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Zenith Bank Plc Gets New Managing Director

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Peter Amangbo

Peter Amangbo

Zenith Bank Plc’s Board of Directors have announced the appointment of Peter Amangbo as the Managing Director designate.

Amangbo; replaces Godwin Emefiele who has been appointed by the Federal Government of Nigeria as the new Central Bank Governor. Mr. Emefiele’s confirmation by the Senate last week made it imperative for Zenith Bank board to appoint a new Managing Director.

Amangbo’s appointment as the Managing Director/CEO-designate of the bank will commence effective June 1, 2014.

According to a statement from the bank Amangbo’s appointment which is consistent with the bank’s tradition and succession strategy of grooming leaders from within is subject to confirmation by the CBN. Mr Amangbo the bank said has over two decades of experience with Zenith Bank, gaining experiences in Corporate Finance and Investment Banking, Business Development, Credit and Marketing, Treasury, Financial Control and Strategic Planning and Operations.

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According to the bank Peter Amangbo was appointed to the board of the Bank and its subsidiary companies in 2005. He was a pioneer Non-Executive Director of Zenith Bank UK. Before joining the banking industry, he was a senior consultant with PriceWaterhouse where he covered assignments in financial services, manufacturing and general commerce.

Peter Amangbo brings the experience and expertise to meet the current competitive banking challenges that require constant innovation through proven leadership and team-building skills, an exceptional ability to drive product, process and customer service improvements and a talent for building partnerships with key business decision-makers. He also has demonstrable ability to motivate, mentor and lead talented senior professionals and to direct cross-functional teams.

He was part of the team that drove the Strategic Planning and Successful execution for positioning the bank as one of the best in the Country. His exemplary leadership continues to make significant contributions to the banks growth. As an Executive Director of Zenith Bank for the last nine (9) years, Peter was responsible for the supervision of corporate and commercial banking, corporate finance, trade services and all the subsidiaries of the bank.

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He is a member of the Board of Directors of Zenith Bank PLC Nigeria, Zenith Insurance Ltd, Nigeria, Zenith Pensions Ltd, Nigeria, Zenith Capital Ltd, Nigeria and Zenith Bank, UK. He was a member of the board of Interswitch Nigeria Ltd from 2005 to 2007.

Amangbo is an alumnus of INSEAD and a fellow of the Institute of Chartered Accountants of Nigeria.

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FIRSTBANK TAKES ITS SMES BUSINESS CLINIC TO PORT-HARCOURT AND ABUJA

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SMES BUSINESS CLINIC

In recognition of the significant role SMEs play in achieving sustainable growth and development in the economy of the country, Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited would host SMEs in its 2020 second edition of the SME Business Clinic. The event themed “Building a sustainable Business” would be held on 25th and 27th February 2020 in Port-Harcourt and Abuja respectively.

 

SMEs are encouraged to take the FirstBank SME diagnostic tool by visiting https://smeconnect.firstbanknigeria.com/ in order to stand a chance to be amongst the participants that will be in the SME Business Clinic in Port-Harcourt and Abuja. The FirstBank SME diagnostic tool is designed for SMEs to check the health of their business, better understand it and drive profitability. The SME Clinic will feature one-on-one business advisory services, mentoring, networking opportunities and participants will also be acquainted with the requisite knowledge and business tools needed to drive efficiency in the day-to-day operations of their business.

 

Speaking on the event, Gbenga Shobo, the Deputy Managing Director, FirstBank, said “at FirstBank, we are proud of the giant strides we have taken over the years towards enhancing the SMEs for their businesses to thrive, have a fair play in the market and contribute to the Gross Domestic Product of the country. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabling Nigerians and the economy at large”.

 

The coaches at the event are Seye Olurotimi, Lead Consult at Cedar Tribe Limited, an SME branding expert and business growth consultant with vast experience helping SMEs grow effective brands and Robert Yakubu, founder of the Instabiz Academy and the Business Mastery Program, a digital entrepreneur and business strategist empowering entrepreneurs, marketers and business professionals in Port-Harcourt and Abuja respectively.

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The SME Clinic session is organized in partnership with SME Traction, a leading business coaching platform aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy.

 

Expressing her delight on the impact the inaugural SME Clinic has had on her business, the CEO, Nibbles Plus More Ventures, Owoeye, Oluyomi, stated that “the first step I took after the SME business clinic was do a strategic road map for my business. Riding on the information I got from the business trend session on consumer landscape, I had a clearer understanding of who my target audience are and have included that in my business plan. The feedback we believe will help us identify untapped markets and problems in our industry, how to reach them and what value we can offer them”.

