Zenith Bank Archives - Page 2 of 3

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.

Adaora Umeoji Highlights Zenith Bank’s Robust Financial Metrics: Says Bank Is Poised To Cross The N1 Trillion Mark In Profit In 2024

Adaora Umeoji Highlights Zenith Bank’s Robust Financial Metrics: Says Bank Is Poised To Cross The N1 Trillion Mark In Profit In 2024.

Zenith Bank Plc, Nigeria’s leading financial institution, held its Capital Markets Day last week to showcase the bank’s inherent values as it embarks on its recapitalisation journey. The event, which brought together key market players, focused on the bank’s growth trajectory, strategic objectives, market performance, and consistent, robust dividend payout over the years. It also provided an opportunity for the bank to inform capital market stakeholders about its robust risk management culture, adherence to regulations, capital adequacy, and maintenance of low non-performing loan levels.
Addressing capital market stakeholders, investors, and analysts at the event in Lagos, the Group Managing Director/Chief Executive Officer, Dame Dr Adaora Umeoji, highlighted the financial institution’s tier-1 capital of N1.8 trillion, shareholders’ funds of N2.3 trillion, market capitalisation of N1.3 trillion, a profit before tax of N796 billion, and a dividend of N4 per share for the year ended December 2023. Providing guidance for 2024, she noted that, given the trend of the bank’s performance and having achieved a profit before tax of N796 billion in 2023 and N320 billion in the first quarter of 2024, the bank is on track to deliver over N1 trillion in profit before tax in 2024. She expressed confidence that, with the quality of the board and management and a strong corporate culture, the bank is well-positioned to deliver superior value to investors and other stakeholders and to navigate the recapitalisation process successfully. She also disclosed some of the bank’s future plans, which include driving financial inclusion, expanding corporate and retail banking through technology and other state-of-the-art digital platforms, and establishing a fintech subsidiary, ZenPay, to drive profitability. Additionally, the bank intends to expand to France and other Francophone African countries.
Dr Umeoji explained, “For us at Zenith, we won’t be left out. We are planning to go to the market to raise capital, and as it stands, Zenith Bank has the least amount of capital to raise. We are looking to raise N230 billion because we are already at N270.7 billion. That is the least capital to raise among our peers. We believe that Zenith Bank has what it takes. We have the capacity, the network, the balance sheet, the human capital, and the track record to achieve that. We are planning for the future, and the technology we have now is the best in the entire industry. It will help us to have a seamless process and integrate.”
Also speaking, the Chief Financial Officer/General Manager, Dr Mukhtar Adam, pointed out that in the last five years, the bank’s Compound Annual Growth Rate (CAGR) in revenue has grown by over 27 per cent. “This continues to grow year-on-year. Within this period, at some point, Nigeria went into recession, but we forged ahead, worked very hard, and continued to deliver growth. Within the last five years, our profit before tax has also grown cumulatively by about 28 per cent. This is a market where, at some point, government instruments – treasury bills – were paying one per cent, two per cent, three per cent. But we forged ahead to grow the numbers and provide stable returns of at least 28 per cent.”
Zenith Bank recently emerged as the Best Commercial Bank, Nigeria, in the World Finance Banking Awards 2024, retaining the award for the fourth consecutive year. The bank was also named Best Corporate Governance, Nigeria, for the third year running in the World Finance Corporate Governance Awards 2024. The awards, published in the Summer 2024 issue of World Finance Magazine, recognise the bank’s robust financial performance, superior customer service, sustainability initiatives, and corporate governance practices.
Commenting on the dual honours, Dr. Umeoji said, “These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”
Dr. Umeoji also expressed delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank’s customers for choosing Zenith as their preferred bank. World Finance is a leading international magazine providing comprehensive coverage and analysis of the financial industry, international business, and the global economy.
In its audited results for the year ended December 31, 2023, Zenith Bank achieved a remarkable triple-digit growth of 125 per cent in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. The impressive growth in gross earnings resulted in a year-on-year increase of 180 per cent in profit before tax (PBT), from N284.7 billion in 2022 to N796 billion in 2023, while profit after tax (PAT) also recorded triple-digit growth of 202 per cent, from N223.9 billion to N676.9 billion for the period ended December 31, 2023.
The increase in gross earnings was primarily due to growth in interest and non-interest income. Specifically, its interest income increased by 112 per cent, from N540 billion in 2022 to N1.1 trillion in 2023, while non-interest income grew by 141 per cent, from N381 billion to N918.9 billion in the same period. The rise in interest income was attributed to the growth in the size of risk assets and their effective repricing, alongside the increase in yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.
Zenith Bank’s cost of funds also grew from 1.9 per cent in 2022 to three per cent in 2023 due to the high interest rate environment, while interest expense increased by 135 per cent, from N173.5 billion in 2022 to N408.5 billion in 2023. Notwithstanding the 32 per cent growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4 per cent in 2022 to 36.1 per cent in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118 per cent, from 16.8 per cent in 2022 to 36.6 per cent in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95 per cent, from 2.1 per cent to 4.1 per cent in the same period.
Zenith Bank was established in May 1990 and commenced operations in July of the same year as a commercial bank. 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 highly successful Initial Public Offering (IPO). In 2013, the bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE). Headquartered in Lagos, Nigeria, Zenith Bank Plc has more than 400 branches and business offices in prime commercial centres across all states of the federation and the Federal Capital Territory (FCT).
Zenith Bank Plc, founded by Jim Ovia, CFR, in 1990, has since grown to become one of the leading financial institutions in Africa. The underlying philosophy is for the bank to remain a customer-centric institution with a clear understanding of its market and environment. Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards. These latest accolades follow several recognitions, 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, among several others.
Zenith Bank Plc has blazed the trail in digital banking in Nigeria, achieving several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its customers. The bank is a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with state-of-the-art technologies in banking. Driven by a culture of excellence and strict adherence to global best practices, the bank has combined vision, skilful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations, enable businesses to thrive, and grow wealth for customers.

