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Tag: Zenith Bank

  • Zenith Bank’s shareholders approve N125.59b dividends

    Zenith Bank’s shareholders approve N125.59b dividends

    Shareholders of Zenith Bank Plc yesterday approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of N125.59 billion.

    The announcement was made during the 33rd Annual General Meeting (AGM) of the bank held in Lagos.

    Speaking at the event,  Founder and Chairman of Zenith Bank Plc,  Dr. Jim Ovia,  thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.

    Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, also thanked the Founder and Chairman, Jim Ovia, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance.

    In his words, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”

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    Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year.

     She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”

    At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan. He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”

    Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”

    In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023. This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits

    In 2024, Zenith Bank Group plans to expand its reach following its restructuring 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 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.

  • Corona, Riverbank, Grange shine at Zenith Bank  Inter-School Swimming

    Corona, Riverbank, Grange shine at Zenith Bank  Inter-School Swimming

    Corona School, Riverbank School, Grange and Greensprings School all put  up remarkable displays as the Primary School version of the 2024 Zenith Bank / Ikoyi Club Inter School Meets was concluded at the weekend.

    The one-day event which had over 200 pupils competing in 33 events , saw Corona duo of Olufoladara Sokefun and Maryam Muhammed emerge as the MVPs for the boys’ and girls’ categories as they both bagged three gold medals each.

    “I am very happy to win the MVP because I trained so hard. My parents are proud of me because they have been supporting my swimming career,” Muhammed said.

    Emerging powerhouse, Riverbank, also had a colourful outing spearheaded by Muella siblings, Oghenemarho and Onanoro as well as Lumi Inegbedion. John Owen (Grange), Tishe Aninana (St Saviours)) Chizutelu Oguegbu (Meadowhall), among a few others, also had distinct performances.

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    Oluwadara Akanbi of IC Marlins and Foladara Sokefun won the girls and boys champion of champions’ races respectively. All the champions’ race participants were rewarded with ranging cash prizes.

    Regina Jemide, the Head of School at Riverbank, on behalf of the schools, expressed delight at the flawless organization of the programme. She commended Zenith Bank for creating a platform which serve as the bedrock for swimming development in Nigeria tasking other to emulate the sponsors.

    Swimming Section Chairman, Ikedichi Kanu, was appreciative of the schools, parents and officials.

    “It has been a roller-coaster ride for every one of us. The event is growing by the years through the efforts of everyone. We look forward to a more exciting and bigger event next Saturday when we will stage the secondary schools event,” Kanu stated.

  • Zenith Bank’s grossed N781b in first quarter

    Zenith Bank’s grossed N781b in first quarter

    The gross earnings of Zenith Bank Plc rose by 189 per cent in the first quarter of the year; the bank has announced its unaudited results.

    The impressive triple-digit growth performance shot the bank’s earnings to N781 billion as against the N270 it reported in the first quarter of last year.

    According to the report, the bank achieved the feat despite the challenging operating environment and tightening monetary policy stance.

    From the unaudited statement of account submitted last Friday to the Nigerian Exchange (NGX), the impressive growth in the top-line also enhanced the bottom line.

    The bank’s Profit Before Tax (PBT) rose to N320 billion, representing an increase of 270 per cent from the N87 billion reported in first quarter of 2023.

    Its Profit after tax (PAT) also grew by 291 per cent from the N66 billion reported in first quarter of 2023 to N258 billion in the current period.

    The statement said that the interest and non-interest income contributed significantly to the growth in gross earnings.

    Interest income grew by 155 per cent from the N192 billion reported in the quarter ended March 2023 to N489 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 per cent. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

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    The bank reported an impairment charge of N56 billion for first quarter of 2024, up from N8 billion recorded in first quarter of 2023.

    The statement reads: “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 per cent  from 2.7 per cent in first quarter of 2023 to four per cent in first quarter of 2024 due to the high-interest rate environment, while interest expense increased by 157 per cent from N71 billion reported in first quarter of 2023 to N182 billion in the period to March 2024.

    “Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20 per cent from 6.9 per cent in the three months ended March 2023 to 8.3 per cent 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.”

  • Shareholders okay Zenith Bank HoldCo structure transition

    Shareholders okay Zenith Bank HoldCo structure transition

    Shareholders of Zenith Bank Plc have unanimously approved the restructuring of the bank to a holding company.

    The approval was secured during a court-ordered Extraordinary General Meeting (EGM). The meeting held virtually at the weekend from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos.

