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ZENITH BANK REAFFIRMS MARKET LEADERSHIP AS PAT CROSSES N200BILLION MARK
In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.
According to the bank’s audited financial results for the 2019 financial year released in Lagos on Friday, profit after tax rose by 8% to N208.8 billion from the N193 billion recorded in the previous year.
The Group also recorded a growth in gross earnings of 5% rising to N662.3 billion from N630.3 billion reported in the previous year. This growth was driven by the 29% increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019. Fees on electronic products continues to grow significantly with a 108% Year on Year (YoY) growth from N20.4 billion in 2018 to N42.5 billion in the current year. This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.
Profit before tax also increased by 5% growing from N232 billion to N243 billion in the current year, arising from topline growth and continued focus on cost optimisation strategies. Cost-to-income ratio moderated from 49.3% to 48.8%.
The drive for cheaper retail deposits coupled with the low interest yield environment helped reduce the cost of funding from 3.1% to 3.0%. However this also affected net interest margin which reduced from 8.9% to 8.2% in the current year due to re-pricing of interest bearing assets. Although returns on equity and assets held steady YoY at 23.8% and 3.4% respectively, the Group still delivered an improved Earnings per Share (EPS) which grew 8% from N6.15 to N6.65 in the current year.
The Group increased its share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15% to close at N4.26 trillion. Total assets also increased by 7% from N5.96 trillion to N6.35 trillion. The Group created new viable risk assets as gross loans grew by 22% from N2.016 trillion to N2.462 trillion. This was executed prudently at a low cost of risk of 1.1% and a significant reduction in the non-performing loan ratio from 4.98% to 4.30%. Prudential ratios such as liquidity and capital adequacy ratios also remained above regulatory thresholds at 57.3% and 22.0% respectively.
In demonstration of its commitment to its shareholders, the bank has announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share.
In 2020, the Group remains strategically positioned to capture the opportunities in the corporate and retail segments, while efficiently managing costs and expanding further its retail franchise employing digital assets and innovation.
Consistent with this superlative performance and in recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Most Valuable Banking Brand in Nigeria 2019 by The Banker. The Bank was also recognized as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and was ranked as the Best Digital Bank in Nigeria 2019 by Agusto & Co. Most recently, the Bank emerged as the Bank of the Decade (People’s Choice) at the Thisday Awards 2020.

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Owode Onirin: Four Police Officers Dismissed Over Killing Of 7 Traders
Lagos State Commissioner of Police, Mr. Olohundare Jimoh, has confirmed the dismissal of four police officers for their involvement in the killing of seven traders at the Owode Onirin motor spare parts market.
Jimoh told reporters at the Police Officers’ Mess, Ikeja, on Thursday that an investigation into the Owode-Onirin killings was ongoing.
He said the dismissed officers, brought from Nasarawa by the principal suspect, ‘Ariori’, were involved in the unlawful killings.
Jimoh assured the public that justice would be served, citing ballistic and autopsy reports guiding the prosecution.
“This matter has not been swept under the carpet, and we want the public and all the families of the victims to know that nobody can stop us from ensuring that justice is done.
“We will leave no stone unturned and will not be intimidated by anyone.
“All suspects will be prosecuted, and the courts remain open to hear every case,” Jimoh said.
The commissioner emphasised that the Nigeria Police Force remained committed to its constitutional duty of maintaining law and order, adding that no individual or group could obstruct the course of justice.
He explained that 98 per cent of the investigation had been completed, and the police would continue taking action to protect Lagos residents.
Jimoh urged residents and traders to remain vigilant, assuring them that the police were committed to safety and justice.
The News Agency of Nigeria reports that the incident occurred in August 2025 during a clash between land grabbers and traders in the Owode-Onirin area of the state.
News
Court Acquits Abba Kyari, Brothers, Slams Asset Case As Persecution
The Federal High Court in Abuja has discharged and acquitted the suspended Deputy Commissioner of Police (DCP), Abba Kyari, and his two brothers, Mohammed and Ali, of all 23 counts related to the alleged non-declaration of assets, a case filed by the National Drug Law Enforcement Agency, NDLEA.
