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ZENITH BANK REWARDS SHAREHOLDERS, DECLARES DIVIDEND PAYOUT OF N87.9BN
Zenith Bank Plc, on Monday, March 16, 2020 held its 29th Annual General Meeting (AGM) in Abuja, Nigeria, during which the Bank’s shareholders unanimously approved the proposed final dividend of N2.50 per share, bringing the total dividend payment for the 2019 financial year to N2.80 per share with a total value of N87.9 billion. This followed the recent release of the Bank’s audited financial results for the 2019 financial year.
According to the Chairman of the Board, Mr Jim Ovia (CON), the AGM was an opportunity for the bank to engage shareholders on its 2019 financial year performance. In his statement, Mr Jim Ovia said “Zenith Bank is committed to consistently deliver superior returns to our highly esteemed shareholders by ensuring that a good chunk of our profit is set aside for you. In a clear demonstration of this, we had declared and paid you an interim dividend of 30kobo per share in the course of the 2019 financial year. We hereby propose a final dividend of N2.50kobo per share. If approved, this will bring the total dividend for the year ended December 31, 2019, to N2.80kobo per share”.
Zenith Bank reaffirmed its leading position in the Nigerian banking industry posting an impressive Profit Before Tax (PBT) of N243bn, representing a 5 per cent increase over the N231.6bn recorded in the corresponding period of 2018. Profit after Tax (PAT) stood at N208.8bn over N193bn, an increase of 8 per cent, thus making Zenith Bank the first Nigerian bank to cross the 200billion Naira mark.
The bank’s result showed an increase in gross earnings from N662bn to N630bn, indicating dominance in market share, while its assets grew by 5 per cent from the N5.9 trillion to N6.3 trillion, a growth driven by the 29% increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019. The Bank’s fees on electronic products continue to grow significantly with a 108% Year-on-Year (YoY) from N20.4 billion in 2018 to N42.5 billion in 2019.
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 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.
Financial analysts noted this unprecedented feat by a Nigerian Bank as remarkable, and an indication of strong financial leadership and resilience.
As a testament to this superlative performance, the bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the recently released Banker Magazine “Top 500 Banking Brands 2020”, the Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020 and the Bank of the Decade (People’s Choice) at the Thisday Awards 2020. In addition, the Bank was also voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. FacebookTwitterWhatsAppPinterestEmailTumblr


News
Police Clear Interior Minister Tunji-Ojo In NYSC Certificate Probe
The Nigerian Police Force has dismissed allegations of certificate forgery against the Minister of Interior, Tunji Ojo, describing them as baseless following an extensive investigation.
The Police, through its spokesperson, ACP Benjamin Hundeyin, stated that no evidence was found of forgery, alteration, falsification, or unlawful production of the minister’s National Youth Service Corps (NYSC) certificate.
According to him, the investigation established that there was no proof of forgery, alteration, falsification, or unlawful production of the minister’s NYSC certificate.
“After an exhaustive investigation into the allegations, it has been established that there is no evidence whatsoever of forgery, alteration, falsification or unlawful production of the minister’s NYSC certificate,” Hundeyin said.
He explained that the National Youth Service Corps (NYSC) was contacted during the investigation and confirmed that the certificate in question was duly issued to the minister.
“The NYSC was contacted and it was verified that the certificate was duly issued by the corps to the minister. The allegations are therefore unfounded,” he added.
The development comes a day after youth and civil society groups staged a protest in Abuja over the alleged certificate forgery involving the minister.
The demonstrators accused Tunji-Ojo of providing conflicting information regarding his NYSC records, which they said raised concerns about integrity in public office.
Addressing journalists during the protest, one of the demonstrators said the minister had yet to publicly respond to the allegations.
“We have not heard from him. He has not come out to clarify to the public whether what is being said is right or wrong,” the protester said.
The protesters also argued that in similar circumstances, some public officials had resigned from office when faced with such allegations, insisting that accountability should apply equally to all public office holders.
“We want accountability, and we want everyone to be treated equally. What is good for one person should be good for all. If other ministers could resign over similar issues, we do not see why he should still remain in office,” the protester added.
