It’s been three momentous years since Mr. Ebenezer Onyeagwu took over the reins as the Group Managing Director and Chief Executive Officer of Zenith Bank Plc on June 1, 2019. At the time, the question on the lips of many is whether Onyeagwu’s tenure would witness the sustenance of the superior performance the bank had been known for and if the bank will continue to occupy its leading position in the nation’s financial industry.
The events of the last three years, however, especially the onset of the Covid-19 pandemic which massively disrupted the global business and financial landscape, has proven Onyeagwu’s mettle as a tested leader with vision, knowledge and courage to provide the critical leadership for the stability of a financial behemoth like Zenith Bank.
Undoubtedly, managing a behemoth in the scope of Zenith Bank is no mean feat; it certainly requires a seasoned boss in Onyeagwu’s mould. Indeed, Onyeagwu has deployed impeccable professionalism, discipline and persistence to change the traditional narrative of the banking sector in Nigeria and the continent, utilising the best of ideas, people, talents and other resources within the bank to create the required momentum for engendering sustained excellent performances over the last three years.Founded by Jim Ovia, CON, Zenith Bank Plc was established in May 1990 and commenced operations in July of the same year as a commercial bank.
The Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange now Nigerian Exchange, on October 21, 2004, following a highly successful Initial Public Offering.Zenith Bank provides individual customers and corporate clients with a range of financial products and services from over 500 branches and business offices across all states in Nigeria and the Federal Capital Territory. It also has presence in the United Kingdom, Ghana, Sierra Leone, The Gambia, United Arab Emirates and a representative office in China, and its shares are traded on the Nigerian Exchange and the London Stock Exchange.
In just over thirty years, Zenith Bank has grown enormously to become Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital, with shareholders’ funds of NGN1.28 trillion ($3.03 billion) as at 31st December, 2021.The bank is a clear leader in the Nigerian financial space, with several firsts in the deployment of innovative products and solutions that ensure convenience, speed and safety of transactions. With a team of dedicated and well-trained professionals, the bank leverages its robust Information and Communication Technology infrastructure to provide products and services through its network of branches, point-of-sales terminals and electronically through its internet and mobile banking channels. Zenith bank places premium on its core business strategy which is anchored on “People”, “Technology” and “Service” to create value for its clientele. With strict adherence to global best practices, the bank combines market knowledge, professionalism, expertise and ICT to create products and provide services that anticipate and meet customers’ dynamic needs.
To align its processes with global best practices and support the achievement of the sustainable Development Goals, Zenith Bank continues to maintain its commitments as member and signatory to various domestic and international sustainability frameworks including the United Nations Global Compact and the Central Bank of Nigeria Sustainable Banking Principles. The Bank is a member of the United Nations Environment Programme Finance Initiative also a founding signatory of the UNEP FI Principles for Responsible Banking. After joining 130 banks across the globe to launch the Principles in September 2019, the Bank has vigorously pursued the implementation of the Principles thereafter, signifying its intention to create value for its shareholders, customers, clients, investors, communities and the environment through its practices, operations and investments.
Through a myriad of Corporate Social Responsibility initiatives and donations, Zenith Bank contributes significantly to the sustainable development of many local communities across Nigeria. It understands the developmental gap that exist across many rural communities in Nigeria. Hence, it makes concerted efforts to bridge these gaps through the provision of access roads, portable water for local communities, establishment of health centers and cottage hospitals, provision of free agricultural extension services to the host communities amongst others.
Furthermore, while the devastating impact of coronavirus on society has somewhat reduced, many communities still struggle to rebuild from the economic and social losses of the pandemic. Zenith Bank continues to play an active role in rebuilding with its communities. In 2021, Zenith Bank’s total CSR investment was NGN4.37 billion, representing 1.79 % of its Profit After Tax and 33.1% increase from 2020. Zenith Bank has remained one of the biggest spenders on social investment in the Nigerian corporate space. The focus areas of its CSR endeavours during the year mirror the Sustainable Development Goals of the United Nations and include security, healthcare, education and skills development, sports development, youth & women empowerment, and public infrastructure development. Promoting the security of lives and properties remains a significant social investment by the bank.
Similar to the previous year, the need-gap analysis revealed that security remains a fundamental need of our communities. Thus, in 2021, the bank invested the sum of NGN2.78 billion in various partnerships with the local communities, the federal, state and local governments, and other relevant agencies to preserve public peace, and ensure a crime-free environment. The sum also includes contributions to several State Security Funds across the federation. As a testament to its achievements in this area of Sustainability, Zenith Bank won the awards for “Best Company in Infrastructure Development 2021” at the 2021 Sustainability, Enterprise and Responsibility Awards.The bank’s investments in sports development in 2021 included various initiatives such as title sponsorship of the Zenith Bank Delta State Principal’s Cup; Zenith Bank Headmasters’ Cup, Ikoyi Club Zenith Tennis Championship, Ikoyi Club Ball Boys Zenith Tennis Championship, Lagos Country Club Zenith Tennis Championship, Zenith Bank Next Gen Tennis Championship.
In 2021, Zenith bank supported the Private Sector Health Alliance of Nigeria, a health initiatives complementing government’s efforts at improving life expectancy in the country. It also invested in medical interventions for low-income individuals faced with various life-threatening medical conditions. The total investment in health was about NGN103.5 million.The bank continues to pay great attention to championing SDG4 (Quality Education). In reaffirmation of its commitment to the development of the nation’s education sector, the bank expended about NGN776.5 million towards educational initiatives in the 2021 financial year. Some of the investments in educational initiatives include donations to the Nigerian law school, University of Lagos, educational endowment fund of St. Saviour’s school, Ikoyi; and Sponsorship of the 2021 Microsoft Office Specialist World Championship.In its recently released unaudited results for the first quarter ended 31st March 2022, the bank achieved an impeccable growth of 22% in Gross Earnings from N157.3 billion reported in Q1 2021 to N191.5 billion in Q1 2022.
From the unaudited statement of account presented to the Nigerian Exchange in April 2022, the strong double-digit growth in the topline culminated in an increase in the bottom line, as the Group recorded an 11% Year-on-Year increase in profit before tax, growing from N61.02 billion in Q1 2021 to N67.99 billion in Q1 2022. Profit after tax also grew by 10%, from N53.06 billion to N58.19 billion over the same period.
In recognition of its track record of excellent performances, Zenith Bank has earned numerous awards, including being voted as 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 and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards; Best Corporate Governance, Nigeria in the World Finance Banking Awards 2022; Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; 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, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions 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 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.
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