access Holdings remains steadfast in its dedication to driving initiatives focused on education, human capital development, and community empowerment. Through enduring partnerships and impactful programs, the organisation continues to work towards building a more just and inclusive society, where every child has the opportunity to realise their full potential.
This partnership with Bethesda Child Support Agency highlights Access Holdings’ belief in the fundamental importance of education as a cornerstone for capacity building, nation-building, and sustainable community development.
In a flagrant and audacious exhibition of corporate greed and regulatory failure, Matrix Energy Limited, a prominent player in Nigeria’s petroleum industry, led by CEO Abdulkadir Adisa Aliu, has become embroiled in a scandal of monumental proportions involving the importation of subpar fuel products. This disturbing revelation, compounded by the company’s alleged complicity in illicit activities, raises grave concerns regarding the integrity of the Nigerian fuel supply chain and the potential perils to public health and safety.
Through the deliberate importation of blended low-grade petroleum products, which are subsequently sold as high-quality fuel, Matrix Energy is not only jeopardizing lives but also subverts the country’s economic governance framework. Abdulkadir Adisa Aliu, a member of the esteemed Presidential Economic Coordination Council (PEEC), is exploiting his position of influence and proximity to powerful and corrupt individuals in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) , and The Nigerian National Petroleum Corporation (NNPC) Limited to perpetuate these nefarious activities with unbridled impunity.
Matrix Energy’s operations have been irrefutably linked to Malta, a preeminent European hub for the clandestine blending and ship-to-ship (STS) transfers of sanctioned Russian oil and petroleum products. A staggering 35% of shipments arriving in Malta comprise naphtha and other components, which are subsequently blended into petrol to produce “African Spec” products. These products are then transshipped into various vessels for ultimate delivery into Nigeria, perpetuating a complex web of clandestine transactions.
Further investigation reveals that the products from Malta are transported through a labyrinthine network of intermediate ships and companies, including Poly Pro Trading in Dubai. Notably, the listed office of Poly Pro Trading is merely a business center devoid of any physical presence, thereby obfuscating the trail of accountability. This is further complicated by the forgery of paper works and the representation of non-existent companies, which serve as a conduit for these surreptitious transactions and movements.
The fact that Malta, a country devoid of any known oil refineries, has emerged as the top European destination for blending and ship-to-ship transfers of sanctioned Russian oil and petroleum products is a damning indictment of the lack of regulation and oversight in Nigeria’s oil and gas sector. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has demonstrably failed in its duty to regulate fuel quality, thereby enabling international commodity traders and Nigerian marketers to exploit this regulatory vacuum and import low-quality fuels with impunity.
Regrettably, the presence of unpatriotic individuals such as Adisa Aliu, Farouk Ahmed, Mele Kyari, and their cohorts in positions of decision-making ensures the perpetuation of the rot in our oil and gas sector, which will continue to thrive on a “balanced diet” of corruption and malfeasance. These are people that are ready to run our economy aground with unbridled greed, bigotry, nepotism, and illegalization of Institutional corruption from one catastrophic selfish agenda to the other, under the guise of improving the Oil and gas sector.
It is intriguing to ponder the rationale behind the selection of Russia and Malta as key players in this illicit operation. However, it is hardly surprising, given that these regions, being under international sanctions, lack stringent measures to curb illegal activities, thereby becoming a haven for corrupt individuals worldwide to converge and indulge in nefarious pursuits for their selfish interests.
The fact that Russia was expelled from the SWIFT global banking framework, comprising nearly 12,000 banks, renders any oil and gas transactions between Nigerian companies and Russian refineries illicit, as Russian banks are unable to open letters of credit for exports. This exposes Nigeria to diplomatic crises that could further compound all that we are going through. Consequently, it is no wonder that Malta has emerged as the premier European destination for blending and ship-to-ship (STS) transfers of sanctioned Russian oil and petroleum products, following the Greek navy’s decision to prohibit such activities in their offshore zone.
