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Tag: Zenith Bank

  • How Olubusayo contributed to Zenith Bank’s financial operations

    How Olubusayo contributed to Zenith Bank’s financial operations

    By Larry Anwansedo 

    In the complex environment of modern banking, maintaining accurate records, managing risk, and ensuring regulatory compliance are critical to operational stability. 

    At Zenith Bank, Mr. Oluwabusayo Mesioye contributed to improvements in financial processes, focusing on foreign currency reconciliation and financial control. 

    His efforts were acknowledged through bank awards in 2021 and 2022, reflecting documented enhancements in efficiency and compliance within the institution.

    His work in the bank’s Nostro account operations exemplifies both technical acumen and practical impact. 

    “Banking isn’t just about processing transactions; it’s about anticipating issues before they escalate,” Olubusayo explains. 

    When discrepancies arose in the Nostro ledger due to erroneous debits by a correspondent bank, he quickly identified the problem and secured the return of funds, averting a potential loss of funds. 

    Beyond crisis management, his process improvements reduced customers’ waiting time by 48 hours, demonstrating the direct impact of operational efficiency on client experience.

    Olubusayo’s influence extends to strategic financial planning. By enhancing forecasting accuracy, he contributed to a 12% improvement in financial performance assessments, enabling management to make more informed investment and capital decisions. 

    He also played a pivotal role in designing and implementing capital stress tests, which improved the bank’s risk management effectiveness by 15%. 

    “Sound financial operations aren’t just internal metrics; they’re the backbone of trust, stability, and sustainable growth,” he noted 

    Regulatory compliance is another area where his expertise has had tangible results. 

    Olubusayo directed the implementation of internal controls over financial reporting in line with SEC requirements, ensuring that the bank’s operations met the highest standards of accuracy and reliability. 

    “Regulations are not hurdles; they’re frameworks that guide responsible financial management,” he says. His contributions in optimizing financial infrastructure have strengthened not only the bank’s operational resilience but also its market standing.

    Olubusayo has been recognized for consistently contributing to operational excellence, with insights that translate into both risk reduction and efficiency gains. 

    By combining technical expertise with a strategic understanding of banking operations, he exemplifies a professional capable of driving meaningful, measurable improvements in financial processes.

    As financial institutions face increasing complexity, from global currency fluctuations to evolving regulatory expectations, Olubusayo’s work underscores the importance of expertise, foresight, and disciplined execution. 

    His story is a reminder that behind every stable banking system are individuals whose analytical skills and commitment to operational excellence safeguard both capital and customer trust.

  • New Zenith Bank’s GMD assures of improved returns

    The new Group Managing Director of Zenith Bank International Plc, Mr Ebenezer Onyeagwu has assured shareholders and other stakeholders that the bank has sustainable structure that will ensure continuous growth and improved returns to shareholders.

    Onyeagwu spoke yesterday in Lagos during an introductory visit to the Nigerian Stock Exchange (NSE). The new GMD was honoured with the ceremonial beating of the closing gong at the stock market.

    He said the main responsibility of the new leadership of the bank is to uphold the strong legacy and outstanding pedigree that has been set by the previous management by improving financial performance and shareholders’ value.

    “We will do everything within us to elevate the strong value and the excellent performance that the bank has been known with. Under the new leadership, we will delivered outstanding performance, reward our shareholders, provide strong timely disclose to the market,” Onyeagwu said.

    According to him, while the management may not be able to immediately predict the outcomes of many headwinds in the banking sector and the overall economy, it is certain that the bank will predictably deliver impressive results.

    Read Also: Fed Govt, Sterling Bank, others partner on renewable energy

    He allayed fears in some quarters that the new loan-to-deposit ratio of the Central Bank of Nigeria (CBN) will negatively impact the banking sector noting that increased loans and more effective credit risk management will result in greater benefits for the banking sector and the general economy.

    According to him, the loan-to-deposit ratio policy of apex bank is a laudable initiative that will boost the economy.

    He noted that the policy will facilitate lending to the small and medium enterprises (SMEs) sector as well as the retail sector of the economy, which will bring positive impact to the overall economy.

    He pointed out that while the attitudes of some borrowers have been major impediments to lending, improved technology in the banking sector has helped to reduce the tendency to serial loan defaulters.

