Zenith Bank Reaffirm N0.00 Account Opening Balance For Current, Savings And Other Accounts

Zenith Bank Plc, the largest bank in Nigeria by tier-1 capital and the foremost provider of financial services to multinationals, corporates and SMES in the country, has affirmed its commitment to accord More »

Jite Okoloko’s Many Companies Enmeshed In Multi Breach Of Contract Suits

The business empire of Jite Okoloko, one of the alleged strong allies of former Delta State governor, James Ibori, and a big beneficiary of the nation’s economic patrimony during the sixteen years More »

4 Months After Wedding, Ibadan Socialite Tunde Oginni Loses Wife

Stylish Chairman of Flogin Investments, Tunde Oginni is in severe pains. The businessman who doubles as the Aro Odogbo Eti-Oni of Ijesaland lost his wife exactly four months after getting married to More »

Ajimobi Constructs Multimillion Retirement Home In Ibadan (Arisekola’s Family Kicks ‘that land belongs to our father’)

The Oyo State Governor, Senator Abiola Ajimobi is really living up to his appellation, the ‘Constituted Authority’ as the Oyo Governor is widely known is building a house, situated on a hilltop More »

ZENITH BANK SUSTAINS MARKET DOMINANCE WITH IMPROVED PROFITABILITY

In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments an unedited Q1 results released by More »

 

Mystery Partner Behind Ahmed Uhwubetini’s New Club Unveiled ( the NTDC Boss, Folly Coker’s connection)

Ahmed Uhwubetini some weeks ago came back with a bang! The popular boss of defunct Lagos hangout, 11;45 now runs a new nightclub, Casa 45…Papermacheonline can authoritatively reveal that Ahmed does not own the club 100 percent.

Uhwubetini who is battling to clear himself off a shoplifting arrest rumour in the United States where he ran to when his nightclub business went bad has a mystery partner that prefers to operate in the background.

Infact the ownership of the Casa 45 hangout at Ozumba Mbadiwe street, Victoria Island, Lagos is on 70/30, Ahmed holds the 30 while the mystery party owns the remaining 70.

An insider hinted papermacheonline that the NTDC boss, Folorunso Coker is the mystery partner.

Folly, a top politician in Lagos and one of the closest aides of Asiwaju Bola Tinubu is the owner of Browns Cafe.

Those in the know claimed this is not the first time Folly would invest in nightclub business. He was the owner of the La Casa nightclub in Lagos many years ago.

Later he merged with Ogun Politician, Kasham Buruji to run another club before they both fell apart.

The source revealed that the Casa 45 NIGHTCLUB is a mixture of Folly’s business name, Casa and Ahmed Uhwubetini’s ’45’.

The Casa 45 opened to business on Easter Monday with a gig attended by the regular club patrons in Lagos.

The question many are asking is how long it would take Folly Coker and Ahmed Uhwubetini to run their club successfully, and how holy is this new alliance?

‘He Is Selling It In Bits’ Insiders Give Details As Politician, Rotimi Ajanaku Allegedly Trades Property Of Dino Hotel

The general elections had come and gone…one of the victims of the 2019 elections is the socialite owner of Dino Hotels in Ibadan, Rotimi Ajanaku. He lost his bid to become a member of the House of Representatives for the third time.

The popular businessman, who is into Real Estate in Lagos is said to have expended a lot of funds, that he keeps counting his losses after the elections.

Those close to him disclosed how he locked down his Dino Hotels in Ibadan, ‘he puts all the resources of the hotel up to his people. They were all lodged there, eating, drinking day and night. The rooms were totally locked down for the politicians and his thugs, they were there for three months. You can as well do the calculation’ One of his staffers hinted.

The businessman who had a running battle with Saheed Fijabi over the House of Reps ticket and the elections (they both lost) is allegedly selling some equipment of his Dino Hotels.

An insider disclosed that the socialite has in the past weeks removed some of the air conditioners of the hotel and televisio

Zenith Bank Reaffirm N0.00 Account Opening Balance For Current, Savings And Other Accounts

Zenith Bank Plc, the largest bank in Nigeria by tier-1 capital and the foremost provider of financial services to multinationals, corporates and SMES in the country, has affirmed its commitment to accord its growing retail business the same attention and focus that has enabled it become the leading corporate bank player in the country.

This is in line with the Bank’s strategic focus of extending its exceptional service offerings to everyone hence encouraging the drive for financial inclusion. Customers can now open a Zenith Bank account with a Zero Balance (N0.00) as opposed to its initial range of N50, 000 – N250, 000. This move highlights the bank’s ability to adapt to the changing needs of the financial environment.

The Bank has also upgraded its retail banking offering with innovations such as *966# USSD EazyBanking, Social banking on Facebook and other offerings that will ensure memorable user experiences for its customers.
As such, Anyone interested in opening a Zenith Bank account can do so by dialing *966*0# and following the prompts or visiting www.zenithbank.com or walking into any zenith bank branch nationwide.

