NEWS
Zenith Bank Attains Triple-digit Growth, Records N1.33trn Income in Q3, 2023
By Tony Obiechina, Abuja
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.
33 trillion in Q3 2023. This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.
5 billion in Q3 2022 to N505 billion in Q3 2023. Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period.The growth in the topline arose from both interest income and non-interest income. Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion. The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period. Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets.
Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023. The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023.
Gross loans increased by 48% from N4.1 trillion in December 2022 to N6.1 trillion in September 2023 due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8% in the period ended 30 September 2023, which is well below prudential limits. Net interest margin (NIM) printed at 5.6% from 6.2% reported in September 2022 due to low yield in government securities. Capital adequacy ratio improved marginally to 20.1% from 19.8% while liquidity ratio declined from 75% to 68%. However, all our prudential ratios remain above regulatory thresholds.
The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.
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 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; 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.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, 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.
NEWS
Will new entrant, ESDIAC, ease Nigerians’ international call worries?
By David Torough
After decades of frustration in accessing telephone services, Nigerians were relieved when in 2001, the then President Olusegun Obasanjo took a decision that would later transform the nation’s telephone landscape and connectivity ecosystem.
In January that year, the regulator, the Nigerian Communications Commission auctioned GSM licences.
It was a good business for Nigeria’s economy as the Federal Government racked in excess of $1.2 billon having sold the licences to MTN, Glo, Econet (Airtel) and Etisalat 9mobile) at $208 million each.
By May that year, Econet had made history as the company to make the first GSM call Nigeria with MTN following later in August before the indigenous Globacom (glo) and the rest joined.
At a public event in Lagos Obasanjo juxtaposes the pre-GSM torture Nigerians went through and what is obtainable today: “People had to queue at telephone kiosks to make calls. It was a far cry from the seamless communication we enjoy today but then came the mobile telephone revolution.
“Needless to say that mobile communication has become a powerful tool for liberating Nigerians from the shackles of the once powerful, but now extinct, national telecoms monopoly, popularly known as the Nigerian Telecommunication (NITEL); it has significantly contributed positively in boosting economic activities in all sectors in Nigeria,” said Prof. Abiodun Musa Aibinu, a mechatronic engineer at Federal University of Technology, Minna.
According to data released by Global System for Mobile Communications Association (GSMA) there are approximately 192.2 million active telephony subscriptions as of mid-2026, with national teledensity reaching around 86.6% of the population.
The GSMA intelligence further estimates total cellular mobile connections at about 183 million (roughly 74.9% of the population), with broadband subscriptions standing at at 123.1 million, translating to a broadband penetration rate of the population.
However, in spite of its success story, challenges remain as acknowledged by Aibinu.
“There is increasing poor quality of service experienced by subscribers which manifests in the forms of: call failure, call drops, and low received signal strength. These problems have continuously been raising a great deal of worries and uncertainty among the populace and the network providers,” said the scholar.
However, one silent but major challenge faced by telephone subscribers in Nigeria both in the past and now remains the high cost of international calls.
Available data shows that on a standard Pay as You Go (PAYG) tariff, the rates range for international calls from N30 to N1,500 per minute depending on the destination of the call.
Mr Austine Ugbebor, Chief Executive Officer of ESDIAC, an indigenous new entrant into the Voice over Internet Protocol (VoIP) calls market says the platform was designed to address the challenges of expensive international calls and limited connectivity options, particularly for people travelling abroad, with promised international calls of as low as N13.000
He spoke at the unveiling and media engagement on Friday in Abuja, ESDIAC which, he said, integrates Voice over Internet Protocol (VoIP) calling, electronic SIM (eSIM), mobile airtime and data top-up services.
It is an all-in-one mobile platform designed to make international calls more affordable and improve connectivity for travellers, businesses and Nigerians both in the diaspora and at home.
ESDIAC was registered in 2011, with first product inaugurated in 2016, with the company spending the intervening years developing its operational structures and securing regulatory and compliance arrangements ahead of its market entry.
“ESDIAC is an all-in-one solution, offering international and local calls, eSIM services and data packages through a single platform.
“With our platform, subscribers can make calls to Canada, United Kingdom, US, Germany, Australia for as low as N13.
“ESDIAC’s VoIP technology enables subscribers to call people who do not have the ESDIAC application or an internet connection, and calls can be made directly to regular telephone numbers,” he said.
He said the service also allows users to retain their phone numbers when making calls, making it easier for recipients to identify callers.
The CEO added that the platform provided mobile airtime and data top-ups, while its eSIM service enabled travelers to access connectivity in supported destinations without necessarily purchasing a physical SIM card.
He further said that the company was committed to offering affordable services and improving the calling experience by addressing connectivity challenges associated with internet-based communication platforms.
On concerns about tariff stability and consumer protection, the CEO said the company had adopted a policy of respecting subscribers’ money by avoiding hidden connectivity charges.
“Subscribers will not be charged additional fees merely for initiating calls, and unused balances will remain available to customers.”
He said subscribers who believed they had been wrongly charged could contact the company’s customer service team for investigation.
“If you are right and there is an error, we promise to refund your money,” he said.
The CEO said ESDIAC operated under the regulatory requirements of the Nigerian Communications Commission (NCC) and the Federal Communications Commission (FCC) of the U.S.
He, however, noted that changes in telecommunications tariffs could sometimes result from regulatory directives, adding that operators were required to comply with applicable regulations.
As the highest policy level, addressing challenges faced by Nigerians on international calls is a priority and the Presidency has thrown its weight behind the ESDIAC project.
Mr Tope Fasua, Special Adviser to the President on Economic Matters, Office of the Vice-President, described the platform as a promising development for Nigeria’s telecommunications sector.
