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Tag: Zenith Bank

  • Zenith Bank grows profit by 31% to N153b in Q3

    Zenith Bank grows profit by 31% to N153b in Q3

    Zenith Bank Plc recorded significant growths in the top-line and bottom-line in the third quarter, raising prospects of better returns for the 2017 business year.

    Key extracts of the interim report and accounts of the bank for the nine-month period ended September  30, 2017 showed gross earnings of N531.3 billion, showing a growth of 39.7 per cent above the N380.4 billion posted in the corresponding period of 2016. Net interest income rose marginally by 6.2 per cent from N189.8 billion to N201.5 billion, while non-interest income surged by 123 per cent to N169.5 billion, from N94.7 billion.

    Zenith Bank grew its profit before tax by 30.8 per cent from N116.6 billion to N152.5 billion while profit after tax (PAT) grew faster by 36 per cent to N129.2 billion, compared with N95.4 billion in 2016.

    Also, deposits grew from N2.6 trillion at the end of December 2016 to N3.1 trillion as at September. But loans and advances fell marginally by 2.6 per cent to N2.2 trillion, from N2.4 trillion. Total assets stood at N5.1 trillion, up from N4.6 trillion in December 2016.

    Chairman, Zenith Bank Plc, Mr. Jim Ovia recently assured that the bank would continue to work to improve shareholders’ value in spite of the challenging operating environment.

    He noted that the bank’s performance was due to its ability to fully exploit the available opportunities, pointing out that in line with its commitment to delivering superior returns to shareholders, the bank ensured that a good chunk of the profit would be distributed to the shareholders.

    “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” Ovia said.

  • Senators to banks: release Jonathan’s wife’s cash

    Senators to banks: release Jonathan’s wife’s cash

    Senators yesterday directed two commercial banks to unfreeze some accounts belonging to companies linked to former President Jonathan’s wife, Patience.

    The accounts, domiciled with Zenith Bank, Stanbic IBTC and others, were said to have been frozen on the orders of the Economic and Financial Crimes Commission (EFCC).

    The senators, at a hearing by the committee on Ethics, Privileges and Public Petitions, declared that the accounts in question were not encumbered by any legal processes and as such be unfrozen without delay.

    Chairman of the committee, Senator Samuel Anyanwu, observed that some of the accounts were frozen based on certain administrative lapses.

    The lawmakers described the methods used in freezing the accounts as arbitrary, insisting that the EFCC failed to comply with due process in closing the accounts.

    Officials of the banks who appeared before the Senate panel however said the court order vacating the freezing of the said accounts had not been received by them.

    They however promised to reopen the accounts, based on the information made available by the senators.

    The committee members expressed worry that the banks could freeze accounts based on letters received from the EFCC without valid court orders.

    Also yesterday, the Federal High Court in Lagos was told how a former Senior Special Assistant to ex-President Gooluck Jonathan on Domestic Affairs Dr Waripamo-Owei Dudafa allegedly laundered about N5.1billion for the former president’s wife.

    The EFCC arraigned Dudafa and Iwejuo Joseph Nna (alias Taiwo A. Ebenezer and Olugbenga Isaiah) before Justice Mohammed Idris on 23-counts of conspiracy and concealment of crime proceeds.

    They are on trial for alleged conspiracy to conceal proceeds of crime amounting to over N1.6billion on June 11, 2013, among others.

    Justice Idris adjourned till October 24 for hearing of the application to travel.

    Trial will continue on November 14 and 15.

  • Zenith Bank receives D’Tigress, pledges support for Spain 2018 World Championship

    Zenith Bank receives D’Tigress, pledges support for Spain 2018 World Championship

    Zenith Bank, sponsor of the national Women Basketball League, says it will give adequate support to the champions of the 2017 FIBA Women’s Afrobasket Championship, D’Tigress for the World Championship in Spain next year.

    The Group Managing Director, Peter Amangbo, made the promise on Thursday in Lagos as Zenith Bank received members of the victorious team at its headquarters in Lagos.

    “Zenith Bank will throw its weight behind the team for the World Championship slated for Spain next year.

    “Now that you are going to Spain, we are going to support you again for the competition,’’ Amango said.

    He congratulated the players and officials for the remarkable feat recorded in Bamako, Mali, noting that the bank and indeed Nigerians were proud of their achievement.

