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AGM 2019: Zenith Bank Declares N2.50 Dividends

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Shareholders of Zenith Bank have approved the proposal of the board to pay a final dividend of N2.50k per share as dividends for the 2018 financial year.

The shareholders gave the approval at the 28th Annual General Meeting of the bank in Lagos.

The directors proposed a final dividend of N2.50 per share in addition to the N0.30 per share paid as interim dividend amounting to N2.80 per share, as against the N2.70 per share in 2017.

The bank earmarked N87.91 billion for total dividend payment to shareholders for 2018 financial year as against N84.77 billion paid in 2017.

The Chairman of the bank, Mr Jim Ovia, said that the bank remained committed to delivering superior returns to its much valued shareholders by ensuring that a good chunk of its profits was set aside for shareholders.

“In clear demonstration of this, we had declared and paid an interim dividend of 30 kobo per share in the course of the 2018 financial year.

“We hereby propose a final dividend of 250 kobo per share. If approved, this will bring the total dividend for the year ended Dec. 31, 2018 to 280 kobo per share as against 270 kobo per share that was paid in the previous year.”

Speaking further on the financial results, Ovia said that 2018 was challenging year for all operators in the Nigerian banking industry.

He said the bank was able to fully exploit the opportunities within the environment to record a performance that attested to its durability and resilience as a brand.

“Clearly, the results are once again, a reflection of the exceptional financial of the exceptional financial health of the bank and the group.

“For the bank, total deposit was N2.82 trillion for the year ended December 31, 2018, representing a 2.9 per cent increase over the previous year’s figure of N2.74 trillion.

“Profit Before Tax rose by 13.6 per cent from N169 billion in 2017 to N192 billion in 2018.

“Profit-After- Tax similarly rose by 7.8 per cent from N153 billion in 2017 to N165 billion in 2018.

“During the same period, total assets of the bank grew by 2.7 per cent from N4.83 trillion to N4.96 trillion, while shareholders’ fund declined by 3 3 per cent from N698 billion to N675 billion.

“Gross earnings similarly declined by 0.2 per cent from N674 billion in year 2017 to N538 billion in 2018.”

Also as a group, Ovia said that the performance indices were no less remarkable.

According to him, the Group’s profit before tax grew by 16.6 per cent from N199 billion in year 2017 to N232 billion in 2018.

“Profit-after-tax grew by 10.9 per cent during the period from N174 billion in 2017 to N193 billion in 2018 while customer customers’ deposit grew by 7.3 per cent during the same period from N3.44 trillion to an3.69 trillion.

“Group shareholders’ fund grew by 0.5 per cent from N812 billion in 2017 to N816 billion in 2018, gross earnings dropped by 15.4 per cent from N745 billion in 2017 to N630 billion in 2018,” he said.

The Zenith Bank Managing Director, Mr Peter Amangbo, said the bank’s drive toward entrenching sustainable principle in its business operations gained further momentum in the year under review.

Amangbo said the bank would continue to place a high premium on developing a robust risk management framework which had helped in promoting the soundness of the financial institution in protecting its assets and ensuring its growth.

“We are committed to entrenching a robust enterprise risk management, global best practices in corporate governance and sustainability in the coming year,” he said. (NAN)

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Financial Empowerment: UBA Launches ‘Click Credit’ To Ease Access To Cash For Customers

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Pan African financial institution, United Bank for Africa (UBA) Plc has launched ‘Click Credit’, a time loan designed to address the urgent needs of customers whose salary accounts are domiciled with the bank.

As a bank backed by a strong retail franchise with over 1,000 business offices serving 19 million customers, UBA has introduced this product in line with the bank’s mission of creating value for its customers while assisting them to meet up with their urgent needs. The loan product, already being enjoyed by millions of customers in  Nigeria will be extended to the Bank’s other franchises in Africa.

Click Credit, which has been carefully crafted to improve the lives of the UBA customers, is a superfast loan product which will allow qualified customers to apply for up to N5 million loan and pay back over 12 months at an interest rate of 1.58% per month, with no hidden fees.

Specifically, salary earners from N25,000 per month who fall between the ages of 18 and 59 can benefit from this facility with no extra fees; no need for collaterals, no paper-work or other difficult issues when it comes to this facility; as customers can even apply via LEO, UBA Mobile Banking and UBA internet banking.

UBA’s Group Head of Retail Banking, Mr. Jude Anele, who revealed that qualified customers have begun to enjoy the service, explained that the loan provides immediate access to funds once eligibility is confirmed in less than a meeting

He said, “As Africa’s most innovative and technology-driven financial institution with an array of novel products and services tailored to the needs of its millions of customers, we have launched Click Credit, which is straightforward and more affordable than many other loan products in the market.  Its unique feature is that it meets a critical credit need for our customers”.

Anele while emphasising the critical role that credit plays in any developing and developed society, said that it is part of the customers’ financial power where they can be assisted to get the things they need when they need them without hassles.

While explaining that this product is being rolled out first in Nigeria and subsequently in the rest of UBA’s countries of operations; he explained that UBA is committed to ensuring that Click Credit helps the bank’s customers to cover critical needs and set them up for success, having moved past that moment of need.

On her part, UBA’s Group Head, Marketing, Dupe Olusola, reiterated that UBA remains focused on empowering its customers to fund their urgent needs.

“At UBA, we work hard to be there in the moments that matter to our customers, hence, our huge investment in technology and other facilities to make banking easier and seamless,” Olusola explained, adding that the bank has deepened its focus on the most important aspect of its business which are its the customers.

To ensure ease of access, customers can apply for Click Credit by simply dialling *919*28# or via UBA’s chat bank ‘Leo’, UBA Mobile Banking app and UBA Internet Banking.