ZENITH BANK RECOGNISED AS THE MOST SUSTAINABLE BANK IN NIGERIA FOR THE SECOND TIME IN THE INTERNATIONAL BANKER AWARDS 2024

Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year.

Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised as the Most Sustainable Bank in Nigeria for the second time in a row. This prestigious award underscores our steadfast commitment to sustainability and reinforces our belief that responsible banking is essential for long-term success and societal impact.”

She dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR. She lauded the Bank’s stakeholders for their commitment and unwavering support in ensuring that Zenith remains a highly successful institution. She said, “This remarkable achievement is a testament to the visionary and impactful leadership of our Founder and Chairman, Dr. Jim Ovia, CFR. His exceptional foresight and dedication have been the cornerstone of our success. His ability to inspire and guide with strategic acumen has been instrumental in steering Zenith Bank to new heights. Along with the strategic guidance of our esteemed Board members, the unwavering commitment of our ever-diligent staff, and the steadfast support of our loyal customers, Dr. Ovia’s leadership has been pivotal in transforming our sustainability initiatives into a reality. We owe this success to his relentless pursuit of excellence and his deep-seated commitment to redefining the banking landscape in Nigeria.”

This recognition reaffirms Zenith Bank’s position as a trailblazer in sustainable banking practices, setting a benchmark for excellence within the Nigerian banking industry and beyond. The Bank has been a leader in monitoring and reporting sustainability impact. Since becoming the first Bank in Africa to publish a stand-alone sustainability report in accordance with the GRI Standards: Core Option in 2016, Zenith Bank has consistently published assured stand-alone sustainability reports. The Bank is one of the few institutions in Nigeria that tracks its carbon emissions using a certified tool built on the internationally recognised Greenhouse Gas (GHG) Protocol.

Zenith Bank is deeply committed to environmental, social, and governance (ESG) values, subscribing to the Triple Bottom Line principle, which encompasses People, Planet, and Profit. As a leading financial institution that services various sectors of the economy, the Bank considers Environmental and Social (E&S) risk management critical to its sustainability strategy.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; being listed in the World Finance Top 100 Global Companies in 2023; 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; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by the Ethical Boardroom; 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.

Additionally, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, 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.

Published by Finance Publishing Limited, the International Banker Magazine, United Kingdom, is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition. The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire. The 2024 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.

