ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected.

He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

ZENITH BANK CROSSES N1 TRILLION MARK IN Q1 2026 GROSS EARNINGS

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2026, with a 6% growth in Gross Earnings, from N950 billion reported in Q1 2025 to N1.01 trillion in Q1 2026. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Thursday, 30th April 2026, this growth was driven by increase in interest income and non-interest income. The increase in interest income was primarily due to the expansion of the Bank’s risk asset portfolio, supported by disciplined, risk adjusted pricing. Interest expense moderated by 5% YoY in Q1 2026 underscored by a continued optimisation of the Bank’s deposit mix and funding structure. This resulted in a 7% growth in net interest income from N591 billion in Q1 2025 to N634 billion in Q1 2026. Non-interest income also improved 19% year on year, rising from N89 billion to N106 billion, highlighting an improvement in fees and commissions and higher contributions from other operating income streams. This performance reflects stronger customer activity and deeper transaction volumes across key business channels.

As a result, the Group recorded a 3% year on year increase in profit before tax, which rose to N361 billion compared with N351 billion in Q1 2025. Profit after tax also increased by 1% to N314 billion.

Profitability was further supported by a decline in cost of funds to 3.76% in Q1 2026 from 3.90% in Q1 2025; while cost of risk moderated to 2% in Q1 2026, reflecting a prudent and proactive risk management stance in an elevated yield environment.

Gross loans increased by 9% from N11.06 trillion as at full year 2025 to N12.04 trillion in Q1 2026, reflecting the continued commitment to carefully deploying credit into high growth sectors of the economy that enhance portfolio returns. Asset quality strengthened as Non-Performing Loan (NPL) ratio eased to 3.79%, from 3.82% reported in December 2025, underpinned by disciplined credit risk management. Customer deposits rose to N24.47 trillion in Q1 2026, while total assets increased by 2% to N32.01 trillion over the same period.

Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 24.9% and 4% respectively, supported by strong top line earnings and enhanced balance sheet efficiency. Net interest margin (NIM) strengthened to 12.5%, up from 10.3% in Q1 2025, underscoring the Group’s ability to preserve its margins and deliver improved shareholder returns. Prudential ratios remained strong and comfortably above regulatory requirements.

The Group’s Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 23.5% and 71% respectively, while the coverage ratio remained strong at 169%, reinforcing the Bank’s resilient capital and liquidity position.

The Group’s Q1 2026 performance underscores its continued focus on sustaining high quality earnings growth, further strengthening asset quality, and deepening customer engagement through continued digital innovation. The Bank remains firmly committed to delivering sustainable growth anchored on sound corporate governance, prudent risk oversight, and disciplined capital allocation.

WEMA BANK CELEBRATES 81ST ANNIVERSARY AND 9TH ANNIVERSARY OF ALAT

…Set to Reward Hundreds of Customers, Launch 5 for 5 Season 5

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has simultaneously marked its 81st anniversary and the 9th anniversary of ALAT on Saturday, May 2nd, 2026.

Adopting a different approach from its grand 80th anniversary celebration in 2025, Wema Bank is set to celebrate its 81st anniversary this year by giving back to its customers. The Bank’s anniversary celebration features rewards for customers on the ALAT App in celebration of ALAT at 9 as well as rewards for Wema Bank customers at the launch event for the 5th Season of the Bank’s 5 for 5 Reward Initiative, happening on the Bank’s anniversary day, May 2nd 2026.

In line with the Bank’s 81st anniversary theme, “Your Future of Possibilities, Powered by Wema Bank”, the Bank will also rollout a specialised customer success initiative dedicated to helping different demographics of its customers to map out and build the future of their dreams. From businesses to students, working class women, creatives and more, Wema Bank will provide tailored, practical and strategic insights and support that will help these unique demographics access better opportunities, receive useful support and make accelerated progress towards meeting their goals.

Commenting on the Bank’s motive behind its approach to celebrating its 81st anniversary, Wema Bank’s MD/CEO, Moruf Oseni, said, “The world is rapidly evolving. Digital evolution and emerging technologies continue to present newer opportunities and realities. To thrive, one must be prepared to adapt where needed and ready to leverage the possibilities ahead; and this is what we want to help our customers achieve. With millions of individuals and businesses in our care, we have a deep sense of responsibility towards helping them make meaningful progress and our 81st anniversary presents the perfect opportunity for us to deepen our efforts towards fulfilling that responsibility”.

“We are building a smarter and more secure financial future for our customers, one where banking is effortlessly aligned with their goals, intelligently anticipating their needs and proactively providing the right solutions. Beyond banking solutions, we are curating opportunities, providing platforms, building an entire ecosystem engineered in the best interests of every unique Wema Bank customer. Our goal is for our customers to grow as we grow, to always be one step ahead, and to make accelerated progress towards their future of possibilities as we journey with them”.

“To every stakeholder who has been a part of Wema Bank’s 81-year journey: our investors, regulators, partners, esteemed customers and dearest employees; this anniversary is dedicated to you, and this is why we have chosen to celebrate this way. On behalf of the entire board and management of Wema Bank, I say THANK YOU for 81 historic years. We have, we are, and we will be with you, all the way. Happy 81st Anniversary to us all”, Oseni concluded.

Wema Bank has established a proven track record of empowering lives, supporting businesses and providing tailored solutions that meet real needs. From financial support to digital solutions, unique opportunities and customised service, Wema Bank continues to show that it is a Bank that truly cares, understands and is committed to helping individuals and businesses thrive and achieve their goals.

For more information on how to tap into the rewards curated by Wema Bank, isit wemabank.com