Banking
Shareholders Laud Zenith Bank’s Dividend Policy After N195.7bn Payout
By Aduragbemi Omiyale
The payment of N195.7 billion as dividend by Zenith Bank Plc for the 2024 financial year has been applauded by shareholders as the lender promised quantum leap in future cash reward.
At its 34th Annual General Meeting (AGM) on Tuesday in Lagos, shareholders said they were satisfied with the dividend policy of the financial institution.
Business Post reports that yesterday, shareholders approved the payment of N4.00 per share as final dividend, bringing the total cash reward for the year to N5.00, after paying an interim dividend of N1.00 in September 2024.
One of the shareholders at the gathering, Mr Olatunde Okelana, who is the Balogun Olugbon of Orile-Igbon, Oyo State, said his investment in Zenith Bank has been “the best for me.”
“I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria.
“I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Mr Jim Ovia, the founder and chairman, is a benefit to mankind; he has done the best by giving us Zenith Bank,” he added.
Mr Okelana added that, “99.9 per cent of my savings is in Zenith Bank because I have confidence in them and in the management led by Ms Adaora Umeoji. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible. I am very happy to be a shareholder of this bank.”
Also speaking, the president of the Shareholders Solidarity Association of Nigeria, Mr Timothy Adesiyan, praised the Zenith Bank team for their consistent delivery of value to shareholders.
“The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise.
“I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you,” he stated.
In the same vein, the president of the Association of the Rights of Nigerian Shareholders (AARNS), Mr Faruk Umar, applauded the Ms Umeoji for her efforts in ensuring the growth of the bank’s financial indices.
“We are very happy that the bank is paying us N5. Most importantly, Ms Umeoji has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable.
Also, the chairman of the Trusted Shareholders Association of Nigeria,Mr Mukhtar Mukhtar, said, “The consistency of Zenith Bank dividend payout has never been matched in Nigeria.
“Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank. We are very happy.
“If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion threshold. They have given us a PBT of N1.3 trillion, which is very commendable,” he stated.
In his address to shareholders, Mr Jim Ovia thanked them for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years.
He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.
On her part, Ms Umeoji said, “This is the first time that I am addressing the AGM in my capacity as the first female chief executive of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today.
“Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come.”
“If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160 per cent subscription.
“Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture,” she added.
Last year, Zenith Bank grew its gross earnings by 86 per cent to N3.97 trillion from N2.13 trillion due to a 138 per cent leap in interest income, supported by investment in high-yield government securities, and growth in the bank’s loan book.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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