    “With the BVN, this has help in solving the problem of identity and the Banker’s Committee is working on building stronger capability into that. The capability that will enable us enforce very effective and tight credit control such that if a customer takes a loan from Bank A and abandoned it and go to Bank B to open account, with the BVN, such customer can be traced. If the customer is owning Bank A N1 million and go to Bank B to  open an account and deposit N2 million, electronically, the system will recover the money from the debtor. We believe this will help drive decent behaviour and promote good credit borrowers,” Onyeagwu said.

    He added that the bank would continue to invest in cutting-edge technology to boost its digital banking, which remains a priority.

  • NBBF throws open Zenith Women Basketball League slots

    Ahead of the new basketball season, the Nigeria Basketball Federation has called on interested individuals and corporate entities to apply for slots in the Zenith Bank sponsored Women’s Basketball League.

    Rising from its board meeting held in Lagos on Monday, the federation said that in line with the mission statement of the federation, interested teams are encouraged to register their teams ahead of the2019 season.

    The NBBF President, Engr Musa Kida said “For us, we are looking to expand and make sure we accommodate as many teams as possible”.

    With the NBBF Secretariat currently attending to numerous applications and interest letters, Kida said the process for the final selections will be free and fair to all.

    “I am quite happy with what I see in terms of response and I just want everybody to be rest assured that anybody who expresses interest will surely be considered and given a chance to participate. The smallest women’s team that can express interest in participating in the league will be given the chance”, Kida assured.

    Read Also: NBBF sacks D’Tigress coach, Vincent

    Knowing fully well that there is a risk of oversubscription following the continued growth of basketball in Nigeria, the NBBF board said it is ready to consider and accommodate all genuine clubs.

    “If we have an oversubscription, we are ready to consider everybody in a way that they will participate and after we would have the numbers of teams that we require for the league.”

    The Zenith Women’s Basketball League will tip off on July 1.

  • Mojec, banks collaborate on meter provision for customers

    As the date for the take off of the Meter Asset Provider (MAP) scheme draws nearer, Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, and also one of the selected MAP operators, is partnering some banks to ease the roll out of meters to customers next month.

    Mojec with the banks – FirstBank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank, Polaris Bank and First Option Micro Finance Bank – entered into a deal to provide retail financing to electricity customers to ease their acquisition of prepaid meters.

    The banks will provide finance to customers within the coverage area of Mojec’s partner-electricity distribution companies (DisCos) across the country. The banks, this week, signed memoranda of understanding (MoU) with Mojec in Lagos.

    MAP is a scheme that was initiated by the Ministry of Power, Works and Housing and approved by the Nigerian Electricity Regulatory Commission (NERC).

    The MAPs will provide, install and maintain customers’ meters and fast-track the closure of the metering gap, which is five million and  end estimated billing.

    According to the regulation guiding MAP operation, a MAP must install a customer’s meter within 10 days of payment for such meter and the operators of the scheme must meter unmetered electricity users in Nigeria within three years from the time they strart work next month.

    Mojec International Limited Managing Director/Chief Executive Officer, Ms. Chantelle Abdul, said at a summit of the partnering banks and DisCos in Lagos that the company is determined to bridge the metering gap in the sector by ensuring provision of top quality electricity meters to customers in Nigeria.

    Abdul said: “Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality prepaid meters to customers, helping to reduce the financial burden estimated billing is putting on electricity consumers. Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DisCos.

    “Mojec would be partnering eight DisCos, including, Ikeja Electric, Eko DsCo, Abuja DisCo, Kano DisCo, Enugu DisCo, Jos DisCo, Ibadan DisCo and Kaduna DisCo, covering about 20 states of the federation.”

    The General Manager, Finance and Management Services, NERC, Abdulkadir Shettima, commended Mojec for its leadership in the metering subsector as demonstrated by its efforts towards the full scale implementation of the MAP scheme, which allows customers easy and direct access to meter assets.

    “This MoU signing between Mojec and these banks as well as the announcement of the company’s readiness to implement the MAP scheme is very commendable. It goes to show that Mojec is a real leader in this business and it is committed to industry’s mission of ensuring that every household in this country is metered.”

    Polaris Bank Chief Executive Officer Tokunbo Abiru explained that the bank was pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our bank is glad to be facilitating the acquisition of these meters by granting loans to eligible customers under the programme,” he said.