ZENITH BANK ON TRACK TO SURPASS 2023 RESULTS WITH 189% GROWTH IN Q1 EARNINGS

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the 3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11% from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

ZENITH BANK, AfCFTA JOIN FORCES TO REVOLUTIONIZE AFRICAN TRADE

Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.

The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal, H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”

SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

About ZENPAY Ltd

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

DAME (DR.) ADAORA UMEOJI NAMED ZENITH BANK GMD/CEO

Zenith Bank Plc has announced the appointment of Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN). She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Prior to this appointment, Dr. Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to thirty (30) years cognate banking experience of which twenty-six (26) years has been with Zenith Bank.

She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA. She also attended the executive program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business School, USA.

She is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.

In 2022, the Federal Government of Nigeria honored Dr. Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation building. She is a Peace Advocate of the United Nations (UN-POLAC).

She has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation that educates, caters for Cancer patients and indigent children education especially the Girl-Child. Her contribution to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.

As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Dr. Adaora Umeoji, OON founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International (KSJI), and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

Zenith Bank Dismisses Report on GMD’s Arrest, Says Onyeagwu on Duty

Zenith Bank PLC, one of Nigeria’s leading financial institutions, has dismissed as entirely untrue reports on the purported arrest of its Group Managing Director, Dr. Ebenezer Onyeagwu, in a section of the media.

The reports had claimed Dr Onyeagwu was arrested by the EFCC in connection with alleged fraud at the Ministry of Humanitarian Affairs.

The foremost lender however clarified that the GMD was neither arrested nor detained by the EFCC or any other anti-graft agency, adding that he is currently fulfilling his duties and responsibilities as the Group Managing Director of Zenith Bank Plc.

This was contained in a statement issued by the bank in Lagos on Wednesday and signed by Rich El O. Otu, its Company Secretary/General Counsel.

The statement added that the bank will continue to maintain the highest standards of integrity, accountability, and transparency and remains committed to providing exceptional banking and financial services to customers.

“We have become aware of inaccurate reports circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

“We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.

“We are issuing this public statement to dispel the misinformation and ensure that the public and our stakeholders are accurately informed.

“Zenith Bank remains dedicated to upholding the highest standards of banking and financial services,” the statement read.

ZENITH BANK MAKES WORLD FINANCE 100 LISTING FOR 2023

Zenith Bank Plc has been listed in the World Finance 100 2023 released by World Finance Magazine, achieving the feat as the only Nigerian company in the prestigious and exclusive listing. Zenith Bank’s inclusion in this elite list underscores the bank’s outstanding achievements and resilience in a dynamic and competitive global market.

The World Finance 100 celebrates companies that have reached the pinnacle of achievement across a wide variety of fields of expertise. Each year World Finance compiles the list of 100 companies, purely based on excellence in their field. The list presents the new business elite, made up of those whose vision and enterprise shapes the conceptual landscape of finance, business and technology. Notably, Zenith Bank stands as the lone Nigerian company and one of just three African companies to earn a place on this esteemed list for 2023, alongside industry titans such as Apple, Amazon, and Alphabet.

Dr. Ebenezer Onyeagwu, Group Managing Director/CEO of Zenith Bank Plc, remarked, “It is with great pride that we acknowledge this feat as the exclusive Nigerian company in the World Finance 100 2023. This accolade is a testament to our unwavering dedication to our valued stakeholders, our innovative spirit, and sustained growth, all achieved amidst the complexities of a challenging economic climate. This honour further attests to our status as a leading financial institution that continues to set the industry standard in financial performance, good corporate governance and financial stability.”

He expressed his profound gratitude to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary leadership and foundational role in shaping a resilient and thriving financial institution. He also acknowledged the board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the exceptional performance; and the bank’s customers for their steadfast trust in the Zenith brand.

Zenith Bank continues to play a pivotal role in Nigeria’s economic development and remains dedicated to providing cutting-edge financial solutions to its diverse clientele. The Bank’s track record of excellent performance has earned the brand numerous awards, with this latest accolade coming on the heels of several recognitions 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; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; 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.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, 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.

