Assessing Zenith Bank’s Unbroken Chain of Successes

FOCUS

Oluchi Chibuzor

In continuation of its winning streak, Zenith Bank Plc few days ago received double honours at the London Stock Exchange (LSE) as the bank was named the Best Commercial Bank in Nigeria for the third year running and Best Corporate Governance Bank, Nigeria, for a second consecutive year at the World Finance Awards 2023.

The awards were the outcomes of the inspirational leadership the bank has enjoyed under its Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu.

Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu has inspired it to win several awards. The CEO is committed to Zenith Bank’s vision that promotes re-engineering and innovation.

Indeed, these numerous awards have strengthened the Zenith Bank brand and continue to place the bank far above its peers in the industry.

The awards at the LSE were presented to Onyeagwu, at London. The recognitions celebrated the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability, according to a statement yesterday.

Commenting on the awards, Onyeagwu said: “These awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Onyeagwu, dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, and thanked him for his mentorship and for establishing the basis for a resilient and highly successful institution.

He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.

World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

The bank has also retained its ranking as the number one bank in Nigeria by tier-1 capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the fourteenth year in a row, the bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of $2.54 billion. The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1 capital of banks globally.

The rankings continued to be the primary source for global bank financials and are used by most international organisations in their assessments of banks.

Zenith Bank’s financial performance for the year was bolstered by an impressive double-digit growth of 24 per cent in gross earnings, leading to an improved market share in both the retail and corporate segments of the market. This occurred despite a persistently challenging macroeconomic environment and headwinds. This also attested to the resilience of the financial institution despite a very challenging macroeconomic environment and global headwinds.

In addition, it was also an affirmation of Zenith Bank under the leadership of Onyeagwu, best-in-class service and commitment to value creation for its customers.

Zenith Bank became one of the latest companies to join the exclusive group of stocks worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023.

Zenith Bank blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels.

Zenith Bank has clearly distinguished itself in the banking industry through superior service quality, unique customer experience, and sound financial indices. These have become part of the bank’s corporate culture to the extent the bank is easily associated with the following attributes: Best-in-class customer experience, creativity, excellent financial performance, good asset quality, stable management, dedicated and highly skilled work-force, cutting-edge Information and Communication Technology, efficient and effective distribution channels.

The bank’s strategy of assessing and managing its impact on the industry forms an integral part of its strategic objective. Specifically, the bank considers how the present and future capital requirements will be met and managed in view of projected capital requirements based on its assessment and against the regulatory capital requirement.

The strategic objective of Zenith Bank also includes a continuous improvement of its capacity to meet customers’ increasing and dynamic financial needs as well as sustain high quality growth through investments that impact the quality of service to its existing and potential customers, constant upgrade of its ICT infrastructure, unwavering investment in training and re-training of its people and regular reinforcing of its customer services delivery charter with regards to continually changing customer needs.

Zenith Bank places high premium on the pivotal role of exceptional service delivery in its drive to consistently exceed expectations. The bank has in place a well-articulated strategy to not only meet and surpass customer expectation but also ensure that plans are fine-tuned to address the changing taste and sophistication of the customer.

Zenith Bank under Onyeagwu’s watch has remained committed to sustaining the legacy of its visionary Founder and Chairman, Ovia, whose pioneering and foundational role in building the structures and laying the foundation ensured an enduring and very successful institution.

In recognition of his sterling contribution towards ensuring the stability of Zenith Bank, Onyeagwu was recently conferred with a doctorate by the University of Nigeria, Nsukka (UNN).

Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN).

Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers, Nigeria and Chairman of Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the Board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF).

Onyeagwu is a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa Export-Import Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN).

With the right leader at the helm of affairs at the bank as well as with its dedicated workforce and right guidance from Ovia, it is expected that Zenith Bank would continue to enjoy positive recognition and maintain its winning streak.