Tag: Zenith

  • Zenith Bank WBL Final Eight: Hostilities begin today

    Zenith Bank WBL Final Eight: Hostilities begin today

    Hostilities will begin today in the final phase of the Zenith Bank Women Basketball League at the sports hall of the National Stadium, Lagos with defending champions, Dolphins taking on seven other teams in its quest to retain its title.

     In the group stage, defending champions, Dolphins Basketball Club of Lagos will take on IGP Queens, Delta Force and Plateau Rocks in Group A, while First Bank Basketball Club are drawn in Group B alongside Customs, Benue Princess and AHIP, while the All Star Games will hold during the competition.

    Dolphins and multiple champions, First Bank are expected to run over their opponents in the group stage and set up another final showdown like last year when both sides battled for the trophy. However, Dolphins won the trophy last season and will be hoping to defend the title against a rejuvenated First Bank side.

    AHIP coach, Wilson Idanwekhai, who said that his team was set up to develop players, noted that it would be nice to lift the trophy with his young side. “We are here to play basketball just like we did in the first two phases, but we also fancy our chance of winning the title.

    He stated that his team played well in Asaba to merit its place in the final, adding that playing in the final in Lagos would improve the team’s rating. Idanwekhai commended the sponsors, Zenith Bank for bankrolling the league for 12 consecutive years, urging other corporate organizations to emulate the gesture.

    Also speaking of his team’s chances, Coach Benson Aikoroje of Delta Force said his girls were prepared for the competition, stating that the least they would settle for is a fourth place finish.

     He stated that First Bank Basketball Club remains the team to beat in Group B, while also tipping defending champions, Dolphin to achieve great feat in the competition. He also said his team is capable of playing in the final, noting anything can happen in the game basketball.

  • CBN chief praises Zenith Bank’s support for non-oil export

    CBN chief praises Zenith Bank’s support for non-oil export

    Central Bank of Nigeria (CBN) Deputy Director, Trade and Exchange Department, W. D. Gotring has ranked Zenith Bank Plc high among non-oil export supportive banks.

    Speaking at international trade seminar organised by Zenith Bank Plc in Lagos, with theme: ”Exporting for growth: Opportunities in non-oil export”,  he called on the government and other stakeholders to diversify the economy from oil by growing the non-oil export segment of the economy.

    He also urged other banks to emulate Zenith Bank’s commitment to real sector development and non-oil segment of the economy.

    He, however, urged banks to deepen funding for non-oil segment of the economy to boost the volume of forex receipts and economic stability.

    Group Managing Director/CEO of Zenith Bank Plc, Peter Amangbo, expressed the commitment of the lender to build non-oil export service excellence in the trade and investment sectors. This, he said, would lead to stability and growth of the economy.

    He said Nigeria is faced with the task of improving its Balance of Trade (BoT) by focusing on the non-oil exports since the sharp drop in oil prices in the international commodities market opened up the vulnerability of the nation’s economy.

    For him, increasing the country’s non-oil exports will help the economy rebound, create jobs, engender long-term prosperity, support sustainable economical, social and environmental growth while contributing to the development of many states.

    “Zenith Bank will continue to make significant contributions in the non-oil sector. We are focused, will embrace and evolve solutions that facilitate non-oil export. We will do more to help manufacturers, farmers, and entrepreneurs sell made-in –Nigeria products and services globally to benefit the economy,” he said.

  • Zenith, Diamond banks drive forex disbursement with $41.2m

    Zenith Bank Plc and Diamond Bank Plc disbursed the highest volume of foreign exchange (forex) worth $41.2 million to 802 customers cut across different segments of the economy, published forex utilisation data for last week showed.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds to the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    Zenith Bank Plc took the lead with $24,547, 235.36 allocations disbursed to key players in the economy ranging from manufacturing, oil and gas, school fees payment as well as Personal Travel Allowances (PTAs) and Business Travel Allowances (BTAs).

    The bank gave the lion share of $4.4 million to Dangote Gropu of Companies (Dangote Cement, Dangote Flour Mills Plc, Dangote Sugar Refinery) among others. The funds were disbursed to the company in 13 tranches for Letters of Credit (LCs) approved for the importation of different production raw materials ranging from spares parts for textile machines, cement plant machinery, roll crusher plants among others.