    Amangbo said: “It was not only the win that was exciting but also the way you won.

    “During the competition, we were following your progress with keen interest and it is heartwarming that you came back as champions.

    “We always support people who are committed just like you. Nigerians have made a mark in basketball.

    “We all know about the exploits of Akeem Olajunwon of the Toronto Raptors fame in the U.S. NBA. He also led the Rockets to back-to-back NBA championships in 1994 and 1995.

    “In 2008, he was inducted into the Basketball Hall of Fame, and in 2016, he was inducted into the FIBA Hall of Fame.

    “Raptors is my favourite team and the General Manager of the team is a Nigerian.’’

    The Captain of the team, Aisha Muhammed, commended the bank for hosting the team and supporting the game in the country.

    “I am happy to be here because the support Zenith has been giving the game is a big one for our colleagues playing in Nigeria,’’ she said.

    The team was rewarded with cash awards, which were paid into accounts opened for them during the visit, and for which they were all presented with Debit Cards.

    The Vice-President of the Nigeria Basketball Federation (NBBF), Babatunde Ogunade, who led the team, praised Zenith Bank for its continued support for the game.

    He noted the fact that the bank had through its sponsorship of the Zenith Bank Women Basketball League enabled Nigerian women players to challenge for the leadership of game in Africa.

    Ogunade also said that three members of the winning team, Chioma Udeaja, Nkechi Akashili and Upe Atosu featured in the recently held Zenith Women League.

    The News Agency of Nigeria (NAN) reports that the D’Tigress won all their matches to final in the championship staged in Bamako, Mali.

    To emerge champions, they defeated the defending champions and tournament favourites, Senegal 65-48 in the final. They had also defeated the Senegalese 58-54 in the group stage of the biennial competition.

    NAN also reports that Nigeria’s Evelyn Akhator emerged one of the five best players in the tournament and that her contributions will not go unnoticed as she averaged 15 points per match.

    Senegal’s Astou Traore was named the competition’s Most Valuable Player.

  • Ambode lauds Zenith Bank’s corporate citizenship

    Ambode lauds Zenith Bank’s corporate citizenship

    Lagos State Governor Akinwunmi Ambode has lauded the Management of Zenith Bank Plc on its commitment to corporate citizenship initiatives.

    The governor gave the commendation at the inauguration of the Serenity Park and Gardens – a corporate social responsibility project undertaken by Zenith Bank Plc in collaboration with Iru-Victoria Island Local Council Development Area (LCDA)— at the Eko Hotel Roundabout, Victoria Island, Lagos at the weekend.

    Ambode, who was represented by Commissioner for the Environment Dr. Babatunde Adejare, commended the bank for reconstructing the lay bys and improving the aesthetics of the Ajose Adeogun/Eko Hotel environs.

    The reconstruction of the Ajose Adeogun Street has remained a role model for good corporate citizenship in the country, in addition to the annual decoration and light-up of the street at Christmas season.

    Group Managing Director/CEO of Zenith Bank Plc, Mr. Peter Amangbo, said the bank remained committed to supporting and partnering the government’s vision and efforts to make the state a mega city in furtherance of its disposition to support a state that has been so conducive for the pursuit of enterprise.

    Sole Administrator of Iru-Victoria Island LCDA, Princess Aderemi Adebowale, expressed delight that the project, which will serve as a relaxation and fun spot, was undertaken during her tenure. She commended the bank for collaborating with her administration and urged the in coming administration to give priority to the maintenance of the facility.

  • Appeal Court to EFCC: You can’t freeze Fayose’s account

    Appeal Court to EFCC: You can’t freeze Fayose’s account

    Ekiti State Governor Ayo Fayose has secured another judicial victory against the Economic and Financial Crimes Commission (EFCC) over his accounts domiciled at the Zenith Bank which was frozen last year.

    The Court of Appeal sitting in Ado Ekiti on Tuesday threw out an application for injunction restraining the anti-graft agency from freezing the accounts the governor is operating with Zenith Bank.

    The account was last year June  frozen over allegation that it contained a sum of N2.999 billion out of the 3.2 billion dollars suspected to have been distributed through the office of the former National Security Adviser, Col. Sambo Dasuki (rtd).

