Banking
Fitch Affirms Zenith Bank at ‘B+’, Outlook Negative
By Modupe Gbadeyanka
Fitch Ratings has affirmed Zenith Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B+’ with the Outlook Negative. Also, the lender’s Viability Rating (VR) was affirmed at ‘b+’ and its Support Rating at ‘5’.
Fitch said Zenith Bank’s IDRs are driven by its standalone creditworthiness, defined by the VR. The VR is constrained by Nigeria’s sovereign rating and the Negative Outlook on the Long-Term IDR mirrors the Outlook on Nigeria’s sovereign rating (B+/Negative).
Zenith’s VR is the highest assigned by Fitch to a Nigerian bank. This reflects the bank’s established franchise in Nigeria where it controls an overall markets share of around 16%. The franchise is particularly strong in the corporate segment. Loss-absorption capacity is strong relative to peers and management has demonstrated its ability to deliver a good performance through volatile operating cycles.
Fitch views Zenith’s management team positively. Decision-making is well spread across a broad number of executives to minimise reliance on individuals. Achieving targets in a volatile operating environment can be difficult but Zenith’s execution is strong relative to peers. The bank’s strategy is primarily to continue to service leading corporate clients.
The loan book represents around 45% of assets, which is lower than international banks, but in line with the average for large Nigerian banks. Zenith’s underwriting standards and risk controls compare favourably with the average for rated peers. Reported impaired loans are low as a percentage of gross loans (around 4%) and reserve coverage is above 100%. Lending to the oil and gas sector represents around 30% of total loans, average for the sector, and the top 20 loans represent around one-quarter of total loans, which is lower than average comparative figures reported by large Nigerian banks (around 40%).
The bank’s performance metrics compare favourably with peers. Margins are narrower, reflecting the corporate focus, but loan impairment charges also tend to be lower, as could be expected given the more resilient nature of the bank’s clients. Cost control has been reasonable considering high inflation in Nigeria. In 2018, we expect profitability to decline for many Nigerian banks, reflecting weak loan growth, lower Treasury Bill issuance and falling yields on these government securities. IFRS-9 will also result in a rise in loan impairment charges, although this is likely to be containable at Zenith.
Zenith’s capital adequacy ratios are among the strongest in Nigeria and leverage ratios are stable. The bank’s relative capital strengths are a positive ratings differentiator.
Like most Nigerian banks, deposits provide the bulk of funding (72% of total non-equity funding at end-September 2017). Deposits from corporate customers represented 57% of consolidated deposits at end-September 2017, but these tend to be stable.
Zenith issued a five-year USD500 million senior bond in the international capital markets in June 2017. Zenith’s ability to access international market funding, even in times of stress for Nigeria’s economy, is credit positive in our view, providing the bank with funding diversification and access to longer-term finance.
Zenith’s foreign currency (FC) liquidity position shows no apparent signs of stress over a 12-month horizon. The bank holds a sizeable FC liquid asset buffer and its ability to continue to honour FC obligations even during recent periods of extreme FC stress in the Nigerian banking sector demonstrates Zenith’s close attention to the management of its FC liquidity position.
The Long-Term National Rating has been affirmed at ‘AA-(nga)’. National Ratings reflect Zenith’s creditworthiness relative to the country’s best credit and to peers operating in Nigeria.
SENIOR DEBT
Senior debt issued by Zenith is rated at the same level as the bank’s IDRs because in our view, the likelihood of default on these notes reflects the likelihood of default of the bank. The Recovery Rating (RR) assigned to these notes is ‘RR4’ indicating average recovery prospects.
SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch believes that sovereign support to Nigerian banks cannot be relied on given Nigeria’s weak ability to provide support, particularly in FC. In addition, there are no clear messages from the authorities regarding their willingness to support the banking system. Therefore, the Support Rating Floor of all Nigerian banks is ‘No Floor’ and all Support Ratings are ‘5’. This reflects our view that senior creditors cannot rely on receiving full and timely extraordinary support from the Nigerian sovereign if any of the banks become non-viable.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND VR
The bank’s IDRs, National Ratings and VR are sensitive to changes in Nigeria’s operating environment and to factors impacting Zenith’s intrinsic creditworthiness. The operating environment is unlikely to improve until the outlook for the sovereign rating improves. Zenith’s ratings are sensitive to a significant deterioration in asset quality and a resultant weakening of loss absorption capacity. This is not our base case. Upside potential for the ratings is limited given the operating environment.
SUPPORT RATING AND SUPPORT RATING FLOOR
The SR is potentially sensitive to any change in assumptions around the propensity or ability of the sovereign to provide timely support to the bank.
SENIOR DEBT
Ratings on the senior debt will change in line with the bank’s IDRs.
The rating actions are as follows:
Long-Term IDR affirmed at ‘B+’; Outlook Negative
Short-Term IDR affirmed at ‘B’
Viability Rating affirmed at ‘b+’
National Long-Term Rating: affirmed at ‘AA-(nga)’
National Short-Term Rating affirmed at ‘F1+(nga)’
Support Rating affirmed at ‘5’
Support Rating Floor affirmed at ‘NF’
Long-term senior unsecured debt issues affirmed at ‘B+’/’RR4’
Short-term senior unsecured debt affirmed at ‘B’
By Adedapo Adesanya
Top financial services provider in Nigeria, Stanbic IBTC, has reiterated its commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.
This came on the back of the 2026 edition of the Nigeria Business Summit from Wednesday, April 1 to Thursday, April 2, 2026, at the Landmark Event Centre, Victoria Island, Lagos. The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.
With the theme, Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.
The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.
“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”
He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.
Mr Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination.
He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.
Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.
Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and trade, as well as renewable energy, provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.
Speaking at the event, Mr Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Mr Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.
“This summit has reinforced the importance of creating platforms where ideas can flourish, and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.
The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.
Mr Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.
“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries,” he said.
He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences, describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.
The Chief Executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who was represented by Mrs Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.
“Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”
She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
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