Notably, diesel from Russia is notoriously off-spec, and diesels from Matrix filling stations have failed the ASTM D4294 test method, which provides a rapid and precise measurement of total sulfur in petroleum and petroleum products with minimal sample preparation. This egregious situation has led to Matrix Energy peddling flammable diesel with toxic fumes to unsuspecting Nigerians, while reaping enormous profits.
The sheer magnitude of Matrix Energy’s operations is staggering, with over 200,000 tons of gasoline products from Malta allegedly discharged into a Jetty owned by Matrix Energy in July 2024. This represents a staggering 25 percent of Nigeria’s monthly PMS consumption, channeled to a relatively small player with a mere 150 retail stations, highlighting the vast scope of this illicit operation.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is undoubtedly complicit in the importation of substandard diesel and jet fuel into the country, thereby fueling concerns regarding the quality of products utilized in Nigeria. It is a travesty that Africa’s largest oil-producing nation has been importing inferior petroleum products from Malta, a country devoid of any known oil refineries. The evidence of this egregious act is ubiquitous and glaringly apparent to the federal government, unless they choose to willfully ignore it, even without conducting a thorough investigation into the operations of Adisa Aliu and Matrix Energy.
A cursory examination of the cargo trails, the non-existent Dubai business location, and the Malta-Russia adulterated imported fuel, would reveal the extent of this malfeasance. Furthermore, an investigation into the quality of fuel being dispensed at Matrix Filling stations would provide additional evidence of the nefarious activities. If these investigations are thoroughly conducted, the evil nature of Abdulkadir Adisa Aliu’s actions will be laid bare for all to see. His genocidal actions, posing a significant health hazard to Nigerian citizens, increasing the potential mortality rate due to accidents caused by adulterated fuel, and dilapidating the economy for selfish gains, will be exposed.
Matrix Energy’s recent maneuver to seek judicial protection and restrain media houses and other entities from further publishing revelatory stories about its oil shipping business is a farcical spectacle that ranks as one of the most absurd jokes of the century. This attempt to stifle the dissemination of incriminating information constitutes a blatant assault on the sacrosanct right to free expression, a fundamental tenet of democratic societies. By seeking to muzzle the media and suppress the truth, Matrix Energy is attempting to circumvent accountability and perpetuate its nefarious activities, thereby undermining the very fabric of transparency and public discourse.
Aliu’s “dance of shame” must be met with severe consequences. The shame and disdain brought upon Nigeria must be addressed forthwith. Nigeria must not be perceived as a country of fools. We are aware of the situation, and the President must take decisive action to address this madness. The weakness in regulating fuel quality poses a grave health risk to Nigerians. International commodity traders and Nigerian marketers are exploiting this regulatory vacuum to import low-quality fuels. This is grounds for the President to immediately sanction the regulators responsible for policing the midstream and downstream sector and take action concerning the leadership of the Oil and Gas sector in Nigeria.
It is hardly astonishing that Matrix Energy would resort to extreme measures to protect and shield certain influential benefactors, whose identities and interests remain shrouded in secrecy. The primary motivation behind their decision to institute this lawsuit is to insulate and shield their accomplices within the Nigerian National Petroleum Company Limited (NNPCL) and other members of their clandestine cabal from the scrutiny of the media. By doing so, Matrix Energy seeks to conceal the complicity of these individuals and entities in their illicit activities, thereby perpetuating a culture of impunity and shielding them from accountability. This desperate attempt to gag the media and suppress the truth is another evidence to the company’s desperation to maintain the veil of secrecy surrounding their nefarious operations and protect their cohorts from exposure. This audacious move is an affront to the principles of openness and accountability, and it is imperative that it be vehemently resisted to safeguard the integrity of free expression and the public’s right to know.
To effectively mitigate this crisis, the Nigerian government must adopt a resolute and proactive stance. The leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation (NNPC) must be held accountable for their failure to safeguard the interests of Nigerian consumers. Furthermore, the government should undertake a comprehensive overhaul of the regulatory framework governing the importation and distribution of petroleum products to prevent future recurrences of this nature.