    But the account was unfrozen on December 13 last year after which Fayose withdrew the sum of N5 million from the bank’s branch in Ado-Ekiti shortly after the judgment was delivered. The EFCC filed an appeal against the judgment on grounds that the money was a proceed of crime.

    The Appeal Court in panel comprising Justices Ahmad Belgore, Fatima Akinbami and Paul Elechi in a unanimous judgment held that that the EFCC did not attach notice of appeal and the Federal High Court, Ado Ekiti judgment of December 13, 2016, which ordered the anti-graft agency to unfreeze the governor’s account that the EFCC appealed against.

    The judgement read by Justice Akinbami said: “No valid appeal has been made against the judgement of the lower court which unfreeze the account. Against the judgment the EFCC was appealing against was not attached to this application.

    “EFCC also failed to show sufficient evidence that the money in the account was a proceed of crime as claimed. In doing this, we expect the EFCC to have showed evidence that the plaintiff has been tried for criminal offence before for it to assume that he can receive proceed of crime.

    “We also found that there was suppression of facts to get the account frozen in the first instance.  It was also noted that Governor Fayose in line with Section 308 enjoys immunity and his personal account can’t be frozen

    “Having not done all these as demanded by law and equity, as those facts were facts that would assist in exercising the court’s discretion either for or against as it is an application  that is predicated on discretion of the court. The application is hereby thrown out,”.

    The court also said that the alleged damning intelligent report by the EFCC, which it claimed to have received concerning money purportedly paid into Governor Fayose’s account by Senator Musiliu Obanikoro was not provided nor attached for the court to see.

    It described EFCC’s claim on the receipt of an intelligent report concerning money purportedly paid into Governor Fayose’s account by Obanikoro as mere speculation, saying; “the court does not embark on speculation.”

    The court also held that since the EFCC had admitted that N80 million had already been withdrawn from the accounts, saying that Chief Ozekhome was right to say that the cat had already been completed and an injunction cannot be granted for act already completed.

    Counsel to Fayose, Chief Mike Ozekhome (SAN), who described the verdict as “another victory over tyranny” advised the EFCC to act within the rule of law in its operations.

    Ozekhome said the anti-graft agency will continue to lose cases it filed against suspects in courts until it divorces itself of selective justice and taking biased position  in the politics of the country.

    He said: “This portrayed judiciary as the sentinel on the door of the poor, defenceless and oppressed. Governor Fayose and myself had again been vindicated that EFCC’s operations have not been based on law but on emotion.”

  • Zenith Bank raises $2.1b via Eurobond

    Zenith Bank raises $2.1b via Eurobond

    Zenith Bank Plc has raised $2.1 billion through Eurobond 2022 issue. It was more than 300 per cent oversubscribed.

    The $500 million five-year senior unsecured benchmark bond (144A/REGS) was issued by the Tier-1 lender on the Irish Stock Exchange.

    The bank’s Eurobond issue recorded success on three counts: pricing, subscription level and global appeal. Details of the issue show that the subscription level makes the issue highest by any non-sovereign and non-supranational company in sub-Saharan Africa. The issue, the lender said, is in addition to the existing $500 million which matures in April, 2019.

    The bond was issued at par with both coupon rate and yield to maturity rate priced at 7.375 per cent, representing 50 basis points better than the sovereign of 7.875 per cent. The rating of both the sovereign and Zenith Bank is B+ with the bond issue also rated B/B+.

    Financial pundits said the 300 per cent oversubscription indicates a huge endorsement of the Zenith brand as a reputable, international financial institution recognised for superior performance and creating premium value for all stakeholders.

    Also, trading on the issue opened on profitable note. The bond opened trading at 101.15 per cent of par value on its first day of trading, highlighting the huge demand for the issue in the current market.

    Informed sources close to the issue said the subscription came from around the world such as Hong-Kong, China, Singapore, Europe and the United States of America. This confirmed the global acceptance of Zenith Bank as an international brand.

    It was also learnt from sources familiar with the details of the issue that over 200 investors participated with the largest single ticket subscription being over $100 million. They pointed at the overwhelming success of the issue as attesting to the visionary leadership of the institution and the consistent excellent track record of the bank over the last 26 years.

    Zenith Bank Plc established a $1 billion Global Medium Term notes in 2014, with $500 million already raised in the first tranche. The first tranche notes were listed and admitted to trading on the Irish Stock Exchange in 2014. The net proceeds of the Second Tranche Notes would be utilized for its general banking business.

