Tag: Zenith

  • National Think-Tank, ANN, Zenith LP mourn

    THE death of Second Republic elected president Alhaji Shehu Shagari has been described as shocking and unfortunate at a time Nigeria needs the wisdom and guidance of leaders like him to pilot the nation out of the woods.

    The National Think-Tank (NTT), the Alliance for New Nigeria (ANN) and Zenith Labour Party stated this in their different messages over Shagari’s death.

    NTT said it received, with sadness, the news of the passing of the  former President.

    In a statement by its National Coordinator, Prof. Steve Azaiki and National Director, Media and Public Affairs Mr. Dele Agekameh, the organisation mourns the demise of the father of Alhaji Ibrahim Shagari, one of the members of organisation’s governing board and father of the nation.

    The organisation said it mourns “a father who, in words and deeds, stands out as our nation’s conscience”. It describes the late president as “a man who treated everybody that comes into contact with him as his children”.

    The NTT said his entire life was a journey in humility as he treated people with utmost respect and love. The organisation also observed that the former president was great in everything, and he was one of the most decorated Nigerians, in terms of ministerial appointments.

    The ANN commiserated with the family of the first Executive President.

    A statement signed by the party’s Director-General for the 2019 Presidential Campaign, Lanre Oyegbola and the ANN presidential candidate, Fela Durotoye, described the death of the second republic president as a fatal blow to the country.

    Describing the late Shagari as a leader per excellence, Durotoye described the former president as a democrat who contributed immensely to the country’s political and economic growth.

    He said his fatherly advice and experience would have been more useful, especially as Nigeria moves closer to the general elections.

    Durotoye also condoled with the people of Sokoto State, including the Governor Aminu Tambuwal and asked God to give those he left behind the fortitude to bear the irreparable loss.

    Zenith Labour Party, in a statement by its National Chairman Dan Nwuanyanwu said the former president was an embodiment of hope, honesty and humility while serving the nation.

  • Style by Zenith to be launched in Lagos

    Zenith Bank Plc is set to light up the social and entertainment scene this month with the launch of Style by Zenith.

    Style by Zenith, a flagship lifestyle, beauty, fashion, accessories and entertainment fair, powered by Zenith Bank in conjunction with Fashion One, aN international lifestyle and entertainment company, would hold in Lagos on Saturday, December 29 and Sunday, December 30, 2018 at the Open Ground by Four Points Hotel, Oniru, Victoria Island, Lagos.

    The two-day fair is a potpourri of lifestyle activities featuring runway modeling by leading Nigerian and international models accessorised by top designers, beauticians, beauty and lifestyle products manufacturers, accessory makers, food and confectionary, entertainment for adults and children as well as  performances by top Nigerian artistes, amongst other activities.

    Speaking on the launch of the platform, General Manager of Zenith Bank Plc and Coordinator of the event, Mrs. Adobi Nwapa, noted that: Style by Zenith is a unique platform through which the bank will connect with and create value for its customers by focusing on various aspects of their lifestyle. It is an all-inclusive fair that seeks to engage and entertain both the young and old during this festive period. Style by Zenith is geared towards engaging the Lifestyle ecosystem and connecting the consumers to every aspect of quality and affordable living, thereby helping them live their best lives in their own interest.

    It is a holistic event aimed at connecting the SMEs and retail segment to a multiplicity of clientele through multiple factors which dictate and direct their everyday lifestyle choices ie; beauty, fashion, entertainment, food and general lifestyle (Travel, automobile, houses) thus facilitating the growth of the individual retail and SME businesses.

    The crux of the ‘Style by Zenith’ campaign is the by-line… Live your best life.

  • Readmanna, Zenith reward highflyers

    Readmanna Empower Initiative, in partnership with Zenith Bank Plc, last week rewarded 18 secondary school pupils and university students, who excelled in the 2018 Microsoft Office Specialist World Championship (MOSWC)  with cash and gift prizes at the City Hall, Lagos Island.