    Keystone Bank Acting Chief Executive Officer, Abubakar Sule, explained: “Energy cost is by all standards the major cost line in most homes and businesses. The scheme is set to eradicate the unnecessary prevalence of estimated billing, which deprived the national economy of funds which otherwise could be deployed into other productive use. We are, therefore, excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.”

    The Managing Director Unity Bank Plc, Tomi Somefun, explained that the development reinforces the long-standing beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding: “The partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.”

    The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola, represented by Ayodele Odulaja, Head of Power and Telecoms Team, stated: “We are excited to be a key driver of the pre-paid meter acquisition programme, which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings. Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5million in five minutes through the Specta online lending platform.

    ‘’Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”

    The Managing Director, Wema Bank, Ademola Adebise, noted that the partnership with Mojec is a proof of the bank’s commitment to provide simple and easy retail financing for Nigerians. ‘’As a bank that takes pride in applying innovative solutions to societal challenges, we are proud and excited to work with Mojec in meeting the demands of equitable electricity metering in the country. This is a reflection of our can’t stop, won’t stop drive to create avenues that will support Nigerians to achieve their future dreams today,” he said.

    The Managing Director, First Option Micro Finance Bank, Godfrey Ogbuehi, stated: “The MAP project resonates so much with the company’s goal of enhancing lives and in response, a new product,  Light-Up Loan (Prepaid Meter Acquisition Loan), has been  strategically   created   to   provide   funding   to   help   energy   consumers   (both individual  and businesses), especially  the  low-  income  earners and  rural  dwellers; acquire prepaid meters with ease under the Meter Asset Provider Regulations.”

  • How wrong handling damages brand new tyres

    MRS Theresa Indongesit of Zenith Bank is still thanking God for sparing her life and the lives of her three children from a horrible car accident occasioned by burst tyres as they travelled two weeks ago from Lagos to Uyo, Akwa Ibom State.

    According to the banker, who is still shaken by the accident, she was strapped in the passengers’ seat in front while her three children were strapped to their seats at the back. The car was being driven by her driver who incidentally is a professional driver.

    “As we approached Ore, Ondo State, with the vehicle on top speed, one of the front and back tyres went burst and the vehicle just started somersaulting. It was like a scene from a movie. I just started screaming ‘Jesus! Jesus!’ while my kids were shouting ‘mummy! mummy!’ After what seemed like eternity the car rested on its back with what remained of the tyres facing upwards.”

    The lady, who had tears of relief running down her face as she recounted her ordeal, said that good Samaritans rushed to them and brought the five of them out. “Not one of us sustained any injury.

    “What I cannot understand is how two of my tyres went burst. These are brand new tyres I bought early last month. I paid N28,000 for each of the tyres at the popular Ladipo market in Mushin, Lagos. In fact, I had to change my tyres because of this trip, but see what I still went through,” lamented the mother of three.

    This is not the first time brand new tyres under pressure went burst. In fact the story of the former Minister of State for Labour and Productivity, James Ocholi, who died with his family in a vehicle accident which was as a result of tyre burst is still fresh in our minds.

    We had published a story of a man who after fitting his vehicle with new tyres proceeded to Jos from Lagos. According to Alhaji Yahaya, three of the new tyres went burst on that single trip to Jos. “They just went burst one after the other. By the time I got to Jos, I had lost three brand new tyres. It was a nightmare. It’s an experience I can never forget. Though my vehicle did not somersault, I was put under a great emotional and financial strain on my way to Jos.” The stories are endless.

    When accidents of this nature happen, most people conclude it must have been as a result of tokunbo or second tyres which most times are weak. However, many things can cause tyre blowout. Overloading a vehicle, a massive cut in tyres that causes rapid air loss, can cause tyre to burst. Inflating too much pressure into our tyres, above the recommended gauge and even under inflation can cause tyre burst. However, most brand new tyres that burst is due to the fact that they have already been damaged through handling even before the dealer imports them into the country.

    In 2004, the federal government increased tariffs on all tyre imports to 40 per cent from the previous rate of 10 per cent to ensure the rapid revival of the country’s tyre industry. However, with that increase, private tyre importers are doing everything imaginable to undercut the government and in so doing damage and compromise the condition of these tyres.

    In a bid to pay lesser duty and maximise profits, some tyre importers get quantities meant for four containers stuffed into one. Profits are made by twisting or squeezing three to four tyres into one.

    The tyres are often times in this squeezed or compressed state for months and are only brought out and stretched to their normal positions after they are delivered to the markets or shops where they are to be retailed.