ZENITH BANK TRANSFORMS AJOSE ADEOGUN STREET INTO A RESPLENDENT SPECTACLE WITH CHRISTMAS DECORATIONS

In a splendid display, Zenith Bank heralded the Christmas and Yuletide seasons with the Light-Up of Ajose Adeogun Street and Roundabout, Victoria Island, Lagos, on Saturday, 25 November 2023. The Light-Up ceremony was performed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu.

This year’s Light Up Ceremony, the 17th of its kind, is a Corporate Social Responsibility initiative by Zenith Bank. The Christmas decoration is a Corporate Social Responsibility (CSR) initiative of the bank to herald the Yuletide season through the beautification and transformation of the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s Corporate Headquarters) and Roundabout into a resplendent spectacle – which has come to be recognised as an iconic tourist attraction, attracting people from all walks of life who visit with their families and friends to take pictures and make videos of the beautiful spectacle, especially at night and enjoy the ambience of the street and season.

Speaking during the ceremony, Dr. Onyeagwu expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone to imbibe the message and spirit of Christmas, which is about peace, love, forgiveness and respect for humanity and prayed for peace in every home, business and country. In his words, “Today, as we turn on the Christmas light with the wife of our Founder and Chairman, Mrs. Kay Ovia, in our midst, we hope with this, we activate the spirit of Christmas in the minds of everyone. We pray that the ambience of the light brings warmth, love, joy, fulfilment, and hope to every one of us. We pray that our country will experience peace. We pray that our joy will be full in this season of joy. So, in the spirit of the Yuletide season, Zenith Bank is also demonstrating that we want to use this to continue communicating and connecting with the community.”

He lauded the efforts of Quantum Markets, who have been responsible for the annual decorations, for their outstandingly creative and beautiful work. According to him, “It is an amazing evening! First and foremost, we need to thank Quantum Markets for the incredible work they are doing. You know, every year, the theme, the style and the ambience look completely different, and today, in a few minutes, we are going to be turning on the light, and you are going to see that it is nothing compared to what you have seen anywhere in the world. I have had the privilege of seeing Christmas light in so many cities across the world, and I say without any sense of contradiction that none compares with what we have in Lagos, Nigeria.”

The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.

Through its CSR initiatives, Zenith Bank has embodied the overarching objective of the 17 Sustainable Development Goals (SDGs), which provide a framework for addressing the major challenges confronting society. Its social investments are targeted at health, education, women and youth empowerment, sports development and public infrastructure enhancement. Overall, Zenith Bank’s total CSR investment in 2022 was NGN1.67 billion, representing 0.75% of its Profit After Tax (PAT).

The bank remains committed to furthering the economic, cultural and social development of host communities, particularly through community-based initiatives and philanthropy. As a good corporate citizen, it continues to deliver projects that have long-term social and economic benefits for the communities because it believes that its business is only as strong as its host communities.

To demonstrate its commitment to creating and expanding opportunities, the bank regularly makes donations towards setting up ultramodern ICT centres in several educational institutions and cities across the country. It also supports various developmental projects and healthcare delivery causes in Nigeria and contributes to the development of sports in Nigeria through its sponsorship of the Zenith Women Basketball League, Zenith Bank Delta State Principals’ Cup, and Zenith Bank Delta State Headmasters’ Cup, amongst others.

In recognition of its contributions and social investments to its host communities and the society at large, the bank was recognised as the “Most Sustainable Bank, Nigeria” in the International Banker 2023 Banking Awards and “Most Responsible Organization in Africa” at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021.

ZENITH BANK FETES SHAREHOLDERS WITH UNPRECEDENTED DIVIDEND PAYOUT OF N100.47 BILLION

Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR, flanked by the Group Managing Director/Chief Executive of Zenith Bank, Dr. Ebenezer Onyeagwu (Left) and the Company Secretary, Mr. Micheal Otu (Right) during the bank’s 32nd Annual General Meeting (AGM) held virtually from the Civic Centre, Victoria Island, Lagos, yesterday.

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.

Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance. He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.

Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.

Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.

Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.

Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.

In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

Zenith Bank’s track record of excellent performances has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 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. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, 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.