Moreover, a thorough investigation into Matrix Energy Limited , and their Cabal’s involvement in illicit activities, including the importation of sanctioned Russian oil, is imperative. If found culpable, the company should face severe penalties, including the revocation of its operating license. It is imperative that Matrix Energy ceases its egregious activities and is held accountable for its actions. The Nigerian people deserve a safe, reliable, and uninterrupted fuel supply, and it is the government’s responsibility to ensure that this is achieved.
The issue at hand extends beyond the mere importation of substandard fuel; it encompasses a complex web of illicit activities, including the importation of sanctioned products, falsification of documents to facilitate smooth operations, and the deliberate alteration of product origin. It is high time that Matrix Energy assumes responsibility for its actions and ceases its exploitative practices.
Nigerians deserve better and demand immediate action from the President to sanction the regulators responsible and address the leadership of the Oil and Gas sector in Nigeria. Matrix Energy’s exploitation of Nigeria’s fuel market and the manipulation of our Judiciary must be halted, and those responsible must be held accountable. The citizens of Nigeria will no longer tolerate being treated as guinea pigs for corporate greed and regulatory failure.
Tunde is an oil and gas expert writing from Dundee, United Kingdom
50,000 TARGET: FIRSTBANK, NCF EXTEND TREE PLANTING TO FCT
FirstBank, in partnership with the Nigerian Conservation Foundation (NCF), has launched a major tree-planting initiative to enhance Nigeria’s vegetation cover.
According to the bank, the tree planting exercise led by Aishatu Bubaram, the Group Executive, Commercial Banking, North, FirstBank, is part of its 2024 Corporate Responsibility and Sustainability Week.
The bank stated that the tree-planting event at Government Secondary School (GSS), Karshi, Abuja, which involves planting 50,000 trees, is part of a broader goal to combat climate change by reducing carbon emissions and preserving the environment.
Bubaram emphasised the bank’s commitment to planting 50,000 trees nationwide at the event. “The essence of planting these trees is environmental conservation,” she said. “These are economic trees that we believe will outlive our generation and benefit future generations.” “FirstBank’s goal, initiated during our Corporate Sustainability Week in 2023, is to plant 50,000 trees by 2024. We are well on our way to achieving this, with 30,000 trees planted this year,” she added.
“Trees play an indispensable role in our environment. They purify the air we breathe, stabilise the climate, prevent soil erosion, and provide habitats and food for diverse species, including humans. In a world increasingly threatened by climate change, planting trees is one of the most effective ways to restore balance to our ecosystems.
“By planting trees in Abuja, we are actively contributing to the health and well-being of the city. Each tree planted is a step towards reducing carbon emissions, improving air quality, and enhancing the natural beauty of our urban landscape,” she said.
Bubaram encouraged other financial institutions and individuals to contribute to a greener Nigeria, emphasising that the impact extends beyond the nation and benefits the global environment.
Also, the zonal coordinator, NCF, Muhammad Garba Beyo, expressed the Foundation’s dedication to the initiative, aligning with its biodiversity conservation and sustainable development mission.
“The Nigerian Conservation Foundation established 42 years ago, focuses on biodiversity conservation and sustainable development. Our Green Recovery initiative is designed to improve Nigeria’s vegetation cover, which currently stands at less than 3%—a critical issue given the environmental challenges we face,” he said.
He highlighted the importance of partnerships and thanked FirstBank for supporting this endeavour. “We are grateful to First Bank of Nigeria Limited for their willingness to support this effort. We assure you that we will take care of the seedlings planted today so that they grow into mature trees,” he said.
Beyo noted that the choice of GSS Karshi as the planting site was strategic, considering the school’s available space and the ageing trees on the premises.
Tanko Madugu Wando, the vice principal (Administration) at GSS Karshi, was also present at the event.
FirstBank Commemorates its Annual Corporate Responsibility & Sustainability Week
FirstBank, the West African premier financial institution and financial inclusion services provider is proud to announce its 2024 Corporate Responsibility and Sustainability (CR&S) Week, scheduled for 19 to 24 August. This year’s edition aims to reinforce the bank’s positive outcomes of sowing seeds of kindness by empowering the lives of communities, and minimizing the environmental impact environment, while advancing the Bank’s contribution to the Sustainable Development Goals (SDGs).
