Category: HISTORY

Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators. The Bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry.

 

According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.

 

Commenting on the results, Dame Dr Adaora Umeoji OON, Group Managing Director/CEO, stated “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.

 

Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management. Net interest income increased by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the Bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds. Non-interest income also grew by 20% from N919 billion to N1.1 trillion.

 

The Bank’s total assets grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a strong liquidity position and effective balance sheet management. Customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits. The increase in retail deposits was driven by customer acquisition and the Bank’s strategic focus on low-cost funding.

 

Return on Average Equity (ROAE) declined to 32.5% on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1%. The Bank’s cost-to-income increased slightly from 36.1% to 38.9%, despite inflationary pressures. Its Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring the Bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in the Bank’s operations.

 

Given the good earnings performance, the Bank has proposed a final dividend of N4.00 per share, which brings the total dividend for the year to N5.00 per ordinary share.

 

In a significant milestone, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from this capital raise will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets, unlocking new growth opportunities.

 

The bank remains focused on delivering sustainable growth, enhancing shareholder value, and driving financial inclusion through innovative banking solutions. With its solid capital base and innovative product offerings, the Bank is well-positioned to navigate evolving market conditions while continuing to strengthen its leadership in the Nigerian financial landscape.

 

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 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, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.

 

Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 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, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.

 

 

 

Ejiro Fenegal (born 1991) is a Nigerian sculptor renowned for her figurative and portrait sculptures that celebrate African heritage and the female form.

Early Life and Education

Born in Ughelli, Delta State, Nigeria, Fenegal pursued her passion for art at the School of Arts, Design, and Printing, Yaba College of Technology, where she graduated with a Higher National Diploma in Sculpture in 2019.

Artistic Style and Themes

Fenegal’s work focuses on portraying female figures as powerful symbols of strength and beauty, reflecting her deep appreciation for African culture and identity.

Notable Exhibitions

Her sculptures have been showcased in several exhibitions, including:

• Foundations Summer 2023 and Winter 2024: A group exhibition highlighting emerging talents in contemporary art.

Recent Works

One of her notable recent works is “Out of the Blue” (2024), a marble sculpture measuring 32 × 23 × 12 inches.

Online Presence

Fenegal actively shares her work and engages with art enthusiasts through her Instagram profile:

Ejiro Fenegal’s dedication to her craft and her ability to infuse cultural narratives into her sculptures have positioned her as a significant voice in contemporary African art.

 

Titi Cole is a distinguished financial services executive with extensive experience in global banking operations.

Professional Background

• Citigroup (Citi): Joined in 2020 as Head of Operations for Global Consumer Banking. Later served as Head of Legacy Franchises, overseeing the divestiture of consumer banking operations in 14 countries.

• Wells Fargo: Held the position of Head of Consumer and Small Business Banking Operations and Contact Centers from 2015 to 2020.

• Bank of America: Served as Head of Retail Products and Underwriting between 2010 and 2015.

• McKinsey & Company: Worked as a management consultant earlier in her career.

Recent Developments

• Board Appointment: In February 2025, Titi Cole was elected to Citi’s Board of Directors, bringing her extensive operational and strategic expertise to the boardroom.

• Nonprofit Leadership: Since 2025, she has been serving as the Executive Director of Development at the Sickle Cell Hope Alive Foundation, demonstrating her commitment to community health initiatives.

Leadership Philosophy

Titi Cole is recognized for her strategic vision and dedication to operational excellence. She emphasizes the importance of curiosity and continuous learning in leadership roles, qualities that have been instrumental throughout her career.

Her journey reflects a commitment to innovation and inclusivity in the financial sector, inspiring many aspiring professionals.

Reverend John Berry Meachum (1789–1854) was a Black preacher, educator, and abolitionist known for his efforts in educating enslaved and free African Americans in Missouri.

Key Facts About John Berry Meachum

• Born into Slavery in Virginia in 1789, he later purchased his own freedom.
• Moved to St. Louis, Missouri, where he became a Baptist minister and carpenter.
• He founded the First African Baptist Church, one of the earliest Black churches in Missouri.
• He was a strong advocate for education, establishing a school for Black children.
• When Missouri laws prohibited Black education, he created a “Floating Freedom School” on a steamboat in the Mississippi River, beyond state jurisdiction.

His Legacy

• His dedication to education and abolition made a lasting impact on Black communities.
• The Floating Freedom School was a bold act of defiance against racist laws.
• He was a leader in the Underground Railroad, helping enslaved people escape to freedom.

 

 

The first Black woman to enlist in the U.S. Army was Cathay Williams.

Who Was Cathay Williams?

• Born in 1844 in Missouri, she was enslaved during her early years.
• During the American Civil War, she disguised herself as a man and enlisted in the U.S. Army under the name “William Cathay” in 1866—becoming the first documented Black woman to serve in the Army.
• She served with the Buffalo Soldiers in the 38th U.S. Infantry Regiment.
• Her true identity was eventually discovered, and she was discharged in 1868.

Why Was This Significant?

• At the time, women were not allowed to serve in the military, making her enlistment an act of bravery and defiance.
• She remains a symbol of resilience and determination for women and African Americans in the military.

 

Dr. Oluyinka Olutoye is a renowned Nigerian pediatric surgeon known for his groundbreaking work in fetal surgery. He gained global recognition in 2016 when he successfully operated on a baby in utero (inside the womb), removed a tumor, and then returned the baby to the mother’s womb to continue developing until birth.

Key Achievements:

• Fetal Surgery Pioneer: In 2016, at Texas Children’s Hospital, he performed a surgery on Lynlee Boemer, a baby diagnosed with sacrococcygeal teratoma (a rare tumor). The baby was taken out of the womb at 23 weeks, had the tumor removed, and was then placed back in the womb to continue growing until full term.
• Medical Leadership: In 2019, Dr. Olutoye was appointed as the Surgeon-in-Chief at Nationwide Children’s Hospital in Ohio, USA.
• Education: He studied medicine at Obafemi Awolowo University (OAU), Nigeria, and later earned a Ph.D. in Anatomy and Cell Biology from Virginia Commonwealth University, USA.

Impact & Recognition:

• His work has helped advance the field of fetal surgery, giving hope to families facing complex birth defects.
• He is widely celebrated as an inspiration for African doctors and surgeons around the world.