    The most visibly affected and dangerous part is the tyre bead which contains a round metal wire. The bead of the tyre is supposed to have an airtight seal between the tyre and the rim. Where this fails, air will escape from the tyre and this could lead to explosion leading to possible loss of control and accidents.

    Tyre burst or blowout actually occurs when something allows air to escape from the tyre, hence preventing the tyre from supporting the weight of the vehicle.

    Importers will pay for one container but have three to four containers volume of tyres to sell and make more profits while endangering lives. This is also one means through which government revenue leaks out.

    Regrettably, the Federal Road Safety Commission (FRSC) said between 2011 and 2015, no fewer than 5,288 road crashes across the federation resulted from either worn-out or sub-standard tyres.

    While the National Bureau of Statistics [NBS] disclosed that within the fourth quarter of 2017 and first quarter of 2018[6 months], the nation recorded 2,598 deaths road accidents. Out of this figure, stated the NBS, tyre burst accounted for 8.26 per cent.

    FRSC Corps Marshall, Boboye Oyeyemi, speaking at a stakeholders’ forum in Abuja appealed to the government to ensure the reduction of tariff placed on imported tyres into the country.

    SON has also intensified efforts in recent times to raid markets of substandard tyres. The Standard Organisation of Nigeria, SON, recently destroyed substandard tyres worth over N50 million in Enugu.

    It said that the aim was to save lives of Nigerians and discourage importers from further engaging in acts capable of endangering lives of vehicle owners who might use such tyres on their vehicles.

    SON’s Director General, Osita Aboloma, who was represented by the SON’s Director, Inspectorate and Compliance Directorate, in the Enugu Zonal office, Engr. Obiora Manata, during the exercise performed at the Emene, Enugu premises of the organisation, said that SON would not tolerate a situation in which Nigerian importers jeopardise the safety and lives of citizens by importing substandard tyres into the country and circulating same in the markets where the unsuspecting vehicle owners would buy and risk their lives and those of other road users.

    He said that the SON, working in collaboration with the Nigeria Customs Service, Police, Nigerian Security and Civil Defence Corp (NSCDC) and other relevant security agencies, would always make sure that importers are discouraged from bringing into the country substandard materials of any type, stressing that Nigeria should not be a dumping ground for substandard products.

    Aboloma said: “The tyres are substandard, meaning that you are not supposed to use them on your vehicles. It is dangerous to use any of these tyres on any vehicle, and that’s why we have brought them out today to destroy them.

    “Ordinarily, the tyres, as manufactured, were not substandard; but because of the act of what we call stuffing and un-stuffing.

    “Stuffing is a process in which a tyre is squeezed with mechanical force and rammed inside a slightly bigger tyre; and then another one is forced into the other tyre and it continues like that until you now have about four or five tyres in one. Stuffing affects the tyres in a negative manner and makes them substandard.”

  • Zenith Bank names Onyeagwu GMD/CEO as Amangbo bows out

    Zenith Bank Plc on Monday named Mr. Ebenezer Onyeagwu as its Group Managing Director/Chief Executive Officer (GMD/CEO).

    His appointment takes effect June 1, subject to the approval of the Central Bank of Nigeria (CBN).

    The bank said in statement that Onyeagwu’s appointment is consistent with its tradition and succession strategy of grooming leaders from within.

    Onyeagwu, who joined Zenith Bank Plc in 2002 as a Senior Manager in the Internal Control and Audit Group of the bank, will replace Mr. Peter Amangbo, whose tenure expires on May 31.

    “Mr Amangbo leaves the bank at the end of a very successful career spanning over 27 years, with the last five years as GMD/CEO,” the bank said.

    The statement reads: “Mr. Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America.

    “He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School, Columbia University, the Harvard Business School, Harvard University (all in the United States) and Lagos Business School at the Pan African University, Nigeria.

    “Mr. Onyeagwu is a Chartered Accountant and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), in 2003.

    As Deputy Managing Director, Mr. Onyeagwu has oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

    “With nearly 30 years’ experience in the banking industry, Mr. Onyeagwu, who is a graduate of accounting from Auchi Polytechnic, began his career at the defunct Financial Merchant Bank in 1991 and later held several management positions in the erstwhile Citizens International Bank Limited until 2002.

