The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025. The Director-General, SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr. Dayo Obisan at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.He stated that the Commission faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to promote capacity-building and sharia-compliant products and processes. According to him “As you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).“The objective of this Workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general. “The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years. “The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.“As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”He reiterated that Level II is aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM. “Armed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings,” he added. He expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.Yuguda pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial system.
H1 2023 Result: Zenith Bank Defies Odds With Astounding Tripple-Digit Of Growth 139% In GE And 169% Surge In PBT
Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2023,recording an astounding triple-digit growth of 139% in gross earnings from N404.8 billion reported in H1 2022 to N967.3 billion in H1 2023. This is a clear demonstration of its resilience and strong market share despite a very challenging macroeconomic environment and persistent headwinds. According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Monday, 11th September 2023, the triple-digit growth in the top line also spurred the bottom line as the Group recorded a 169% Year on Year (YoY) increase in profit before tax, growing from N130 billion in H1 2022 to N350.4 billion in H1 2023. Profit after tax also grew by triple digits, growing by 162% from N111.4 billion to N291.7 billion in the same period. The growth in gross earnings arose from both interest income and non-interest income.Interest income grew by 72% from N241.7 billion in H1 2022 to N415.4 billion in H1 2023,while non-interest income grew by 246% from N149 billion to N515.7 billion. The growth ininterest income is attributed to the impact of both the growth and repricing of risk assets.The liberalization of the foreign exchange market during the period spurred the growth in non-interest income as revaluations gains improved significantly. In terms of efficiency, cost-to-income ratio improved from 58% to 38.5% in the current period on the back of an enhanced income line. The liberalization of the foreign exchange market coupled with the heightened risk environment resulted in cost of risk growing from1.4% to 8.8%. Cost of funding also grew YoY from 1.4% in H1 2022 to 2.6% in H1 2023because of the spike in interest rates between both periods as interest expense grew from N57 billion in H1 2022 to N153.6 billion in H1 2023. Total assets grew by 31% from N12.3 trillion to N16.0 trillion in December 2022, mainly driven by growth in customers’ deposits and the devaluation of the local currency.Customers’ deposits grew by 30% from N9.0 trillion in December 2022 to N11.6 trillion in June 2023.Loans and advances also grew by 32% from N4.12 trillion in December 2022 to N5.38trillion in June 2023 partly due to the revaluation of the foreign currency denominated loans as well as growth in local currency loans. Non-performing loans ratio improved from 4.3% to3.9% in December 2022 despite the deterioration of the macros and heightened risk environment because of the currency mix of risk assets. Capital adequacy ratio improved from 19.8% to 22.0%, while liquidity ratio reduced from 75% to 61% in the current period.Both prudential ratios are still well above regulatory thresholds.The reorganisation into a holding company structure has advanced, as the Group adds new verticals to its businesses and expand into new frontiers. As the year progresses, the Group will continue to remain dynamic in anticipating and responding to the changes in the fiscal and monetary environments in order to sustain growth across all its business segments and markets.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including 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 Rankingpublished by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutiveyears from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and2023; 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 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 2022Banking 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 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.
The Director-General, Securities and Exchange Commission (SEC) has stated that the Nigerian Capital Market has the capacity and well positioned to finance Public-Private Partnership (PPP) infrastructure projects in the country.
Yuguda made this remark at the 2023 Chartered Institute of Stockbrokers (CIS) National Workshop which held in Abuja on Thursday.
Speaking on the theme; leveraging the capital market to drive public-private partnership for effective national economic growth, Yuguda, citing a World Bank report, pointed out that Nigeria’s current level of public spending on infrastructure is one of the lowest globally and added that this lack of investment has resulted in a significant infrastructure gap, which has adversely affected the quality of infrastructure and limited access to essential services.
The SEC DG who was represented by the Executive Commissioner, Corporate Services, Ibrahim Boyi, highlighted that given the current rate of capital expenditure, it would take approximately 300 years to bridge Nigeria’s infrastructure gap.
He stressed the need for a new approach to financing infrastructure development in Nigeria to stimulate economic growth and argued that leveraging public-private partnerships is essential, and the capital market can play a crucial role in this regard.
The Director-General explained that the capital market, with its patient capital and established project financing options, is well-suited to finance PPP infrastructure projects at various levels. He cited the common model used in many developed countries, where governments and private sector partners raise debt capital for PPP projects through bonds and loans.
His words, “This is an infrastructure financing model that is a common choice in many developed nations of the world. Capital markets allow governments and private sector partners to raise debt capital for PPP projects. Governments can issue bonds to finance their share of the project costs while private companies can secure loans or issue corporate bonds for their contributions.
The capital market’s ability to provide funding, risk management tools, liquidity, and efficient allocation of resources makes it a crucial partner in the success of PPP projects. It allows governments and private sector partners to leverage their strengths and resources to deliver essential public infrastructure and services”.
He thereafter commended the CIS for its role in developing the economy by equipping individuals and organizations with the necessary skills and expertise in the financial sector, which is crucial for the success of PPP projects.
