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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
News
Triple national stampede: Adopt realistic actions to tackle corrosive hunger- Reps Minority Caucus tell FG
…mourn victims of stampede across Nigeria
By Kayode Sanni-Arewa
The House of Representatives Minority Caucus has advised the Federal Government to adopt a more realistic approach to tackle corrosive hunger as it mourn those who paid the supreme sacrifice in the Okija, Ibadan and Abuja stampedes.
This was contained in a statement dated December 22, 2024, signed on behalf of the caucus by its Leader, Rep Kingsley Chinda stating that:
“The Minority Caucus of the House of Representatives is deeply pained by the unfortunate triple disasters that occurred in Ibadan, Okija, and Abuja which led to multiple deaths, and many injuries during distribution of empowerment palliatives, and other giveaways.
” We are shocked at the severity of the pains, deaths, and injuries that happened at these respective locations while people were gathered to receive foods, and other items to mark the yuletide season.
“As a Caucus, it is saddening that in just few days, we lost about 70 people; including children, nursing mothers, women, and the elderly as a result of stampedes that happened at the distribution points.
” It is heartbreaking, and heartrending that these victims payed the supreme price in search of what to eat. Pathetic, and dehumanizing!
The caucus further stressed that: “Due to biting economic situation that has led to debilitating poverty, and corossive hunger, it is worrying that these terrible occurrences are gradually becoming the norm across the country.
“We are saddened that as a result of harsh economic realities, many people; who have fallen into untoward hardship, and penury throng any, and every empowerment palliatives event in search of what to eat.
“As a result of these disturbing trend, the Caucus strongly appeal to the Federal Government and various intervention agencies to take immediate actions towards increasing, and improving empowerment programmes.
“With the negative global attention these avoidable incidents have generated, we reiterate that the FG and State Governments should do more by ensuring that these palliatives percolate to the right people that need such.
“As we commiserate with the families of those who died at the stampedes, and identify with those who suffered various degrees of injuries, the Caucus calls for proper security arrangements; full-proof crowd management; and appropriate medical services at the venues of distribution of empowerment palliatives by governments, agencies, politicians, religious bodies, social groups, and individuals.
News
2.1 tons cocaine seizure: 4 drug barons get 28yrs in jail, forfeit VGC houses, N67m, $50,000+Photos
By Kayode Sanni-Arewa
. Their conviction and forfeiture of their assets a historical blow to illicit drug trade, says Marwa
Four drug kingpins arrested in connection with the historic seizure of 2,139.55 kilograms of cocaine at an Ikorodu residential estate in 2022 have been convicted by a Federal High Court, Lagos, presided over by Justice Yellim Bogoro who sentenced them to various jail terms totaling twenty-eight (28) years with hard labour.
The convicts: Soji Jubril Oke, 71; Wasiu Akinade, 55; Emmanuel Arinze Chukwu, 67; and Kelvin Christopher Smith, 44, a Jamaican, were charged with six counts in charge number: FHC/L/607C/2022 in October and December 2022, while the trial of the fifth suspect, Oguntolure Sunday arraigned along with them is still ongoing in court. The charges border on conspiracy to form and operate a drug trafficking organization (DTO); management and financing of a DTO; importation and possession of 2,139.55 kilograms of cocaine, among others.
Operatives of a special operations unit of NDLEA had in a well-coordinated and intelligence-led operation on Sunday 18th September, 2022 raided a house located at 6 Olukuola crescent, Solebo estate, Ikorodu, Lagos where the over 2.1 tons of cocaine were seized, the largest singular cocaine seizure in the history of Nigeria’s anti-narcotic operations. The drug kingpins were picked from hotels and their hideouts in different parts of Lagos between the night of Sunday 18th and Monday 19th September, 2022.
After over two years of diligent prosecution, the trial judge handed the Jamaican, Kelvin Christopher Smith four years imprisonment with hard labour; Emmanuel Arinze Chukwu got a total of 16 years; Soji Jubril Oke got five years with hard labour and Wasiu Akinade three years with hard labour. The trial judge however gave the convicts varying options of fine with the exception of one of them who will serve his full jail term without an option of fine.
They were also to forfeit a grey colour Toyota Tacoma SUV marked AAA-734HT registered in the name of Emmanuel Chukwu; $50,000:00 USD (Fifty Thousand US Dollars) belonging to Chukwu; N55,099,509.50 (Fifty-Five Million, Ninety-Nine Thousand, Five Hundred and Nine Naira, Fifty Kobo only) also belonging to Chukwu; the sum of N9,003,168.06 (Nine Million Three Thousand, One Hundred and Sixty Eight Naira Six Kobo only) belonging to Wasiu Akinade and N3,052,295.20 (Three Million, Fifty Two Thousand, Two Hundred and Ninety Five Naira Twenty Kobo only), also belonging to Akinade.
The Agency also in another suit marked FHC/L/MISC/672/2024 and filed before Justice Bogoro on 9th December 2024 after an initial interim forfeiture order, secured the final forfeiture of two houses linked to members of the drug cartel.
According to the trial court: “That an Order of final forfeiture and confiscation is granted in favour of the Federal
Government of Nigeria, Landed Property/House Number 6 Olokunola Street,
Sholebo Estate, Ikorodu Lagos, Lagos State, as contained in Exhibit NDLEA 2A, 2B,
and 2C attached to this application used for the storage and concealment of 2,139.55kg (More Than Two Tons) Cocaine, an illicit substance similar to Heroin and LSD.
“That an Order of final forfeiture and confiscation is granted in favour of the Federal Government of Nigeria, Landed Property/House Number J9, Road 3, Close 1,
Victoria Garden City (VGC) Estate, Lagos, Lagos State, as contained in Exhibit NDLEA 3
attached to this application reasonably believed to be bought with proceeds derived
from trafficking in illicit drug substances (proceeds of crime) as in relief 1 of this Motion.
“That an Order is granted directing the sale or disposal by any other means provided by law of the forfeited House/Landed Property by the Applicant and the payment of the proceeds
therefrom to the Federal Government of Nigeria.”
While commending all the officers and men of the Agency involved in the extensive investigation and prosecution of members of the drug cartel, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) said the case is a historical blow to the drug cartels and a strong warning that they’ll not only go to jail but will equally lose all their investments in illicit drug consignments including all the properties and wealth acquired through the criminal trade.
Triple national stampede: Adopt realistic actions to tackle corrosive hunger- Reps Minority Caucus tell FG
2.1 tons cocaine seizure: 4 drug barons get 28yrs in jail, forfeit VGC houses, N67m, $50,000+Photos
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