Justice James Omotosho dismissed the suit, filed against Kyari and his younger brothers, Mohammed Kyari and Ali Kyari, for failure of the anti-narcotic agency to prove its case beyond reasonable doubt.
The judge held that the burden of proving a case beyond reasonable doubt falls in the prosecution which it had failed to do so.
Justice Omotosho described the case against Kyari and his brothers as “persecution.”
The judge consequently discharged and acquitted the defendants of the chargee.
The News Agency of Nigeria (NAN) reports that the NDLEA is prosecuting Kyari, the former head of Police Intelligence Response Team (IRT), and his two brothers on allegations bordering on non-disclosure of assets.
Justice James Omotosho fixed the date after counsel for the NDLEA, Sunday Joseph; Kyari’s lawyer, Onyechi Ikpeazu, SAN, and his brothers’ counsel, Monjok Agom, adopted their processes and presented their arguments for and against the charge.
The NDLEA, in the 23-count charge, named Abba, Mohammed and Ali as 1st to 3rd defendants respectively.
The anti-narcotics agency alleged that Abba and his two younger brothers; Mohammed and Ali, failed to make full disclosure of their assets.
It said it uncovered 14 assets, including shopping malls, residential estate, polo playground, lands and farmland belonging to Kyari.
Kyari was alleged to have failed to disclose his ownership of the property in different locations in the Federal Capital Territory, Abuja and Maiduguri in Borno.
The NDLEA alleged that over N207 million and Є17, 598 were also discovered in Kyari’s various accounts in Guarantee Trust Bank, United Bank for Africa and Sterling Bank.
The agency, in the charge marked: FHC/ABJ/CR/408/2022, also accused them of “disguising of ownership of properties and conversion of monies.”
The NDLEA said the offences are punishable under Section 35 (3) (a) of the National Drug Law Enforcement Agency Act, and Section 15 (3) (a) of the Money Laundering (Prohibition) Act, 2011.
They however pleaded not guilty to all the counts.
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Tragedy Hits Lagos APC As Exco Member Dies Ahead Of Inauguration
The newly elected Assistant Publicity Secretary of the Lagos State Chapter of the All Progressives Congress (APC), Hon. Karamo Yesiro has died just hours before his scheduled inauguration.
Yesiro was among the excos led by its Chairman, Cornelius Ojelabi, elected via consensus at the Lagos State APC congress held at the Mobolaji Johnson Stadium, Onikan, Lagos, on Tuesday.
His death comes hours before his inauguration alongside other excos scheduled to hold at the Lagos APC Secretariat today (Thursday).
The Lagos APC confirmed Yesiro’s death in a statement made available to PUNCH Online on Thursday, by the party’s Publicity Secretary, Seye Oladejo.
The statement read, “The Lagos State Chapter of the All Progressives Congress (APC) received with profound shock and deep sorrow the news of the sudden demise of our newly elected Assistant Publicity Secretary, Karamo Yesiro.
“Yesiro’s passing is a painful and tragic loss to our great party at a time when his energy, commitment, and passion for progressive politics were most needed.
“Having just been entrusted with the responsibility of serving in the State Executive Council, he embodied dedication, loyalty, and an unwavering belief in the ideals of our party.”
The party noted Yesiro’s contributions to the growth and stability of the APC in Lagos State, which led to his emergence as Assistant Publicity Secretary of the party.
“Though his tenure was tragically cut short, his enthusiasm, humility, and readiness to serve left a lasting impression on colleagues and members alike.
“He was a vibrant party man whose contributions to the growth and stability of the APC in Lagos State will not be forgotten.
“The Lagos APC stands united in mourning this painful departure. Hon. Karamo Yesiro will be remembered for his service, commitment, and belief in the progressive cause,” the statement added.
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