    Another $2 million allocation went to Oando Marketing Plc for Premium Motor Spirit (PMS) import. The funds were disbursed in two tranches of $1 million each.

    Zenith Bank financed a total of 472 items within the CBN import approved list. Of this, payment for school fees abroad got the highest allocation in terms of volume, but it also sold dollars to some of its corporate customers for visible items such as the importation of raw materials, pharmaceutical and agricultural products, among others.

    Diamond Bank Plc funded imports worth $16,872,037.50 for 330 customers. Swift Oil Limited; Dozzy Oil & Gas Limited; Rahamaniya Oil & Gas  Limited and Obat Oil & Petroleum Limited and got $2.2 million; $1.5 million; $1.41 million and $1.25 million respectively for the importation petroleum and gas products. The bank also made several allocations to individuals and companies needing the funds for school fees, BTAs, PTA among others.

    The next was Access Bank Plc which got and disbursed about $12.5 million to 184 customers that cut across oil and gas, education, manufacturing among others. The lion share of $6 million went to MRS for gasoline import followed by Blakeney Management which received$1.5 million for school fees payment among others.

  • Zenith Capital  appoints Enakele as MD/CEO

    Zenith Capital appoints Enakele as MD/CEO

    Zenith Capital Limited, a leading investment bank, has announced the appointment of Jubril Enakele as its Chief Executive Officer and Managing Director.  In his new role, Mr. Enakele will focus on investment banking, asset management and the securities trading side of the business, as well as oversee a world class team based in Lagos. He will report to the Board of Directors.

    Mr. Enakele has over 15 years of international and local experience across various aspects of banking including Banking Operations, Credit Analysis, Risk Management, Client Coverage, Investment Banking, Corporate Finance and Derivatives across Europe, the Middle East and Africa. He began his career in banking in 2000 in Nigeria, before joining Citibank Nigeria in 2004 and Citibank Global Markets London as a Vice President in 2008. He moved to Standard Bank London in 2010 as aDirector and led their Commodity Derivatives – Energy Sales businessfor West Africa before joining Deutsche Bank AG London in 2011 as the Director for Capital Markets & Treasury Solutions for sub-Saharan Africa (excluding South Africa).

     

     

    During the course of his career, Jubril has been involved in several landmark transactions across sub-Saharan Africa, including raising financing from international capital markets for various African sovereigns such as Nigeria, Ethiopia, Ghana, Zambia, Ivory Coast including raising finance for indigenous corporates and financial institutions in Nigeria and sub-Saharan Africa.

    Mr. Enakele is a graduate of Economics from the University of Calabar, Nigeria. He has a Masters degree in Public Policy from the University College London and attended London Business School and University of Oxford – Said Business School respectively. He is an Associate Member of the Chartered Institute for Securities and Investment, UK (CISI).

    “Announcing the appointment, Zenith Capital Limited’s Chairman, Mr Jim Ovia said: “Choosing a new MD/CEO was not an easy feat but we are confident that Jubril Enakele is the right candidate for this role and exactly what we need to continue down this road to sustainable growth.

    His appointment re-articulates our commitment to delivering value on behalf of all our stakeholders as Jubril brings his extensive experience and stellar track-record to bear for Zenith Capital Limited.”

    Jubril Enakele, Chief Executive Officer, Zenith Capital Limited added: “I am pleased to be part of Zenith Capital’s growth story in Nigeria and immensely proud to be part of the world-class team transforming it into a leading investment banking institution in West Africa, an employer of choice, and a trusted financial advisor and partner to key stakeholders. Our future is bright and I look forward with optimism and anticipation.”

  • VC thanks Zenith Bank

    The Vice Chancellor, Adekunle Ajasin University, Akungba Akoko (AAUA), Ondo State, Prof Igbekele Ajibefun, has thanked Zenith Bank for donating a workstation to the university.

    The portakabin was being used by the bank for skeletal services before relocating to its branch on the campus last year.

    The university’s Director of Physical Planning and Development, Mr Emmanuel Orimoloye, who represented the Vice Chancellor, thanked Zenith Bank for the generous donation.

