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Zenith Bank Ranked Number One Tier-1 Bank in Nigeria for the Thirteenth Year in a Row in the 2022 Top 1000 World Banks Ranking

Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

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Zenith Bank Plc has been ranked as the Number One Bank in Nigeria by Tier-1 Capital in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

For the thirteenth consecutive year, the Bank retained its position as the number one Tier-1 bank in Nigeria with a Tier-1 Capital of $2.75 billion, emerging as the 460th Bank globally.

The ranking, which was published in the July 2022 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2021 year-end Tier-1 capital of banks globally. Zenith Bank’s financial performance for the year was underpinned by double-digit growth of 10% in gross earnings, with an improved market share in both retail and corporate sectors despite a very challenging macroeconomic environment aggravated by the COVID-19 pandemic.

Commenting on the 2022 Top 1000 World Banks Ranking, the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, said: “This ranking is a testament to our resilience and doggedness as an institution despite economic headwinds and a persistent challenging macroeconomic environment. Indeed, being ranked as the Number One Bank in Nigeria by Tier-1 Capital for the thirteenth year in a row underscores our commitment to sustaining the superior performance we are renowned for and creating value for our highly esteemed customers.”

He expressed his appreciation to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CON, for his guidance and for laying the foundation and building the structures of an enduring and very successful institution; the Board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the exceptional performance; and the Bank’s customers for their unflinching loyalty to the Zenith brand.

Tier 1 Capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with this latest accolade coming on the heels of several recognitions, including being recognised as the Best Bank in Nigeria for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards; and Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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Banking Sector

FBN Holdings Announces Key Director Appointments

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Femi Otedola

FBN Holdings PLC, a leading financial services group in Nigeria, has disclosed significant appointments within its Board of Directors.

FBN Holdings Plc Appointments:

  1. Mr. Olusola Adeeyo – Non-Executive Director: With an illustrious career spanning over four decades in Corporate Banking, Treasury, Financial Advisory, and transformational leadership, Mr. Olusola Adeeyo brings a wealth of experience to his new role. He is currently the Chairman of Astral Waters Limited, a prominent water bottling and delivery company licensed by NAFDAC. Mr. Adeeyo’s extensive background includes founding management team involvement in building and nurturing Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Plc.
  2. Mr. Viswanathan Shankar – Independent Non-Executive Director: With over 44 years of global financial sector experience, Mr. Viswanathan Shankar brings a wealth of expertise to FBN Holdings. He is the Co-founder and CEO of Gateway Partners, a private equity and alternative investments manager focused on dynamic growth markets. Previously, Mr. Shankar served as CEO – Europe, Middle East, Africa, and Americas, and was a member of the global board of Standard Chartered Plc.

First Bank of Nigeria Limited (FirstBank) Appointments:

  1. Mrs. Remilekun Adetola Odunlami – Non-Executive Director: Mrs. Odunlami boasts over 30 years of extensive experience in enterprise risk management, compliance, and general management. She has held leadership positions at CitiBank Nigeria Limited and served as Executive Director, Chief Risk Officer at FirstBank.
  2. Mr. Anil Dua and Mrs. Fatima Ibrahim Ali – Independent Non-Executive Directors: Mr. Dua brings over 50 years of vast experience in portfolio and risk management, while Mrs. Ali has over 15 years of experience in strategic business planning, marketing communications, and socio-economic development.

These appointments underscore FBN Holdings’ commitment to strengthening its governance structure and positioning for sustained growth in Nigeria’s financial.

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