They warned that failure to properly address such allegations could erode public trust in government institutions, particularly among young Nigerians, and undermine the credibility of public offices at the federal level.
News
After Long Wait, Tinubu Assigns Portfolios To 65 Ambassadors-Designate
President Bola Ahmed Tinubu has approved the posting of 65 ambassadors-designate to various Nigerian missions and international organizations worldwide.
The list comprises 31 career diplomats and 34 non-career ambassadors, whose nominations were earlier confirmed by the Senate in December 2025.
According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the postings assign the envoys to various countries and international missions.
Among the non-career ambassadors, former presidential aide Reno Omokri was posted to Mexico, while former Minister of Aviation Femi Fani-Kayode was assigned to Germany.
Former Minister of Health Prof. Isaac Adewole will serve in Canada, while former Minister of Interior Abdulrahman Bello Dambazau was posted to China.
Other notable appointments include Senator Ita Enang to South Africa, Senator Jimoh Ibrahim as Nigeria’s Permanent Representative to the United Nations, Olufemi Pedro to Australia, and Lateef Kayode Are to the United States.
The President also approved the posting of several career diplomats to key missions.
These include Ambassador Abdussalam Habu Zayyad to Senegal, Ambassador Haidara Mohammed Idris to The Hague, Netherlands, Ambassador Ayeni Adebayo Emmanuel to Belgium, and Ambassador Ibrahim Danlami to Kenya, among others.
The Presidency disclosed that some countries have already issued diplomatic clearance, known as agrément, for Nigeria’s envoys.
The United Kingdom has approved Ambassador Aminu Dalhatu as Nigeria’s High Commissioner, while France has granted agrément for Ambassador Ayo Oke.
The Ministry of Foreign Affairs has also formally notified other host countries of the appointments and requested their agrément in line with diplomatic procedures.
Tinubu has directed the Ministry of Foreign Affairs to immediately begin the induction programme for the ambassadors-designate and high commissioners ahead of their deployment to their respective missions.
News
Kidnappers Kill Ex-Ebonyi Deputy Governor’s Father, Nine Suspects Arrested
The Ebonyi State Police Command has confirmed that Ezeogo Francis Igwe, the traditional ruler of Ndufu-Alike and father of former Deputy Governor Kelechi Igwe, has been killed by his abductors.
The victim, Francis Igwe, was the traditional ruler of Ndufu-Alike in Ikwo Local Government Area of the state before his death.
According to the police, the monarch was abducted on Sunday, March 1, 2026, while on his way to church.
Confirming the incident in a statement issued on Friday, the spokesperson of the Ebonyi State Police Command, Joshua Ukandu, said operatives launched intensive operations immediately after the abduction was reported.
Ukandu explained that deploying technical and intelligence assets led to the arrest of two suspects believed to be members of the kidnapping syndicate.
During interrogation, the suspects reportedly confessed that the monarch had been killed on March 2.
“They further volunteered to lead operatives to their hideout and assist in recovering the monarch’s remains,” the statement said.
However, while approaching the hideout, other gang members allegedly opened fire on the police team.
Ukandu said the operatives responded with superior firepower, overpowering the criminals during the gun battle.
“In the course of the confrontation, one of the hoodlums was neutralised, while others fled the scene,” he said.
The police spokesman added that seven additional suspects were later arrested, bringing the total number of suspects in custody to nine.
He also confirmed that one locally made pistol was recovered during the operation.
Ukandu said the remains of the slain traditional ruler had been recovered and deposited in a morgue for autopsy.
The suspects are currently in police custody, while efforts are ongoing to arrest other fleeing gang members.
He added that the suspects would be charged to court after the investigations conclude.
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News2 days agoPolice Clear Interior Minister Tunji-Ojo In NYSC Certificate Probe
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News2 days agoFour Abducted Victims Rescued By Police Along Igbeti–Kishi Road
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News2 days agoAfter Long Wait, Tinubu Assigns Portfolios To 65 Ambassadors-Designate
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News2 days agoKidnappers Kill Ex-Ebonyi Deputy Governor’s Father, Nine Suspects Arrested