    He commended the bank for renovating the facility before the donation.

    The bank’s zonal Head in charge of Ondo, Ekiti and Kwara states, Mr. Abiodun Oshode, said the donation was a token in appreciation of the good relationship it has enjoyed with the university.

    Zenith Bank has been operating on the campus since February 2008.

  • Afren Plc owes Zenith, Access, Stanbic banks N37b

    Afren Plc owes Zenith, Access, Stanbic banks N37b

    Afren Plc’s  debt to Zenith Bank Plc, Access Bank Plc and Stanbic IBTC Bank Limited stands at N37 billion ($185 million) says Renaissance Capital (RenCap).

    A report released yesterday by RenCap, an investment and research firm,  showed that the three lenders have at least N37 billion principal exposure to Afren, which is currently in administration, with “little likelihood that it can  continue as a going concern”.

    RenCap analysts concluded that   as far as the loan is concerned,  Zenith Bank is in the most comfortable position, followed by Access Bank, and then Stanbic IBTC.

    Afren Plc is an independent oil and gas company listed on the Main Market of the London Stock Exchange, with a diversified portfolio of production, development and exploration assets.

    RenCap,  quoting  Afren documents, said Zenith Bank has $100 millon to Oil Mining Licence (OML) 26 and $5 million to Ebok; Access Bank has $50 million to Okwok/OML113 (Aje), $5 million to Ebok; and Stanbic IBTC Bank has $25 million to Ebok.

    “From our discussions with Zenith management and Renaissance Capital’s oil & gas analysts, we believe that of all the banks with credit exposure to Afren, Zenith is in the most comfortable position,” it said.

    RenCap said the asset is producing, located onshore, and has low operating costs – which imply that its production economics still make some sense at currently low oil prices.

    “The February 2014 facility, is primarily secured by a charge over Afren’s interest (via FHN 26 – the SPV) in OML26, and its cash flows. According to Zenith management, other Afren creditors do not have claim to OML26. We do not think Afren plans to sell this asset and our oil & gas analysts believe that its cash flows should be sufficient to repay the loan, valuing the asset at $114 million,” the report said.

    Further analysis of the assets showed that Access Bank’s $50 million to Okwok/OML113 (Aje), according to the bank’s management, showed it has a first-ranking lien on both, but some of the bank’s claims are subject to counterparty consent.

    “Both assets are offshore and not producing. While most of the $50 million was spent developing Okwok, Aje is expected to produce first, by late 2015; Okwok production could happen in 2016/2017. At $50 per barrel, our oil & gas analysts value Okwok negatively at ($161 million) and Aje at $45 million, implying 90 per cent potential credit recovery for Access (facility recovery value largely dependent on Aje),” it said.

    Ebok is located offshore and is Afren’s largest producing field. Afren has a $300 million syndicated facility from a series of local and international banks on this asset. While the loan was originally secured using Ebok reserves, cash flows and material contracts, the creditors’ rights were relegated via an inter-creditor agreement on 30 April 2015, when Afren secured life-saving interim funding of $200 million.

    RenCap analysts concluded that there are legal and contractual technicalities that could cause significant losses with regard to the lenders’ exposure to Afren.

  • When ‘God’s abundance grace’ prods man to the zenith…

    When ‘God’s abundance grace’ prods man to the zenith…

    His story spiraled from the errant boy groomed in the rustic but agrarian Ijesa-Isu in today’s Ekiti State, to the boisterous town of Ibadan the once political hub of the First Republic, coursing through the never-say-die world of students unionism in the University of Ibadan, and climaxing in esteemed position in the Nigerian Customs Service. The author’s biography simply showcases unwarranted favour which could only come by the grace of the Almighty God.

    “Enjoy the journey of a peasant farmer’s son who retired as Ag. Comptroller-General of Nigerian Customs service, and may your eyes be enlightened as the mystery of God’s exceedingly great grace that ‘raises a man from dust and causes him to sit with kings’ is laid bare once again…” says Comptroller Eporwei Edike the author’s former colleague who wrote the introduction to the book.

