Tag Archives: zenith bank

Zenith Insurance records N12.5bn gross premium written, pays N6.7bn claims

Zenith Insurance recorded a gross premium written of N12.5 billion during its financial year ended De. 31, 2017.
It represents a 12 per cent increase over the N11.116 billion recorded in 2016
The company’s financial statements, which were approved by the National Insurance Commission (NAICOM) on April 20, 2018, also Indicated that its net assets stood at N23 billion, one of the highest in the country’s insurance industry.
The company, one of the youngest in the industry, had a solvency ratio of 634 per cent in 2017, indicating that it could cover its minimum regulatory solvency requirement six times over.
It’s gross premium income was N12.806 billion, up from N11.187 billion in 2016, while its net premium income stood at N8.090 billion, up from the N7.446 billion in 2016.
Analysis of the company’s results in 2017 showed that the company’s fees and commission income jumped by 37 per cent from N907 million in 2016 to N1.245 billion in 2017.
The results showed that net underwriting income also rose from N8.354 billion in 2016 to N9.336 billion, while profit before tax dropped to N4.750 billion from N5.927 billion in 2016 owing to the high claims, increase in management expenses and high tax expenses.
The company’s return on equity was 15.5 per cent in spite of the strong economic headwinds in 2017.
It paid total claims amounting to N6.7 billion in 2017, an increase of 36 per cent over the N4.7 billion paid in 2016, representing a total claims ratio of 58 per cent.
Zenith Insurance is one of the most dynamic insurance companies in Nigeria, offering a wide range of corporate, commercial and individual insurance services at the right price and with the best service infrastructure to ensure clients’ satisfaction.
With total shareholders’ fund of N22.37B and a total asset base of N34.37b, Zenith Insurance is one of the most capitalized companies in the insurance industry and it has the second highest profit after tax in the insurance industry.
The Company is licensed to underwrite all classes of Insurance business delineated into the undernoted lines of business: Fire and Allied Perils Insurance; General Accident Insurance – Burglary Insurance; Money Insurance; Fidelity; Guarantee Insurance; Group Personal Accident Insurance; Employers Liability; General Third Party Liability Insurance; Product Liability Insurance, Industrial All Risks Insurance: All Risk Insurance, Business Interruption Insurance
Others are: Marine Insurance – Hull & Machinery Insurance and Marine Cargo Insurance; Motor Insurance – Commercial and Private; Oil and Energy Insurance; Aviation Insurance; Engineering Insurance – Construction All Risks, Plant All Risks, Electronic Equipment All Risks, Machinery Breakdown, Erection All Risk; Investment linked services; Special Risks and Other financial services such as Guaranties and bonds.


Grange School, Ikeja on Saturday emerged overall winners of the Secondary School category of the 3rd Zenith Bank/Ikoyi Club Swimming Gala.
Grange, which had a week earlier also took first position in the Primary School category, was steered to victory by Kishi Deji-Roberts who amassed four gold medals to bag the MVP award for the girls.
American International School (AIS) placed second while British International School (BIS) came third out of nine schools/teams that featured.
Tosan Obatoyinbo of BIS also had a great impact on the tournament which had about 30 events as he was voted the MVP for the boys after scooping four gold and two silver medals.
The Group Managing Director of Zenith Bank, Peter Amangbo, thanked Ikoyi Club for the opportunity to sponsor the tournament, saying it has helped to identify and nurture future swimming stars.
“Zenith Bank identifies sports as a very key component of our unity as a nation. We also acknowledge that Nigerians love sports and this formed our resolve to keep supporting sports as it helps to build a healthy society. This tournament is getting bigger and better by the year and we are happy to be part of this great project,” Amangbo said.
Section captain, Oloyede Obatoyinbo pledged that Ikoyi Club will continue to work towards the development of the sport noting that some of the talents discovered will be encouraged to move to the next level and help take Nigeria’s rightful place in the sport at continental and international stages.
He added: “At the primary event the standard was encouraging while the secondary category was equally fantastic. This goes to show that we have talents that can compete at the world stage. What is needed is the state, corporate and individual support and we are happy that Zenith Bank is investing in these kids who are going to be the stars of swimming in the nearest future.”