The CR&S Week is a dedicated week that offers opportunities for employees of the FirstBank Group (FirstBank Nigeria, FirstBank UK, FirstBank Gambia, FirstBank Sierra-Leone, FirstBank DRC, FirstBank Guinea, FirstBank Ghana, FBNBank Senegal; First Pension and First Nominees) to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach.
Now in its eighth year, the FirstBank Corporate Responsibility and Sustainability Week is a week reserved by the Bank for the demonstration of kindness being a fundamental philosophy of the Bank, as the Bank and its employees “Start Performing Acts of Random Kindness” (SPARK) the value-based initiative in alignment with the ethos of compassion, civility, and charity. During the 2023 CR&S Week, 8 countries participated with over 80 charities/NGOs and 30,000 lives impacted.
The 2024 CR&S is envisioned to be an eventful week of impact, sowing the seed of kindness through the following initiatives/activities:
Tree Planting- FirstBank will plant 30,000 trees across Nigeria, furthering its commitment to plant 50,000 trees by 2025 in partnership with the Nigeria Conservation Foundation (NCF).
Women Empowerment- The bank will support Jigawa and Plateau States by driving awareness, performing surgeries, and providing post-care kits for those living with Vesicovaginal Fistula (VVF).
Visitation for Charity- FirstBank will visit orphanage homes, IDP camps, and other charities across Nigeria, SSA markets, and the UK, demonstrating kindness and empowering those at the bottom of the pyramid.
Kind Comment- Staff and management will share kind comments throughout the week, promoting a culture of compassion and civility across the bank.
Woven into the fabric of the society since over 130 years and enabling success in our customers and communities, these initiatives epitomize FirstBank’s care for the environment and humanity, aligning with the Bank’s sustainability strategic pillars and support for the Green Recovery Nigeria
Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications FirstBank, said “At FirstBank, we remain committed to creating a positive impact in the lives of our customers and the communities we serve. Our 2024 CR&S Week is a testament to this dedication, and we are excited to amplify our efforts in enabling the Giants in the lives of our communities and enhance sustainable development and community growth.”
As we celebrate the FirstBank’s Corporate Responsibility & Sustainability week, we invite all to embrace the spirit of kindness as we come together this special occasion to weave kindness into the fabric of our daily lives, leaving a lasting impact on one another,” she concluded.
UBA Partners NBA Young Lawyers Forum, to Foster Professional Growth of 50,000 Practitioners
Lead Brand Projects and Partnerships, UBA Plc, Lemachi Chris-Asoluka; Group Head Marketing and Corporate Communications, United Bank for Africa, Alero Ladipo ; Chairman, Governing Council Young Lawyers Forum, Nigerian Bar Association Abdulrauf Tijjani Aboki and Secretary, Governing Council Young Lawyers Forum, Nigerian Bar Association, Jibolar Salvador during the signing of a partnership at the UBA House, Marina, Lagos, that will see UBA train Young Lawyers in Nigeria, recently
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced a strategic partnership with the Young Lawyers Forum (YLF) of the Nigerian Bar Association (NBA) with the aim to propel the professional development of over 50,000 young legal practitioners across Nigeria, by way of academic sponsorships as well as trainings, with reputable agencies in a bid to enhance their legal careers.
The partnership was announced on Friday, July 24, at the bank’s headquarters, UBA House, in Marina, Lagos. This collaboration aligns with UBA’s longstanding commitment to youth empowerment and Nigeria’s socio-economic advancement.
Under this initiative, UBA will provide comprehensive support to the NBA-YLF, a subsidiary of the Nigerian Bar Association that represents lawyers with less than 7 years of post-call experience. The bank’s involvement is expected to enhance these emerging legal professionals’ career trajectories significantly.
Speaking on the partnership, Group Head, Marketing and Corporate Communications, Alero Ladipo emphasized the bank’s dedication to nurturing young talent and in the process strengthening the legal framework that ensures justice is effective in the country. “The partnership with NBA-YLF aligns strategically with UBA’s commitment to youth development and community engagement while reinforcing the bank’s dedication to fostering professional growth”.