    The circumstances of the author resonates with his father Chief Jeremiah Akande Olugbemile, the only surviving son of his father’s nine children. Tayo too himself from a polygamous home is one of the surviving four of the eight from his mother’s siblings.

    Interestingly the author was born few weeks after the Second World War and at a time agitations for self governance particularly in Africa were rife. Thus the author’s parents, well aware of their son’s adventurous spirit, had to weave a web around his movement sometimes restricting him from catching fun with his playmates

    This adventure eventually propelled the author’s journey to education. He recounts how, out of sheer curiosity, he sneaked behind his elder brother Dele to school only to be ‘trapped’ by a sharp-eyed teacher who then summoned him to place his arm over his head and see whether it measured up to his left ear, an archaic practice of which to ascertain children ripe to begin school in those days.

    But even then, the author’s sojourn in school was pretty challenging given his poor background.

    “A school bag and sandals were not part of my early schooling life,” the author recalls. “Father could not afford such luxuries. I walked barefooted to school, carrying my books in my hands. For several years, I attended primary school without shoes and had quite gotten used to it. This was to the extent that when in later years I got my first pair of shoes I wore them to the ‘bush latrine’ and forgot them there.”

    His father’s default in paying his school fees was another headache; but thanks to the late Chief Obafemi Awolowo’s free education policy which the author credits , describing the gesture as the ship that saw his education dream sail.

    The second chapter of the book is dedicated to the author’s mother whom he fondly referred to as eye mi. Eye mi was well aware her son’s childhood escapades but would rather tolerate him and leave the scolding to her disciplinarian husband. Though she was the third wife, Eye mi, says the author, displayed virtues of humility and love to her husband and two elder wives, attitudes that earned her a coveted position among senior wives in the entire household. Eye mi was also the type whose eyes were fixed on merchandise. She assisted her husband in nurturing food crops in the farm and selling same in the market, while using the proceeds for petty trading. As a young boy, the author too would not look the other way; he usually walks his mother six miles on foot to neihgbouring villages to sell. This was here the author’s enterprising spirit was sharpened.

    “I developed a spirit of courage and fearlessness. If anything, my sense of adventure deepened,” said the author in a tribute to his mother.

    His childhood pastimes such as farming, hawking, hunting, drumming and playing flute in school still lingers in his memory. Those little experiences, he believes, contributed to what formed the foundation of his life.

    However, like the proverbial two sided coin, the author’s father, was the exact opposite; a disciplinarian to the core. Aside his penchant for corporal punishment or a disgraceful public spectacle each his children err, Chief Olugbemile would have none of his children performed below first to third positions. To him, every other position is a woeful failure once a child failes to meet that benchmark. The author recalls  one of the sad episodes where his father accompanied him during his final year valedictory in primary school. Chief Olugbemile must have been disappointed when his son’s name did not feature among the first three. He was livid! As usual, the author had his ‘dinner’-his father had him thrashed by the cane. But despite the pains, the author has learned a lesson.

    “The lesson I learned from the incident is to maintain an excellent path in life. It became important for me to sustain a good track record in whatever I did.  This is a guiding principle that has helped me throughout my professional career; it is one which I have imbued in my children too,” he recalls.

    Securing admission at Ansar-Ud-Deen High School Ikole Ekiti at an older age was another uphill task.

    Despite this, providence smiled on the author as he shone like a million stars among his classmates compelling the school management to grant him double promotion.  The luxury however did not come without some hitches- the author’s former classmates developed inferiority complex, while his current contemporaries saw him as an usurper. That not whistanding, few still bonded with him. He was later to dwarf others clinching the first position at every turn to the envy of others. This feat, the author recollects, further cemented his relationship with God and compelled him to write his ‘Goal attainment list’ which he religiously followed for uninterrupted 13 years.

    It was at this secondary school the author also consummated his passion for social life and sports. He featured prominently in certain sporting activities including triple jump, discuss throw and marathon. This was in addition to enlisting in the school drama group as well as literary and debating society which the author believes helped him oil his talent in public speaking. Even when the author’s father ran into financial crisis and couldn’t afford paying his son’s school fees because his (author’s father) only helping hand in the far had left him, the school management had to wave the author’s fees and allowed him pay in installment. Reason: management simply could not lose a material like Tayo who remained prominent in virtually all facet of the school activities.