Unity Bank Plc one of the leading retail lenders in the banking sector grew its deposits to N333.38 billion, representing a marginal increase of 2% compared to N327.42 billion recorded in H1’22 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited.
The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a well-diversified banking product suites that caters to different segments of the retail market.
Other highlights of the unaudited financial statement include gross income and total assets which recorded N27.5 billion as against N27.4 billion and N512.1 billion from N510.1 billion respectively within the period under review. The net loans portfolio reduced significantly by 31% to N198.6Billion as at 30 June 2023 from N289.4Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3% while liquidity ratio stood strong at over 45%.
However, the Bank’s profit for the period was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalization policy, resulting in a slide in our position.
Notwithstanding, the retail lender grew its FX trading income significantly by 17% to N239.8 million from N204.4 million in the corresponding period of 2022, underscoring the Bank’s strategic focus on diversifying and growing its earnings portfolio.
Similarly, fees and income commission also witnessed a 10% growth to N3.5 billion from N3.2 billion compared to the corresponding period of 2022, on the strength of the growing popularity of its digital banking platforms and customers’ acquisition in the retail space.
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the significant disruptions which characterized the operating environment has impacted the positions of the Bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period.
Mrs. Tomi stated: “In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term. Be that as it may, the negative shareholders’ fund has improved considerably through the injection of N135billion which moderated the negative shareholders’ fund from (-ve) N275Billion in December 2022 financial year-end to (-ve) N178Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023. We are however, focused with clear-cut plans to close out on our recapitalization programme very soon to enable us do business as expected in the fast-growing markets in Nigeria”
She further stated that while we remain optimistic that the government’s policy initiatives will lead to cause correction in the market, the Bank has accelerated measures to ramp up asset creation and liability generation in the short and medium term. The Bank is aggressively driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the Bank as well as pay sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.
Analysts are of the view that notwithstanding the market shocks currently being experienced, the Bank is still on course given the resilience it has demonstrated over time.
The Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade is partly attributable to the capital market and SEC’s comprehensive regulatory approach.
Mr. Lamido Yuguda, Director General of SEC said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award recently in Lagos.
He said, “The harmonious relationship between the capital market and the banking sector is further exemplified by our role in facilitating capital raising, mergers and acquisitions for banks.
“By streamlining the listing process and ensuring adherence to high standards of transparency and corporate governance, we enable banks to tap into the securities market as a means to secure funds from a diverse range of investors
“This synergy between the banking industry and the capital market is illuminated by the fact that only four (4) out of the twenty-five (25) banks that emerged from the Central Bank’s 2004 recapitalization exercise did not access the capital market before compliance.”
Yuguda charged the graduates on professionalism and adapting to changes in the financial world.
“Distinguished graduates, as you embark on your banking careers, remember the importance of integrity, good moral conduct, and adaptability.
“The financial world is evolving rapidly due to technology and global changes. Embrace these shifts as unique and timely opportunities to contribute positively to the banking industry”, he said.
He said the theme, “Navigating the Pathways of Banking Excellence,” aptly encapsulates the journey that each of them embarks upon.
“I extend my sincere gratitude to the Chartered Institute of Bankers of Nigeria for its determined commitment to nurturing industry-ready professionals. Your dedication resonates with our shared vision of fostering a resilient, well-regulated financial ecosystem that can withstand challenges and foster sustainable growth.
“The most renowned professionals are celebrated today for building business empires and nurturing thoroughbred professionalism, achieving success through proper conduct, steadfast dedication, and a meticulous approach that allowed them to refine their long-term visions and goals.
He said the CIBN’s vision aligns with the Commission’s quest for transparent and fair conduct in securities business by ensuring that operators in the capital market play according to the rules.
“The Commission also recognizes individual and corporate players whose conducts not only ensure compliance but do more to make investment an interesting endeavour.
“As regulators and professional bodies, we must ensure that our onboarding processes for new entrants are robust enough so that only fit and proper persons find their way into the very exciting careers in the financial market.
“Similar to what obtains in the money market, the Commission’s engagement spans a spectrum of activities, including registration, surveillance, proactive regulation, and robust enforcement mechanisms, all aimed at nurturing a fair and transparent market environment.
“Even though the CBN is unrelenting in ensuring full compliance by banks and other financial institutions through relevant departments, the professional bodies, especially the CIBN must leverage continuous assessment to ensure that bankers demonstrate probity and ethical conduct at all times.
“As the financial market continues to evolve with the increasing need to embrace financial technology, we must keep fine-tuning the regulatory frameworks that guide our continued operation in the market,” he said.
Yuguda said the culture of transparency mandated by the Investments and Securities Act empowers investors to make informed decisions.
“This transparency, in turn, fosters trust within the banking industry and encourages broader participation in financial markets, thereby enhancing investment inflows.
“As you may be aware, retail investors played a pivotal role in the success of recapitalization exercises in the banking and insurance sectors, portraying the collective strength of individual contributions,” he noted.
Leading financial institution, Fidelity Bank Plc has declared an impressive outing of 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.