“At UBA, we recognize that empowering the youth is crucial to Nigeria’s future growth and advancement”, Ladipo said. “By investing in the professional growth of young lawyers, we’re not just supporting individuals; we’re strengthening the very fabric of our legal system and, by extension, our nation’s development,” she added.
Also speaking, UBA’s Brand Project Manager, Lemachi Chris Asoluka, expressed enthusiasm about the partnership and how such empowerment is invaluable in the present legal landscape.
“This collaboration with UBA marks a significant milestone as it provides unparalleled opportunities for young lawyers to gain the skills and connections necessary to thrive in today’s competitive legal landscape.” Chris -Asoluka said
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
ZENITH BANK BOOSTS SHARE OFFERING WITH HUGE DISCOUNTS
Zenith Bank Plc is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 per cent gain in potential immediate return for existing shareholders and new investors.
Nigeria’s largest bank by profit, Zenith Bank is offering a rights issue of 5.233 billion ordinary shares of 50 kobo each at N36 per share. The shares were pre-allotted to existing shareholders on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Wednesday, July 24, 2024.
The bank is also simultaneously offering 2.767 billion ordinary shares of 50 kobo each in a public offer to the general investing public at N36.50 per share. Minimum subscription is 250 shares, meaning that with N9,125.00, one can be a co-owner of Nigeria’s leading bank. Application list for the offers, which opened on August 01, 2024, is scheduled to close on September 09, 2024.
A review of the trading history of Zenith Bank at the stock market indicated that the bank’s shares had recently traded as high as N47.35 per share, a price range that market pundits believe is a fair price for the stock.
This recent price range implies a discount of about 32 per cent locked into the ongoing hybrid rights and public offers.
With earnings per share of N21.55 for the 2023 business year, Zenith Bank’s offers carry earnings yield of about 60 per cent, the most attractive value addition among peers and competing offers. This simply means that beyond its industry-leading dividend payout, investors in Zenith Bank has significant value creation in the investment that can sustain above-average, long-term returns.
At the latest audit, Zenith Bank led the banking industry with a pre-tax profit of N796 billion and profit after tax of N677 billion in 2023. The bottom-line performance was driven by aggressive business expansion and brand adoption across domestic and foreign markets. The bank’s gross earnings crossed two milestones from N946 billion in 2022 to N2.13 trillion in 2023. There are only three Nigerian banks with N2 trillion gross earnings.
First quarter results for 2024 already indicated that the bank could surpass the 2023 performance in the current year. Gross earnings jumped by 189 per cent from N270 billion in first quarter 2023 to N781 billion in first quarter 2024. Profit before tax tripled by 267.8 per cent to N320 billion in March 2024 as against N87 billion recorded in March 2023. After taxes, net profit leapt by 291 per cent from N66 billion to N258 billion. Earnings per share rose simultaneously from N2.10 to N8.22.
Analysts believe Zenith Bank has entered a new phase of phenomenal growth. Annualised, the first quarter 2024 performance indicates that the bank’s net profit could surpass a trillion, with potential earnings per share that almost covers the cost of buying into the ongoing offers. Such fundamental performance usually triggers a rally for a stock, underscoring the belief by investment experts that the bank could set a new all-time high within the next few months.
Zenith Bank has been adjudged the Best Commercial Bank in Nigeria for the fourth consecutive year by the prestigious World Finance Banking Awards. It has also been honoured for the past three years has the Best Corporate Governance in Nigeria. These awards were revalidated in the Summer 2024 issue of World Finance Magazine, which provides comprehensive coverage and analysis of the financial industry, international business, and the global economy.
The awards recognised the bank’s financial performance, customer service, sustainability initiatives, and corporate governance practices.
Established in May 1990, Zenith Bank began operations in July 1990. The bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004, following a successful initial public offering (IPO). In 2013, the bank listed $850 million worth of shares at $6.80 each on the London Stock Exchange (LSE).
Founded by Jim Ovia in 1990, Zenith Bank has grown into one of Africa’s leading financial institutions. The bank’s philosophy is to remain customer-centric with a clear understanding of its market and environment. Zenith Bank’s excellent performance has earned numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria, in the International Banker 2024 Banking Awards.