    Having completed his secondary school in1966, the author’s desire to migrate to Lagos surged. He had always imagined himself being a part of the hustling and bustling of life in that coastal city. Following a passage read out to them about the beautiful city by his former English teacher chief Tunde Aluko, the author in company of his friend Ephraim, had sneaked to Lagos. Tayo lied to his father who had initially turned down his request to move to Lagos, that the school was taking them on an excursion to Lagos. The author spent a week with his elder brother Dele visiting all beautiful places especially the upscale Ikoyi. Thereafter, his mind was glued on coming back to permanently settle in the beautiful city- but that would not materialise until 31 years after.

    His sojourn to Ibadan at the instance of his father after completing School Certificate was like a blessing in disguise. Through the instrumentality of his uncle, he hadsecured a temporary job at Olivet Grammar School, Ibadan; initially found himself in the school principal’s bad book because of the rather controversial circumstances which he was employed.  He later had a scruff with the same principal over alleged intimacy with a girl in his class, resulting in his termination of appointment. The author later moved to Lagos on the guise of going to write GCE as ‘transferred candidates’ who suffered displacement owing to the Civil War. Through a former schoolmate, the author began a new life in Lagos as a clerical officer in the Ministry of Transport, reveling in all economic and social life of the sprawling city. Having substantially resolved issues bordering on his continued stay in Lagos with his father, the author passed his A Level exam and was subsequently offered admission into the University of Ibadan to study Sociology.

    “Indeed, that was one of the happiest days of my life,” he recalls with nostalgia.

    Life in UI, the author soon found out, was a different kettle of fish as against his exploits in elementary and standard schools. His course-Sociology, opened his eyes to variations in human behavious. The era also coincided with the Civil War at the climax of which the Government of Western State gave a bursary of 100 pounds per session to all students of Western State extraction. For the author, that was a big financial relief as the bursary guaranteed he would complete his university education.

    His extrovert nature continues to propel him even when he ventured into the often murky waters of politics contesting for the office of the vice president of the Students’ Union of UI in 1971.Yet, he would not forget his first baptism of fire as a student unionist. Upon a successful election of which he was a part, the SU executive had decided a welcome party for ‘ freshers’. The author as a sociable person was the arrowhead of the planning. Unfortunately, there was a cholera outbreak in Ibadan at the time and the then vice-chancellor the late Adeoye  Lambo a professor of Psychiatry and former Director-General of the World Helath Organisation,, would have none of that. Lambo directed that the planned welcome party be cancelled forthwith, a decision that irked the author and other members of the SU executive. The SU replied the management with a strongly-worded letter signed by the author, saying they would not budge.

    The SU executive members were summoned to the vice chancellors home the following day. The author without a prophet knew the implication of such action.  He could see in his mind’s eye there was trouble in the offing.

    “(From his (VC) tone, “the author says in retrospect, “something told me I was in deep trouble. My ‘Goal Attainment List’ flashed across my mind. I had a feeling he had mentally registered my name in his memory for disciplinary action. If I did not retrace myself, I could earn myself suspension if not rustication from the university. But back to the realities on ground, I could see that Prof Lambo was very angry with our confrontational stand.”

    Buoyed by the successful protests the UI SU staged across Lagos and other parts over the rude invasion of the Portuguese mercenaries by the Republic of Benin during that period, the SU ha swung into a fresh protest over what it saw as poor standard of students’ welfare in the Zic Hall of UI. To register their displeasure, students in the Zik Hall had embarked on a three-day hunger strike.  The development later resulted into bloody protest that saw the author and SU president Solomon Agunbiade arrested but later released, as well as the shooting of one of the students Adekunle Adepeju, 27 and a final year Agricultural Studies undergraduate by the anti-riot policemen that came apparently to quell the crisis. To add more salt into the injury, Aderoju was the only surviving son of his parents.

    News of the deceased had spread like wild fire into other campuses, inflaming students of the UNILAG that went on rampage burning down police post at Unilag and the Sabo Police station in the process.