    The winners had the highest scores in Microsoft Word, PowerPoint and Excel 2013 and 2016 versions from about 950 entries received from 27 schools and two universities in six states of the federation.

    The top three in each category were rewarded with between N20,000 and N50,000, as well as sponsorship to the world championship, which held in Orlando, Florida in July (for the first in each category only).

    Zenith Bank Plc Group Managing Director, Mr Peter Amangbo, who was represented by Mrs. Adobi Nwapa, said the bank was proud to partner on the project, which sought to enhance Information Communication Technology (ICT) education for after school career growth of Nigerian youths.

    He said: “Zenith Bank is proud to be a partner in this laudable project that is designed to provide the students with computing expertise that they need now and after they graduate. As a bank, we are committed to youth empowerment, which is at the core of our Corporate Social Responsibility (CSR).

    “The partnership between Zenith and ReadManna produced world winners in various categories in the past: Olubunmi Agusto, Day Waterman College, Abeokuta, Ogun State, second Place in Word 2007 and First African Champion (2014); Atafo Abure, Childville School, Ogudu, Lagos, Lagos State, 10th Place in Excel 2010 (2015); Katherine Eta, Childville School, Ogudu, Lagos, Lagos State, 10th Place in PowerPoint 2013 (2016); Katherine Eta, Childville School, Ogudu, Lagos, Lagos State, third Place in Word 2016 (2017).

    “All these students have done Nigeria proud at the global stage and encouraged the bank to enlarge its sponsorship to give opportunity to other students outside Lagos and help the growth of ICT education in Nigerian schools.”

    Chibuzo Iyke Osuji of Faith Academy Otta, placed eighth in the world in the Microsoft Power Point 2016 category – the best result among the Nigerian contingent to the competition this year.

    He won N50,000 for scoring 980/1,000 on the national stage in 19 minutes and 29 seconds.  But had he also won one of the top three slots in Orlando, he would have received N1.5 million (N750,000 from Readmanna and N750,000 from Zenith Bank) in addition to the international prize of between $1,500 and $7,000.

    Readmanna CEO, Mrs Edna Agusto, in her remarks, challenged the pupils from various schools in attendance to try harder next year to win, not only nationally but on the global stage.

    “If you win at the World Championship, you go away with N5million – N750,000 from Zenith, N750,000k from Readmanna, plus Certiport dollar prize. We are talking serious money here so you need to work hard.  The competition nationally was very stiff this year.  The top seven pupils got the maximum score of 1,000 points. What differentiated who won was their timing,” she said.

    Speaking on the benefits of the competition to schools, she said: “We encourage schools to embrace this competition as it enables schools to evaluate their ICT curriculum. It is aligned to school curriculum and international standards. Schools whose students take part in this competition often come out with excellent ICT results during examination periods. Readmanna run courses on vocational development for teachers.”

    Pupils of Aduvie International School, Abuja won six of the awards on offer – carting away the three prizes for the Microsoft PowerPoint 2013 category (Usman Abdulllah, Zeluilo Cue-Eze, and Sinikem Azaiki); two in the Microsoft Word 2013 category (Samnatho Isichei (first) and Zal Cue-Eze – third) and one in the Microsoft Excel 2013 category (Zal Cue-Eze).

    Thomas Adewunmi International College, Oko, Kwara State, had two winners (Belgore Mohammed – second, Microsoft Excel 2013; and Theodora Udounwa, Word 2016); same as Faith Academy, (Victor Iyke Osuji, first, PowerPoint 2016 and Arinzechukwu Mbah, second, PowerPoint 2016). Jemeni Emmanuel of Bellina College, Akoka, came second in two categories (Excel 2013 and Excel 2016).

    Other winners were: Samuel Adeniyi, Valencia College, Ibadan (Second, Word 2013); Ifeoluwa Ale of Grace High School, Gbagada (second, Word 2016); Rotimi Daniel of Covenant University (third, Word 2016); Ogon Holdings, Federal University of Technology Akure (First, Excel 2016); Israel Adeyemi, The Ambassadors College, Ota (third, Excel 2016); and Wakili Hamza, Glisten Academy Abuja (third, PowerPoint 2016).

