One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.

This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.

With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.

Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.

Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.

By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.

As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.

At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.

Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.

Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.

As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.

In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.

The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.

It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS

Shareholders of United Bank for Africa have enjoyed 375 per cent capital gains in nearly five years.

Official data at the Nigerian stock market at the weekend indicated that investors in UBA have continued to earn an average annual return of about 75 per cent over the last five years. This highlights UBA’s impressive records as a high-yielding, inflation-hedging stock.

The trading report for the period between December 31, 2019, and December 06, 2024, showed that UBA recorded a cumulative capital gain of 374.83 per cent during the period, representing an average annual gain of 74.97 per cent.

UBA’s share price opened in 2020 at N7.15 per share and closed the weekend at N33.95 per share, 35.26 per cent above its 2024 opening price of N25.10 per share.

An analysis of the data showed that an investor who had advanced N500,000 in the shares of UBA at the year’s opening price for 2020 now has a real, immediate market value of more than N2.374m due to accumulated capital gains. This excludes accrued cash dividends over the period under review.

UBA is currently offering existing shareholders exclusive opportunities to increase their shareholdings in the bank with its ongoing N239.4bn rights issue.

The pan-African banking group is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted based on one new ordinary share of 50 kobo each to every five ordinary shares held as of November 05, 2024. The rights issue is scheduled to close on December 24, 2024.

Speaking on the significance of the share price movement, market analysts were unanimous that share prices are illustrative of the fundamental values of quoted companies.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said share pricing at the stock market thrives on a concept of a “forward-pricing mechanism,” where investors take into consideration the potential future return based on available track records and emerging developments.

Managing Director, HighCap Securities Limited, Mr. David Adonri, said share price is a reflection of the market value for a company, comprising both past performances and future expectations.

Meanwhile, for the nine months ended September 30, 2024, UBA reported 83.2 per cent growth in gross earnings to N2.39tn, almost double the N1.31tn recorded in the third quarter of 2023.

Profit before tax increased to N603.48bn compared with N502.09bn recorded in the third quarter of 2023. Profit after tax also rose from N449.26bn in the third quarter of 2023 to N525.31bn in the third quarter of 2024.

The group balance sheet size expanded by 54 per cent to N31.80tn by September 2024 as against N20.653tn recorded at the end of December 2023 as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with total deposits rising to N26.50tn, representing a 52.7 per cent rise from N17.355tn at the end of December 2023.

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.