Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Wednesday, 8 May 2024, approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion, which is the highest dividend payout by any bank.

In his opening statement at the Annual General Meeting, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.

The Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, CFR, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance.

In his words, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, CFR, and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”

Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year.

She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”

At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan.

He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”

Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders.

He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”

In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023.

This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits

In 2024, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS

The Nigerian Exchange Limited (NGX) sustained its downward trend on Tuesday as investors lost N269 billion amidst subdued trading activities.

This decline represents the third consecutive session of losses for the exchange.

The All-Share Index (ASI) depreciated by 0.48 percent to settle at 98,228.50 points while the market capitalization declined to N55.55 trillion.

Market participants experienced a decline in wealth as the total deals decreased by 9.45 percent to 9,620, and the value of trade reduced by 6.76 percent to N8.35 billion.

Despite the overall decline, the traded volume saw a slight increase of 0.93 percent to 425.66 million units.

The NGX recorded a mixed performance with 15 gainers and 28 losers at the close of trading. FBN Holdings, Unity Bank, and Champion Breweries were among the leading decliners and contributed to the downward trajectory of the market.

Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining by 3.11 percent, 1.48 percent, and 0.66 percent, respectively.

Meanwhile, the oil/gas and industrial goods indices remained unchanged.

In terms of gainers, JapaulGold, May & Baker, and Presco closed in the green appreciating by 10 percent each.

United Bank for Africa (UBA) took the spotlight as the most traded security both in terms of volume and value, with 102.23 million units worth N2.68 billion transacted in 952 trades.

The heightened trading activity surrounding UBA followed the recent release of its annual report, which revealed a remarkable 110 per cent growth in gross earnings for the first quarter of 2024.

As the NGX continues to grapple with downward pressure, market observers remain vigilant, closely monitoring unfolding developments and their potential impact on investor sentiment and market dynamics.

Amidst a backdrop of strategic vision and digital transformation, the Nigerian Exchange Group (NGX Group) has unveiled plans to revolutionize capital raising and expand its footprint across the African continent.

At the 63rd Annual General Meeting (AGM) held recently in Lagos, the group disclosed its intent to launch an online platform for public offers while forging ahead with its expansion into new African markets.

The announcement is a significant milestone for the NGX Group, reinforcing its commitment to innovation and growth within the African capital markets.

With a focus on enhancing accessibility and efficiency, the forthcoming online platform for public offers is poised to redefine the capital-raising landscape, providing issuers with a smarter and more streamlined avenue to raise capital.

According to a statement from the group, the platform will facilitate various public offerings, including initial public offerings (IPOs), rights issues, and other offerings, thereby revolutionizing the subscription process and operational workflow in the capital market.

This move underscores NGX Group’s dedication to driving growth and innovation while fostering a conducive environment for capital formation.

Furthermore, the NGX Group’s expansion strategy extends beyond domestic borders, with plans to deepen its presence across the African continent.

The recent acquisition of stakes in Ethiopia’s first-ever securities exchange marked the group’s entry into East Africa, highlighting its commitment to catalyzing growth and innovation within the region’s capital markets.

Commenting on the development, Dr. Umaru Kwairanga, Group Chairman of NGX Group, expressed gratitude to shareholders for their support and emphasized the board’s commitment to steering the company toward greater value creation.

Dr. Kwairanga affirmed the NGX Group’s readiness to capitalize on emerging opportunities, underpinned by positive reforms and forward-looking initiatives.

Echoing Dr. Kwairanga’s sentiments, Mr. Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, underscored the pivotal role of technology in driving the company’s future growth trajectory.

Mr. Popoola emphasized the transformative potential of digitalization, which aims to democratize access to public issuances and support capital-raising efforts for companies across Nigeria.

As shareholders approved a N10 billion rights issue, resolutions were passed to increase share capital, signaling confidence in NGX Group’s strategic direction and growth prospects.

The approval paves the way for the company to embark on its expansion initiatives and capitalize on emerging opportunities within the African capital markets.

Looking ahead, NGX Group remains steadfast in its commitment to leveraging technology, innovation, and strategic partnerships to drive sustainable growth and prosperity.

With a clear focus on digital transformation and African expansion, the company is poised to redefine the landscape of capital markets, fostering inclusivity, accessibility, and economic development across the continent.