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World Banks’ Ranking: Zenith Bank Retains Top Spot
By David Torough, Abuja
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, UnitedKingdom, recognise Zenith Bank’s continued financial strength and stability.They were 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 said, “We are deeply honoured to be recognized 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, whose visionary and transformational 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 July 11, 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.
By Tony Obiechina Abuja
African Export-Import Bank has signed a $1.35bn financing facility in favour of Dangote Industries Limited.A statement from Afreximbank disclosed that the facility is part of a larger $4bn syndicated financing arrangement for Dangote Industries Limited in which Afreximbank acted as the Mandated Lead Arranger for the syndication.
This financing, one of the largest syndicated loans in recent African financial markets, will refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the biggest single-train refinery in the world with a capacity of 650,000 barrels per day. The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.Afreximbank contributed $1.35bn, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialisation, energy security, and intra-African trade.Commenting on the development, President and Chairman of the Board of Directors at Afreximbank, Professor Benedict Oramah, said “with this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow. The journey to utilise African resources for its own economic transformation is well underway.“Through the bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high-quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”President/Chief Executive of Dangote Industries Limited, Aliko Dangote, added, “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialise Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa.”Afreximbank said that since operations at the refinery complex began in February 2024, it has continued to support the Dangote Refinery by providing key financing solutions for crude supply and product offtake, ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa.
By James Samuel, Abuja
Ghana’s Ministers of Defense and Environment died after a military helicopter crashed, killing all eight people on board, a government spokesman and the armed forces said on Wednesday.Among the dead were Edward Omane Boamah, the Minister of Defense and Ibrahim Murtala Mohammed, the Minister of Environment, Science and Technology, Chief of Staff to the President of Ghana, Julius Debrah, said in a televised news conference on Wednesday.
“I have the unpleasant duty, suddenly, to announce a national tragedy involving the crash of a military helicopter this morning,” Mr. Debrah said. It was not immediately clear why the helicopter crashed.The deaths were announced hours after Ghana’s armed forces said in a post on social media that a helicopter traveling from Accra, the capital, to a mining community in the Ashanti region had gone “off the radar.” The post said efforts were being made to re-establish contact.The armed forces subsequently confirmed the deaths of all on-board the helicopter in a statement on social media. It extended condolences to the families and said investigations were underway to determine the cause of the crash.Also killed were the acting Deputy National Security Coordinator, Alhaji Muniru Mohammed; the Vice Chair of the National Democratic Congress political party, Samuel Sarpong; the Deputy Director General of Ghana’s Disaster Relief Agency, Samuel Aboagye; and three members of the military, including the pilot, according to Debrah.The officials were headed to a gathering on illegal mining at the Obuasi Black Park in the Ashanti region as part of a broader government effort to encourage responsible practices, according to local news reports.The gathering was meant to bring together Ghana’s President, John Dramani Mahama, along with other government and local leaders, mining association members and development partners, according to a program line-up posted online by officials ahead of the event. Obuasi is about 170 miles northwest of the capital.As a result of the national tragedy, the Chief of Staff said all flags would immediately be flown at half-staff until further notice. Tinubu Condoles with Ghanaian President President Bola Tinubu has sent his “deepest condolences” to President John Mahama, the government and people of Ghana following the helicopter crash that claimed the lives of Defence Minister Edward Omane Boamah, Environment Minister Ibrahim Murtala Muhammed, and six others. Tinubu assured his Ghanaian counterpart and indeed all Ghanaians that the thoughts and prayers of the government and people of Nigeria were with them during this time of “profound national loss”. In a statement in Abuja last night, Special Adviser to the President(Information & Strategy), Bayo Onanuga said the President urged the Ghanaian nation and the bereaved families and friends to find comfort in the knowledge that their loved ones died in the line of patriotic service to the country.
From Al-amin Tubo, Maiduguri and Attah Ede, Makurdi
No fewer than 24,000 Nigerians were declared missing by their families since 2015, as a result of insecurity that has affected most parts of the country, the International Committee of the Red Cross ( ICRC ) data has revealed.In Benue however, the state Police Command has confirmed the arrest of 176 suspects for allegedly committing various crimes in the Month of July.
