It was a great spectacle to behold as the Christmas and Yuletide season came to life at the 2022 Zenith Bank Christmas Light-Up Ceremony, which was held at the Ajose Adeogun Street Roundabout, Victoria Island, Lagos, on Saturday, November 19, 2022.
The official lighting ceremony, which was performed by the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, supported by Executive Management, was witnessed by many of the bank’s staff and customers, with others joining virtually.
With the theme “Let There Be Light”, this year marks the 16th edition of the Light-up Ceremony at the Ajose Adeogun Roundabout. The Light-Up event is an annual Corporate Social Responsibility (CSR) initiative by the bank to herald the yuletide season through the beautification of Ajose Adeogun Street – home to Zenith Bank’s Corporate Headquarters – which has come to be recognised as an iconic place, attracting people from all walks of life who visit with their families and friends to take pictures and make videos of the wonderful spectacle, especially at night and enjoy the ambience of the street and season.
Speaking during the ceremony, Onyeagwu expressed his delight in heralding the yuletide season of 2022 through the iconic Ajose Adeogun Street lighting up. In his words, “today is a unique day. It is unique in the sense that we are going to turn on the Christmas light and activate the spirit of Christmas, which we usually have annually. It is also unique in the sense that we are honoured and delighted to have in our midst the wife of our Founder and Chairman, Mrs. Kay Ovia”.
He praised Quantum Markets, the company responsible for the annual decorations, for the outstanding, very creative and extremely beautiful work that they have done. According to him, “when you look at the Christmas set-up we have every year, it looks completely different, and there is no repetition of themes. And when we think we have seen it all, by the time a new one comes, it is something completely different and massively so. The one for this year, as I entered here, I was wondering if this is a theme park”.
Whilst urging everyone to imbibe the message and spirit of Christmas, which is about peace, love, forgiveness and above all, respect for humanity, Onyeagwu prayed for peace in every home, business and in the country and that this year’s celebration would be like no other that we have seen.
Zenith Bank has clearly distinguished itself in the Nigerian financial services industry as an institution committed to building a more sustainable and inclusive economy and promoting responsible business practices in Nigeria through integrating sustainability principles in its business operations.
The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
Through its CSR initiatives, Zenith Bank has embodied the overarching objective of the 17 Sustainable Development Goals (SDGs), which provide a framework for addressing the major challenges confronting society. Its social investments are targeted at health, education, women and youth empowerment, sports development and public infrastructure enhancement. Overall, Zenith Bank’s total CSR investment in 2021 was NGN4.37 billion, representing 1.79% of its Profit After Tax (PAT) and 33.1% increase from 2020.
The bank remains committed to furthering the economic, cultural and social development of host communities, particularly through community-based initiatives and philanthropy. As a good corporate citizen, it continues to deliver projects that have long-term social and economic benefits for the communities because it believes that its business is only as strong as the communities in which it operates.
To demonstrate its commitment to creating and expanding opportunities, the bank regularly makes donations towards setting up ultramodern ICT centres in several educational institutions and cities across the country. It also supports various developmental projects, and healthcare delivery causes in Nigeria and contributes to the development of sports in Nigeria through its sponsorship of the Zenith Women Basketball League and the Zenith Bank Delta State Principal’s and Headmaster’s Football Competitions, amongst others.
In recognition of its contributions and social investments to its host communities and the society at large, the bank was recognised at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021 as the “Most Responsible Organisation in Africa”.
Tinubu Aide Urges CBN Governor to Consider Political Impact of Economic Reforms
Tunde Rahman, a senior aide to Nigerian President Bola Tinubu, has said Central Bank of Nigeria (CBN) Governor Olayemi Cardoso must start factoring in the political effects of CBN’s decisions.
In his piece, titled “Navigating the Dilemma: Political Considerations in Economic Reforms,” sheds light on the complexities facing Cardoso as he seeks to stabilize Nigeria’s economy.
Rahman’s commentary shared through the Presidency’s official channels, acknowledged the challenges Cardoso confronts, particularly regarding the country’s currency devaluation and the contentious plan to relocate CBN staff from Abuja.