    “Students of University of Ibadan were given orders to pack out of the campus within 24 hours and the university was shut down. I took the opportunity to travel home to present myself before my parents at home in Ijesa-Isu, as news had floated back to the village that I had been arrested, “the author recalled.

    Unlike what we have now, then was also the era of transparency where students generally had to make sacrifices to raise funds for the executive.

    “There was openness and accountability, said the author in retrospect. “ Indeed, the Students’ Congress passed a motion describing our own executive as ‘infallible’ due to the manner we conducted the union’s affairs. There was confidence in our team which was demonstrated in the way in which they supported us. At least on two occasions, students gave up their lunch for funds to be remitted to the union coffers to meet exigencies. Once the students had given their approval, the university’s bursar remitted the funds to the SU’s account. If the students had no faith in our government, they would not make this kind of sacrifice.”

    “Arguable the current crop of student activist unfortunately lack the focus and fevour to make changes. Sadly in my view, the problem is that the polity is corrupted and Students’ Union compromised. Students today, perhaps for selfish reasons, pursue a cause for personal interest. The pervading corruption in the system has eroded genuine students’ activism in Nigeria universities,” he further recalled with fond memories,

    Upon graduation in 1972, the author shunned the civil service jobs government was then wooing fresh graduates to take; his interest however was glued on journalism.  While almost his classmates secured jobs and began in 1972, the author remained unemployed for four months. He had to squat in his elder brother’s house. By strings of luck however, he reunited with Agunbiade who was then in the Nigeria Customs and Excise, his former SU president who, through his instrumentality, the author secure a job in NCS.

    Despite that many of his contemporaries later resigned afer several years due to either slow or non promotion, the author stayed put, taking his fate rather philosophically.

    “I chose not to compare myself with anybody and I anchor everything about my life on the master key-holder, my creator, “he said.

    The latter part of his career was beset with pitfalls as the author sees NCS as the ‘microcosm of Nigeria’. According to him, NCS is fraught with policy somersaults, pull –him-down colleagues, leadership succession palaver including other self-inflicted problems,

    Eventually however, he attained the peak of his career as the Comptroller General of Customs, albeit in acting capacity.”

    “In the course of my career in the Nigeria Customes Service, there were expertly pockets of serious challenges- anxieties, disappointments and palpable fears. Through the abundant grace of God, I passed them all unscathed,” he concluded rather triumphantly.

  • GTBank, Zenith to pay shareholders N106b dividends

    Nigeria’s two most capitalised banks-Guaranty Trust Bank (GTBank) Plc and Zenith Bank Plc have announced that they recorded pre-tax profit of N236 billion in 2014. The banks will distribute N106 billion as cash dividends to shareholders.

    The audited report and accounts for the year ended December 31, 2014 showed that the banks suppressed the headwinds with appreciable improvements in the top-line and the bottom-line. Both banks recorded double-digit growth in the top-line while pre-tax profit rose by around nine per cent. The two competitive banks are also paying the same dividend rate as GTBank increased cash payout per share by 2.9 per cent to match Zenith Bank’s payout.

    The board of directors of GTBank recommended total dividend of N1.75 per share for the 2014 business year as against N1.70 paid for the 2013 business year. The bank will be paying final dividend of N1.50 per share. It had paid interim dividend per share of 25 kobo. This brings total payout to N51.5 billion for the 2014 business year as against N50.03 billion in 2013.

    The board of Zenith Bank retained the dividend per share of N1.75, the same rate paid for the 2013 business year. Gross dividend thus stood at N54.94 billion.

    Key extracts of the audited report and accounts showed that GTBank grew its top-line by 15 per cent with gross earnings of N278.52 billion in 2014 compared with N242.67 billion in 2013. Profit before tax rose by nine per cent from N107.09 billion to N116.39 billion. Profit after tax grew by 10 per cent from N90.02 billion to N98.69 billion. Earnings per share consequently rose by 10 per cent to N3.47 in 2014 as against N3.17 in 2013.

    Balance sheet analysis showed that deposits base expanded by 14 per cent to N1.65 trillion in 2014 compared with N1.44 trillion in 2013. Shareholders’ funds also rose by 13 per cent from N332.35 billion to N374.33 billion. Total balance sheet size rose by 12.4 per cent from N2.10 trillion in 2013 to N2.36 trillion in 2014.

