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
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