    Mrs Adebayo Victoria, a teacher of Faith Academy Ota, said participating in the competition had helped pupils in her school to be resilient, courageous and self-reliant, adding that “the pupils are able to see beyond what the walls of the classroom can teach them.

  • World Cup: Special Eagles promises anniversary gift to Nigeria

    The national team of Nigeria Amputee Football Federation (NAFF), Special Eagles, on Monday promised to deliver the 2018 Amputee World Cup as a special anniversary gift to Nigeria @58.

    The News Agency of Nigeria reports that the Special Eagles will represent the nation in the 2018 Amputee Football World Cup holding in Mexico from Oct. 24 to Nov. 5.

    The team’s Captain, Emmanuel Ibeawuchi, made the promise while speaking with NAN during their awareness programme on Oct. 1 at the National Stadium, Lagos.

    “We, the Special Eagles are preparing to represent Nigeria in Amputee World Cup and our utmost goal is to deliver the trophy to Nigeria as a special anniversary gift.

    “We will make up for the country’s loss at the FIFA 2018 World Cup in Russia as special footballers and give Nigerians even in the Diaspora reason to celebrate a world football tournament trophy.

    “So, we are doing this awareness programme today to celebrate Nigeria at 58, to sensitise the public of our mission and to assure them that we will deliver,” he said.

    He called on football fans, ex international’s, corporate organisations and the public to identify with the NAFF Special Eagles as the team makes its first outing in the tournament.

    “We feel honoured to have this long awaited opportunity to fly our country’s flag in Mexico and we will need the support of all sectors and individuals to have a successful outing,” he added.

    Meanwhile, Paul Maduakor, Chairman, Zenith Sports Ltd., and official kit sponsor of the Special Eagles team to the competition, told NAN that his involvement and interest was out of compassion.

    Maduakor, Nigeria’s Brand Haggai partner to NAFF, said he observed the commitment and skills exhibited by the amputee footballers during training sessions and was motivated to identify with the team’s vision.

    “The physically challenged athletes have always distinguished themselves in international competitions in spite of little or no attention and here we have a set of amputee footballers driving towards same feat.

    “At this point, they need encouragement and that is why we are identifying with them and to ensure that they appeared unique and be the pride of Nigeria in Mexico,” Maduakor said.

    He added that the Haggai jersey/tracksuits for fans, children and adult would be available at Zenith Sports Ltd., National Stadium, Lagos.

    NAN reports that Nigeria, Russia, Brazil and El Salvador are in Group E of the WAFF organised World Cup in which 24 countries will compete for the trophy won by Russia in 2014.

  • Zenith to sponsor CFA Institute research challenge

    Zenith to sponsor CFA Institute research challenge

    Zenith Bank Plc. Will partner the CFA Society Nigeria to sponsor the CFA Institute Research Challenge in Nigeria, it was learnt yesterday.

    The CFA Institute Research Challenge is the world’s most prestigious investment research competition among university students globally, aimed at promoting best practices in equity research among the next generation of analysts.

    The competition promotes ethics and best practices in investment research through hands-on mentoring and intensive training in equity analysis and presentation. The overall objective of the CFA Institute Research Challenge is to provide university students with valuable real-world exposure to the practice of finance to complement the theoretical framework of the university education.

    Nigeria is participating in the global competition for the first time and has eight Nigerian universities from across the country participating in this maiden edition. The participating universities are: Ahmadu Bello University, Babcock University, Covenant University, Lagos Business School, Obafemi Awolowo University, University of Abuja, University of Ibadan and the University of Lagos.

    The teams are required to conduct a detailed investment research on a subject company and will be presenting their research reports to a high-level panel of investment professionals who will serve as judges with the winner of the 2017/2018 CFA Institute Research Challenge in Nigeria emerging at a national final scheduled for February 2018 at the Civic Centre, Lagos.