 

Like we were told at the clinic, progressing into the counter intuitive zone of the business model reinventing box is what brings about Innovation. Something must trigger innovation and not just our intuition. Hence, we have chosen research, she concluded.

 

About FirstBank

 

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for over 125 years.

 

With over 750 business locations and 44,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Also Read:  Diamond Bank Rated Best Bank in Electronic Banking in Nigeria

 

The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 8.5million people on its USSD banking service through the nationally renowned *894# banking service and over 3 million people on Firstmobile platform.

 

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

 

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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ZENITH BANK REAFFIRMS MARKET LEADERSHIP AS PAT CROSSES N200BILLION MARK

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MARKET LEADERSHIP

In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark.

 

According to the bank’s audited financial results for the 2019 financial year released in Lagos on Friday, profit after tax rose by 8% to N208.8 billion from the N193 billion recorded in the previous year.

 

The Group also recorded a growth in gross earnings of 5% rising to N662.3 billion from N630.3 billion reported in the previous year.  This growth was driven by the 29% increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019.  Fees on electronic products continues to grow significantly with a 108%  Year on Year (YoY) growth from N20.4 billion in 2018 to N42.5 billion in the current year.  This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.

 

Profit before tax also increased by 5% growing from N232 billion to N243 billion in the current year, arising from topline growth and continued focus on cost optimisation strategies. Cost-to-income ratio moderated from 49.3% to 48.8%.

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The drive for cheaper retail deposits coupled with the low-interest yield environment helped reduce the cost of funding from 3.1% to 3.0%.  However, this also affected net interest margin which reduced from 8.9% to 8.2% in the current year due to re-pricing of interest-bearing assets.  Although returns on equity and assets held steady YoY at 23.8% and 3.4% respectively, the Group still delivered an improved Earnings per Share (EPS) which grew 8% from N6.15 to N6.65 in the current year.

 

The Group increased its share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15% to close at N4.26 trillion. Total assets also increased by 7% from N5.96 trillion to N6.35 trillion.  The Group created new viable risk assets as gross loans grew by 22% from N2.016 billion to N2.462 billion. This was executed prudently at a low cost of risk of 1.1% and a significant reduction in the non-performing loan ratio from 4.98% to 4.30%. Prudential ratios such as liquidity and capital adequacy ratios also remained above regulatory thresholds at 57.3% and 22.0% respectively.

Also Read:  Diamond Bank Rated Best Bank in Electronic Banking in Nigeria

 

In 2020, the Group remains strategically positioned to capture the opportunities in the corporate and retail segments, while efficiently managing costs and expanding further its retail franchise employing digital assets and innovation.

 

Consistent with this superlative performance and in recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Most Valuable Banking Brand in Nigeria 2019 by The Banker. The Bank was also recognized as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and was ranked as the Best Digital Bank in Nigeria 2019 by Agusto & Co. Most recently, the Bank emerged as the Bank of the Decade (People’s Choice) at the Thisday Awards 2020.

 

 

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Masscom Global Congratulates SBI Media on 9Mobile Account Win

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Masscom Global

Masscom Global Network, the largest international media intelligence network for emerging markets across sub-Saharan Africa, the Middle East, and Eastern Europe has congratulated SBI Media on its appointment as 9Mobile’s media agency.

The leading media intelligence which has widespread presence in over 120 countries of the world and preferential access to more than 5000 media globally while speaking through its Group’s Global Chief Executive Officer (CEO), Mr. Prathish Cherian, expressed delight at the laudable achievement by SBI media adding that, the organization has no doubt that SBI will deliver world-class media services to its newest client, 9mobile.

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Mr. Cherian in his words said “We are happy to finally congratulate you on your well-deserved appointment as the media agency for Nigeria’s vibrant and innovative mobile network, 9mobile.

“Your appointment is a confirmation to your unrivalled teamwork, capability and competence as one of Africa’s strongest media agency brands as well as the strength of the Masscom Global Network, the fastest-growing media network in the emerging markets”

“As a strategic partner, the Masscom Global Network looks forward to working with SBI’s local team in developing and executing innovative ideas to push forward the 9mbile brand in highly competitive mobile telecommunication markets latching our global platform of people, technology and processes”

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“We are optimistic that 9mobile will gain more from this partnership and we will be in sync with the SBI Media Group team to take the brand to greater heights together” he concluded.

SBI Media is Masscom Global’s strategic partner in West African, a partnership that was formed in January 2018 to deliver innovative media services to its Nigerian c

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