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Finally, Zenith GMD bows out in style
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
The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.
It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.
Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.
The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.
Members of the party, including the State Working Committee and other supporters, described his death as a great loss.
They said he was known for his dedication and honesty in serving his people.
His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.
According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.
Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.
Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.
Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.
He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.
The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.
It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.
During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.
He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.
Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.
Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.
“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.
Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.
The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.
After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.
Based on the outcome, the President sends the name to the Senate for screening and confirmation.
Crude oil prices have dropped below $57, following a previous rate of $59.78.
This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.
A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.
JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.
The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.
Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.
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