    Read Also: Zenith Bank posts N232b Profit Before Tax

    “He joined Zenith Bank Plc in 2002 as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then “Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top-level corporate, multinationals and public institutional relationships, among others.

    “He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

    “Mr. Onyeagwu is on the board of Zenith Bank Ghana, Zenith Pensions Custodian Limited, Zenith Nominees Limited and African Finance Corporation. He brings to his job strategic thinking, inspirational leadership, energetic and entrepreneurial skills. He is married with children.”

  • Zenith Bank ahead, pays N2.80 kobo dividend

    Zenith Bank’s financial result for the year ended December 31, 2018 has reaffirmed its market leadership as Nigeria’s most profitable financial institution.

    The bank’s Profit Before Tax (PBT) for the year was N232 billion, up 16 per cent from N199 billion in 2017; while Profit After Tax (PAT) was N193 billion in 2018, up 11 per cent from N174 billion in 2017.

    Shareholders during the Annual General Meeting approved dividend pay-out of N2.50 kobo per share, bringing the total dividend to N2.80 kobo per share, representing a yield of 11.2 per cent for the financial year 2018.

    Zenith Bank’s profit before tax was achieved through the Group’s optimisation of cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11 per cent to N6.15 in 2018 from N5.66 kobo in 2017. Notwithstanding the challenging operating macroeconomic environment, the bank mitigated the knock-on effects through the growth of its net interest income and operating income by 15 per cent and 8 per cent respectively as it was able to ensure improved cost efficiency across its business.

    Similarly, the bank’s total assets grew by six per cent, from N5.60 trillion in the preceding year to N5.96 trillion in 2018; while shareholders’ fund grew marginally by 0.5 per cent, from N812 billion in 2017 to N815 billion in 2018. Zenith Bank’s total deposits were N3.69 trillion for the year ended December 31, 2018, representing a 7.3 per cent increase over the preceding year’s figure of N3.44 trillion.

    Equally, return on equity (ROE), and return on assets (ROA), improved to 23.8 per cent and 3.3 per cent in 2018 from 22.9 per cent and 3.4 per cent respectively in 2017. The bank’s gross earnings however dropped by 15.4 per cent, from N745 billion in 2017 to N630 billion as at end 2018.

    Interest expenses reduced by 33.3 per cent, as the bank’s stock of low-cost deposits increased, with interest paid on time deposits declining the most by 61.1 per cent. Also, the cost of risk dropped to 0.9 per cent as against 4.3 per cent in 2017 while loan loss expenses moderated by 81.3 per cent. In the same vein operating expenses (OPEX), declined by 1.0 per cent although Asset Management Corporation of Nigeria (AMCON) cost increased due to the new directive to include off-balance sheet exposures in levy calculation.

    The bank’s balance sheet remains robust as the loan to deposit ratio, liquidity ratio and capital adequacy ratios were 44.2 per cent, 72.0 per cent and 25 per cent respectively, all well above the regulatory threshold. However, there was a moderation in the bank’s capital adequacy ratio (CAR), from 27.0 per cent in 2017 as a result of the initial IFRS9 adjustment for the new expected credit loss (ECL) model for impairment recognition. The bank’s non-performing loans ratio, however, increased marginally to 4.9 per cent in 2018 from 4.7 per cent in 2017. However, this is still within the regulatory threshold and far below industry peers.

    Also, the bank’s robust risk management framework ensured that the cost of risk reduced significantly from 4.3 per cent in the prior year to 0.9 per cent in 2018. This was achieved through the reduction in impairment charges by 81 per cent, N80 billion, compared to 2017, re-affirming the bank’s enhanced asset quality. In the same breadth, coverage ratio increased by 34.2 per cent from 143.4 per cent to 192.4 per cent over the same period, an indication of prudent disposition consistent with the bank’s known record of excellent credit risk management. As a result of the significant improvement in efficiency, the bank’s cost-to-income ratio settled at 49.3 per cent from 52.8 per cent in 2017.

    The bank’s customer deposits grew by seven per cent led by an increase of N109 billion in savings and an increase of N122 billion in current accounts, providing it with a platform to rebalance its deposits mix. In 2018, costly deposits were foregone in favour of cheaper and more stable deposits resulting in a reduction of expensive and shorter dated deposits by N110 billion. This culminated in the reduction of cost of funds which declined by 40 per cent from 5.2 per cent in 2017 to 3.1 per cent for the year.