Jite Okoloko’s Many Companies Enmeshed In Multi Breach Of Contract Suits

The business empire of Jite Okoloko, one of the alleged strong allies of former Delta State governor, James Ibori, and a big beneficiary of the nation’s economic patrimony during the sixteen years of the Peoples Democratic Party’s administration that ended in 2015, appears to be heading for difficult times, if the unsavoury news filtering out of Eroton, Midwestern Oil and Gas as well as Notore Chemicals, the three diamonds of the Jite’s vast empire, is anything to go by. Sources disclosed that Notore Chemicals, in particular, of late, has been battling with operational challenges in the aftermath of its largely under-subscribed attempt to raise fresh working capital from the Stock Exchange last year.

The firm, sources said, has had to review its ambitious expansion and diversification plans it hoped to fund with the expected fresh capital injection that did not materialize. It is also said to be battling with huge cash calls occasioned by its liabilities, while several contract and junior non-contract staff are said to have been laid off between December 2018 and end of Q1 2019, due to poor returns.

On its part, Eroton has more than enough headache, worrying about the fate that awaits its business structure and fortune that is tied to Oil Mining Licence OML18, which knowledgeable oil industry sources said, might not be renewed after its expiry date of 2020. Currently, Eroton is the operator of OML 18, which has more than 576 million barrels of oil and approximately 4.2 trillion cubic feet of gas. Erotonowns owns 27% of OML 18, while Sahara Field Production owns 15% and NNPC, 55%.

4 Months After Wedding, Ibadan Socialite Tunde Oginni Loses Wife

Stylish Chairman of Flogin Investments, Tunde Oginni is in severe pains. The businessman who doubles as the Aro Odogbo Eti-Oni of Ijesaland lost his wife exactly four months after getting married to her.

People close to the monarch revealed that the woman died in her sleep at the husband’s Bodija, Ibadan house.

Tunde Oginni and the deceased, Olajumoke Coker got married in December 2018 at the Ibadan North-West Registry, Onireke, Ibadan and they had a low key wedding ceremony in Ilesa which is the native town of both husband and wife.

The deceased before her death was the Zonal Director of the National Broadcasting Company.

She was said to have met Oginni who earlier got separated from his first wife in Ibadan through a mutual friend, the friendship later led to a marriage.

The couple were said to be very close, they go out and do things together, a dejected Tunde Oginni was said to have broke the message to some friends on the phone in a short narrative ‘I asked my staff to go and wake her, they came back to me and said she wasn’t answering. I was confused, I went there and met her sleeping, not moving. We rushed her to the hospital where she was confirmed dead’.

Ajimobi Constructs Multimillion Retirement Home In Ibadan (Arisekola’s Family Kicks ‘that land belongs to our father’)

The Oyo State Governor, Senator Abiola Ajimobi is really living up to his appellation, the ‘Constituted Authority’ as the Oyo Governor is widely known is building a house, situated on a hilltop that captures the view of the whole ancient city.

Those in the know claimed that the Governor has decided to relocate from his Oluyole Estate home and chose a better location at the Agodi GRA, a stone throw from the Government House. The Governor gave the contract to a reputable construction company

The house, a hill top building is under construction.

When Papermacheonline visited the site, there was massive work going on with an effort that indicates the engineer is striving to meet a deadline. Ajimobi leaves office on May 29, 2019.

Incidentally Ajimobi’s hopes to move into his new house after leaving office is being threatened by claims by the family of his late godfather, Aare Abdulazeez Arisekola Alao that the land where the Governor is building his house does not belong to him.

The Alao’s family countered a claim by Ajimobi that the land was given to him by the business mogul long before his death.

A prominent family member hinted papermacheonline that the Aare Musulumi can never give the land to Ajimobi, the source claimed the land in question appeared in the late businessman’s will where he stated that a school for the children of the underprivileged to be constructed on the land. He disclosed that the ‘Aare chose the land because of its peculiar location, it is at a vintage place where it could be sighted from everywhere in Ibadan’.

There is already a case pending in court over the matter as the Arisekola’s family has threatened a showdown with the Governor whom they labelled an usurper and ingrate.

ZENITH BANK SUSTAINS MARKET DOMINANCE WITH IMPROVED PROFITABILITY

In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments an unedited Q1 results released by the bank revealed.

This solid performance resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018 according to information available.

The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018 further details revealed.

The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period the unaudited results showed.

More information revealed that the risk and asset quality continues to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. And this was achieved as impairment charges declined by 54%(₦2.5billion year on year reduction).

The figures available further showed that cost of funds also improved, declining by 25% from 4%in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10billion over the same period, affirming the Group’s robust treasury and liquidity management.

Added revelation revealed that prudent cost management led to a 5% decline in the cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.

The Bank’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits according to details available.

The volume and value of transactions across electronic and digital platforms continue to grow as new customers are being acquired. And the balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019 the Q1 unaudited report further revealed.

According to a statement from the bank ‘’Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.’’