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Zenith Bank Retains Top Spot As Nigeria’s Number One Bank By Tier-1 Capital For Fifteen Years In The 2024 Top 1000 World Banks’ Ranking

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For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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Senate Orders Nationwide Crackdown As Lead Poisoning Hits Ogijo Lagos

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The Senate on Thursday expressed grave alarm over a fast-spreading lead-poisoning crisis in Ogijo, a densely populated community straddling the boundary between Ikorodu (Lagos) and Ogun East Senatorial District.

It described it as a full-blown environmental and public-health emergency that threatened thousands of lives.

The motion, jointly sponsored by Mukhail Adetokunbo Abiru (Lagos East) and Gbenga Daniel (Ogun East), was brought under Matters of Urgent Public Importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).

Lawmakers cited scientifically verified reports of extreme lead contamination linked to a cluster of used lead-acid battery recycling factories operating in the area for years.

According to the Senate, the crisis had left residents battling persistent headaches, abdominal pain, memory loss, seizures, and developmental delays in children, symptoms strongly associated with chronic lead exposure.

The chamber noted with concern that the Federal Government had already begun clampdowns, with the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, shutting down seven battery-recycling factories and ordering a temporary halt to lead-ingot exportation pending safety investigations.

Senators said they were “alarmed that residents have for several years complained of persistent headaches, abdominal pains, loss of memory, seizures, cognitive decline, and developmental delays in children, symptoms strongly associated with chronic lead exposure.”

Despite years of community protests, the smelters allegedly continued operating openly, releasing toxic fumes and particulate dust into surrounding homes, markets and playgrounds.

“It is regrettable that despite years of community outcry, smelter furnaces continued operating, discharging toxic fumes from melted batteries directly into surrounding neighbourhoods. We are concerned that while some factory operators deny wrongdoing, community exposure remains extreme.

“The Senate acknowledges and commends the proactive efforts of the Lagos and Ogun State Governments and their relevant ministries and agencies for conducting early inspections, raising community awareness and working with federal authorities to contain the exposure,” lawmakers said.

The chamber further cited disturbing findings by independent testing commissioned by The Examination and The New York Times, which revealed severe contamination in both residents’ blood samples and soil within the industrial cluster.

Some environmental samples, senators noted, showed lead levels “up to 186 times the global maximum safety threshold.”

A major dimension of the scandal, lawmakers said, was that lead processed in Ogijo had already been traced into international supply chains, reaching global battery and automobile manufacturers who either did not address the findings or relied solely on assurances from Nigerian suppliers.

The Senate lamented that while some factory operators deny wrongdoing, community exposure remains dangerously high amid weak accountability and gaps in Nigeria’s regulatory frameworks.

Senators nonetheless praised emergency actions taken by the Lagos and Ogun state governments, commending their early inspections, public-awareness campaigns and support for affected families.

Citing Sections 14(2)(b) and 20 of the 1999 Constitution, the Senate emphasised the government’s responsibility to safeguard citizens’ welfare and ensure a safe environment.

Following extensive deliberations, the Senate resolved to commend both the Federal Government and the Lagos and Ogun State Governments for their swift intervention in shutting down non-compliant lead-recycling factories.

Lawmakers urged continued enforcement, including factory closures, export suspensions, prosecution of violators, and strengthened industrial safety monitoring.

The chamber mandated the Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) to deploy emergency medical teams to Ogijo to provide free toxicology screenings, blood-lead management, chelation therapy, and ongoing treatment for affected children and adults.

Simultaneously, the Federal Ministry of Environment and NESREA were directed to carry out comprehensive environmental remediation, mapping soil, groundwater, air, and household dust contamination.

The Senate also called on the Federal Ministry of Solid Minerals and relevant regulatory agencies to enforce strict compliance standards for battery-recycling and lead-processing operations nationwide.

Additionally, it recommended establishing a National Lead Poisoning Response and Remediation Task Force within NEMA and directed the Committee on Legislative Compliance to monitor progress and report back within six weeks.

The Senate described the Ogijo crisis as a preventable tragedy that must serve as a national wake-up call on industrial pollution, regulatory failure and the urgent need to protect vulnerable communities from hazardous waste.

 

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Some Politicians Funding Terrorism In Nigeria, Says Ex-CDS Lucky Irabor

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Lucky Irabor, ex-chief of defence staff (CDS), says some political actors are involved in terrorism financing in Nigeria.

On November 30, Daniel Bwala, Special Adviser to President Bola Tinubu on policy communication, said the federal government would soon reveal the identities of terrorism sponsors.

Bwala said the government is “making far-reaching decisions”, adding that the outcome would be noticeable shortly.

The presidential aide said terrorism is a global problem, adding that “the demand is now on the world governments to see how they can cooperate with Nigeria”.

Speaking on ‘Politics Today’, a Channels Television programme, on Monday, Irabor said certain politicians exploit insecurity for personal advantage.

Asked directly if politicians fund terror networks, he replied with “some politicians”.

Irabor said some party chieftains capitalize on instability to create an impression that they can offer better leadership.

“Some politicians have now taken advantage of the state of under-governance, as it were, to perhaps gain some form of leverage to give the impression that they can do better,” he said.

“Others perhaps want to give an impression they can do better, to score the point that there is poor governance… they could also instigate a certain crisis one way or the other.

“Those who believe that it’s purely political, maybe, have their argument from that angle. For me, it will be wrong.”

Irabor also addressed criticisms of the federal government’s refusal to publish names of alleged terror financiers.

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JUST IN: Tinubu Nominates Ex-CDS Christopher Musa As Defence Minister

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President Bola Tinubu has nominated a former Chief of Defence Staff, General Christopher Musa, as the new Minister of Defence.

The nomination was contained in a letter sent to Senate President Godswill Akpabio on Tuesday, announcing Musa as the replacement for Alhaji Mohammed Badaru, who resigned from the position on Monday due to health reasons.

In his letter to the Senate, the President expressed confidence in Musa’s capacity to lead the Defence Ministry and strengthen Nigeria’s security framework.

The nomination was confirmed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The statement added, “General Musa, 58, on December 25, is a distinguished soldier who served as Chief of Defence Staff from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.

“Born in Sokoto in 1967, General Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.

“General Musa was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments include General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.

“In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.

“In 2021, General Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed Chief of Defence Staff by President Tinubu in 2023.”

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