    GTBank also continued to maintain disciplined and prudent approach to loan growth as the proportion of non-performing loans to total loans dropped from 3.58 per cent in 2013 to 3.15 per cent in 2014.

    In the same vein, Zenith Bank recorded gross earnings of N403.34 billion in 2014, 14.8 per cent above N351.47 billion. Profit before tax rose by 8.3 per cent from N110.6 billion in 2013 to N119.8 billion in 2014. After taxes, net profit rose by 4.3 per cent to N99.46 billion in 2014 compared with N95.32 billion in 2013. Earnings per share thus stood at N3.16 in 2014 as against N3.01 in 2013.

    Zenith Bank continued to show impressive credit risk management and loan efficiency as the proportion of non-performing loans to gross loans and advances dropped from 3.0 per cent in 2013 to 1.8 per cent in 2104. Shareholders’ funds also increased by 8.5 per cent from N509.25 billion in 2013 to N552.64 billion in 2014.

    Managing Director, Guaranty Trust Bank Plc, Segun Agbaje, said the bank’s financial performance in 2014 attested to the inherent soundness of its strategy and resilience of its earnings.

    He attributed the performance to loyalty of customers and commitment and hard work of the staff.

    “We remain committed to maximising shareholder value and delivering superior and sustainable returns. Our objective is to remain a leading player in the financial services sector whilst expanding our franchise in select, high growth African markets where we believe we have competitive advantage,” Agbaje said.

  • AfDB okays $125m to Zenith for SMEs

    AfDB okays $125m to Zenith for SMEs

    The African Development Bank (AfDB) has approved a $125 million Line of Credit (LOC) to Zenith Bank Plc for lending to Small and Medium Scale Enterprises (SMEs).

    In a report obtained from its website, AfDB said the approval was the fourth to Zenith.

    The facility, it said, would enable the lender gain access to long-term foreign currency funding to generate additional lending to its SME clients in various sectors of the economy, including agriculture and agribusiness, transportation and manufacturing.

    “In approving the LOC, the Board of Directors underscored the fact that the SME sector represents a strategic pillar for Nigeria’s quest to modernise and improve its economy while diversifying away from the heavy dependence on the oil industry,” AfDB said.

    According to the Federal Office of Statistics, SMEs account for 97 per cent of all businesses in Nigeria, contributing 50 per cent of employment and output in the non-oil sector. This compares unfavorably with many peers, reflecting a relative underper-formance of the SME sector in the country.

    One of the major impediments to SMEs’ growth and development, it said, is limited access to bank credit. It regretted that despite banking reforms aimed at salvaging the real sector, access to credit for the SMEs is still severely constrained. The proposed LOC will therefore contribute to filling this critical financing gap.

    “The LOC aligns with the renewed strategy of the Nigerian Government to revitalise the economy by developing its SME sector. It also aligns with the lender’s country assistance strategy to support private sector led growth in Nigeria.

    “Furthermore, it is consistent with the AfDB’s strategy to support SMEs through sound and reputable financial intermediaries as well as its new inclusive growth priority by supporting SMEs in critical sectors of the Nigerian economy,” it said.

  • Action shifts to Ilorin for 2nd phase

    Action shifts to Ilorin for 2nd phase

    THE first phase of the Zenith Bank Women’s Basketball league in Abuja was concluded last week and action for the second phase has shifted to Ilorin, Kwara State where the 16 teams in the league will converge from May 1 to 12.

    From this phase, the top-four teams from each group will qualify to the last leg of the league scheduled to hold in Lagos at a date to be announced by the Nigeria Basketball Federation (NBBF).

    Defending champion, First Deepwater Basketball Club and former champion First Bank Basketball Club remain the only clubs to maintain 100 per cent record in their respective groups.

    Meanwhile, Coach Abraham Ogaba of the IGP Queens Basketball Club has vowed that the Police team will make the final cut to the final phase playoff.

    He praised the NBBF and Zenith Bank for providing a platform for Nigerian women players to continue to exhibit their talents. He also called for total support for the Tijjani Umar-led NBBF in delivering the gains of the league to the Nigerian basketball community.