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ZENITH BANK REAFFIRMS MARKET LEADERSHIP AS PAT CROSSES N200BILLION MARK

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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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Pray For Us Politicians, We Are The Problem Of Nigeria — Peter Obi

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Peter Obi, the 2023 Labour Party presidential candidate, has asked Nigerians to pray for political leaders, stating that politicians are the primary cause of the country’s challenges.

 

Speaking on Sunday at the thanksgiving service to mark Oyo state’s 50th anniversary at the Cathedral of St. Peter Anglican Church, Aremo, Ibadan, the Oyo state capital, Obi said politicians are responsible for the country’s challenges.

 

“I want to make a request from Nigerians. Do remember us politicians in your prayers. We are the problem of Nigeria, no other person,” he said.

 

“Nigeria is not a poor country, it is poorly governed. Remember us in your prayers that God should touch our hearts to use public money for public good. That is what is required.”

 

In a post on X after the event, Obi thanked Seyi Makinde, governor of Oyo state, for the opportunity to speak at the service.

 

He recalled that at the beginning of Makinde’s administration, the governor invited him to address the maiden executive council (exco) retreat, where they spent a full day discussing governance and leadership.

 

“I am pleased to note that the governor has remained consistent in his approach. Beyond the visible infrastructure across the state, his performance is widely discussed and appreciated by Oyo people wherever they are,” Obi said.

 

The former Anambra governor also commended Makinde for his remarks at the thanksgiving service, particularly on building strong institutions rather than relying on individuals.

 

“His focus on continuity, systems, and shared responsibility reflects a statesmanlike vision and offers reassurance that the progress of Oyo State will be sustained beyond any single administration,” he added.

 

Obi further thanked Williams Aladekugbe, bishop of Ibadan north, for what he described as a timely and profound sermon.

 

“He reminded us that thanksgiving is not merely a ritual but a moral discipline that nurtures humility, responsibility, and service to the common good,” Obi said.

 

He called on residents of Oyo state to continue supporting the governor and to pray that God would guide leaders to work for the common good of the state and its people.

 

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Tinubu Celebrates Fela As Philosopher Of Freedom After Historic Grammy Win

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President Bola Tinubu has paid tribute to late Afrobeat legend, Fela Anikulapo Kuti, following his posthumous Grammy Lifetime Achievement Award.

Tinubu described Fela as more than a musician, calling him a fearless voice of the people, a philosopher of freedom and a revolutionary force who confronted injustice through music.

The president said Fela’s courage, creativity and conviction defined a generation and continued to inspire audiences across the world.

In a tribute issued on Sunday in Abuja, Tinubu said Fela’s legacy had transcended time, describing him as eternal in cultural and spiritual relevance.

He noted that Fela became the first African to receive the Recording Academy of America’s Lifetime Achievement Award, though posthumously.

The president said the honour affirmed Fela’s enduring global influence and the foundational role he played in shaping modern music from Africa.

Tinubu said Fela defined Afrobeat, with his influence evident across generations of Nigerian musicians and in Afrobeats and global sounds.

“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians and in Afrobeats and beyond.

“Fela lives,” the president said. (NAN)(www.nannews.ng)

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Benue Killings: FG To Arraign Yelwata Massacre Suspects Monday

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The Federal Government is scheduled to arraign suspects linked to the Yelwata killings on Monday in Abuja, with the Attorney General of the Federation finalizing the charges.

 

Justice Abdul-Malik is expected to preside over the arraignment at the Federal High Court.

 

This was disclosed in a statement released to journalists on Sunday by the Office of the Attorney General of the Federation and Minister of Justice.

 

According to the statement, the accused persons will be brought before Justice Joyce Abdulmalik of the Federal High Court sitting in Abuja, following what it described as “after a painstaking investigation and collaboration by government agencies.”

 

“The Office of the Attorney General of the Federation and Minister of Justice wishes to assure Nigerians that justice will be ensured in the matter, to send a strong signal to the enemies of the country acting under any disguise.”

 

The statement, signed by the media aide to the AGF, Mr. Kamarudeen Ogundele, further noted that “The administration of President Bola Ahmed Tinubu is committed to the protection of the lives and property of all, as enshrined in the Constitution.”

 

The Yelwata killings took place in June 2025 in the Yelwata community, located in Guma Local Government Area of Benue State.

 

The violence reportedly started late on June 13, 2025, and spilled into the early hours of June 14, when suspected armed herdsmen launched coordinated attacks on residential buildings, a local market, and a Catholic mission.

 

During the assault, houses were torched, victims were brutally mutilated, and the attackers exchanged gunfire with security operatives.

 

Reports indicate that more than 100 people lost their lives, while approximately 3,000 residents were forced to flee their homes.

 

President Bola Ahmed Tinubu had earlier condemned the massacre and directed security and law enforcement agencies to track down those responsible and ensure they are prosecuted.

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