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Tag: Zenith Bank

  • Court remands MD for allegedly stealing $123,000 from Zenith Bank

    The Managing Director of Excampo Nigeria Limited, Sikiru Olayinka, 36 has been arrested and arraigned before a Lagos Magistrate Court for allegedly stealing the sum of $123,000 belonging to Zenith Bank PLC.

    Also charged with him over the alleged offence was his Company, Excampo Nigeria Limited.

    The accused was arrested by the operatives of the Police Special Fraud Unit, PSFU, Ikoyi, Lagos and charged before the Igbosere Magistrate Court on a two-count of felony to wit, stealing.

    Policed Counsel, ASP Nwosu George told the Court in charge No B/20/2019 that the accused committed the offence in September, 2018, at Zenith bank PLC, Pen Cinema branch, Agege, Lagos.

    George informed the court that trouble started for the accused when the management of Zenith bank mistakenly transferred the sum of $123,000 into account No 5070637885 operated by the accused with Agege branch of the bank.

    George said that instead of the accused to notify the management of the bank of the development, he went ahead to withdraw all the money from his company’s account and converted it to his use knowing fully that the money did not belong to him.

    He said that nemesis, however, caught up with the accused when the management of the bank traced the missing money to his company’s account and reported the matter to the Police leading to his arrest.
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    George said the offences, the accused committed were punishable under sections 409 and 285 of the Criminal Law of Lagos State of Nigeria, 2011 as revised in 2015.
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    The accused, however, pleaded not guilty to the alleged offence in the Court and his Counsel, Opeyemi Bello prayed the court to admit the defendant to bail in the most liberal terms saying that the defendant is the breadwinner of his family.

    After listening, the presiding Chief Magistrate, Folashade Botoku turned down the oral bail application and ordered that the defendant be kept in Prison custodian from where he would be coming to court to attend his trial, adding that the defendant had earlier jumped the administrative bail granted him before he was rearrested.

    She adjourned the case till 27 March, 2019 for trial.

  • Zenith Bank declares N2.50 dividends

    Shareholders of Zenith Bank have approved the proposal of the board to pay 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.

  • Zenith Bank Holds AGM in Lagos Today

    One of the top banks listed on the Nigerian Stock Exchange (NSE) is holding its Annual General Meeting (AGM) today, Monday, March 18, 2019.

    The event is taking place at the popular Civic Center on Ozumba Mbadiwe Street, Victoria Island, Lagos by 9:00am.

    At the meeting, shareholders will vote to approve the N2.50k final dividend proposed for payment by the board of directors.

    This will bring the total dividend payout for the year to N2.80k per share, having earlier paid 30 kobo per share as interim dividend.

    In the 2017 financial year, the company paid an interim dividend of 25 kobo per share and a final dividend of N2.45k per share.

    Zenith Bank Plc released its financial statements for the year ended December 31, 2018 last month.

    During the year under review, the lender recorded a decline in its gross earnings by 15.4 percent to N630.3 billion from N745.2 billion recorded in the 2017 fiscal year.

    However, the net interest income rose to N295.6 billion from N258 billion, while the net income on fees and commission dropped to N81.8 billion from N82.6 billion.

    Also, the trading gains went down to N80.2 billion from N158 billion, while the other operating income closed at N17.9 billion in contrast to N22.4 a year earlier.

    In the period under review, the personnel expenses rose to N68.6 billion from N64.5 billion, while the operating expenses dropped to N137.9 billion from N144.9 billion.

    Zenith Bank said its profit before tax rose to N231.7 billion from N199.3 billion, while the profit after tax appreciated to N193.4 billion from N173.8 billion.

  • Fayemi lifts Fayose’s embargo on Ecobank, GTbank, Zenith Bank

    Two years after Former Governor Ayodele Fayose stopped Ministries, Departments and Agencies (MDAs) from patronising Zenith Bank, GT Bank and Ecobank, Governor Kayode Fayemi has lifted the embargo.

    Governor Fayemi announced the lifting of the embargo placed on the three banks by the administration of former Governor Ayodele Fayose.

    Recall that the Fayose-led administration in May 2016, placed a “non-patronage” ban on the three banks and forbade MDAs as well as workers from transacting business with them.

    But in a statement by his spokesman Olayinka Oyebode, the governor directed MDAs to resume transactions with the banks.