    In accordance with the Scheme of Arrangement, dated March 28, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the bank and the holders of the fully paid ordinary shares of 50 Kobo each in the bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 kobo each held in the issued and paid-up share capital of Zenith Bank Plc. to Zenith Bank Holding Company Plc. (the HoldCo).

    The shares transfer will be in exchange for the allotment of 31,396,493,787 ordinary shares of 50 kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the bank.

    Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR.

    The shareholders also approved that all of the shares held by the nominees of the bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo.

    The Board of Directors (BoD) was also authorised to delist the shares of the bank and the Existing GDRs from the Nigerian Exchange and the London Stock Exchange respectively, as well as re-register the bank as a private limited company under CAMA Act 2020.

    In his remarks during the EGM, the bank’s Founder/ Chairman, Jim Ovia, thanked the shareholders for their unwavering commitment, which has been instrumental in the bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

    Read Also: Zenith Bank records 125% growth in gross earnings to N2.132tr

    Group Managing Director/Chief Executive (MD/CEO) Ebenezer Onyeagwu, lauded Ovia for his pivotal role in creating an institution that has consistently been a trailblazer in the nation’s financial services industry.

    Onyeagwu expressed his optimism about the Bank’s growth trajectory in the coming years as it transitions into a holding company structure.

    He said: “The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking. The first part is Fintech, where we have already received the approval and the license from the Central Bank of Nigeria (CBN), which we are launching soon.

    “It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have.

    “So, it presents a big opportunity for us to have a wider lens and scope in terms of what we can do. It will also position us to think of opportunities beyond Africa. We will be looking at key business verticals that have the potential to enable us to create value for shareholders.”

  • Zenith Bank records 125% growth in gross earnings to N2.132tr

    Zenith Bank records 125% growth in gross earnings to N2.132tr

    Zenith Bank Plc has achieved 125 per cent growth in gross earnings to N2.132 trillion in its audited results for the year ended December 31, 2023. The gross earnings represent remarkable triple-digit growth compared with N945.6 billion reported in 2022.

    According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180 per cent in Profit Before Tax (PBT) from N284.7 billion in 2022 to N796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202 per cent from N223.9 billion to N676.9 billion in the period ended December 31, 2023.

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    The increase in gross earnings, it was gathered, is primarily due to growth in interest and non-interest income. Interest income surged by 112 per cent from N540 billion in 2022 to N1.1 trillion in 2023. Non-interest income grew by 141 per cent from N381 billion to N918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year.

  • Zenith Bank appoints Adaora Umeoji first female GMD/CEO

    Zenith Bank appoints Adaora Umeoji first female GMD/CEO

    Zenith Bank Plc yesterday announced the appointment of Dr Adaora Umeoji as its Group Managing Director/Chief Executive Officer (CEO), effective June 1.

    This was made known in a notification sent to the Nigerian Exchange Limited (NGX) by the bank’s Company Secretary, Mr Michael Otu.

    Otu said the appointment was subject to the approval by the Central Bank of Nigeria (CBN).

    He stated that Umeoji takes over from Dr Ebenezer Onyeagwu, the bank’s Group Managing Director, whose five-year term expires on May 31.

    The company secretary noted that Umeoji would be the first female GMD/CEO since the inception of the bank.

    According to him, Umeoji’s appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

    Otu said prior to the appointment, Umeoji had been the Deputy Managing Director of the bank since October 28, 2016, with close to 30 years’ cognate banking experience of which 26 years had been with Zenith Bank.

    Umeoji is an alumnus of the 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 Programme.

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    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 also holds a Masters of Law from the University of Salford, United Kingdom, a Masters in Business Administration (MBA) from the University of Calabar and a Doctorate in Business Administration from Apollos University, United States.

    Umeoji holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, U.S., and has attended various management programmes in renowned Universities around the world.

    This includes, the strategic thinking and management programme at Wharton Business School, U.S.

    She also attended the executive programme in Strategic Management and has a certificate in Leading Global Business from Harvard Business School, U.S.

  • Zenith Bank trains Premiere Academy students in financial literacy

    Zenith Bank trains Premiere Academy students in financial literacy

    Zenith Bank has organised a one-day financial training for students of Premiere Academy, Lugbe, Abuja. 

    The training, which held as part of Premiere Academy’s institutional co-curricular Money Matter Programme, focused on how to leverage Intentional Savings, Investments and Philanthropic Spendings as vehicles of wealth building and management. 

