Banking
We’ll Surpass N1trn Profit Target for FY 2024—Zenith Bank CEO
By Dipo Olowookere
One of the tier-1 lenders in Nigeria, Zenith Bank Plc, has expressed confidence to meet and surpass a profit of N1 trillion in the 2024 financial year.
The chief executive of the financial institution, Ms Adaora Umeoji, gave this assurance when the company engaged critical stakeholders in the Nigerian capital market ahead of its capital-raising exercise designed to meet the new minimum capital requirements of the Central Bank of Nigeria (CBN).
Zenith Bank, which has a presence outside the country, is expected like its peers to have at least N500 billion as a capital base.
The lender currently has N270.7 billion and will need to raise about N230 billion.
“We are planning to go to the market to raise capital, and as it stands, Zenith Bank has the least amount of capital to raise.
“We are looking to raise N230 billion because we are already at N270.7 billion. That is the least capital to raise among our peers.
“We believe that Zenith Bank has what it takes. We have the capacity, the network, the balance sheet, the human capital, and the track record to achieve that.
“We are planning for the future, and the technology we have now is the best in the entire industry. It will help us to have a seamless process and integrate,” Ms Umeoji said at the event.
Business Post reports that in the 2023 fiscal year, Zenith Bank posted shareholders’ funds of N2.3 trillion, a profit before tax of N796 billion, and a market capitalisation of N1.3 trillion, paying a dividend of N4 per share.
In the first quarter of 2024, the financial institution recorded a pre-tax profit of N320 billion, showing signs that it could hit the N1 trillion-mark by the end of the year.
According to Ms Umeoji, this would be achieved because of the quality of the board and management and a strong corporate culture in the bank and plans to drive financial inclusion, expand corporate and retail banking through technology and other state-of-the-art digital platforms, and the establishment of a fintech subsidiary, ZenPay, to drive profitability.
Last year, Zenith Bank achieved a remarkable triple-digit growth of 125 per cent in gross earnings at N2.123 trillion versus N945.6 billion in 2022, primarily driven by growth in interest and non-interest income.
Specifically, interest income jumped by 112 per cent to N1.1 trillion from N540 billion as a result of the growth in the size of risk assets and their effective repricing, alongside the increase in yield of other interest-bearing instruments over the year.
Also, the non-interest income grew by 141 per cent to N918 billion from N381 billion due to significant trading gains and an increase in gains from the revaluation of foreign currencies.
In the year, the cost of funds went up by 3.0 per cent from 1.9 per cent because of the high interest rate environment, with interest expense up by 135 per cent to N408.5 billion from N173.5 billion, though the cost-to-income ratio improved significantly to 36.1 per cent from 54.4 per cent due to improved top-line performance despite a 32 per cent hike in operating expenses in 2023.
Business Post reports that Zenith Bank ended the accounting year with a year-on-year 202 per cent rise in post-tax profit of N676.9 billion versus N223.9 billion in the preceding year.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
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.
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