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ZENITH BANK RECORDS IMPROVED GROSS EARNINGS OF N166.8 BILLION IN Q1 2020

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ZENITH BANK RETAINS THE TOP SPOT AS NIGERIA’S NUMBER ONE BANK BY TIER-1 CAPITAL FOR FOURTEEN STRAIGHT YEARS IN THE 2023 TOP 1000 WORLD BANKS RANKING Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the fourteenth year in a row, the Bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of $2.54 billion. The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally. The rankings continue to be the primary source for global bank financials and are used by most international organisations in their assessments of banks. Zenith Bank’s financial performance for the year was bolstered by an impressive double-digit growth of 24% in gross earnings, leading to an improved market share in both the retail and corporate segments of the market. This occurred despite a persistently challenging macroeconomic environment and headwinds. Commenting on the ranking, the Group Managing Director/CEO of Zenith Bank Plc, Dr Ebenezer Onyeagwu, said, “Being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds. It is also an affirmation of our best-in-class service and commitment to value creation for our highly esteemed customers.” He thanked the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his foundational role in building the structures and setting the institution on the path to continued success; the Board for their vision and outstanding leadership; the staff for their unwavering commitment and dedication; and the Bank’s customers for their unflinching loyal support of the Zenith brand. Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. Zenith Bank became one of the latest companies to join the exclusive group of stocks worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023. This followed the appreciation of its share price by 3.23% to close at N32 per share, taking its market capitalisation above a trillion to close at N1.004 trillion. The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World's Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance' Financial Services' Africa, for four consecutive 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. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, 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 as 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 Awards.


Zenith Bank Plc has announced its unaudited results for the first quarter ended
March 31 2020, with gross earnings rising by 6% from N158.1 billion in March 2019
to N166.8 billion.


From the unaudited statement of account which was presented to the Nigerian Stock
Exchange (NSE) on Wednesday, April 29, 2020, this top-line growth was driven by
the 43% expansion in non-interest income from N32.7 billion in the prior-year period
to N46.6 billion in March 2020.


The Bank’s profit before tax also rose 3% from N57.3 billion in the prior-year period
to N58.8 billion in March 2020. The increased profits benefited from the twin effects
of continuing top-line growth and focused cost-of-funds optimisation. Cost of funds
declined significantly from 3.0% in March 2019 to 2.6% in the quarter, translating to
a 10% decrease in interest expense dropping from N36.3 billion in March 2019 to
N32.8 billion in the quarter. Despite this drop, the current low yield environment
necessitated the repricing of interest-bearing assets which in turn resulted in a 13%
compression in net interest margin, decreasing from 8.9% in March 2019 to 7.7% in
the current period.


Zenith Bank has continued to gain customer acceptance, with customer deposits
increasing by 5% from N4.26 trillion in December 2019 to N4.46 trillion in Q1 2020.
The Bank’s customer deposit mix rebalancing remains on-track as the Group added
N150 billion in savings account balances in Q1 2020, supported by its retail
drive. The Bank’s total assets increased by 12% growing from N6.35 trillion in
December 2019 to close at N7.13 trillion in Q1 2020. Gross loans grew by 11% from
N2.46 trillion in December 2019 to N2.74 trillion in Q1 2020.


Zenith Bank continues to surpass the expectations of its shareholders with its track
record of superlative performances. In recognition of this, the Bank was voted as the
Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital
Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of
the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other
Financial Institutions (BOFI) Awards. Recently, the Bank emerged as the Most
Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker
Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria 2020 in the Global
Finance World’s Best Banks Awards 2020, and Bank of the Decade (People’s
Choice) at the ThisDay Awards 2020.

Business

Why We Honoured AfricentOCL UK, Several Other Top Businesses

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Why We Honoured AfricentOCL UK, Several Other Top Businesses

 

 

 

 

 

 

 

 

 

 

 

 

Greater London Enterprise Awards’ organizers

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That SME News Magazine has announced the winners of its 2023 Greater London Enterprise Awards. Africentocl Uk Ltd is one of the prestigious recipients of the honour, for its contribution to the development of the maritime sector globally. AfricentOCL UK won the ‘Best Maritime Materials and Vessel Chartering Provider’ category.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Why We Honoured AfricentOCL UK, Several Other Top Businesses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to a statement from the organizers, the awards event is held annually to honour outstanding top businesses for their special contributions in their sectors. Now in its seventh year, SME News’ ‘Greater London Enterprise Awards’, the organizers say, has continued to recognize SMEs at the very beating heart of the corporate landscape, as they continue to put their best foot forward on a daily basis. “Within the awards programme, we get a deeper understanding of what makes Greater London so bold as we delve into the businesses and individuals who live and breathe progression, compassion, and innovation,” the statement reads.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AfricentOCL UK was bestowed with the award, according to SME News, because of its excellent leadership in service, which distinguishes it and co-awardees and make them outstanding sector leaders. AfricentOCL is a leading global physical commodities and vessels chartering brokerage company, with a strong track record of success in the maritime sector with a unique quality of extensive experience and expertise in the physical commodities trading market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Having developed a rare knack for managing people and resources, the AfricentOCL chief executive officer, Mr. Juwon Lawal Razaq, an official member of the Forbes Business Council and global ambassador and member of the Commonwealth Entrepreneurs Club in London, has made a remarkable impact on the maritime sector. With the courage and boldness of a lion, he has successfully confronted the daunting task of running one of the most strategic aspects of the maritime business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

His company, before the Greater London Enterprise Awards’ honour, has also been recognized both in Nigeria and abroad as one of the best marine companies in the world.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to Kaven Cooper, the Greater London Enterprise Awards coordinator, “This 2023 edition of Greater London Enterprise Awards was a delight to host”, emphasizing that Africentocl Uk Ltd and other awardees were found to be “focused, determined, and soulful businesses reaching their clients and customers with pride and precision.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“We pride ourselves on the validity of our awards and winners. The awards are given solely on merit and are awarded to commend those most deserving for their ingenuity and hard work, distinguishing them from their competitors and proving them worthy of recognition,” the organizers elucidate.