    Acting on the directive, the Office of the state’s Accountant-General has issued a memo to heads of MDAs to give effect to the governor’s directive lifting the ban.

    According to the statement, the embargo was lifted in a bid to rekindle and strengthen the relationship between the affected banks and the state government.

    The statement reads: “The government took the decision after a careful review of the developments that led to the purported embargo by the immediate past administration.

    “The Fayemi administration is committed to the infrastructural and industrial development of the state.

    “In achieving this, it will create a conducive atmosphere for business to thrive in the state by partnering with the private sector and encouraging private initiatives, among others.”

     

  • EFCC arrests, detains Zenith Bank GMD, Peter Amangbo

    Operatives of the Economic and Financial Crimes Commission (EFCC) on Sunday arrested and detained the Group Managing Director of Zenith Bank, Peter Amangbo.

    According to a report by Premium Times, the top bank executive is being detained by the anti-graft investigators over a series of transactions his bank allegedly carried out on behalf of one of Nigeria’s largest oil-producing states, Rivers.

    The anti-graft agency is alleging that the transactions, at least N117 billion in value, are suspicious in nature but that Zenith failed to report them as demanded by law.

    Insiders at the EFCC and Zenith Bank said Amangbo was held to explain why his bank failed to document the withdrawals, allegedly done over a three-year period, as suspicious.

    Amangbo was first invited for questioning on August 23, sources said. But he was freed on administrative bail and asked to return on August 24 for further interrogation.

    He honoured the arrangement, turning himself in again at the EFCC headquarters in Abuja.

    According to the report, the top banker was however not allowed to return home on Friday.

    “He was still being quizzed as at 4 p.m. on Sunday,” one source said.

    At least four other officials are also being sought in the investigation

    The suspects considered to be at large include Fubara Similari, whom investigators identified as the director of finance and account at the Government House in Port Harcourt. The Government House cashier is also said to be on the run.

    Officials were unable to immediately provide further information about the investigation on Sunday night.

    Both Akin Olaniyan and Victor Adoji, spokespersons for Zenith Bank, could not be reached for comments on Sunday night.

    Meanwhile, Governor Nyesom Wike of Rivers slammed the investigation as “political witch-hunt” Sunday night, saying he would continue to prevent state officials from appearing before the EFCC for questioning.

    “No government official will appear before the EFCC,” Mr Wike was quoted as saying in a statement his spokesperson Simeon Nwakaudu sent concerning the arrest and investigation on Sunday night.

    The governor said an Appeal Court judgement in 2007 prohibited the EFCC from prying into Rivers State coffers, a ruling he claimed had not been appealed.

    “They filed for leave to appeal the judgment at the Court of Appeal. Until they set aside the judgment, we will not come,” Wike said, adding that a fresh lawsuit would be filed to stop the EFCC investigation of Rivers accounts.

    The investigation comes two weeks after the EFCC froze bank accounts owned by Benue and Akwa Ibom States.

    Wike argued Sunday that the EFCC went after Benue and Akwa Ibom to lay the groundwork for similar measures against Rivers.

    “But the target is not Benue or Akwa Ibom States,” Mr Wike said. “The real target is Rivers State.”

    “The EFCC as a federal agency has no business with state funds. That is the responsibility of the State House of Assembly,” he added.

    The spokesperson for the EFCC, Wilson Uwujaren, did not immediately return requests for comments Sunday night.

     

  • Police arrest fleeing suspect in Imo Zenith Bank robbery one year after

    Police arrest fleeing suspect in Imo Zenith Bank robbery one year after

    The Imo State Police Command on Friday arrested the last member of the armed robbery gang that invaded a branch of Zenith Bank in the state.

    Recall that the armed robbery gang (numbering about four) killed two policemen and wounded another.

    The suspect was identified as Chinonso Gift Onwuegbuchulam, aka, Ogolo, from Obazu Mbieri in Mbaitoli Local Government Area of Imo State.

    Parading the suspect on Friday in Owerri, the Commissioner of Police, Chris Ezike, said, “I am delighted to announce to you that the remaining member of the gang, one Chinonso Gift Onwuegbuchulam, aka, Ogolo, male, 29 of age, hails from Obazu Mbieri in the Mbaitoli LGA of Imo State, was arrested on February 21, 2018.