Coralpay is partnering Alipay, the world’s largest online and offline payment platform operated by Ant Financial Services Group, to ease transactions on e-channels in Africa.
The partnership further expands Alipay footprints in Africa and opens the door for its more than 600 million active users in China to make purchases in the continent using the CoralPay platform.
By the ground-breaking agreement, millions of Alipay users can now conduct seamless transactions in Africa at CoralPay affiliated merchant locations, beginning with the Nigerian market.
Alipay, regarded by many as Asia’s PayPal, is supported in 24 countries and regions and works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites.
In signing this agreement, CoralPay, a payment solution and transaction processing company, has broken new grounds as this is the first such contract and partnership in Africa and plans to work with African banks to enable seamless e-payments for which Alipay is renowned.
The partnership is coming at a time when Africa has emerged as a preferred destination for Asian investments with continent enjoying high influx of tourists and business travellers.
CoralPay has sealed partnership deals with leading banks and Payment Terminal Service Provider (PTSPs) as well as aggregators to serve their customers. With the CoralPay and Alipay partnership, customers can easily make payments for visa applications, pay for air tickets and other transportation services as well as used for payment at services at hotels, restaurants and supermarkets.
The partnership therefore offers Alipay users seamless access to a proven e-payment solution powered by CoralPay without the need to open a bank account when they take up residency in Africa or whether they are visiting.
Speaking at the agreement signing ceremony, which was held in HongKong, Chief Executive Officer (CEO), CoralPay, Chioma Nkechika, assured Alipay users of his company’s ability and capacity to deliver on the African franchise, leveraging on their business network and partnership.
He also stated that CoralPay was well-placed to deliver seamless transactions and thereby help to achieve the expansion required especially as its technical partners is already partnering with Alipay to process transactions in Asia.
On his part, Alipay Head of International Acquiring, Oliver Tang, said he was excited at the partnership, which he said has opened a new frontier for Alipay customers to seamlessly transact with their Alipay wallets while travelling across Nigeria and Africa.


The Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia, on Tuesday re-affirmed his support to the Lagos State Security Trust Fund by pledging an additional 150 percent of previous donations to the Trust Fund. He made the announcement on behalf of Zenith Bank Board of Directors during the recently-concluded parley with the Governor of Lagos State, His Excellency, Governor Akinwunmi Ambode on 6 March 2018 at the Lagos Means Business forum at Eko Hotels & Suites.
Mr. Ovia commended the Government of Lagos under Governor Ambode, for encouraging enabling environment for businesses in Lagos State, particularly pointing out the remarkable improvement in security across the state. According to Mr. Ovia, the Lagos State Security Trust Fund has become a model for other states across the federation. He thus encouraged other private sector stakeholders to increase their contribution in funding the security initiative.
While stating the nature of security in Lagos State, Mr. Ovia lauded the leadership style of Governor Ambode, likening the state to an incorporated enterprise being so efficiently run by its Chief Executive Officer, in this case, Executive Governor Ambode.
The Lagos State Security Trust Fund was established on 3 September 2007 by the Lagos State Government as a public-private partnership for the improvement of security in Lagos State. Since its inception, Zenith Bank Plc has made annual contribution of ₦100 million in the past 11 years amounting to cumulative total of ₦1.1 billion to the Lagos State Security Trust Fund.

Zenith/Delta Principals’ Cup: Okowa applauds Zenith, promises bus for next winner

The Delta State Governor, Ifeanyi Okowa, has heaped praises on Zenith Bank, the sponsors of the state’s Principals’ Cup football competition for secondary schools after a successful completion of the second edition.
Marvel International School, Ughelli, emerged champions after defeating St. Paul’s College, Ozoro 6-5 on penalties in the final. Full time ended 1-1.
The governor said the support from Zenith Bank had been immense as he also announced that next year’s winner would win a school bus as star prize.
He also announced the start of Headmasters Cup, with the winner also getting a school bus.
“The future still holds a lot for students of Delta state,” he said.
“I must thank our sponsor Zenith Bank for what they have been doing because this is the second edition, we are very proud of Zenith Bank.
“I hope they will continue to help the state and hope by next year, the schools that qualified for the final will be camped together for some days before the game, so that they will be able to display more football prowess.
“Last year I said we need to go back to the grassroots and catch them young, so we are going to be having the Headmasters’ Cup next which had already received approval.
“Apart from the sum of N200,000 that will be giving to the best performers like the Most Valuable Player, Best Goalkeeper, Highest Goal Scorer, by the year 2019, the school that will win the final will go home with a bus and also the winner of the Headmasters’ Cup.”
Meanwhile, the MD/CEO of Zenith Bank, Peter Amangbo, who was ably represented by the Zonal Head, Asaba of the bank, Lucky Ighade, has assured of the bank’s commitment to the completion.
The MD gave kudos to the finalists as he described all of them as winners having gone from the preliminary stage to the final