Team Leader for Protection of Family Links of ICRC, María Toscano, who released data about the missing persons at a media workshop in Maiduguri said the international body was still on the trace of the missing persons. Referencing the data, the diplomat said Borno had the highest number of the missing persons with about 9,000 out of the 16,000 registered by ICRC in the North-East region.According to her, 11 persons have so far been reunited with their families this year, in addition to the 13 persons that were reintegrated with their families in 2024.Toscano said of the 24,000 registered missing persons, 71 per cent of the incidents occurred from 2014 – 2015, adding that Bama Local Government Area of Borno had the highest caseload of about 5,000 missing persons.The diplomat also said 65 per cent of those missing in the North-East were children at the time they were missing.Toscano, however, identified lack of access to conflict-affected areas and difficulties in contacting families, among the challenges faced by ICRC in the course of its assignment. Head of ICRC sub-delegation in Maiduguri, Diana Japaridze, in her speech, expressed concern over the increasing rate of missing persons and families, who were yet to be reunited after suffering displacement due to armed conflict for over a decade.“Some people spend years searching for loved ones, often with no result. Families have a right to know their fate.“In the chaos of armed conflict, situations of violence and disasters, families can become separated in a matter of minutes, creating anguish and vulnerability and sometimes leading to long years of uncertainty about the fate of children, spouses or parents,” she said.Japaridze urged media practitioners to contribute to awareness creation and draw the public’s attention to the needs of missing persons“While States should raise public awareness of the problem of missing persons as a fundamental concern of international humanitarian law and human rights law, the mass media must draw the public attention to this problem and the needs of families of missing persons.“We hope the knowledge and discussions we are going to share and have during the training will help you, the media professionals, research on the topic more deeply, ask better questions, write quality content, and thus report it in a more professional, unbiased, and empathetic manner,” she said.Police Arrest 176 Suspects for Various Crimes in Benue The Police Command in Benue has confirmed the arrest of 176 suspects for allegedly committing various crimes in July.Mr Ifeanyi Emenari, Commissioner of Police (CP), Benue Command, disclosed this on Wednesday during a press conference in Makurdi.Emenari said that the suspects were arrested for cult activities, armed robbery, banditry, theft and culpable homicide, among others.The CP said that out of the 176,arrested persons, 22 were held for alleged cultism, 26 for alleged armed robbery, while others were for other various offences.He also stated that the command within the said period recovered 30 different types of arms, 4,000 different types of ammunition, 8 motorcycles, one tricycle and two vehicles from the criminals.Emenari explained further that some of the arms recovered included four rocket launchers, 12 AK-47s, 11 locally made pistols and four locally fabricated rifles, among others.The CP added that the command, in collaboration with other security agencies, has successfully destroyed all the bandits’ camps in Benue.He pointed out that with the destruction of the bandits camps, many locals have returned to their ancestral homes and farms in most parts of the state.Emenari said that criminals committing all kinds of atrocities and hiding under cover of bandits would be arrested and prosecuted.The CP announced that he has relocated the area commander overseeing Otukpo axis to Agatu with strict orders to apprehend all criminals terrorising the area.According to him, the command was conducting series of operations and raids in Sankara axis to ensure that all the bandits and other criminal elements terrorising the area were apprehended.“A large number of bandits have been repelled from these areas, while some were neutralised in the course of these operations.“It is important at this point to mention that some police officers lost their lives during these operations.“While we commiserate with their friends and families, we remain committed to this course, as our dear state cannot be left in the hands of criminals.“Our desire is to provide security to all Benue residents, and the command under my watch in the month of July has been able to reduce crime to the barest minimum and will continue to ensure that the state is crime-free.“Measures put in place during the period under review include planned operations in the hinterlands to raid communities of bandits, patrols within the metropolis, intelligence gathering for proactive policing, raids of black spots and stop and search operations,” he said.
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