    “The suspect, who claimed to hold a Bachelor of Science honours degree in Government and Public Administration from Imo State University in 2008, was arrested in his hideout at Close 7, Mgbuakara Eleparawan, Port Harcourt, Rivers State.”

    According to the CP, the suspect had confessed to the crime and further revealed that out of the N2.8m his gang stole from their target, he got a share of N400,000.

    “The suspect also confessed to being an armed robber since 2012 and has participated in several robbery operations in Lagos, Port Harcourt and Owerri between 2012 and 2017.

    “He is helping in our investigation as we speak,” Ezike stressed.

    According to the police boss, the arrest of Onwuegbuchulam has signaled the closure of this criminal gang and their nefarious activities.

    Ezike recalled, “I addressed the Press on June 13, 2017, on this subject matter where I stated that on February 22, 2017, an armed robbery gang trailed a bank customer to the Wetheral Road branch of Zenith Bank, Owerri and unleashed attack within the bank premises.

    “The hoodlums shot into the air repeatedly and exchanged gunfire with the three policemen from our command posted to the bank.”

    The CP recalled that one of the armed robbers, Ikechukwu Okpara, was shot dead by Chukwudi Iboko.

    He said through investigations, three members of the gang — Justice Ogbenna, 36; Abiye Charles and Okechukwu Nwanegbo were arrested by the police.

    Ezike, who recalled that two AK47 rifles with 100 rounds of live ammunition and another rifle with 175 rounds of ammunition were recovered from the gang, said four vehicles were also recovered by the police.

    “The arrest of the remaining member of the gang, Chinonso Gift Onwuegbuchulam, from Obazu Mbieri in the Mbaitoli LGA of Imo State signals the closure of this criminal gang and their nefarious activities,” Ezike said.

    When interviewed, the suspect confessed that he was part of the deadly operation and that he received N400,000 from the bank robbery incident.

    “I was part of the operation and I got N400,000 from the N2.8m we stole.

    “I am aware that my gang members were dead and that was why I ran to Lagos so as to remain elusive to the police,” the suspect said.

    Responding to a question, Onwuegbuchulam said, “I regret my actions. If given another opportunity, I will repent.”

  • Zenith Bank appoints new executive directors

    The Board of Directors of Zenith Bank Plc has approved the appointment of Dr. Temitope Fasoranti and Mr. Dennis Olisa as executive directors of the bank with effect from December 29, 2017.

    The bank said that both appointments were consistent with its tradition and succession strategy of grooming leaders from within.

    According to a statement by the lender on Tuesday, the appointments have been approved by the Central Bank of Nigeria.

    “The Board also approved the appointment of Mustafa Bello as an independent non-executive director and the appointment was approved by the Central Bank of Nigeria on December 18,” the statement read in part.

    Fasoranti holds a PhD in Economics from the Obafemi Awolowo University, Ile-Ife; M.Sc. in Economics and B.Sc. in Economics from the same university.

    Fasoranti, who is a member of the Nigerian Institute of Management, is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

    Prior to his appointment, he was the general manager and the group zonal head in charge of Ikeja zone of the bank and overseeing branches in the Lagos Public Sector Group.

    Olisa, on his part, is a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria and an Associate member of the Chartered Institute of Taxation of Nigeria.

    Prior to his appointment, he was a general manager and chief inspector of the bank overseeing the internal audit and inspection units of the group.

    The newly appointed independent non-executive director, Bello, graduated with a degree in Civil Engineering from the Ahmadu Bello University, Zaria and won the Shell prize for the best project and thesis of the Faculty of Engineering in 1978.

    He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the northern Nigerian economy.

    According to the statement, he has attended several conferences, missions and meetings where he represented the Federal Government.

  • Zenith Bank declares N75.32bn profit in 6 months

    Zenith International Bank Plc has declared a profit after tax of N75.32 billion for the half year ended June 30.

    This is available in the company’s half year result released by the Nigerian Stock Exchange (NSE) on Thursday.

    The report showed that the profit-after-tax increased by 112.35 per cent when compared with N35.47 billion posted in the preceding period of 2016.

    Its profit-before-tax rose to N92.18 billion, compared with N53.91 billion in 2016.

    The bank also recorded gross earnings of N380.4 billion against N214.8 billion achieved in the comparative period of 2016, indicating a growth of 77 per cent.