    The national champion from Nigeria will then join 35 other national champions at the Europe, Middle East and Africa (EMEA) Regional Competition in Dublin, Ireland in April 2018 to compete for a slot in the four-team global final that will hold in Seoul, South Korea in the same month.

    On the partnership, the bank said it was proud to sponsor the CFA Institute Research Challenge in Nigeria and that as an institution that strongly believes in the development of human capital, it was one of the ways it could contribute to the development of education in Nigeria.

  • Zenith to sponsor CFA  Institute research challenge

    Zenith to sponsor CFA Institute research challenge

    Zenith Bank Plc. Will partner the CFA Society Nigeria to sponsor the CFA Institute Research Challenge in Nigeria, it was learnt yesterday.

    The CFA Institute Research Challenge is the world’s most prestigious investment research competition among university students globally, aimed at promoting best practices in equity research among the next generation of analysts.

    The competition promotes ethics and best practices in investment research through hands-on mentoring and intensive training in equity analysis and presentation. The overall objective of the CFA Institute Research Challenge is to provide university students with valuable real-world exposure to the practice of finance to complement the theoretical framework of the university education.

    Nigeria is participating in the global competition for the first time and has eight Nigerian universities from across the country participating in this maiden edition. The participating universities are: Ahmadu Bello University, Babcock University, Covenant University, Lagos Business School, Obafemi Awolowo University, University of Abuja, University of Ibadan and the University of Lagos.

    The teams are required to conduct a detailed investment research on a subject company and will be presenting their research reports to a high-level panel of investment professionals who will serve as judges with the winner of the 2017/2018 CFA Institute Research Challenge in Nigeria emerging at a national final scheduled for February 2018 at the Civic Centre, Lagos.

    The national champion from Nigeria will then join 35 other national champions at the Europe, Middle East and Africa (EMEA) Regional Competition in Dublin, Ireland in April 2018 to compete for a slot in the four-team global final that will hold in Seoul, South Korea in the same month.

    On the partnership, the bank said it was proud to sponsor the CFA Institute Research Challenge in Nigeria and that as an institution that strongly believes in the development of human capital, it was one of the ways it could contribute to the development of education in Nigeria.

    It added that by partnering with an institution like the CFA Society Nigeria to run this competition, it believes this would go a long way in promoting global best practices among young Nigerian students.

    Zenith, Nigeria’s largest bank by Tier-1 capital, has youth development at the core of its corporate social responsibility (CSR) and has sponsored similar initiatives in the educational sector.

    Also speaking on the partnership with Zenith Bank, Banji Fehintola, CFA, President of the CFA Society Nigeria said: “CFA Society Nigeria is very excited to secure a multi-year sponsorship from Zenith Bank for this important mandate of our university outreach program.

    “CFA Society Nigeria is primarily focused on improving the level of professionalism, ethics and investment knowledge in our industry and our university competitions enable us to invest in the development of the next generation of investment professionals. We are very pleased with Zenith Bank’s partnership in helping us to achieve our mutual agenda of contributing towards the development of our educational system and the investment industry in Nigeria,” he added.

    Commenting on the benefits of the competitions to participating teams, Chairman of CFA Society Nigeria’s University Relations Committee, Razaq Ahmed, CFA, added that “each team is paired with an experienced industry mentor in addition to a Faculty Adviser from each university who provide specific guidance to the teams.”

    “The teams are also provided free access to research resources such as Bloomberg terminals and online library. It is a huge opportunity for Nigerian students to develop relevant hands-on skills set, explore career choices, get mentorship from experienced investment professionals and interact and compete with their colleagues from across the world,” he said.

  • Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    • Fitch, S&P to rate more banks

    • Rush for Eurobond continues

    The Federal Government and two commercial lenders have raised $2.5 billion through Eurobond in the last four months. The Federal Government raised $1 billion in February and $500 million in March while Zenith Bank Plc and United Bank for Africa (UBA) Plc raised $500 million each within the periods.