Fasua said his experience with an expensive eSIM purchased during an international trip, which failed to provide connectivity across all his destinations, underscored the need for more reliable and affordable services.
He expressed hope that ESDIAC would provide better value to travellers through its services.
One major area of concern for Nigerians is data protection. There is no area this is concern is more pronounced than in the telecom sector where Nigerians share their data with either deliberately or otherwise.
The company’s Legal Adviser, Mr Aja Nwaani, has allayed that fear saying the protection of subscribers’ personal information was central to ESDIAC’s operations.
“ESDIAC has put measures in place to ensure that subscribers’ information are not improperly accessed, disclosed or used, including when shared with third-party carriers and service providers,” he said.
He said the company was committed to complying with the Nigeria Data Protection Act and applicable regulations, warning against the unlawful sale or misuse of subscribers’ personal information.
Mr Muhammed Sani, the company’s Human Resources representative, said ESDIAC was established to address the high cost of international calls and connectivity challenges confronting Nigerians.
Sani said the platform was particularly useful to travellers and Nigerians seeking to maintain affordable communication with family members and business associates abroad.
He added that the company’s business solution was also designed to support organisations requiring reliable communication services.
The ESDIAC is another bold step by an indigenous entrepreneur. It aligns with President Bola Tinubu administration’s commitment encouraging private sector investment in the telecom industry and offering Nigerian’s wider telephone options.
“Sustained investment in telecommunications infrastructure is essential to expanding broadband access, improving network capacity, and supporting businesses, education, and economic opportunities across Nigeria,” the President said at a recent public event in Abuja.
Tinubu said the initiative aligns with his administration’s commitment to encouraging private-sector investing, improving digital infrastructure and ensuring Nigerians benefit from more reliable and accessible telecommunications services,” the statement quoted him as saying during the event.
NEWS
AHF Launches Comic Book on Menstrual Health Education in Abuja
From Attah Ede, Makurdi
The Aids Healthcare Foundation (AHF) Nigeria, has revealed that nearly 2 billion people menstruate, with 500 million experiencing period poverty globally.
The Foundation disclosed this during the unveiling of a magazine that focuses on the girl child’s menstrual education and hygiene in Abuja, Thursday.
The 26-page comic magazine, produced by the AHF, depicted the challenges that the girl child faces in Nigeria regarding menstrual education and the stigma attached to it in communities across the country.
The Foundation noted that one of the things needed to change the tide is the provision of easily relatable information that can attract attention of young women and girls.
It further stated that in many communities, taboos prevent open discussion about menstruation, limit access to accurate sexual and reproductive health information, and discourage people from seeking care.
Speaking during the event, Mr. Steve Aborisade, Senior Advocacy & Marketing Manager, AHF Nigeria, intimated that there is need to spread the awareness on menstrual education among the adolescence and young women in the country, especially with a view to removing the stigmatisation that has posed challenges to the campaigns over the years.
He insisted that addressing menstrual health must go hand in hand with efforts to normalize periods, which this book is set to achieve.
“This book takes readers through some salient issues in menstrual health management, particularly as it concerns access to accurate information and correcting the misinformation which is at the root of the stigma associated with menstruation in our society.
“The book provides the basic steps to keeping healthy and well during periods, while also making boys and men allies of menstrual health management.
“We reckon that the target audience for the comic magazine would find the message in it interesting and easily embrace it for their benefits and they too can help share the message accordingly,” Dr. Aborisade said.
The AHF Nigeria Country Programme Director, Dr. Echey Ijezie, who presided over the launch at the Abuja office, said efforts would be geared towards producing the magazine in many Nigerian languages in order to further broaden the core message to the targeted audience.
“It is imperative to ensure that our target audience are reached in no distant future. We would work with the Federal Ministry of Education and explore the outreaches to use them as education and awareness tools,” Dr. Ijezie said.
Mrs. Osaro Osa-Jarikre of the Child Development Department at the Federal Ministry of Women Affairs, who represented the Minister of Women Affairs, disclosed that the ministry would capture the AHF programmes in its elaborate policy to be launched soon, stressing that the ministry had found the foundation as a worthy partner in furthering the cause of the girl child in Nigeria.
“Our ministry has resolved to carry the AHF along in the various programmes we have designed for the girl child in Nigeria, and we are also ready to offer needed support to the foundation in its quest to upgrade the Nigerian young generation,” Mrs. Osa-Jarikre said.
Among those who attended the magazine launch include Dr. Charity Awunor, Nursing Manager, AHF; Dr. Ugochi Ajaero, State Clinical Coordinator, AHF; Binta Suleiman Jalo, Programme Officer, Kids & Teens Resource Centre, Abuja; Taiwo Ajani of the Lawyers Alert, Abuja; representatives of civil society organisations and members of the Girls Act.
NEWS
They Planted Juju in my Jacket at Davido’s House – Peruzzi
Singer Peruzzi has narrated how a charm was planted in his jacket during his stay at Davido’s house.
Peruzzi was signed to Davido’s record label, DMW, in 2017.
Davido dissolved the label in April 2024.
However, discussing his experience during his stay at Davido’s house, Peruzzi narrated how a charm was planted in his jacket.
Speaking in a video interview online, he said, “I took a shower one evening, like at 6 pm. Just a shower and then went to go and meet them back downstairs because I was chilling there before I went upstairs in David house when I was still living there.
“And then I was done taking the shower. I go to my wardrobe to get my clothes, and then one of my jackets is just telling me, ‘Pull me, wear me, wear me, wear me.’ I don’t know how to explain it, but I was just having the urge to wear it.”So, I carry am (the jacket), and something just dropped inside, and when I looked, it was jaz, better juju inside my room. A jacket that just came from the laundry.”


