Zenith Bank

Zenith Bank Plc
Company typePublic limited company
NGX: ZENITHBANK LSE: ZENB[1]
IndustryFinance
Founded1990; 34 years ago (1990)
FounderJim Ovia
Headquarters
Zenith Heights, Plot 83, Ajose Adeogun street, Victoria Island, Lagos
,
Nigeria
Area served
Ghana, Nigeria, Sierra Leone, South Africa, UK, UAE
Key people
Adaora Umeoji (CEO)[2]
ServicesBanking
Revenue$854m (2019)
Total assetsIncrease$21,667bn (2021)[3]
ParentZenith Bank Edit this on Wikidata
Websitewww.zenithbank.com

Zenith Bank Plc is a major financial services provider in Nigeria and Anglophone West Africa, headquartered in Victoria Island, Lagos. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.[4]

As of 1 April 2024, it holds more than $16.5bn in total assets, with shareholders' equity of $854 million.[5] The company is listed on the Nigeria Stock Exchange and the London Stock Exchange.[1] Irrespective of the current economic inflation in Nigeria, the bank had ₦727.03 billion payment before tax (PBT) in H1 2024.[6] It won the "Bank of the year award" and the "Retail Bank of the year" at the BAFI awards in October 2024.[7]

History

Competitive environment

The Nigerian banking industry of the early 1990s was led by a select group of four major banks: Union Bank, First Bank, UBA, and Afribank.

Foundation

In 1990, Jim Ovia founded Zenith Bank plc to compete with the existing four major banks.[8] Zenith Bank was established in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors. The bank's first office was originally a residential house in Victoria Island that was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth.[9] In 1997, following a directive for banking institutions to shore up their capital base, Zenith increased its capitalization to 500 million naira.[10]

Growth using technology

In 1999, Zenith bank embraced the use of the internet for marketing financial services and to promote the use of online banking by consumers and becoming one of the earliest companies to invest in online banking.[11] In the early 2000s, Zenith's profile began to rise, its investments in information technology helped it compete against the major banks that had a larger branch outreach and it soon began to announce net profits comparable to some of the older big banks.[9]

IPO

On 17 June 2004, following a successful IPO, the bank became a public limited company. On 21 October 2004 its shares of the stock were listed on the Nigeria Stock Exchange (NSE). The bank's shares are traded on the London Stock Exchange (LSE) following a listing of the $850 million worth of its shares at $6.80 each, in 2013.[1][12]

The bank has equity investments in Zenith Custodian, Zenith Securities, and Zenith General Insurance.

Branch network

Branch of Zenith Bank in Race Course Road, Kaduna State.

As of 2016, Zenith Bank had more than 500 branches and business offices in all states and the Federal Capital Territory.[12] It maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone and The Gambia. The Bank also has an office in China.[12] In 2024, Adaora Umeoji became the CEO, succeeding the immediate CEO, Ebenezer Onyeagwu.[2]

See also

References

  1. ^ a b c LSEG - Welcome Stories (21 March 2013). "London Stock Exchange Is Delighted To Welcome Zenith Bank To The Main Market". London: London Stock Exchange Group (LSEG). Retrieved 27 September 2016.
  2. ^ a b Egobiambu, Emmanuel (March 19, 2024). "Zenith Bank Appoints Adaora Umeoji As First Female GMD/CEO". Channels TV.
  3. ^ Zenith Bank Plc (11 March 2017). "Zenith Bank PLC Annual Report - 31 December 2016" (PDF). Lagos: Zenith Bank Plc. Retrieved 11 March 2017.
  4. ^ CBN (27 September 2016). "List of Financial Institutions: Licensed Commercial Banks". Abuja: Central Bank of Nigeria (CBN). Retrieved 27 September 2016.
  5. ^ Abimbola, Oluwakemi (2024-05-05). "Zenith Bank grows assets by N3.9tn in three months". Punch Newspapers. Retrieved 2024-07-06.
  6. ^ "Despite Headwinds, GTCO, Zenith, Ecobank, Nine Other Listed Banks Generate N3.81tn Profit in H1 2024 – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-10-14.
  7. ^ "Zenith Bank Wins 'Bank of The Year' and 'Retail Bank of the Year' at BAFI Awards 2024". Zenith Bank Plc. Retrieved 2024-11-11.
  8. ^ "Okowa salutes Jim Ovia at 70". Vanguard News. 2021-11-04. Retrieved 2022-03-04.
  9. ^ a b Salami, Semiu (August 21, 2000). "The Pearl of Banking". The News (Lagos).
  10. ^ Salami, Semiu (December 21, 1998). "Business Banks Falling Short". The News (Lagos).
  11. ^ Obiabaka, Chioma (July 6, 1999). "The 'In' Thing". The News (Lagos).
  12. ^ a b c Zenith Bank (27 September 2016). "Zenith Bank Plc: Corporate Information". Lagos: Zenith Bank. Retrieved 27 September 2016.


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