Zenith Bank is one of the few financial institutions that had its fair share of adversity during the cash-crunch saga that hit our Nation to its foundations.
The bank, like some of its contemporaries, experienced angry customers pelting stones at its beautiful edifices. Sad!
For a bank that emerged as Bank of the Year in Nigeria in The Banker’s Bank of the Year Awards 2022, it is sad that the ignoble decision made by the apex bank, Central Bank of Nigeria brought such a mess to its door step. Zenith bank has served its customers meritoriously over the years. However, Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022.
In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank Plc audited results do record an astounding double-digit growth of nothing less than 17% in gross earnings per year. This is in spite of a very challenging macroeconomic environment. The Group also recorded an 11% year-to-date (YtD) increase in total customer deposits which closed last year at NGN7.15 trillion.
Zenith Bank boasts of a strong management team, sound business model and strategy, while its support for small businesses and efforts to cut energy consumption is immeasurable.
The Bank also earned a place in the Top 1000 World Banks Ranking published by The Banker Magazine; 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. 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 (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Nigeria’s Bank of the Year award was among the continent’s most hotly contested this year, befitting the country’s status as Africa’s largest economy. This is coming on the heels of the award as Number One Bank in Nigeria by Tier-1 Capital by The Banker won by Zenith Bank earlier in the year.
Infact, recently Zenith has received approval-in-principle from the Central Bank of Nigeria (CBN) to convert its present operational structure to a holding company.
The Bank’s Managing Director, Mr. Ebenezer Onyeagwu has brought in his wealth of experience in steering the ship of the group, under the supervision of its Founder and Chairman, Mr. Jim Ovia.
Once substantive authorisation is received, the bank gets a licence to veer into other businesses within financial services including pensions, insurance, asset management and fintech.
Lenders like FBN Holdings, Stanbic IBTC, FCMB Group, GTCO and Access Holdings are already leveraging those businesses to buoy up revenue.
The CBN approved Mr Jim Ovia as the chairman of Zenith Holdco Plc (in-formation) and for Mr Jim Ovia to also continue as the chairman of Zenith Bank Plc until the commencement of Zenith Holdco Plc.
Zenith Holdco will run in a non-operating capacity only overseeing the subsidiaries under it without getting actively involved in their everyday operations.
Zenith Bank, Nigeria’s biggest bank by market value, has a representative office in China.
It also operates branches in the United Arab Emirates and the United Kingdom, where its shares are listed by way of Global Depository Receipts.
For the Jim Ovia led institution, winning Bank of the Year consecutively attests to its tenacity as an institution despite the very challenging operating environment exacerbated by persistent macroeconomic headwinds.
Indeed, for Zenith bank, being recognised by The Banker – the world’s longest running international banking title, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria and the West African sub-region.
The retail strategy of the bank continues to deliver outstanding results as retail deposits grow astoundingly. The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments. Combined with the Group’s industry leadership, we expect this to drive improved performance and deliver enhanced returns to stakeholders.
Zenith Bank Plc has also emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards consecutively for two year. The bank was also named as the Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022.
The Founder and Chairman, Jim Ovia, CFR, has lent a lot of guidiance and pioneering role in laying a solid foundation and building the structures for an enduring and successful institution. He is ably assisted by the Managing Director, Mr. Ebenezer Onyeagwu and other team members.
They are supported by an equally resilient Board, with outstanding leadership qualities, and a group of committed staff. The Bank has equally enjoyed its customers’ unflinching loyalty to the Zenith brand over the years.
For Zenith, this is the time to rise above the bad times!
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
