ZENITH BANK RETAINS TOP SPOT AS NIGERIA’S NUMBER ONE BANK BY TIER-1 CAPITAL FOR FIFTEEN YEARS IN THE 2024 TOP 1000 WORLD BANKS’ RANKING

AgegePulse Magazine 

For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. 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. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 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. The Bank also received the accolades of 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. 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 Awards.

Zenith Bank Dismisses Report on GMD's Arrest, Says Onyeagwu on Duty

AgegePulse Magazine 

Zenith Bank Dismisses Report on GMD's Arrest, Says Onyeagwu on Duty

Zenith Bank PLC, one of Nigeria's leading financial institutions, has dismissed as entirely untrue reports on the purported arrest of its Group Managing Director, Dr. Ebenezer Onyeagwu, in a section of the media.

The reports had claimed Dr 

Onyeagwu was arrested by the EFCC in connection with alleged fraud at the Ministry of Humanitarian Affairs. 

The foremost lender however clarified that the GMD was neither arrested nor detained by the EFCC or any other anti-graft agency, adding that he is currently fulfilling his duties and responsibilities as the Group Managing Director of Zenith Bank Plc.

This was contained in a statement issued by the bank in Lagos on Wednesday and signed by Rich El O. Otu, its Company Secretary/General Counsel.

The statement added that the bank will continue to maintain the highest standards of integrity, accountability, and transparency and remains committed to providing exceptional banking and financial services to customers. 

"We have become aware of inaccurate reports circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

"We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.

"We are issuing this public statement to dispel the misinformation and ensure that the public and our stakeholdârs are accurately informed.

"Zenith Bank remains dedicated to upholding the highest standards of banking and financial services," the statement read.

Zenith Bank Manager remanded for alleged N179.4m fraud

 

By orijoadmin 

Egueke (left) being led to custody by the IPO

A Federal High Court, Lagos on Tuesday ordered the remand of the Asaba branch manager of Zenith Bank Plc, Mr. Fidelis Egueke, in the custody of Force Criminal Investigation Department (ForceCID) Alagbon, Ikoyi, Lagos till Tuesday, December 1, 2020, when his bail application will be heard and determined.

The court presided over by Justice Austine Chuka Obiozor, made the remand order against the Zenith Bank Manager, after he pleaded not guilty to the three counts charge of conspiracy and fraud of N179, 498 million, made against him by the men of Force CID, Alagbon, Ikoyi, Lagos.

Arraigning the defendant, the prosecutor, Morufu A. Animashaun, told the court that the defendant and others now at large, between May 14, 2010 and December 31, 2019, at No. 2 Balogun Close, Ikoyi, Lagos, conspired among yourselves to obtain the said sum from Global Select Investment Services Limited, by false pretence that he will help him sell some goods and remit money to his bank.

The prosecutor, Barrister Animashaun, told the court that the defendant, upon selling the goods, diverted the proceeds to his personal account, Zenith Bank Account Number 1020019782.

The defendant however informed the victim that most of the goods he imported from USA were inferior and un-demanded for.

The prosecutor told the court that the offences committed by the defendant, are contrary to Section 8(a) and 1(1) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1(3) of the same Act. And Section 390 (7) Criminal Code Act Laws of Federation 2004.

The Zenith Bank manager however pleaded not guilty to the allegations.

With his not guilty plea, the prosecutor asked the court for trial date, and also urged the court to remand him in custody of the Nigerian Correctional Services (NCS) pending the determination of the charges against him.

But counsel to the defendant, Mr. Richard Ahaomarugho, while not oppose the trial date as requested by the prosecutor, however orally urged the court to grant  bail to his client.

Justice Austine Chuka Obiozor however refused the demand on the ground that the court is a court of record.

Consequently, Justice Obiozor, adjourned the case till Tuesday, December 1, 2020, for hearing of defendant’s bail application, and ordered that he be remanded in the custody till the hearing and determination of the bail application

Xmas decorations: LASPARK calls on "Green Partners" to support Government- AgegePulse

The General Manager of the LagosState Parks and Gardens Agency, (LASPARK), Mrs. Bilikiss Adebiyi-Abiola, has called on all the “Green Partners” of the State to support the Government’s Christmas decoration exercise by beautifying and lighting up the sites adopted by their organisations.

The General Manager, who made the call during a breakfast meeting organised by the Agency for the private sector, described the meeting as a unique opportunity for the agency and its stakeholders to share ideas on how to advance the course of the state's greening initiative.

While acknowledging the contributions of some of its partners who had over the years embraced the Christmas lighting and decoration project, Adebiyi-Abiola, appealed to other partners to key into the project as part of their Corporate Social Responsibility by adding glamour to the Yuletide festivities.

She acknowledged the roles of all the environmentally friendly organisations towards the sustainability of the greening programme in the State and noted that more efforts were needed.

One mitigating measure against the adverse effect of climate change and global warming is to increase the green cover immensely and this can only be achieved through conscious, intensive and aggressive landscaping, beautification and tree planting activities which our partners have keyed into, she said.

She stated that the meeting had afforded her the opportunity to understand some of the challenges faced by some partners and assured them that she would look into the identified challenges and see how best to collaborate to continuously improve the living environment and wellbeing of Lagosians through landscaping, beautification and tree planting.

She said: Your immeasurable financial and material contributions in nurturing and keeping the adopted sites green and clean cannot be overemphasized. I enjoin you to do more so that we can bequeath an enviable environment to the generation yet unborn.

Present at the meeting were representatives of Zenith Bank, Fidelity Bank, Sterling Bank, Kiosque Vegetal, Shodex Gardens, F-Plus, Chevron Nigeria, Nigerian Bottling Company, among others.