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The Dotun Adesua Symposium Paves Way for Nigeria’s Creative Industry Advancement

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The Dotun Adesua Symposium Paves Way for Nigeria's Creative Industry Advancement

The Dotun Adesua Symposium Paves Way for Nigeria’s Creative Industry Advancement

 

The Dotun Adesua Symposium, an earnest endeavor to cultivate meaningful dialogue within Nigeria’s dynamic creative industry, has laid a firm groundwork upon which this vibrant sector can flourish and become a catalyst for national development.

 

 

The Dotun Adesua Symposium Paves Way for Nigeria's Creative Industry Advancement

 

 

 

The symposium, held in Lagos, brought together luminaries, industry professionals, and creative minds under the theme, “Nurturing Creative Talent For Nation-Building. “It served as a pivotal platform for driving conversations that are essential to the growth and prosperity of the nation.

 

At the heart of the symposium was the visionary mission to bridge the gap between established professionals, mentors, and the emerging generation seeking guidance. The symposium aimed to equip these budding talents with invaluable knowledge and insights while fostering stronger connections between industry leaders and the creative pioneers of tomorrow.

 

In his keynote address, President and Chairman, Governing Council of the National Institute of Marketing Nigeria (NIMN),  Mr. Idorenyen Enang set the tone for the symposium illuminating the diversity within the creative industry, with each facet underpinned by creativity at its core.

 

Using a metaphorical dining table, Enang vividly illustrated how consumers often engage with creative products without fully comprehending the intricate workings of the industry. He emphasized the need for professionals to expand their horizons and deepen their knowledge.

 

Enang went further to underscore that the journey of nurturing creative talent commences at home, drawing parallels with the farming process. He likened the act of planting seeds to the inception of creativity, asserting that the cultivation of creative talent begins with education.

 

“Mentorship plays an indispensable role in guiding individuals along their creative journeys, nurturing the sparks of genius within them.” Enang firmly stated.

 

The symposium also featured a panel session where the President of the Association of Professional Party Planners and Event Managers of Nigeria, Funbi Akinyosoye shared her insights on the pivotal role of education in unlocking creative potential.

 

Akinyosoye recounted her personal journey, highlighting that formal education alone does not define one’s ability to infuse perfectionism into their work.

 

She encouraged young individuals to embark on creative explorations, even in seemingly minor endeavors, reinforcing the notion that education provides the platform for them to express themselves more effectively.

 

Veteran Comedian and Compere, Gbenga Adeyinka the 1st, brought his wealth of experience to the panel.

He shared his experiences in propelling the comedy sector in Nigeria’s southwest region, despite initial skepticism regarding his choice of location for shows.

 

Adeyinka emphasized his steadfast dedication to nurturing talents, which has played a pivotal role in the remarkable growth of comedy in the region. He dispelled the misconception that creativity is synonymous with chaos and underscored the importance of structure in delivering successful creative projects.

 

Summing up the symposium’s significance, the Convener Dotun Adesua, declared that the symposium sent a resounding message: Nurturing creative talents is not merely an individual odyssey but a crucial contribution to Nigeria’s cultural and economic development.

 

Adesua announced that the symposium marked the initiation of an annual tradition, poised to continue inspiring and connecting professionals with emerging talents within the creative industry, adding that  subsequent events would propel Nigeria forward through the transformative power of creativity and mentorship, envisioning a brighter future for the nation’s creative landscape.

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Celebrate Independence Day with a Star-Studded Extravaganza at Roseview Court Hotel & Apartments!

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Celebrate Independence Day with a Star-Studded Extravaganza at Roseview Court Hotel & Apartments!

 

 

 

As the leaves begin to change and the air turns crisp, the vibrant spirit of independence takes center stage. October 1st marks a day of celebration, reflection, and unity. At Roseview Court Hotel & Apartments, we believe in commemorating this historic day in grand style. And this year, we have something truly extraordinary in store for you!

 

 

 

 

 

This Independence Day, come together with friends and family to celebrate Nigeria’s rich heritage, culture, and the spirit of unity. Roseview Court Hotel & Apartments is proud to host an event of this magnitude, featuring the sensational Seidu and Juwon Flavour. Get ready to groove, savor delicious cuisine, and witness a spectacular performance from the sensational duo, Seidu and Juwon Flavour.

 

 

Celebrate Independence Day with a Star-Studded Extravaganza at Roseview Court Hotel & Apartments!

 

 

Join us on October 1st for an unforgettable Independence Day celebration that will leave you breathless. Roseview Court Hotel & Apartments has always been known for its commitment to creating memorable experiences, and this event will be no exception.

 

 

 

 

To make the most of this Independence Day celebration, book your stay at Roseview Court Hotel & Apartments. Our luxurious rooms and apartments are designed for your comfort and relaxation, ensuring your stay is as memorable as the event itself. Be sure to ask about our special Independence Day packages when making your reservation.

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