News
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
News
Obasanjo narrates how he escaped becoming drug addict
Former President Olusegun Obasanjo has revealed how he almost became a drug addict.
He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.
Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.
The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.
“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.
“There’s nothing drug can do for you except destruction.
“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.
He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.
News
We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.
Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.
“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.
“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”
News
Okpebholo restores statutory rights to Oba of Benin, abolish traditional councils created by predecessor
The Edo State Governor, Senator Monday Okpebholo, has restored the statutory rights of the Benin Monarch, Oba Ewuare II, abolishing the new traditional councils in Edo South created by the last administration.
He also backed the Federal Government’s Gazette, which gave the ownership of the returned artefact to the Oba’s palace, which was looted during the 1897 Benin massacre by the British colonial forces.
Also, the state government is withdrawing the letter revoking the concession of the Oba Akenzua II Cultural Centre issued by the last administration to be used as a motor park.
These were contained in a statement released by the governor’s Chief Press Secretary, Fred Itua, on Sunday.
The statement further read, “This administration is restoring the Oba Akenzua centre to a suitable condition for its original purpose.
“This administration also hereby abolishes the new traditional councils in Edo South, created by the last administration.
“Accordingly, Okpebholo has restored the statutory financial entitlements of the Benin Traditional Council and has ordered that the status quo before the creation of the now abolished councils be maintained.
“The Okpebholo administration is backing the initial plan of the state Government to build the Benin Royal Museum that will house the returned artefacts and is distancing itself from the Museum of West Africa Art (MOWA) which the previous administration fronted as the museum to hold the returned Benin artefacts before the federal government intervention on the matter.
“The Federal Government has also issued a Gazette for the recognition of ownership and custody of the repatriated Benin artefacts to Oba of Benin, Oba Ewuare II. This was done through a Government Notice No.25 in the Federal Republic of Nigeria Official Gazette No.57, Volume 110.”
The statement added that Okpebholo respects the rights and privileges of the traditional ruler of the Benin Kingdom, Omo N’Oba N’Edo Uku Akpolokpolo Oba Ewuare ll, and pledges the support of his administration to ensure the Monarch plays his role as the custodian of the rich cultural heritage of the Benin people.
“It is in recognition of this that the administration of Governor Okpebholo shall support the decision of the Federal Government to uphold the Oba of Benin as the exclusive owner of the returned Benin artifacts that were looted by the British Colonial forces during the Benin massacre of 1897.
“The Oba of Benin, as the father of all Benin people, is the sole custodian of the customs and traditions of the Benin people and my administration respects customs and traditions in the land and hereby restores the statutory rights of the Oba of Benin as the true custodian of the returned Benin artefacts.
“Okpebholo said his administration is committed and will refrain from interfering in the internal affairs of the Benin Traditional Council.
“The governor is using his constitutional powers and the respect for traditional institutions and the revered Oba of Benin to restore all other Statutory Rights of the Monarch not mentioned hereof, ” the statement read.
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