    It also featured an open competition where the participants demonstrated aptitude for Money Management, with Mirabelle Effiong, a JSS 2 student of the school, going home with the N50,000 Star Prize.

    Zenith Bank’s Senior Executive Officer, Training, Nancy Osuagwuh and Toluwalope Adediji, Relationship Manager, led the team of Zenith Bank personnel that conducted the training while several top officers and staff of the School were also in attendance to take in life-shaping nuggets from the interactions.

    Osuagwuh praised the school for instituting the Money Matter Programme which she described as an important platform for giving the students valuable life tips to help them become best managers and complete leaders armed with excellent knowledge to impact the world.

    She said: “The excellent ambience of the school, together with the rich academic and co-curricular programmes the students are exposed to, is a stand-out characteristic that speaks volume for the bright future of these students. 

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    “The component and design of the Money Matter Programme, for example, and other impactful activities the School regularly undertakes represent one of the best approaches to total education anywhere in the world for which the Management of the School deserve a big applause”

    While thanking the Zenith Bank team for conducting the training, Premiere Academy’s Principal, Mr. John Olugbenro, stressed the School’s commitment to ensuring the students receive well-rounded education that could help them rub shoulders with the best of their contemporaries globally.

    “We shall continue to evolve our systems and environments holistically in line with emerging global trends to not only set our students on a path of academic excellence but to also ensure that they are well-rounded in other vital areas of life with essential life skills that foster confidence, creativity, teamwork and all-round leadership in order for them to be fully ready to shine in all aspects of life”, he stated.

  • Zenith Bank is Best Bank for digital solutions, says Euromoney

    Zenith Bank is Best Bank for digital solutions, says Euromoney

    Zenith Bank Plc has emerged the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023.

    The recognition underscores the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions.

    Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, said: “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria. This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector. Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”

    Onyeagwu dedicated the award to the founder and Chairman of Zenith Bank Plc, Jim Ovia, for his visionary approach to integrating technology into banking, establishing an exemplary model for service delivery at a time the potential of technology in banking was yet to be fully realised.

    Onyeagwu remarked, “Technology now stands as the cornerstone of the financial services sector.” He extended heartfelt thanks to the bank’s clientele for their loyal patronage, to the board for their guidance, and to the staff for their unwavering dedication to building a formidable financial institution.

    Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to the banks and bankers who matter. Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.

    Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank has remained a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

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    The bank’s track record of excellent performance has earned the brand numerous awards, including 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.

    The bank has also been recognized as the 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 makes World Finance top 100 global companies’ list

    Zenith Bank makes World Finance top 100 global companies’ list

    Zenith Bank Plc has been included in the World Finance 100 2023 list by World Finance Magazine.

      The feat places the bank 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 various fields of expertise.

    Each year, World Finance compiles the list of 100 companies, based on excellence in their field.

    The bank said: “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.”

    Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “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.”

    The bank CEO expressed his profound gratitude to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, , 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.

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    The bank was also recognized as the 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/Delta Principals’ Cup: Umuaja Mixed emerges champions as Oborevwori applauds sponsor

    Zenith Bank/Delta Principals’ Cup: Umuaja Mixed emerges champions as Oborevwori applauds sponsor

    A new champion yesterday emerged at the annual Zenith Bank/Delta Principals’ Cup as Umuaja Mixed Secondary School, Umuaja, defeated Government College, Ughelli, 2-0 in the final of the sixth edition of the competition played at the Stephen Keshi Stadium, Asaba, Delta State.

    The first half had ended goalless but the champion emerged from the tunnel to score two quick goals in the second half through Cypril Aniowa and Precious Mgobolu to seal the title.

    The competition which started on October 19 from the preliminary stage saw Institute of Continuing Education (ICE) Sapele finishing third as they defeated Illah Grammar School, Illah, 3-2 on penalties after the regulation time ended 2-2.

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    Speaking after the final, the Delta State governor, Sheriff Oborevwori, who was ably represented by his deputy, Monday Onyeme, appreciated the sponsor, Zenith Bank Plc, for sponsoring the Principals’ Cup from its inception, describing it as the true meaning of Corporate Social Responsibility.

    The governor described all the teams that took part in the competition as champions while urging those who failed to get to the final to learn from their experience and allow the lessons to serve as motivation ahead of the next edition.

    Group Managing Director, Zenith Bank Plc, Ebenezer Onyeagwu, represented by the bank’s Assistant General Manager, Warri Zonal Head, Daniel Imani, congratulated all the teams that participated in the competition while also reiterating the financial institution’s commitment to sports development.