 Customers can also speak to the Bank’s  Customer Fulfilment Centre (CFC) about Click Credit. The terms of the loan are available at www.ubagroup.com/clickcredit.

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Transcorp Group Announces Significant New Executive and Non-Executive Board Appointments

Gbemileke Ajayi

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Transnational Corporation of Nigeria Plc (Transcorp) has announced significant appointments to its Board and Executive Management. Transcorp is Nigeria’s leading listed industrial holding company, whose interests include Transcorp Power, Nigeria’s largest power generator, Transcorp Hotels, owner of the iconic Transcorp Hilton, and significant upstream oil and gas assets.

Owen Omogiafo has been appointed as President/GCEO of Transnational Corporation of Nigeria Plc, with effect from March 25, 2020. She succeeds Valentine Ozigbo, who is retiring to pursue a career in public service, having served Transcorp for close to a decade. Owen is currently the MD/CEO of Transcorp Hotels Plc and has over two decades of corporate experience in organizational development, human capital management, banking, change management and hospitality. She holds a B.Sc. in Sociology & Anthropology from the University of Benin, an M.Sc. in Human Resource Management from the London School of Economics and Political Science and is an alumnus of the Lagos Business School and IESE Business School, Spain. She is also a member of the Chartered Institute of Personnel and Development, UK and a Certified Change Manager with the Prosci Institute, USA. She has received multiple awards and been named as one of Africa’s top 100 Female CEOs.

Dupe Olusola has been appointed as the MD/CEO of Transcorp Hotels Plc, effective from March 25, 2020. She is currently the Group Head, Marketing at United Bank for Africa Plc. She has over 21 years of corporate experience including MD/CEO of Teragro Juice Concentrate Plant. She holds a BA in Economics from the University of Leicester and a Masters in Development Economics from the University of Kent. She is a certified Project Manager, with qualifications in PMP and Prince 2. She has received numerous awards and was named by the Ventures Africa’s as one of the 10 Most Influential Nigerian CEOs of 2015.

The Board of Transcorp Hotels Plc has also approved the appointment of Helen Iwuchukwu as an Executive Director/Chief Operating Officer of the company. She is currently the Group Company Secretary of Transcorp Plc. She holds an LL. B. (Hons) degree in Law and was enrolled as a Solicitor and Advocate of the Supreme Court of Nigeria in 1993 (BL Hons) and holds a Master of Laws degree (LL. M.) from Middlesex University Business School, London. Helen is a member of the Nigerian Bar Association, with over 25 years in legal advisory, corporate law, corporate governance, administration, human capital management, and government relationship management.

Christopher Ezeafulukwe has been appointed as the MD/CEO of Transcorp Power Plant, Ughelli and was the Executive Director, Business Development & Legal, Transcorp Plc. He has over 21 years’ experience in business development, legal advisory, and company secretarial roles. He holds an LL.B from the University of Lagos, a B.L from the Nigerian Law School, an LL.M from the University of Lagos and further LL.M in Energy, Environmental & Natural Resources Law from the University of Houston, Texas. He is a member of the Nigerian Bar Association, the Institute of Chartered Secretaries & Administrators of Nigeria, the Association of International Petroleum Negotiators and was a member of the Executive Council of Association of Power Generation Companies of Nigeria.

The Board of Transcorp Power Ltd has also approved the appointment of Okaima Ohizua as Executive Director/Chief Operating Officer of Transcorp Power Ltd. She is currently Executive Director, Customer Services at Transcorp Hotels Plc. She has over 25 years of working experience and has been key to the continued service transformation at Transcorp Hilton Hotel, since joining the Board and Management in 2013. A graduate of law from the University of Benin and the Nigerian Law School, Okaima also holds an Advanced Management Program certificate from the Pan-African University – Lagos Business School.

The Board of Transcorp Plc also announced the appointment of Valentine Ozigbo as a Non-Executive Director, following his resignation as MD/CEO of Transcorp Plc.

Speaking on these appointments, the Chairman, Transcorp Group and Heirs Holdings, Tony O. Elumelu, CON, expressed his confidence that the newly appointed chief executives and non-executive directors will further, strengthen Transcorp’s mission of improving lives across Nigeria.

“These appointments demonstrate our commitment to nurturing talent and rewarding success. We have a deep pool of highly qualified and dedicated employees, who can be challenged with more responsibility in attaining our corporate vision. We remain committed to diversity and inclusion; are delighted by the depth and quality of experience that this leadership team brings to our group. These appointments further indicate our internal succession capacity and strong corporate governance practices”.

Mr. Elumelu thanked Valentine Ozigbo for his achievements as CEO. He highlighted that the Board of Transcorp will continue to implement its defined strategy, which has led its investee companies being leaders in their chosen sectors and has seen the significant transformation, since Mr Elumelu’s holding company, Heirs Holdings invested in 2011.

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USAID, United Bank For Africa Sign Memorandum Of Understanding To Advance The Two-Way Trade And Investment Goals Of Prosper Africa

Gbemileke Ajayi

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U.S Agency for International Development (USAID) through the Prosper Africa initiative is partnering with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa.

This partnership ensures businesses are equipped with the technical and financial tools they need to enter into new trading and investment relationships in Africa and the United States.

USAID will provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs, and will connect UBA with African Diaspora business groups working across the United States. The MOU enables UBA, the only sub-Saharan African bank licensed to operate in the United States, to expand access its reach and extend financing to American companies in the United States looking to do business with African nations.

Recognizing tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States. By working together, they will extend financing and technical assistance to businesses that will strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic.

The two institutions entered into this agreement as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organized by the U.S. Embassy in Tunis and the American Chamber of Commerce of Tunisia. The event facilitated U.S. and African business-to-business connections and featured remarks by key representatives from the U.S. Government and the U.S. and African private sector.

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