Monthly Archives: April 2016

Mahmood Ahmadu Grabs Nigerian Economic Development Award

Years of total dedication to work and developing technology in Africa paid off for businessman, Mahmood Ahmadu on the 5th of April, 2016 in London as he was honoured with the Nigerian Economic Development Award.
Mahmood Ahmadu received the award in recognition of his efforts and success in developing one of Africa’s leading technology companies and successfully operating his business in over 17 international locations across 10 different time zones.
The award was presented at the just concluded international conference of the International Strategic Alliance Committee (ISAC) held on the 4th and 5th of April 2016 at the Queen Elizabeth Conference Centre in Westminster, London.
The special conference titled the Nigerian Mining & Agriculture Investment Summit, attracted high level local and international investors and business people interested in the hugely untapped opportunity in Nigeria’s Mining and Agriculture sector which is attracting much interest at the moment as the country seeks to diversify from her traditional dependency on Oil.
At the conclusion of the very well attended conference, ISAC hosted a Gala nite where outstanding individuals such as Mahmood Ahmadu were honored.
Ahmadu’s Nigerian Economic Development Award was presented by the Israeli deputy Ambassador to the UK, Mr EitanNa’eh.
In receiving the award, Mahmood Ahmadu thanked the organizers of the conference for the award.

Shareholders Applaud Zenith Bank Management, Approve N57bn Dividend

Peter AmangboThe shareholders of Zenith Bank Plc have commended the Board of Directors for an impressive financial year ended December 31, 2015, as they approved a total dividend of N56.5 billion for the period.

The Shareholders Group said despite the challenges in the environment and the harsh economy witnessed in the country, the bank posted an impressive result.

Speaking at the event, the National Coordinator of Independent Shareholders association of Nigeria, Mr. Sunny Nwosu, said the bank had done well in 2015 by giving shareholders dividend.

He encouraged the management to maintain its good corporate governance principles, which he said had positively impacted on the bank’s profitability.
Reviewing the 2015 financial year, the Chairman of Zenith Bank, Mr. Jim Ovia said: “The bank has remains committed to delivering superior returns to our shareholders as we declared an interim dividend of 25 kobo per share and a final dividend of N1.55, bringing the total dividend for the period to N180 as against N175 per share paid the previous year.”

He noted that owing to a number of domestic and external factors, 2015 was a very challenging year for operators in the banking industry.

For the bank, total deposits was N2.33 trillion for the year ended December 31, 2015, representing an increase of 3 per cent over the previous year’s figure of N2.27 trillion. Also profit after tax rose by 6.8 per cent from N92.48 billion in 2014 to N98.78 billion.

Gross earnings similarly grew by 6.6 per cent from N372.01 billion in year 2014 to N396.65 billion in 2015.

For the group, the performance indices were no less impressive. The Profit after tax jumped by 6.2 per cent from N99.45 billion to N105.66 billion while group total asset rose by 6.7 per cent, from N3.67 trillion to N4.01 trillion in 2015, while customers’ deposits grew marginally by 0.8 per cent during the same period, from N2.54 trillion to N2.56 trillion.

Group shareholders fund grew by 7.5 per cent, from N552.64 billion in 2014 to N594.35 billion and gross earnings similarly grew by 7.2 per cent, from N403.34 billion in 2014 to N432.53 billion in 2015, the financial report also showed.

Ovia, however said, in the face of a very challenging operating environment, Zenith Bank has maintained its culture of outstanding performance and industry leadership.

“As a bank, we are monitoring developments both in the domestic and global economy and applying pragmatism and dynamism, as appropriate,” he said.

Also the Managing Director of Zenith Bank, Mr. Peter Amangbo, added that the bank would continue to build a strong portfolio which is an important disposition for an effective and efficient model, saying this is expected to further impact business options in line with extant dynamics and influence prospects open to the bank

CBN Topshot Bayo Adelabu Constructs New Hotel In Ibadan

CBN topshot, Bayo Adelabu is becoming very influential by the day courtesy of his pedigree, position in the banking industry and his wealth which has become the tale on people’s lips.

The grandson of late Ibadan politician, Adegoke Adelabu just completed another high class hotel in his hometown, Ibadan.

Bayo, who is claimed to be nursing an ambition to govern Oyo State in 2019 is a big player in the city’s hospitality business, his hotel, Bayse One is regarded as one of the best in the State and he is not resting on that as he just finished the construction of another hotel.

Sources revealed that the banker is investing in the State in preparation for what to come, which is his political ambition.

But those in the know countered that Bayo won’t be contesting in 2019.

The protege of the late Aare Musulumi, Alhaji Arisekola Alao is claimed to be targeting a renewal of his office in the CBN, by then Bayo would have gathered more experience and wealth and would be fit to run for the gubernatorial race.

Another source stated that the young banker is likely to succeed the present CBN Governor, Godwin Emefiele as the Governor of Central Bank.

Bayo is said to have impressed President Muhammadu Buhari at a conference recently where the President was said to have demanded for his cv which spurred the rumor that he could become the next Governor of the apex bank.

The new hotel located inside the Iyaganku GRA, Ibadan is a choice property which sources hinted would be operated by the Western Hotels.

Revealed! Why Robert Mbonu Quit Heritage Bank (how he was eased out to please Ifie Sekibo)

It is an open yet closely guarded secret in Heritage Bank today that Robert, a brilliant banker, and Executive Director in charge of Enterprise Management Group was surreptitiously eased out of the bank’s management. Though no official reason has been given for Mbonu’s dismissal, sources close to the bank alleged that it might not be unconnected with a power tussle between him and the bank’s Managing Director (MD), Ifie Sekibo.

A former MD of the Societe Generale Bank of Nigeria, owned by the illustrious Saraki family, Mbonu was arrested in 2013 by the Economic and Financial Crimes Commission (EFCC) in 2013 for his involvement in the pillaging of the bank’s vault. The SGBN later metamorphosed into Heritage Bank where Mbonu was placed below Sekibo. The centre never held between the duo as Sekibo persistently felt threatened by Mbonu’s brilliance and competency at his job.

The embers of discord were further stoked between the two when Heritage Bank acquired Enterprise Bank. Mbonu allegedly believed that, being a tested and trusted turn-around expert, he would be given the responsibility of integrating the moribund bank into the Heritage Banking Company Limited. Alas, that was not to be. Yet, his competence and prolificacy are not in doubt – a fact attested to by the bank on its website. Mbonu was allegedly paid off by the bank.

There is no doubt Mbonu is an astute numbers man and a seasoned Banker. He took charge and led the team that restructured the former Societe Generale Bank Nig. leading up to the bank’s acquisition by IEI Investments Limited. “Robb” as he is fondly called by friends and associates, headed the Enterprise Management Group of Heritage Bank until he was craftily dismissed as a result of high-wired boardroom politics.

After been shown the exit door at Heritage Bank, an act insiders of the back referred to as an act of betrayer, he relocated abroad for study only to come back in the country to open an Arts Gallery.