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ZENITH BANK NAMED MOST SUSTAINABLE BANK IN NIGERIA IN THE INTERNATIONAL BANKER AWARDS 2024 FOR THE SECOND CONSECUTIVE YEAR

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ZENITH BANK NAMED MOST SUSTAINABLE BANK IN NIGERIA IN THE INTERNATIONAL BANKER AWARDS 2024 FOR THE SECOND CONSECUTIVE YEAR

 

 

Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International
Banker 2024 Banking Awards, retaining the title for the second consecutive year.
Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith
Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised as
the Most Sustainable Bank in Nigeria for the second time in a row. This prestigious award
underscores our steadfast commitment to sustainability and reinforces our belief that
responsible banking is essential for long-term success and societal impact.”

 

 

 

She dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia,
CFR. She lauded the Bank’s stakeholders for their commitment and unwavering support in
ensuring that Zenith remains a highly successful institution. She said, “This remarkable
achievement is a testament to the visionary and impactful leadership of our Founder and
Chairman, Dr. Jim Ovia, CFR. His exceptional foresight and dedication have been the
cornerstone of our success. His ability to inspire and guide with strategic acumen has been
instrumental in steering Zenith Bank to new heights. Along with the strategic guidance of our
esteemed Board members, the unwavering commitment of our ever-diligent staff, and the
steadfast support of our loyal customers, Dr. Ovia’s leadership has been pivotal in
transforming our sustainability initiatives into a reality. We owe this success to his relentless
pursuit of excellence and his deep-seated commitment to redefining the banking landscape
in Nigeria.”

 

 

 

 

This recognition reaffirms Zenith Bank’s position as a trailblazer in sustainable banking
practices, setting a benchmark for excellence within the Nigerian banking industry and
beyond. The Bank has been a leader in monitoring and reporting sustainability impact.
Since becoming the first Bank in Africa to publish a stand-alone sustainability report in
accordance with the GRI Standards: Core Option in 2016, Zenith Bank has consistently
published assured stand-alone sustainability reports. The Bank is one of the few institutions
in Nigeria that tracks its carbon emissions using a certified tool built on the internationally
recognised Greenhouse Gas (GHG) Protocol.

 

 

 

 

 

Zenith Bank is deeply committed to environmental, social, and governance (ESG) values,
subscribing to the Triple Bottom Line principle, which encompasses People, Planet, and
Profit. As a leading financial institution that services various sectors of the economy, the
Bank considers Environmental and Social (E&S) risk management critical to its
sustainability strategy.

 

 

 

 

Zenith Bank’s track record of excellent performance has continued to earn the brand
numerous awards, including being recognised as Best Bank in Nigeria for the fourth time in
five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks
Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; being
listed in the World Finance Top 100 Global Companies in 2023; being recognised as the

 

 

 

 

Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top
1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank,
Nigeria, for three consecutive years from 2021 to 2023 in the World Finance Banking
Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate
Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the
Year Awards 2020 and 2022; Best in Corporate Governance Financial Services Africa for
four successive years from 2020 to 2023 by the Ethical Boardroom; Most Sustainable Bank,
Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria
and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking
Awards.

 

 

 

 

 

Additionally, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the
Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and
Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay
Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named
Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021
by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most
Responsible Organisation in Africa 2021 by SERAS.

 

 

 

 

Published by Finance Publishing Limited, the International Banker Magazine, United
Kingdom, is a leading global source of authoritative analysis and opinion on banking,
finance and world affairs. Its influence, integrity, accuracy and objective opinion have
earned it global recognition. The International Banker Awards strive to recognise the most
worthy financial institutions around the world – those not just doing their jobs well but
exceptionally well – those operating at the industry’s cutting edge and setting new
performance levels to which others will aspire. The 2024 Banking Awards focused on
various criteria, including the provision of much-needed capital for economic growth, cutting-
edge innovation to enhance security and efficiency, commitment to sustainability and ESG
principles, as well as intelligent investing to maximise profits and shareholder value.

Business

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

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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

 

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

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Zenith Bank Enhances E-Channel Services for Customers

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.

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IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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