    The Federal Government’s $1 billion Eurobond offer, the fourth since 2011, was oversubscribed by nearly 800 per cent. The over-subscription surprised not a few pundits.The offer, which comes at $200,000 denominations and multiples of $1,000 denominations, will mature on February 15, 2032, with Citigroup Global Markets Limited and Standard Chartered Bank. Stanbic IBTC Capital is the Financial Adviser.

    In March, the government announced that it has priced its offering of the $500 million aggregate principal amount of notes at a yield of 7.5 per cent. The terms and conditions of the $500 million notes,were identical to those of the Original Notes, $1 billion Eurobond, paying a coupon of 7.875 per cent per annum and maturing on February 16, 2032.

    Zenith Bank’s and UBA’s Eurobond offers were both over-subscribed too. Zenith Bank raised $2.1 billion through Eurobond 2022 issue which 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 (ISE).

    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+.

    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.

    UBA raised $500 million from international investors through Eurobond. Investors in the bond, the Tier-1 lender said, came from different parts of the world, including the United Kingdom, Europe, Asia, the Middle East and the United States.

    The dollar-denominated bond, which was first of such offer by the bank, was 240 per cent oversubscribed. The significant investor demand, analysts say, reflects the strong global investor appetite for the bank’s credit and support for the group’s pan-African financial services strategy.

    UBA, which is a leading pan-African financial institution, offers banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries.

    The $500 million Eurobond by the lender is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish .

    The bank said fund realised from the offering will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

    The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75 per cent, priced at an effective yield of 7.875 per cent.

    Between 2011 and 2013, the lenders have raised $3.9 billion from the Eurobond market as Tier-2 capital (additional capital). In 2014, over $1.9 billion was also raised, especially through Eurobond issuances.

    Currencies Analyst at Ecobank Nigeria, OlakunleEzun, saidEurobond issuances come at attractive rates relative to the domestic market and presently have many viable on-lending outlets.

    He   noted that for the first time in Nigeria’s economic history, the private sector has been enabled to access long-term funds from both the domestic and international capital markets.

    According to Ezun, the 2017 budget shows that both government and private sectors will continue to borrow, adding that more lenders will go for Eurobond because it is cheaper.He said any interested lenders have to submit themselves to rating by two international rating agencies- Fitch Ratings and Standard &Poors (S&P). He said many banks will approach the International Capital Market to raise more funds in the coming months as majority of them are already being rated by the global rating agencies.

    But analysts  admitted the danger of potential pressure that may arise upon the payment of coupon on Eurobonds raised by banks adding that the lenders will require the dollar bi-annually to fulfill obligations to Eurobond holders.

     

     

  • Zenith declares N129.65bn profit after tax in 2016

    Zenith declares N129.65bn profit after tax in 2016

    Zenith International Bank Plc has declared a profit after tax of N129.65 billion and a final dividend of N1.77 per share for the financial year ended December. 31, 2016.

    This is contained in the company’s audited result report released by the Nigerian Stock Exchange (NSE) on Monday in Lagos.

    The News Agency of Nigeria  (NAN) reports that this was in contrast with N105.66 billion posted in the preceding period of 2015.

    The profit represented an increase of 22.7 per cent when compared with figures for 2015.

    Its profit before tax stood at N156.75 against the N125.63 billion declared in 2015.

    The bank’s gross earnings grew by 17.4 per cent to N507. 99 billion compared with N432.54 billion recorded in 2015.

    Its non-interest income increased by 45.9 per cent to N25.59 billion due to an 809 per cent  increase in foreign exchange revaluation gains of N25.6 billion, this however, declined by 10 per cent  from the N8.2 billion reported in nine months of 2016.

    The impairment loss on financial assets rose significantly by 106.4 per cent to N32.35 billion in 2016 and 34.6 per cent  based on quarter-on-quarter to N10.2 billion in the fourth quarter of 2016.

    NAN reports that the board of directors proposed a final dividend of N1.77 per share to all its investors against a final dividend of N1.55 per share paid in 2015.

