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Finally, Zenith GMD bows out in style
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Dr Ebenezer Onyeagwu’s appointment as the group managing director/CEO of Zenith Bank Plc., in June 1, 2019, through his tenure that ends in June 1, 2024, coincided with significant global disruptions that vanquished traditional business playbooks.
The unprecedented economic conditions wrought by the global pandemic, seismic shifts on the global scene mirrored by European and North America’s new nationalism, Sino-America tensions and ongoing Russo-Ukranian conflict which continue to impact diverse planetary business eco-systems can easily be recalled.
Through the enervating storm, Zenith Bank-led Onyeagwu remained a focused turf player and a powerful financial services sector entity which has indeed earned its glittering stripes. Onyeagwu clearly brought to his job astute strategic thinking, inspirational leadership, energetic and consummate entrepreneurial skills.
demonstrably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.
Built upon the three principles of people, technology and service, the optimisation of experience and satisfaction across its vast customer base inspires Zenith Bank’s digitalisation strategy, which delivers innovative solutions that are consistently ahead of the local competition.
The bank proudly boasts of having deployed several firsts in cutting-edge offerings that continuously satisfy evolving customer preferences and are thus pioneering the digital-banking revolution transpiring across the country – and, indeed, the continent – currently.
While Zenith Bank’s full year 2023 financial performance is being awaited, its unaudited results for the third quarter (Q3) ended September 30, 2023, showed that it recorded a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023.
The performance again demonstrated the Group’s resilience and strong market share despite a very challenging macroeconomic environment. It also reflected the leadership direction Zenith Bank has been enjoying under Onyeagwu.
According to the bank’s unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.
Under Onyeagwu, Zenith Bank’s profit after tax also grew remarkably by 149 per cent from N174.3 billion to N434.2 billion in the same period. The growth in the top-line arose from both interest income and non-interest income.
Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion.
The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.
A transformational leader, Onyeagwu demonstrated compelling commitment to Zenith Bank’s vision that promotes re-engineering and innovation. This scenario is expected to continue to rub off positively on all aspects of the financial institution, according to the emerging corporate consensus.
As Zenith Bank’s Onyeagwu hands over the baton in the June I transition date, it is certainly not in doubt that he has indeed changed the industry’s story
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PenCom scraps pre-approval for pension adverts by PFAs
The National Pension Commission (PenCom) has abolished the requirement for Pension Fund Administrators (PFAs) to obtain prior written approval before releasing advertisements and marketing campaign materials.
The new directive was contained in a circular dated May 8, 2026, and signed by the Director of the Surveillance Department, Abdulrahman Saleem.
According to the Commission, the policy takes immediate effect and replaces Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators, which previously required PFAs to secure written approval before advertising or promoting their products and services.
PenCom said the decision was aimed at promoting operational efficiency, reducing bureaucratic delays and enabling quicker dissemination of information to potential clients.
The Commission stated that although prior approval is no longer mandatory, PFAs are still required to notify PenCom before deploying advertisements across broadcast, print, digital and outdoor media platforms.
“In furtherance of the Commission’s commitment to promoting operational efficiency, reduce bureaucratic delays, and quicker dissemination of information by PFAs to their potential clients, the Commission deems it necessary to allow PFAs to henceforth release their advertisement and media campaign materials without the prior approval of the Commission,” the circular stated.
PenCom, however, outlined strict compliance conditions that operators must meet before releasing promotional materials.
Under the new framework, PFAs are required to disclose the duration and timelines of advertisements and submit copies of creative materials before publication.
The Commission also directed operators to clearly define the target audience for each campaign and provide evidence of internal clearance from their Legal and Compliance departments.
It further stated that pension products or services being advertised must already have PenCom’s approval before they can be promoted to the public.
Despite relaxing the approval process, PenCom stressed that regulatory oversight remains fully in force.
The Commission warned that all advertising materials must be factual, verifiable and compliant with the Nigeria Data Protection Act (NDPA) 2023 as well as the Pension Reform Act 2014.
PenCom also prohibited the use of lotteries, prize draws and other inducements in pension advertisements.
In addition, the Commission banned misleading claims, unaudited financial references and deceptive fee disclosures in promotional campaigns.
PFAs were equally warned against using government symbols, public figures or institutional assets without proper authorisation.
The circular further directed pension operators to register slogans, taglines and promotional phrases with the national Trademarks Registry before deployment.
PenCom maintained that PFAs would remain fully responsible for all advertising content, including campaigns handled by third-party consultants, media agencies and digital influencers.
Industry stakeholders believe the latest move is part of broader reforms by the Commission aimed at streamlining pension administration and reducing delays within Nigeria’s Contributory Pension Scheme (CPS).
Last year, PenCom also eliminated the pre-approval requirement for several categories of retirement benefit payments, allowing PFAs to process and approve requests without seeking prior clearance from the Commission.
The reform, which took effect on June 1, 2025, was introduced to fast-track pension payments and improve service delivery to Retirement Savings Account holders.
