BUA Foods Bags Multiple Awards

…Becomes first Nigerian business to win AABLA Company of the Year Award

BUA Foods Plc, the makers of IRS Pasta, BUA Sugar, IRS Flour, and BUA Rice, has emerged as the 2024 Company of the Year at the prestigious CNBC’s Africa All Africa Business Leaders Awards (AABLA) held in South Africa.

This historic win makes BUA Foods the first Nigerian organisation to win the Company of the Year award in the 12-year history of AABLA, Africa’s largest premier business award renowned for recognising outstanding achievers in Africa’s business landscape.

The award came hours before BUA Foods was named the “Most Valuable Indigenous Food Company” at the 2024 BrandCom Award in Lagos State. In late September 2024, Marketing Edge also awarded BUA Foods as the “Customer-centric FMCG Corporate Brand of the Year” while Media Consortium named IRS Premium Wheat Flour the “Premium Brand of the Year”.

According to the leading Nigerian food company, the awards acknowledge its significant contributions to the African food industry, commitment to sustainable growth, and positive impact on the continent.

The Managing Director of BUA Foods, Engr. Ayodele Abioye (PhD.), in his acceptance speech at the AABLA award in South Africa, noted that the award is not just for BUA Foods but for the entire African food industry.

A statement from BUA Foods on Sunday quoted Abioye as saying, “We are deeply honored to be acknowledged as the Company of the Year. This recognition is a testament to our position as a leading force in the African food industry. We are proud to contribute to economic development and positively impact the continent.

“This award is not just for BUA Foods but for the entire African food industry. It acknowledges our collective efforts to bolster food security in the region, especially in the face of ongoing challenges.

“Just last month, we solidified our position as a global player by signing agreements with Italian and Turkish firms to expand our Pasta and Wheat production to 900,000 metric tonnes per annum and 2.5 million metric tonnes per annum respectively. This strategic move positions us to become the largest milling company in Nigeria by 2025, and ultimately Africa in the near future”.

Ayodele subsequently expressed gratitude to the organisers of the award, valued stakeholders, and employees of the company, saying their trust and loyalty have fueled BUA Foods growth.

He also reaffirmed BUA Foods’ commitment to empowering African communities through sustainable food production and distribution.

“As we look ahead, we remain steadfast in our mission to feed Africa and contribute to the region’s economic development. We will continue to explore new markets, forge strategic partnerships, and invest in innovative technologies to elevate the African food industry to unprecedented levels,” he added.

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.