    The bank had earlier in 2016 paid a sum of 25k as interim dividend, bringing the total dividend in 2016 to N2.02 per share against N1.80 per share declared in 2015.

    NAN  also reports that Zenith Bank is the first bank to declare its 2016 audited result. (NAN)

  • Firm seeks N20b from Zenith for ‘failed’ contracts

    •Bank denies allegation

    A firm – Owigs and Obigs Nigeria Limited – has sued Zenith Bank Plc for N20billion, accusing the bank of negligence, incompetence and engaging in fraudulent conduct, causing it (plaintiff) to lose a series of contracts for the supply of solid minerals worth billions of naira.

    In the suit marked: FCT/HC/M/6371/16, before the High Court of the the Federal Capital Territory (FCT) in Lugbe, Abuja, the plaintiff alleged that Zenith Bank, through its unprofessional handling of its (plaintiff’s) business, caused it to lose the contracts in 2014 with a Chinese company, King-Tan Tantalum Industry (KTTI), for the supply of solid minerals.

    The plaintiff stated, in a writ of summons issued on its behalf by its lawyer, Innocent Daa’agba, that Zenith Bank withdrew money from its Domiciliary Account without authorisation and criminal forgery of documents with criminal intent.

    Owigs and Obigs Nigeria alleged that its contract with King-Tan Tantalum Industry was terminated by Zenith with no explanation to it (plaintiff), thereby causing the plaintiff to lose the contract.

    The plaintiff, therefore, claims against Zenith Bank N2 billion as damages “for the loss of goodwill and further trading opportunities with the Chinese Chamber of Commerce/ International Chamber of Commerce of Asia and local suppliers of solid minerals as well as sundry/collateral expenses incurred in securing and running three foreign contracts with Chinese firms but which were all lost as a result of the unilateral termination of these contracts by the defendant.”

    Owigs and Obigs Nigeria also seeks N1billion damages against Zenith Bank as aggravated charges.

    The plaintiff is seeking seven (other reliefs totalling $42, 961,739.88 ( about N17 billion at current rate) from Zenith Bank, including the $4, 486.04 (being money it unlawfully withdrew from the plaintiff’s Domiciliary Account without authorisation from the plaintiff.)

    The bank has denied any wrongdoing, arguing that it handled the plaintiff’s case with utmost care and professionalism.

    In a 59-paragraph statement of defence filed on October 25, by its lawyer, Olayinka Adedeji, the bank stated, among others, that it denies all liabilities to the plaintiff in any form as it acted “responsibly and professionally all through the life of the relationship” between it and the plaintiff.

    Justice Angela O. Otaluka set the hearing of the substantive suit for December 7.

  • KPMG names Zenith Most Customer-Focused Bank

    KPMG names Zenith Most Customer-Focused Bank

    Zenith Bank Plc has been rated Nigeria’s most customer-focused bank by the leading Advisory and Consultancy firm, KPMG.

    In the 2016 edition of the annual banking industry Customer Satisfaction Survey recently released, Zenith topped other Nigerian banks in the Customer Satisfaction Index (CSI) with a total of 74.6 points to clinch the prime position in the retail banking category; thereby re-enacting the feat it achieved in 2013 and 2014. Guaranty Trust Bank came second with 74.1 points closely followed by Diamond Bank and Stanbic IBTC with 73.5 and 73.1 points respectively.

    The survey, launched in 2007, draws responses from customers across the retail, SME and corporate banking segments on customer preferences, levels of satisfaction and expectations from their banks.

    Zenith Bank has featured prominently in the survey since it was launched 10 years ago, according to organisers; “to heighten consciousness of service delivery among Nigerian Banks”.

    In 2014, the bank cleared all the three categories: Retail, SMS and Corporate Banking; having similarly won two of the three categories, but SME the previous year.

    The Customer Satisfaction Index (CSI) measures customer satisfaction with banks, and are ranked based on the perceived level of satisfaction derived by customers surveyed from the different categories.