    The bank has consistently recorded good ratings from both local and international rating agencies. The ratings are supported by its leading market position in all key performance indices.

    The lender is adjudged the largest bank in Nigeria by Tier-1 Capital, and has also earned recognition in other areas of operations which includes Best bank in Corporate Governance, Best Customer Service Bank in Nigeria and Most Customer-focused bank in Nigeria.

    Its shares are freely traded on the London Stock Exchange following a listing of $850 million worth of shares by way of a Global Depository Receipt (GDR).

    With operations in Nigeria, the United Kingdom, Ghana, Sierra Leone, Liberia, China and South Africa, Zenith Bank stands out in the banking industry through superior service quality, unique customer experience and sound financial indices.

    In 2004 when the bank listed on the Nigerian Stock Exchange, its shares were oversubscribed by over 500 per cent and the over-subscription of the Eurobond is a clear affirmation of the lender’s acceptance as a very strong global financial super-brand.

     

  • Businesswoman faces N1.2m fraud charge

    Businesswoman faces N1.2m fraud charge

    A businesswoman, Chidinma Okoro, who allegedly defrauded two men of N1.2 million, was on Wednesday arraigned in an Ikeja Magistrates’ Court.

    The accused, 44, who resides at No. 2, Church St., Ogundare Estate, Aminkanle area of Alagbado in Lagos, is facing a two-count charge of fraud and stealing.

    The Police Prosecutor, Insp. Peter Nwangwu, told the court that the accused committed the offences between Feb. 2 and Aug. 30, 2014, at his residence.

    He alleged that the accused fraudulently obtained the cash sum of N1.2million from the complainants, Mr Emenike Daniel and Mr Utoh Chijioke.

    “The accused collected the said amount from the complainants on the pretext of supplying them goods from the U.S and U.K, as agreed upon,” he said.

    Nwangwu alleged that the complainants paid the sum of N1.2million into the Access Bank and Zenith Bank accounts of the accused.

    He told the court that Okoro reneged on the agreement and refused to refund the money to the complainants.

    “The accused absconded and relocated to an unknown destination until she was recently apprehended by the police,” Nwangwu said

    The offences contravened Sections 285 and 313 of the Criminal Law of Lagos State, 2015 (Revised).

    The News Agency of Nigeria (NAN) reports that Section 313 prescribes a 15-year jail term for offenders, while Section 285 stipulates three years imprisonment.

    The accused, however, pleaded not guilty to the charge.

    The Chief Magistrate, Mrs Y.O. Aje-Afunwa, granted the accused bail in the sum of N500,000, with two sureties in like sum.

    She said the sureties must show evidence of three years tax payment to the Lagos State Government and adjourned the case until June 17,  for hearing.

     

  • Lagos judiciary denies alleged theft of N47m judgement sum

    Lagos judiciary denies alleged theft of N47m judgement sum

    The Lagos State Judiciary has risen in stout defence of its judge, Justice Ganiyu Safari alleged to have converted a judgement sum of N47 million to personal use.

    It described as total falsehood the alleged theft of N47 million judgement sum from the state judiciary, as published by two online media, Gavel International and Sahara Reporters.

    The rebuttal titled; “The position of the Lagos State Judiciary on the False On-Line Publication on an alleged theft of N47m Judgement sum by a judge of the Lagos State Judiciary” was contained in a statement signed by Assistant Director, Public Affairs, Mrs. Mrs. Grace Alo.

    The statement said both publications are not only false but calculated to tarnish the image of the Judiciary and the Hon. Justice Ganiyu Safari, whose name was therein mentioned.

    The five point statement stated in part: “No petition was forwarded to the Hon. Chief Judge of Lagos State by the Chief Justice of Nigeria (CJN) in respect of the alleged Judgment sum.

    “No investigation by the Hon. Chief Judge has shown that any money was diverted from the Chief Registrar’s account into a private account of the Hon. Judge.

    “The allegation that there is a cover up of the case and that a soft-landing has been given to the Hon. Judge to refund the money is both false and unfounded.

    ” It is irresponsible Journalism for the Gavel international and the Sahara Reporters to report that security fees deposited into the Chief registrar’s account are usually unpaid as  such monies are paid after verification of payment into the designated account. Any complaints or grievances in respect of any unpaid money ought to be directed to the Hon. Chief Judge for investigation.