News
Anambra Assembly confirms Soludo’s 18 commissioners
Anambra State House of Assembly has confirmed the 18 commissioner nominees earlier sent by Governor Chukwuma Soludo on May 4, 2026.
The list comprised second timers like the former commissioner for Information, Dr Law Mefor, to be in charge of Information and Value Reformation, former commissioner for Health, Dr Afam Obidike and Commissioner for Lands, Prof Offonze Amuchiazu, SAN
The others confirmed during plenary on Wednesday are Chief Ugoji Amedu for Culture, Entertainment and Tourism and Dr Clem Aguiyi for Environment
Others include ;
Agriculture — Dr. Ben Chuks Odoemena
Budget and Economic Planning— Mr Chukwukadibia Okoye
Education — Dr. Ekene Ogugua
Finance — Mr Izuchukwu M. Okafor.
Justice and Attorney-General — Barr. Tobechukwu Nweke, SAN
Local Government and Community Affairs— Barr. Vin Ezeaka
Petroleum and Mineral Resources — Prof. Charles Ofoegbu
Physical Planning and Urban Development — Barr. Chijioke Oseloka Ojukwu
Power — Engr. Casmir Chinenye Agummadu
Works and Infrastructure — Arc. Okey Ezeobi
Transport — Hon. Eddy Ibuzo
Women Affairs and Social Development — Mrs Esther Chinyere Onyekesi and
Youth Development and Sports — Mr. Patrick Agha Mba
They were confirmed exactly 3.38 pm by the Lawmakers, after the report presented by the screening committee, led by Hon Noble Igwe,(Ogbaru 1) constituency
Before discharging the new commissioners from the plenary, the speaker, Hon Somtochukwu Udeze, charged them to be prudent in the discharge of their duties.
“If Anambra is to be a destination, I want all of us to work together. It is a new beginning from today in the state. Leadership is a responsibility; as you assume office, it is on the table.
“Every decision you make, you must answer the question, ‘ How does it improve the lives of the people? You have to always make yourselves accessible to the people,” Udeze said.
Responding on behalf of other commissioners, Dr Law Mefor, thanked the Lawmakers and commended the governor, Prof Chukwuma Soludo, for finding them worthy of the positions.
He assured that they would not disappoint the people of the state in their new positions.
Meanwhile, Prof Soludo has sent a second batch of a new list to the Assembly for confirmation
The additional Commissioner-nominees are Arc. Henry Arinze – Commissioner Designate For Housing; Mr Nonso Chukwuma Ebonwu – Commissioner Designate for Commerce, and Dr. Ezeaka Augustine Uwaeme – Executive Secretary, Anambra State Health Insurance Agency (ASHIA)
The new names were read by the speaker, Hon Somtochukwu Udeze, during Wednesday’s plenary and referred the new list to the Committee on Screening and Election Matters.
News
NBA rejects mandatory robing of civilian lawyers before courts martial
The National Executive Council (NEC) of the Nigerian Bar Association has rejected the directive mandating civilian legal practitioners appearing before Courts Martial to wear legal robes, insisting that such a requirement has no legal backing under existing Nigerian laws.
The position was adopted unanimously during the NEC meeting, following deliberations on a recent Convening Order establishing a Court Martial to try officers and soldiers accused of plotting a coup against the Federal Government.
Earlier, the President of NBA, Afam Osigwe, wrote a letter dated April 27, 2026, to the Chief of Army Staff over the controversial directive requiring civilian lawyers to appear robed before the military tribunal.
In its resolution, the Council maintained that the mandatory robing requirement amounts to an unlawful extension of the Rules of Professional Conduct for Legal Practitioners.
According to NEC, Rule 79 of the Rules of Procedure (Army) 1972 merely outlines the categories of persons qualified to appear before a Court Martial and does not prescribe any dress code for counsel appearing before such tribunals.
The Council further argued that the regulation of the conduct and appearance of legal practitioners in Nigeria falls exclusively within the authority of the General Council of the Bar pursuant to the Legal Practitioners Act and the Rules of Professional Conduct.
NEC emphasized that Rule 45 of the Rules of Professional Conduct specifically identifies the courts before which lawyers are required to appear robed, namely the High Courts, the Court of Appeal and the Supreme Court.
It stated that the deliberate mention of those courts excludes tribunals and quasi-judicial bodies not expressly listed, including Courts Martial.
The Council also noted that legal practitioners do not appear robed before several constitutionally recognised tribunals and quasi-judicial bodies, adding that there was therefore no legal basis for extending the requirement to military courts.
While acknowledging that Courts Martial are recognised courts established under the Armed Forces Act, NEC maintained that such recognition does not automatically import the ceremonial and procedural rules applicable to superior courts of record under the Constitution.
The NBA NEC consequently called on the Nigerian Army to immediately review and withdraw the aspect of the Convening Order compelling civilian lawyers appearing before Courts Martial to wear robes.
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