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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.

BIG STORY

I’ve Never Sponsored Thugs, I Don’t Want To Miss Heaven — Rotimi Amaechi

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Former Rivers state governor, Rotimi Amaechi, has stated that he has never sponsored thugs during his political career.

Amaechi, who served as the governor of Rivers state from 2007 to 2015 and later as the minister of transportation under President Muhammadu Buhari, explained in an interview with ABN TV that his priest had warned him against promoting political violence, as it could jeopardize his chances of getting into heaven.

He said, “Let me quote former President Jonathan, he said, no life worth my ambition. You will not see me in any political meeting planning for thugs, you will not see me say this money is for thugs; I will not.”

He further explained, “My Priest tells me that anybody who dies in the course of that money, you will be held accountable. The society may not hold you accountable or send you to prison because you are a big man — but God will not allow you into heaven because he will hold you accountable. I don’t want to miss heaven.”

Amaechi emphasized that he teaches his family to live by these principles, adding, “That’s why I teach my children, my wife can testify, I teach it at home, we would like to go to heaven.”

He addressed public misconceptions, saying, “When they say I am stubborn it’s not correct; I’m only disciplined. Let one person, including my former boss, say that I betrayed him before, and you will see if it is true or not when I say my own story.”

His remarks come amid rising tensions between the current Rivers state governor, Siminalayi Fubara, and the Minister of the Federal Capital Territory, Nyesom Wike, over control of the state’s political structure.

The political crisis escalated after local government elections were marked by violence at secretariats in Emohua, Eleme, and Ikwerre.

In the interview, Amaechi described Rivers state as the “capital of betrayal,” claiming that many politicians in the state owe their careers to him.

He said his key principles in mentoring young politicians were honesty and public service, adding, “Name one politician in Port Harcourt that is in the space that didn’t pass through me.”

Referring to Fubara, he said, “Sim (Fubara) was an accountant under me, he was an accountant under Wike. When I became governor, Wike became Chief of Staff but, I don’t like calling his name; unfortunately, I don’t know why I’m calling his name.”

Amaechi continued, “Just name any Rivers politician that didn’t pass through me — only people you can mention are the likes of Prince Uche Secondus; we were contemporaries, maybe Senator Lee.”

He attributed the current political climate to a lack of character among today’s politicians, stating, “It’s not about mentorship; it’s about hunger. A lot of them are hungry and could not manage the situation.”

Reflecting on his own political journey, Amaechi said, “I joined politics at the age of 22 and there were two camps: Rufus George camp, very poor and broke; we hardly had food to eat and Abule’s camp which was very rich and everybody was rushing to him, he had a bank.”

He added, “But those of us who bothered about character, because my father taught me character, stood with Rufus without knowing if we would win or not. And at the end of the day, God delivered us and we became government. He became governor and I became Special Assistant.”

Finally, Amaechi contrasted today’s politicians with those of his time, saying, “The crop of politicians then are different from what we have now, I am not interested in politics…I will discuss politics at the right time.”

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BIG STORY

New Bill Mandates Tax ID For Opening Bank Accounts

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A new bill has been proposed in Nigeria that will require individuals using banking, insurance, stock-broking or other financial services to provide a Tax Identification Number (TIN) as a condition to open a new account or operate an existing one.

The bill aims to improve tax compliance and revenue collection. It requires anyone engaged in financial activities to register for tax and obtain a TIN.

Non-residents supplying taxable goods or services to Nigerians, or deriving income from Nigeria, must also register for tax and get a TIN. However, non-residents earning only passive income from Nigerian investments are exempt from registration but must provide relevant information.

The bill empowers the relevant tax authority to automatically register and issue a TIN to individuals who fail to do so themselves. Failure to comply may result in penalties.

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BIG STORY

It Will Be Undemocratic: Why Military Hasn’t Gone After Asari-Dokubo — DHQ

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The Defence Headquarters clarified on Thursday that it has refrained from taking action against former Niger Delta militant warlord, Mujahid Asari-Dokubo, to avoid accusations of acting “undemocratically.”

The Director of Defence Media Operations, Maj. Gen. Edward Buba, stated this in Abuja while addressing a recent report concerning Asari-Dokubo’s alleged threat to shoot down a military helicopter that had reportedly flown near his residence.

Speaking to journalists, the DHQ spokesman dismissed Asari-Dokubo’s threat as “laughable,” daring him to engage soldiers in actual combat if he felt confident enough.

Buba remarked, “Now, the comment by an individual that he can shoot down military helicopters is laughable. And I am about to laugh at that. We are in a democracy, and we are professionals. Of course, we cannot just, based on somebody’s comments, begin to take certain actions. They would accuse the military of being undemocratic.

“The military is not the only security force or department in the country. There are other security agencies that have a constitutional role to play in handling such issues.

“I tell you that he doesn’t have that capability, but I will allow the security forces responsible for such matters to take it up. As for us, come to the battlefield, and we’ll take you out. He should come to the battlefield and see whether we can react or not.”

Buba further emphasized that the military’s primary objective remains targeting terrorists across various regions of operations.

“For us, the enemy we fight are the terrorists. Some may choose to call them different names in the different theatres of operations where they exist. In the North-West and North-East, some will say terrorists; some may prefer to call them bandits.

“I tell you, they are all terrorists, and that is what we see. Troops are making significant progress. As I mentioned earlier, we prioritise eliminating terrorist leadership, and we have been doing just that. In the last three quarters, we have taken out over 300 terrorist commanders, not to mention their foot soldiers.

“Our aim is to diminish their fighting capabilities and damage their military capabilities, which we have been successfully doing. As indicated in the brief you received, you can see how many weapons and ammunition we have recovered.”

Buba also disclosed that a prominent terrorist leader in Jigawa State, known as Mai Hijabi, was neutralized in a recent operation conducted during the week.

He reported that 165 terrorists were killed, and 238 individuals were arrested.

“Our operations have destroyed a substantial part of the combat capacity of these terror groups and their leadership. For instance, one of the notorious terrorist commanders in Jigawa State, known as Mai Hijabi, was eliminated from the battlefield during the week. Troops are, therefore, increasingly making significant strides across all theatres of operations.

“During the week under review, troops neutralised 165 terrorists, arrested 238 persons, and rescued 188 kidnapped victims.”

Buba also mentioned the arrest of 35 suspected oil thieves in the South-South region and the prevention of oil theft worth an estimated N688,125,150.00.

“Troops in the Niger Delta area discovered and destroyed two dugout pits, 58 boats, and 39 storage tanks. Other items recovered include 13 cooking ovens, 35 drums, one motorcycle, one tricycle, four speed boats, 13 vehicles, and 65 illegal refining sites. Troops recovered 789,200 litres of stolen crude oil and 64,950 litres of illegally refined AGO.”

Buba went on to say that troops also recovered 153 assorted weapons and 2,182 rounds of ammunition.

The recovered items include 81 AK-47 rifles, 23 fabricated rifles, 27 Dane guns, 13 pump-action guns, five locally-made pistols, three revolver pistols, 30 AK-47 magazines, and one bayonet.

Other seized materials included, “1,561 rounds of 7.62mm special ammunition, 278 rounds of 7.62mm NATO ammunition, 70 rounds of 50mm ammunition, 72 rounds of 9mm ammunition, 87 live cartridges, one Baofeng radio, 19 vehicles, 21 motorcycles, 45 mobile phones, and the sum of N64,100.00, among other items.”

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