    “It is also false that security fees are only paid into the Zenith Bank, Oba Akran, Ikeja Branch.

    “As the last hope of the common man, the Lagos State Judiciary remains committed and focused in discharging its statutory duties without fear or favour,” it added.

     

  • Ex-banker in court over N6.8m theft

    A 38-year-old ex-banker, Chidi Idems, who allegedly obtained N6.8 million from a customer under false pretences, on Wednesday appeared before an IkejaMagistrates’ Court.

    Idems, a resident of Abule-Egba area of Lagos, pleaded not guilty to a five -count charge of conspiracy, stealing, obtaining under false pretences, forgery and presumption as to false pretences under certain circumstances.

    The prosecutor, Sgt. Mike Unah, told the court that the accused committed the offences on June 2, 2016 at Agidingbi area of Ikeja.

    Unah alleged that the accused, with others now at large, fraudulently obtained N6.8 million from one Olabisi Shittu on the pretext of assisting her to transfer the money to her customer in China.

    He said that the complainant, who had no idea that Idems had been sacked at the bank, transferred N6.8 million to him.

    Unah said that the accused converted the money to his own personal use and forged a telex transfer form showing that he had paid the money to the complainant’s customer.

    The prosecutor said that Idems gave the forged document to Shittu, who had no idea it was fake.

    Unah said that Shittu did not know she had been duped until she received a call from her customer in China, who claimed he had not received the money.

    “Shittu quickly rushed to the bank to report the accused to the head of operations, only to discover that Idems had been sacked from the bank months ago for another offence.

    “The complainant said that when she called the accused on phone to demand for her money, he started making up flimsy excuses.

    “She said that after so much persistence on her part, Idems gave her a Zenith bank cheque of N6.8 million.

    “Shittu said that when she presented the cheque at the bank it was dishonoured due to insufficient funds in the accused’s account.

    “The complainant reported the case to the police and the accused was apprehended and taken to the police station for further questioning, ”Unah said.

    The offences contravened Sections 285, 312, 319, 363 and 409 of the Criminal Law of Lagos State, 2011.

    The News Agency of Nigeria (NAN) reports that the accused risks a 15-year jail term on conviction for obtaining by false pretences, according to the provisions of the Criminal Law.

    The Magistrate, Mrs A.O Gbajumo, granted the accused bail in the sum of N500,000, with two sureties in like sum. She adjourned the case until July 12 for mention.

  • Zenith Bank notifies investors of $500m Notes Issuance

    Zenith Bank notifies investors of $500m Notes Issuance

    Zenith Bank Plc has notified investors of the $500 million second tranche Global Medium Term Note Programme.

    The lender had earlier in 2014, established $1 billion Global Medium Term Note Programme and subsequently raised $500 million under the first tranche of Notes issued under the programme.

    Zenith Bank Company Secretary, Michael Otu, said the bank now intends to revalidate the programme and raise up to $500 million under the second tranche of notes that will be issued under the programme.

    “The first Tranche Notes has been listed and admitted to trading on the Irish Stock Exchange (ISE) and it is intended that the second tranche notes will also be listed on the ISE and admitted to trading on its regulated market.

    “As was done with the first tranche notes, the bank intends to issue the second tranche notes directly but will retain the flexibility to issue through an offshore special purpose vehicle where market conditions require and allow for same,” he said in a statement.

    The bank, he said, intends to utilize the net proceeds of the second tranche notes for its general banking purposes. The net proceeds from the issue of the second tranche notes will be paid into the bank’s foreign currency domiciliary account and may be converted into naira or retained in foreign currency.

    “The bank does not intend to obtain a certificate of capital importation (CCI) in respect of the proceeds of the notes that are not converted into naira as a CCI is only issued in respect of capital imported into Nigeria and converted into naira,” he stated.

    Therefore, the bank will make principal repayment and interest payments on the notes from its foreign currency reserves as it will not be able to obtain access to the Nigerian foreign exchange market for the purpose of making such payments.

    However, in the event that the bank does not have sufficient foreign currency reserves to meet the principal and interest payments due on the Notes, the bank would be required to obtain the approval of the Central Bank of Nigeria (CBN) to enable it to access the official foreign exchange market.