    Net interest income stood at N138.962 billion, as against N127 billion in 2016, while impairment charges increased by 196 per cent from N14.2 billion to N42 billion.

    The bank’s trading income, realised from foreign exchange, jumped from negative N864 million to positive N65.318 billion; other operating income soared from N3.57 billion to N15.11 billion in 2017.

    The bank also announced an interim dividend of N7.8 billion, which translated to 25k per share, same amount paid in the corresponding period of 2016.

    Mr Jim Ovia, the bank’s Chairman, told the shareholders in March that the bank would continue to reward them accordingly.

    Ovia said in line with its commitment to delivering superior returns to its shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.

    He stated that the bank had maintained a culture of outstanding performance and industry leadership even in the face of a very challenging operating environment.

    “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate.

    Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market.”

  • Ambode lauds Zenith Bank’s uncompromising corporate social responsibilities

    Governor Akinwunmi Ambode has lauded the Management of Zenith Bank Plc on its commitment to corporate citizenship initiatives.

    The governor gave the commendation at the inauguration of the Serenity Park and Gardens – a corporate social responsibility project undertaken by Zenith Bank Plc in collaboration with Iru-Victoria Island Local Council Development Area (LCDA)— at the Eko Hotel Roundabout, Victoria Island, Lagos at the weekend.

    Ambode, who was represented by Commissioner for the Environment Dr. Babatunde Adejare, commended the bank for reconstructing the lay bys and improving the aesthetics of the Ajose Adeogun/Eko Hotel environs.

    The reconstruction of the Ajose Adeogun Street has remained a role model for good corporate citizenship in the country, in addition to the annual decoration and light-up of the street at Christmas season.

    Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Mr. Peter Amangbo, said the bank remained committed to supporting and partnering the government’s vision and efforts to make the state a mega city in furtherance of its disposition to support a state that has been so conducive for the pursuit of enterprise.

    Sole Administrator of Iru-Victoria Island LCDA, Princess Aderemi Adebowale, expressed delight that the project, which will serve as a relaxation and fun spot, was undertaken during her tenure. She commended the bank for collaborating with her administration and urged the in coming administration to give priority to the maintenance of the facility.


  • Etisalat debt predicament: 13 Banks’ shareholders mount huge pressure

    …ask telecoms firm to clear debt

    Shareholders of the 13 banks involved in the N1.2 billion loan for Etisalat Nigeria have asked the telecoms company to pay up its debt in order to guarantee the payment of annual dividends.

    The shareholder group told the News Agency of Nigeria in Lagos on Tuesday that the company risks legal action by the banks if it failed to settle its outstanding loan obligation.

    The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, said the affected banks should approach the court for receivership if Etisalat failed to settle the debt.

    Mr. Okezie said in view of the obligations the banks have to their shareholders, in terms of dividend payment at the end of the financial year, it was incumbent on Etisalat to pay the debt.

    On his part, the Chairman of Nigeria Professional Shareholders Association, Godwin Anono, said the company was under obligation to settle the debt, since the transaction was in line with the customer-bank relationship, involving terms and conditions that must be obeyed.‎

    Mr. Anono said the shareholders were in support of the banks’ move to acquire the company if it failed to settle the loan.

    “This is like any other transaction. It’s not government business. I stand on existing protocol to say that the banks should acquire the company if it fails to settle the debt,” he said.

    The Head Research, SCM Capital Ltd, Sewa Wusu, said where there was any breach of the terms and conditions of the loan between Etisalat and the consortium of banks, then the normal legal process should be followed.‎

    Mr. Wusu said the issue was beginning to elicit concerns in the banking industry considering the amount involved and its potential impact on the balance sheets of the banks banks.

    “Since the monetary authority is also involved in the negotiation, I am sure this will ensure prompt settlement of the situation among the parties,” he said.

    Etisalat had obtained a $1.2 billion (N377.4 billion) syndicated loan in 2013, from a consortium of 13 Nigerian banks, to finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria.

    The consortium of banks include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.

    Zenith Bank, Guaranty Trust Bank and Access Bank have the top three exposures of the total loan – N80 billion, N42 billion and N40 billion respectively.

    Etisalat Nigeria said last week it had paid about half of the initial loan (about N504billion), leaving a total outstanding sum of about $574 million.

    >>Also read: United Arab Emirates-based Etisalat Group says willingness to release its brand name is conditional