Covenant University has emerged the first-place winner in Nigeria’s stage of the global CFA Institute Research competition at the finals held in Lagos on Saturday.
Covenant University beat University of Lagos and Obafemi Awolowo University, which emerged second and third place winner, respectively in the competition sponsored by Zenith Bank Plc. Eight universities took part in the maiden edition.
Covenant University will consequently represent Nigeria at the Regional CFA competition in Dublin, Ireland, on April 4 and April 5.
The CFA Institute Research Challenge is the world’s most prestigious investment research competition among university students globally, aimed at promoting best practices in equity research among the next generation of analysts.
The competition promotes ethics and best practices in investment research through hands-on mentoring and intensive training in equity analysis and presentation. The overall objective of the CFA Institute Research Challenge is to provide university students with valuable real-world exposure to the practice of finance to complement the theoretical framework of the university education.
Apart from the finalists, other universities that took part in the competition are Ahmadu Bello University, Babcock University, Obafemi Awolowo University, Lagos Business School and University of Abuja.
Speaking at the final stage of the competition, Mr. Jim Ovia, Chairman of Zenith Bank, said the bank had always anchored its Corporate Social Responsibility (CSR) towards empowerment, development, building skills, talent and capabilities among the youths.
He said that the bank aligned with CFA Research Challenge’s overall objective of providing a platform for university students to put into practice their theoretical knowledge.
He said: “It is a way of encouraging the professionals to inculcate the spirit of professionalism and ethics right from very early stage.
“We believe that something will be required so that we can deepen the pool of talents we have that will take care of corporate organisations tomorrow.
“I find the Institute Research Challenge axiom: “promoting best practices in equity research among the next generation of analysts’’ quite intriguing.
“It is clearly highlights succinctly what and who we are here for; the next generation of financial analysts,’’ he said.
Ovia, who was represented by Mr. Ebenezer Onyeagwu, the Deputy Managing Director of the bank, commended the eight universities that made it to the last stage of the competition.
He stated, “You have proven to be fearless by coming together in your various universities to put together pioneering teams for a tasking competition as the CFA Institute Research Challenge.
“There are so many of your colleagues out there that wouldn’t want the extra burden or work, but you all opted to take this on,” he said.
On his part, Banji Fehintola, the President, CFA Society Nigeria, said the society was approved in 2012 as the 137th Society of CFA Institute.
Fehintola said that the society was one of five societies in Africa registered in Nigeria as an incorporated Trustee in Feb. 2013.
He said that the purpose of the research challenge among the university undergraduates of different universities was to introduce students to the practical side of investment analysis.
Fehintola said the society currently had about 230 members.
Participating teams were required to conduct a detailed investment research on a subject company and will be presenting their research reports to a high-level panel of investment.
Covenant University will now join 35 other national champions at the Europe, Middle East and Africa (EMEA) Regional Competition in Dublin, Ireland in April 2018 to compete for a slot in the four-team global final that will hold in Seoul, South Korea in the same month.

Every Day For The Thief: EFCC Arraigns Two For Defrauding Zenith Bank Topshot, Victor Adoji

The Head of Corporate Communications of Zenith Bank Plc. Victor Adoji had just won a resounding victory.

The victory comes in the arrest and prosecution of two men, John Zino and Festus Otoigiaghae who connived and blackmailed the banker to the tune of a million naira.

John who claimed to be a lawyer working for the EFCC was alleged to have approached Victor and told him the commission is investigating him for being in possession of some hard currencies with which he intends to use to contest a political ambition in his State, Kogi.

Unknown to the culprits, Adoji had immediately contacted the EFCC who instructed him to play along. Adoji allegedly paid the money and some months later the fake ‘EFCC lawyer’ came with another request where he demanded that the banker should pay 100,000 dollars for him to settle some officials of the EFCC.

In a sting operation, the duo were picked up by the intelligence unit of the commission and were charged to court for conspiracy, impersonation and obtaining by false pretence.

The charge which was brought before Justice Josephine Oyefeso was adjourned till the 18th of December, 2017 for the hearing of the bail application and commencement of trial.