HATS OFF TO UMEOJI

 INGRAM OSIGWE writes that Zenith Bank is experiencing remarkable growth under the leadership of Adaora Umeoji

With the THISDAY Bank of the Year 2024 award in its kitty, Zenith Bank under the dynamic leadership of Dame Adaora Umeoji has further established itself as an unassailable leader in the industry. On the international banking stage, Zenith bank has left an exhilarating mark in France with the opening of its Paris branch.

Umeoji who is the bank’s first ever female Group Executive Officer took over the affairs of the bank last year, bringing with her innovation, transformation, skill leadership, rock-solid experience and unwavering commitment to sustainable banking.

Under her the the bank has been recording exponential growth, a testament to dedication and doggedness.

Zenith is evidently outpacing other banks and this is happening less than one year after Dame Umeoji took charge of the bank.Through her managerial acumen and sound strategic policies, Zenith Bank, according to the bank’s audited half-year financial results presented last year recorded an impressive  117 per cent in gross earnings from N967. 3 billion reported in the half-year (H1) of 2023 to N2. 1 trillion in H1 2024.

The bank’s phenomenal growth also brought about a 108 per cent year-on-year (YoY) increase in profit before tax, from N350 billion in H1 2023 to N727 billion in H1 2024.

Profit after tax also grew by 98 per cent from N292 billion to N578 billion in the same period, leading to growth in earnings per share (EPS) by 98 per cent from N9.29 in H1 2023 to N18.41 within the period. The rise in gross earnings was conditioned by an acceleration in both interest income and non-interest income. Fired  by the growth of and by the effective pricing of risk assets, Zenith Bank’s interest income shot pass the N1 trillion mark, a half-year record, growing by 177 per cent from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024, while non-interest income grew by 74 per cent from N515.7 billion to N899.3 billion.

Having won the confidence of stakeholders and shareholders via its burgeoning  growth and performance, Zenith Bank recently listed extra 9.67bn ordinary shares on the Nigerian Exchange Limited. This came on the heels of the successful completion of its hybrid offer, which comprised a rights issue and a public offer. The rights issue was 5.23bn ordinary shares of 50 kobo each, priced at N36.00 per share, and was fully subscribed.

In the same vein, Zenith Bank’s public offer of 4.44bn ordinary shares at N36.50 per share recorded an oversubscription of 160.47 per cent.

The bank’s total issued and fully paid-up shares have now increased from 31.40bn to 41.07bn ordinary shares of 50 kobo each.

Dr. Umeoji has nearly three decades of cognate banking experience and over 20 years of extensive executive management expertise in Zenith Bank. She has established herself as one of the leading figures within the banking sector. She is the Chairperson of Zenith Nominees Limited and she sits on the board of Zenith Bank (Ghana) Plc as a non-executive director.Prior to her appointment as GMD/CEO, Umeoji June last year, Dame Umeoji had served as the Deputy Managing Director of Zenith Bank from 28 October 2016 to 31 May 2024. On 9 October 2012, Umeoji was appointed to the Board of Zenith Bank, further solidifying her position as a key leader within the organization. As a board member, she contributed valuable insights and expertise, helping to shape the bank’s strategic direction and drive sustainable growth.

Dame Umeoji obtained a Bachelor of Science in Sociology from the University of Jos, and another Bachelor of Science in Accounting from Baze University, Abuja. She completed the Advanced Management Program (AMP) at Harvard Business School, United States and earned a Certificate in the Global Banking Program from Columbia Business School, United States. Umeoji also received Master of Laws from the University of Salford, United Kingdom, and a Master in Business Administration (MBA) from the University of Calabar. She also holds a doctorate in business administration from Apollos University. Dame Umeoji earned a Certificate in Economics for Business from MIT Sloan School of Management, and completed the strategic thinking and management programme at Wharton Business School.

Osigwe is the MD, Fullpage Communications Ltd, Lagos