    The Chairman of the bank, Jim Ovia, assured shareholders of the bank’s commitment of continuing to deliver superior returns in the years ahead during the financial institution’s 28th Annual General Meeting held in Lagos on March 18, 2019, at Civic Centre Lagos. Commenting on the bank’s performance in 2018, Ovia said Zenith Bank remains a clear leader in the digital space, with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions. “To continue to cater to the varied appetites of our customers in a constantly changing world and stay ahead of the competition, therefore, we have invested massively in new technologies and innovative solutions in the last financial year. This is geared towards ensuring that we continue to provide best in class quality services that create value for all our stakeholders,” he said, noting that Zenith Bank made significant progress in the adoption and integration of sustainable banking principles into its business, especially in its credit administration process.

    Also, the bank’s efforts to deepen its roots in the retail segment have started yielding results.  This has led, in the main, to a remarkable increase in the volume of transactions across various electronic platforms as well as significant customer acquisitions. This growth in transactions on the bank’s digital channels continues to support the bank’s retail push as fees from e-products increased by 44 per cent over 2017 with retail deposit balances also growing by 25 per cent. The bank also stated that it would continue its investment in the retail end of the market to consolidate its leadership in both the corporate and retail segments.

    Consistent with this excellent performance and in recognition of its track record of stellar performance, the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. Similarly, Zenith Bank was recognised as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming Zenith Bank as the Best Bank in Corporate Governance in 2018. Recognition has also come the way of the bank as it was recently named the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018 (BusinessDay).

    According to the bank, its outlook for 2019 is positive, supported by improving macroeconomic conditions, relative exchange rate stability, and expected stability in the oil market.

     

  • Delta assembly approves state govt.’s N3b loan

    Delta House of Assembly on Tuesday approved the request of Gov. Ifeanyi Okowa for N3 billion short-term loan facility for the financing of priority road projects in the state.

    The House at plenary presided over by the Speaker,  Chief Sheriff Oborevwori in Asaba, also approved Okowa’s request to guarantee a credit facility to be obtained by the Delta Line Transport Services Limited.

    The approval of the request, which was contained in a letter read by the speaker during the plenary, followed a resolution passed by the Assembly.

    According to Okowa, there is urgent need for the state government to support some of its road’s contractors in accessing financing to aid accelerated execution of critical projects before the onset of the rainy season.

    ” The request has become expedient considering the almost N3 billion drop in federation accounts receipt in January 2019 when compared to December 2018 which had hindered planned disbursement to the contractors.

    ”Most of the contractors are already on site and have generated payment certificate for works already executed which are yet to be defrayed,” he said.

    Okowa said that the funds were required to make progress in the relevant project execution, adding that the state executive council at its meeting of February 5, 2019 considered and approved that the state government should support certain contractors for the state’s critical priority projects.

    Okowa said: ”In obtaining the short-term loan facility amounting to N3 billion only from Zenith Bank with the state government bearing the cost associated with the facility  as requested by the contractors.”

    The Majority Leader, Mr Tim Owhefere thereafter moved separate motions for the House to receive the governor’s request for further consideration and approval.

    The motion, which was adopted through a voice vote by the Assembly, was seconded by Mr Emeka Nwaobi, representing Aniocha North constituency in the state House of Assembly.

    Also at plenary on Tuesday, the Assembly approved Gov. Okowa’s request to guarantee credit facility to be obtained by the Delta Line Transport Service Limited.

    The request was also contained in a letter read by the speaker during plenary.

    Okowa said that the loan was in a bid to revamp the ailing Delta transport service which had over the years relied on continuous assistance from the state government to meet salaries and other recurrent expenditure obligations as well as capital expenditure despite being a business that should generate revenue.

    He said that the State government sold 60 per cent equity of the Delta Line to God is Good Motors Transport Development Company by way of a public-private partnership arrangement with the state government retaining 40 per cent equity in the company.

    The governor said that sequel to the sale which involved defrayment of outstanding commitments including salaries arrears, the new management of Delta line submitted a five-year business plan, among other things.

    Okowa said that the business plan envisaged an immediate capital injection of N4. 9 billion for the procurement of 130 commuter buses as well as the renovation and establishment of 18 terminals with information technology infrastructure and furnishing across the country.