In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited. The bank also has subsidiaries in Ghana, Sierra Leone, The Gambia, and a representative office in China. The bank plans to expand further into Africa, Europe, and Asia.
Zenith Bank has been a pioneer in digital banking in Nigeria, deploying Information and Communication Technology (ICT) infrastructure to create innovative products that meet customer needs. The bank is a leader in deploying various banking technologies, and the Zenith brand is synonymous with state-of-the-art banking technologies. Driven by excellence and global best practices, the bank combines vision, banking expertise, and cutting-edge technology to create products and services that meet customer expectations, enable businesses to thrive, and grow customer wealth.
ESG: FIRSTBANK WINS 2024 EUROMONEY AWARD FOR NIGERIA’S BEST BANK
FirstBank, the West African premier financial institution and financial inclusion services provider has emerged the winner of the prestigious Euromoney Award for Nigeria’s Best Bank in Environmental, Social, and Governance (ESG), reinforcing its position as a leader in sustainable banking and finance practices in its 130 years of existence.
Following a rigorous and highly competitive selection process, FirstBank was awarded Nigeria’s Best Bank for ESG in 2024 by the respected and renowned Euromoney Awards for Excellence. This award honours FirstBank’s contributions and unwavering commitment to Environmental, Social, and Governance investments in Nigeria, facilitated through innovative financial solutions and initiatives.
Euromoney recognized FirstBank’s significant progress amongst other areas in the implementation of an ESG management system, which facilitated the screening of N4.2 trillion new transactions for potential ESG risks in 2024. In support of Nigeria’s green transition, FirstBank funded a $10 million solar energy project, expanding access to off-grid solar solutions in Africa and Asia through a pay-as-you-go model; committing N16 billion to develop four modular independent power plants for a major beer manufacturer, enabling it to shift from diesel generators to more sustainable energy sources and significantly reducing production costs. Additionally, FirstBank started a tree planting campaign in partnership with the Nigeria Conservation Foundation to plant over 50,000 trees in 2024 demonstrating the Bank’s dedication to ESG as a business agenda.
Expressing her delight on the recognition, the Group Head, Marketing & Corporate Communications, Mrs. Folake Ani-Mumuney said: “We are thrilled to receive the Euromoney Award for Nigeria’s Best Bank in ESG. This recognition is a testament to the power of enabling Giants in our employees, businesses, and communities to achieve success. At FirstBank, we believe that sustainability is a driver for growth and innovation. Our approach to sustainability is built on three pillars: Citizenship, Stakeholder Management, and Impact Management. This award validates our efforts to create a sustainable and inclusive future for all our stakeholders, and we are committed to advancing continuous positive impact in the marketplace, workplace, environment, and communities we serve.”
According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”
Amongst other awards, FirstBank recently added to its awards kitty, Best SME Bank in Nigeria and Best Bank in Africa, Best Private Bank in Nigeria, and Best Private Bank for Sustainable Investment in Africa by Global Finance, for its exceptional leadership in integrating sustainable practices into its banking operations.
EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN
FirstBank, the West African premier financial institution and financial inclusion services provider announces its continuous VISA Cross Border and Summer campaign in partnership with VISA. The campaign, which commenced on 1 April 2024, is set to run until 31 August 2024 as a rewarding initiative for existing VISA Gold and VISA Infinite cardholders and prospective customers.
Throughout the campaign, 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers. 2 cardholders will enjoy an all-expense-paid trip for two to the Olympic Games in Paris, France. The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.
To qualify for this exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.
Speaking on the promo Chuma Ezirim, the Group Executive E-Business and Retail Products, FirstBank said, “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign. This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.
“We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”
The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a US Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.
On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals. This card offers an extraordinary selection of exclusive travel, dining, shopping, and lifestyle opportunities, providing unparalleled benefits to its holders.
ZENITH BANK EMERGES NIGERIA’S TIER-1 CAPITAL LEADER FOR THE FIFTEENTH CONSECUTIVE YEAR IN THE 2024 TOP 1000 WORLD BANKS’ RANKING
For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.
Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.
Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.
Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.
Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.
Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