A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.
The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.
On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.
The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.
Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.
To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.
“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
President Bola Ahmed Tinubu, has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.
Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda who stated this in an interview disclosed that on assumption of office of the President, there was a remarkable 5.23% surge in market capitalization at the NGX on his first day, driven by optimistic anticipation of market reforms.
According to Yuguda, “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future”.
Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated.He cited that the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors. ‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023”. He said.
The SEC Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.
Despite concerns around the soaring inflation, interest rate hikes and weak macroeconomic indices, investors’ confidence in Nigeria’s stock market remained strong, leading to Nigerian Exchange Limited (NGX) emerging one of the best performing exchanges in Africa during a 3-month duration.
According to African markets, a website tracking the performance of exchanges in Africa, Ghana Stock Exchange (+22.84%) emerged first while NGX (+19.33%) emerged second on the list, followed by Malawi stock exchange (+15.79%).
This development has pushed the market to its 15-year high on the back of strong positive sentiments, as the market capitalisation- listed value of equities, which opened the trading month of August at N35.011 trillion, closed the month at N36.422 trillion, hence gaining N1.41 trillion. On the other hand, the All-Share Index (ASI), which is the broad index that measures the performance of Nigerian stocks, opened the trading month at 64,337.52 index points at the beginning of trading on August 3, 2023, and closed at 66,548.99 points at the end the month on August 31, gaining 2,211.47 basis points or 3.44%.
The bullish trend can be attributed to investors’ jostling for low, medium, and high capitalised stocks across some major sectors amid favourable policies introduced by President Bola Tinubu’s new administration such as the removal of fuel subsidies, unification of exchange rate, investors strategically positioning themselves and taking advantage of the recent record earnings posted by quoted firms and the recent formation of the country’s economic cabinet and executives. Interestingly, the market traded in mixed sentiments during the month under review.
Reacting to the performance of the market, market analysts maintained that most investors, particularly domestic investors are optimistic that the economy will take shape soon, hence the reason the stock market is defying current macroeconomic uncertainties.
Cordros Research in their Market review and outlook for financial markets titled; Veering from the watershed point, stated that the equities market resilience reflects heightened investor optimism for domestic growth with the new administration’s promulgation of long-needed policies.
According to the report, the implementation of policy reforms, accommodative monetary policy and resilient corporate earnings have so far supported buying activities in August. The report further said that “Even though foreign investors are expected to stay on the sidelines as long as FX illiquidity issues persist, its baseline expectation is that the market will deliver a positive return of 25.8% in the full year of 2023”.
Ardova Plc’s (AP) Board of Directors has announced that Olu Adeosun, Chief Executive Officer (CEO), will be exiting the Company to pursue new interests and opportunities. Olu’s resignation as CEO, is effective today 31 August 2023, but he has committed to remaining involved with the activities of the company till 31 December 2023 to ensure a seamless transition to the new executive management of the company.
In line with the Company’s established succession planning process, Moshood Olajide has now been appointed as Managing Director to advance the company’s post-delisting transformation into one of Africa’s leading integrated energy company.
“Ardova is the crown jewel in our portfolio and is in an exciting position to create value in the energy industry, with many opportunities ahead,” said AbdulWasiu Sowami, Group Executive Chairman, Prudent Group (owners of Ardova Plc). “I look forward to working closely with our partners and the Ardova leadership to continue executing on the company’s long-term vision & strategy.
On behalf of the Board of Directors and staff, I thank Olu for his contributions to the growth of the company. We wish him well in the future.”
“After over four years of building a market offering leveraging the strength and customer loyalty of the AP brand across multiple channels and partnerships, I believe this is the right point to hand over leadership,” said Olu Adeosun. “I want to thank the incredible Ardova Board, management, team, our customers, and partners – especially our formidable dealers – for their relentless support. I will work with the Chairman and the Board to ensure a smooth transition and I will continue to be a customer, stakeholder, and lifelong fan of Ardova, its products & services.”
Ardova Plc is a leading Nigerian integrated energy company with an extensive network of over 695 retail outlets in Nigeria and storage facilities in Apapa, Lagos, and Onne, Rivers State. Ardova procures and distributes petrol (PMS), diesel (AGO), aviation turbine kerosene (ATK), and liquefied petroleum gas (LPG). We also manufacture and distribute a wide range of quality lubricants from our oil blending plant in Apapa, Lagos.
Inspired by climate change impact and the energy need for a brave new world, Ardova continuously works to advance the efficient delivery of energy solutions to help address our customers’ greatest challenges. By combining our rich history of successful execution, integrity, customer service excellence, and technology, we push the boundaries of innovation to transform business and society for the better.
Zenith Bank Remains Best Commercial Bank In Nigeria For A Third Consecutive Year And Best Corporate Governance Bank At World Finance 2023 Award
For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.
These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently.The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.Commenting on the awards, Dr Onyeagwu said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions.
It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”
Dr Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR,thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication;and to the bank’s customers for making Zenith their preferred bank.
World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions,including 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; 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 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. 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 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.