While Rahman refrained from direct criticism of Cardoso’s policies since his appointment by Tinubu, he underscored the necessity for the CBN governor to strike a delicate balance between economic imperatives and political sensitivities.
The upcoming meeting of the monetary policy committee presents a pivotal juncture for Cardoso, where discussions are expected to revolve around potential interest rate hikes to counter inflation and bolster the national currency.
Rahman’s insights underscore the high stakes involved in these decisions, especially given the public outcry over soaring living costs and inflation rates nearing three-decade highs.
Cardoso’s commitment to orthodox central banking, following a period marked by blurred monetary and fiscal policy lines, reflects his determination to navigate Nigeria’s economic landscape with prudence.
Nonetheless, Rahman’s op-ed serves as a reminder of the intricate interplay between economic reforms and political realities, urging Cardoso to exercise flexibility in policymaking, especially in matters with broader political implications.
As Nigeria grapples with economic challenges, the spotlight remains firmly fixed on Cardoso and the CBN’s response to the nation’s evolving financial landscape.
CBN’s New Foreign Currency Gateway Bank Raises Concerns Over Nigerian Banks’ Liquidity: Fitch Ratings
The Central Bank of Nigeria (CBN)’s announcement of a new Foreign Currency Gateway Bank has stirred concerns over the liquidity of Nigerian banks, according to recent commentary from credit rating agency Fitch Ratings.
The proposed bank, designed to centralize correspondent banking activities, has prompted Fitch to issue cautionary remarks regarding its potential impact on the banking sector’s foreign currency (FC) liquidity.
Governor of the CBN, Dr. Olayemi Cardoso, unveiled plans for the Foreign Currency Gateway Bank to streamline and centralize correspondent banking functions, currently dominated by two major banks.
The initiative is part of the CBN’s efforts to address Nigeria’s persistent forex crisis.
Fitch Ratings expressed apprehension, highlighting the potential negative effects on the banking sector’s FC liquidity.
The agency noted that the centralization of correspondent banking activities, coupled with recent measures by the CBN, might exacerbate liquidity challenges for Nigerian banks.
Furthermore, Fitch cautioned that the recent devaluation of the naira, coupled with the CBN’s circular prohibiting banks from holding net long foreign currency positions, could further strain FC liquidity.
The prohibition on net long FC positions may leave banks more vulnerable to naira depreciation, potentially affecting their capital positions.
The CBN’s move to harmonize different segments of the foreign currency market last June led to significant naira devaluation, with the local currency closing at 899/$ at the official market by the end of last year.
As of February 13, the naira experienced a second devaluation, reaching 1,516/$, marking a 40% devaluation.
While the shift away from a managed exchange rate regime aims to attract capital inflows and mitigate forex shortages, it poses short-term risks such as heightened inflation and potential strains on loan quality and capital adequacy within the banking sector, as highlighted by Fitch Ratings.
As discussions continue, stakeholders closely monitor the implications of the proposed Foreign Currency Gateway Bank on Nigeria’s financial landscape.
CBN Mandates Automated Transaction Monitoring to Combat Fraud in Nigeria
The Central Bank of Nigeria (CBN) has introduced new regulations mandating banks to implement automated transaction monitoring systems to combat the growing threat of fraud in the country’s financial sector.
Under the CBN’s latest ‘Consumer Protection Regulations’ draft, banks are required to adopt advanced measures to protect customers’ assets and prevent fraudulent activities.
These measures include multi-variant customer identification, multifactor authentication mechanisms for transactions, automated transaction monitoring, alert functions, and behavioral monitoring.
The move comes amid a significant rise in fraud cases across Nigeria, with the first half of 2023 witnessing 24,232 reported fraud cases totaling N12.33 billion.
The banking industry has seen 110 executives and junior staff members dismissed due to fraud-related offenses amounting to N82 billion over the past two years.
According to the CBN, sensitizing customers on fraud threats or scams and providing secure and simple user interfaces for digital financial services are crucial steps to minimize the risk of fraudulent activities.
The regulations emphasize the importance of continuous efforts to enhance cybersecurity and protect consumers in an increasingly digital financial landscape.
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