    The House approved the request following a motion moved by the Majority Leader, Mr Tim Owhefere and seconded by Mr Peter Onwusanya.(NAN)

  • Our results show exceptional financial health, says Zenith Bank

    Steady and sustained growth in key performance indicators despite challenging operating environment show the exceptionally good financial health of Zenith Bank Plc, directors of the bank have said.

    At the annual general meeting yesterday in Lagos, Chairman, Zenith Bank Plc, Mr Jim Ovia, said the 2018 business year was a challenging year for all operators in the Nigerian banking industry.

    He said the bank was able to fully explore opportunities within the environment to record a performance that attested to its durability and resilience as a brand.

    According to him, the 2018 performance was again a reflection of the exceptional financial health of the bank and the group.

    He assured that the bank remained committed to delivering superior returns to shareholders by ensuring that a good chunk of its profits is set aside for shareholders.

    Shareholders approved a final dividend per share of N2 .50 in addition to the interim dividend per share of 30 kobo, bringing total dividend for the 2018 business year to N2.80, as against N2.70 paid for the 2017 business year. Shareholders received N 87.91 billion as total dividend in 2018 compared with N84 .77 billion paid in 2017.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed that the bank’s gross earnings slipped from N 674 billion in 2017 to N538 billion in 2018. Meanwhile, profit before tax rose by 13 .6 per cent from N169 billion in 2017 to N192 billion in 2018. Profit after tax also rose by 7.8 per cent from N153 billion in 2017 to N165 billion in 2018.

    The balance sheet showed that total deposit rose by 2.9 per cent from N2.74 trillion to N2.82 trillion. Total assets increased marginally by 2.7 per cent from N 4.83 trillion to N 4 .96 trillion. Shareholders ’ fund however dropped from N698 billion to N675 billion.

    Group audited report showed that group profit before tax rose by 16 .6 per cent from N199 billion to N232 billion. Group profit after tax improved by 10 .9 per cent from N174 billion to N193 billion.

    In his remarks, Managing Director, Zenith Bank Plc, Mr Peter Amangbo, said the bank would continue to place a high premium on developing a robust risk management framework which had helped in promoting the soundness of the financial institution in protecting its assets and ensuring its growth.

    “We are committed to entrenching a robust enterprise risk management, global best practices in corporate governance and sustainability in the coming year,” Amangbo said.

     

  • Alleged misappropriation: Court admits more documents in evidence against Okupe

    The Economic and Financial Crimes Commission (EFCC) on Friday at the Federal High Court Abuja submitted more documents in evidence against Doyin Okupe, which were admitted by the court.

    Okupe, a former Senior Special Assistant on Public Affairs to President Goodluck Jonathan, is being prosecuted by EFCC on a 59-count charge for allegedly receiving money from the former National Security Adviser, Sambo Dasuki, and rendering no services.

    At the resumed trial, Mr. Hassan Saidu, the third prosecution witness who was led in evidence by Mr. Ibrahim Audu, submitted documents including account opening package for an account in Zenith Bank, a statement made by Okupe and other documents.

    Saidu told the court that following intelligence report regarding misappropriation by Okupe, he was invited to the EFCC office and interviewed.

    “We invited him in June 2016 to our office and interviewed him in respect of the payments he received from the office of the National Security Adviser (NSA) that was tagged “special services”.

    READ ALSO: Fed Govt arraigns Doyin Okupe over alleged N702m fraud

    Okupe said the money he received; N50 million, N35 million, N15 million and subsequent N10 million severally was used to set up his office, pay staff salaries and pay for a programme on NTA called insight,  Saidu told the court.

    ”When we asked him where the instructions that led to the payment of all the monies came from, he claimed that there was a request that was approved by the former president to the NSA to effect the payment. ”

    The witness, however, added that Okupe could not produce evidence of the said request.

    Saidu also told the court that upon further investigations, the agency could not link any disbursement to payment of staff salaries.

    He also said that the only receipt Okupe could produce when asked for receipts of all the things he claimed he used the money for was one of N120,000 paid to Infinity Security Services.

    The trial judge, Justice Ijeoma Ojukwu adjourned the matter until April 1 for the defence team to cross examine the witness.

    Okupe was arraigned alongside two companies, Value Trust Investment Ltd and Abrahams Telecoms Ltd, over allegations of misappropriation of funds amounting to over N240 million received from the former NSA.

    The money is said to be part funds set aside during the Jonathan administration to purchase arms at the heat of the Boko Haram insurgency.

    NAN