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 »

Again, Seyi Makinde Cautions Ajimobi Against Hasty Contracts Award

The Governor-elect of Oyo State, Engr. Seyi Makinde has warned “those who think they can fleece the state government” to have a second thought. In a statement signed on his behalf by More »

Zenith Bank MD Designate, Ebenezer Onyeagwu Visits Sanwo-olu

Wednesday, April 10, 2019, the Group Managing Director/ Chief Executive Officer designate of Zenith Bank, Ebenezer Onyeagwu paid a courtesy visit. His host was the Governor-Elect of Lagos state Babajide Sanwo-Olu. The More »

Details As Zenith Bank Appoints Ebenezer Onyeagwu GMD/CEO Effective June 1,2019

Zenith Bank Plc. has announced the appointment of Mr. Ebenezer Onyeagwu as the Group Managing Director/CEO of the bank effective June 1, 2019, subject to the Central Bank of Nigeria (CBN) approval. More »

Ephebophilia! Senator-elect, Ned Nwoko In Secret Romance With Teen Actress, Regina Daniels

The lid has blown off the secret dalliance between Delta State politician, Ned Nwoko and 18 year old actress, Regina Daniels. Those in the know revealed the former House of Representatives member, 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 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.’’

Again, Seyi Makinde Cautions Ajimobi Against Hasty Contracts Award

The Governor-elect of Oyo State, Engr. Seyi Makinde has warned “those who think they can fleece the state government” to have a second thought.

In a statement signed on his behalf by Prince Dotun Oyelade, the Governor-elect said that “the plan of the outgoing administration to concession the Agodi Gardens and some landed property at Trans Amusement Park to a Government insider will not materialise as it does not follow due process”.

Engr Makinde said that he is well aware of the outgoing government’s plan to mismanage the $ 610 million special intervention fund of which Oyo State is a beneficiary.

According to the statement, “the hasty contracts being awarded at SUBEB has also caught the eyes of the public, likewise the many other last-minute hanky panky going on”.
While Engr. Makinde warned contractors not to risk their licenses, he assured members of the pubic that due diligence will be upheld and relevant anti-corruption agencies have been duly informed.

Zenith Bank MD Designate, Ebenezer Onyeagwu Visits Sanwo-olu

Wednesday, April 10, 2019, the Group Managing Director/ Chief Executive Officer designate of Zenith Bank, Ebenezer Onyeagwu paid a courtesy visit.

His host was the Governor-Elect of Lagos state Babajide Sanwo-Olu.

The Governor-Elect and CEO designate -who is scheduled to take over the reins at Zenith Bank on June 1 – had a very engaging meeting.

David Beckham Launches First Global Voice Petition To End Malaria

David Beckham, Malaria No More launches first global voice petition to end malaria

David Beckham, former captain of the English national football team, today joined Malaria No More, a United Kingdom-based organisation to launch the world’s first voice petition to end malaria with the campaign Malaria Must Die, So Millions Can Live.

In a short film using emerging AI video synthesis technology, the petition reveals David Beckham speaking nine languages – calling on people to join the campaign and demand action by visiting malariamustdie.com. The petition aims to get the attention of world leaders ahead of critical funding decisions for the Global Fund, to tackle malaria in six months’ time.

Details As Zenith Bank Appoints Ebenezer Onyeagwu GMD/CEO Effective June 1,2019

Zenith Bank Plc. has announced the appointment of Mr. Ebenezer Onyeagwu as the Group Managing Director/CEO of the bank effective June 1, 2019, subject to the Central Bank of Nigeria (CBN) approval.

The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within.

Onyeagwu replaces Mr. Peter Amangbo, whose tenure expires on May 31, 2019.MrAmangbo leaves the bank at the end of a very successful career spanning over 27 years, with the last five years as GMD/CEO.

Mr. Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America.

Mr. Onyeagwu is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987. He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

He has nearly 30 years’ experience in the banking industry in Nigeria. He joined Zenith Bank Plc in 2002 as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.

As Deputy Managing Director, Mr. Onyeagwu has oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

Mr. Onyeagwu has been on the board of Zenith Bank Ghana, Zenith Pensions Custodian Limited, Zenith Nominees Limited and African Finance Corporation (AFC) within the last six years. In AFC, he serves on the Board Risk & Investment Committee (BRIC) and Board Audit & Compliance Committee (BAAC). At Zenith Bank Ghana, he chairs the Board Credit and Governance Committees.

He brings to his job strategic thinking, inspirational leadership, energetic and entrepreneurial skills. He is married with children.

Ephebophilia! Senator-elect, Ned Nwoko In Secret Romance With Teen Actress, Regina Daniels

The lid has blown off the secret dalliance between Delta State politician, Ned Nwoko and 18 year old actress, Regina Daniels.

Those in the know revealed the former House of Representatives member, now a Senator-elect is the financial pillar behind the Daniel’s sudden flamboyant lifestyle.

The teen actor all of a sudden became a social media sensation, acquired two expensive cars, bought a rolex watch and exhibited a luxurious living which people traced to the kindness of her 59- year-old lover.

Regina was said to have been introduced to Ned by an older colleague who knows Ned’s preference for teenagers.

The politician was said to have fallen for the actress beauty and smooth skin, kicking off an almost immediate amorous affair.

An unconfirmed report also claimed the politician had visited Regina’s Asaba home to seek her hand in marriage, a plan that would seal the union as the Senator’s 6th marriage.

Regina’s parents were said to have welcomed the idea, as long as the politician is ready to fulfil his obligations and meet their needs.

11 Years After; Adedibu’s Widow, Bose Finds Love

For the widow of the late strongman of Ibadan politics, Alhaji Lamidi Adedibu, Bose, it’s an exciting moment! 11 years after losing her politician husband, the beautiful woman has found love again.

Those in the know claimed ‘Alhaja Bose’, who is a top member of the PDP in Oyo State is so smitten, that she hardly goes anywhere without her lover who is also a prominent politician in Ibadan.

‘They do things together, even their love affair is no longer news. We all know they are dating’. A source hinted papermacheonline.

Alhaja Adedibu had revealed some years ago in an interview that she would consider giving marriage a second chance, if she has the right man. Is marriage in the offing?

Its rather unlikely, as the man in question is a married man, blessed with kids. It is revealed he is just a figure in Bose’s life that cannot fade away.

There were rumours that the two were childhood lovers, the man went abroad for greener pasture and luck smiled on Alhaja Bose, she met Adedibu and married him. After a long while, the lover relocated back to Nigeria, he was said to have won a ticket and became a House of Reps member through the help of his old flame who used all her influence for him.

They were said to have been seriously in love, they enjoyed an unusual friendship even when Adedibu was alive, and when the politician died, their love rose to a higher ground.

The man is said to be a frequent visitor at late Adedibu’s Molete residence where Bose is now the main occupant, he comes and leaves at will and on many occasion they both travel abroad on holidays.

The loverboy is Remi Gbede, a handsome socialite and politician who was a former House of Representatives member when Adedibu was alive.

Gbede who is also a member of the PDP in Ibadan is said to be enjoying whatever comes to him as he gets things done with his relationship with Alhaja Bose who is one of the few prominent women that has the ears of Governor-elect, Seyi Makinde in Ibadan.