By Rukayat Adeyemi

Zenith Bank Plc says its total assets grew to N20.368 trillion for the year ended Dec. 31, 2023.

Mr Michael Otu, the Company Secretary of Zenith Bank, said this in the bank’s audited results for the year ended Dec. 31, 2023 sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

This represents an increase of 65.78 per cent when compared to N12.286 trillion recorded in the same period of 2022.

The bank’s Profit Before Tax (PBT) increased by 179.63 per cent in the year ended 2023 to N795.962 billion, compared to N284.65 billion recorded in 2022.

Its Profit After Tax (PAT) for the year under review stood at N676.909 billion as against N223.911 billion posted in the previous year, representing an increase of 202.31 per cent.

Also, the bank’s gross earnings, which closed at N945.554 billion in the 2022 financial year, rose to N2.131 trillion as at Dec. 31, 2023, indicating an increase of 125.35 per cent.

The bank’s total liabilities rose to N18.045 billion during the year under review, representing an increase of 66.06 per cent, against N10.906 billion posted in year 2022.

Meanwhile, its Board of Directors has proposed to pay shareholders a total dividend per share of N3.50 from the retained earnings accounts as at Dec. 31, 2023.

The dividend will be presented for ratification by the shareholders at the next Annual General Meeting (AGM) of the bank.

The directors said the payment of dividends is subject to witholding tax rate of 10 per cent in the hands of qualified recipients. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa and Emmanuel Afonne

By Rukayat Adeyemi

Guaranty Trust Holding Company Plc (GTCO) has reported a Profit Before Tax of N609.3 billion for the financial year ended Dec.31, 2023.

This represents an increase of 184.5 per cent over N214.2billion recorded in the corresponding year.

The group announced this in its audited financial statements for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) in Lagos.

GTCO’s loan book (net) increased by 31.5 per cent from N1.89 trillion recorded as at December 2022 to N2.48 trillion in December 2023.

The group’s deposit liabilities grew by 63.7 per cent, from N4.61 trillion posted in the year ended 2022 to N7.55 trillion at the close of year 2023 business.

The holdings balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.

Also, the Full Impact Capital Adequacy Ratio (CAR) closed at 21.9 per cent, while asset quality was sustained.

The International Financial Reporting Standard (IFRS) nine stage three loans improved to 4.2 per cent in December 2023 from 5.2 per cent recorded in December 2022.

However, Cost of Risk (COR) closed at 4.5 per cent  from 0.6 per cent in Dec. 2022, as a result of worsening macros, which caused significant increase in Expected Credit Loss ( ECL) variables.

Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said the challenging operating environment of 2023 truly tested the business model put in place for the holding company, for both its banking and non-banking business verticals.

Agbaje stated that harnessing the group’s synergies yielded a strong performance and allowed the company to strengthen its foothold in banking.

He explained that GTCO also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences, as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value.

“Creating more opportunities for the businesses and individuals we serve.

“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” he said. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

The Chartered Institute of Bankers of Nigeria (CIBN) has announced a historic net operating surplus of N1.37 billion for 2023, marking a significant growth from the N837.94 million recorded in 2022.

Its President, Dr Ken Opara, revealed this achievement during the institute’s Annual General Meeting (AGM) on Saturday in Lagos.

He said the net operating surplus, which was above one billion Naira earmarked for 2023, represented a 63.60 per cent growth.

The president, who also coordinated and chaired the annual general meeting, reeled out his achievements in ICT, revenue drive, capacity building, legacy projects, and support in ongoing economic policy reforms in Nigeria, among others.

“I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in the year 2023.

“It is on record that our institute for the first time crossed the one billion Naira mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.943 million achieved in 2022, representing a growth of 63.60 per cent.

“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

“The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 per cent, down from 59.41 per cent in the corresponding period in 2022. This ratio is way below the approved Governing Council threshold of 61 per cent for the 2023 financial year.

“I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our institute will sustain this northward trajectory,” he said.

Opara, who took over leadership in May 2022, also announced a planned road show to flag off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.

He explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

Opara, also the Chairman of Council, CIBN, explained youth engagement initiatives aimed at checkmating mass migration of the nation’s young professionals out of the country to other advanced economies.

He thanked CIBN members, stakeholders, family and friends for their support that ensured the success of his tenure.

The National Treasurer of the Institute, Mrs Mojisola Bakare-Asieru, represented by Mr Dele Alabi, second Vice President, presented the 2023 audited financial statements.

The external auditors, Rosewater Partners, after the presentation of facts and figures, affirmed that the financial position of the CIBN was in agreement with the book of accounts.

The Chairman of the CIBN Audit Committee also affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices

The News Agency of Nigeria (NAN) reports that Prof. Pius Olanrewaju was elected as the new President of the institute, along with other elected officers for the 2024-2026 tenure.

The results of the 72-hour electronic voting election was announced during the AGM by Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee at Bankers House in Lagos.

The new president-elect was the immediate past First Vice President of the institute.

Olarenwaju, in his acceptance speech, described the outgoing president as “a great leader” who had positioned the institute on a path for growth and greatness.

He thanked the leadership and members of the institute while promising to build on the legacies of Opara, his predecessor, in office.

He promised to unveil his agenda during his inauguration at an investiture programme scheduled for May. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday said it has begun process toward building a banking school to further enhance professionalism and financial ethics in the banking and financial sectors.

The institute said the project was in addition to its ongoing capacity building certification programmes to promote ethics and professionalism in the sector.

Ken Opara, President/Chairman of Council, CIBN, said this while making an opening speech at the hybrid 2024 Graduates’ Induction and Prize Awards Day (Stream1) of the institute.

The event which saw to the induction of 485 people had members and inductees from viewing centres across the 36 states of the federation in attendance.

Opara said in recent years, the Financial Services Industry had faced numerous challenges and controversies, hence, the need for renewed focus on ethics and professionalism.

He said instances of unethical behaviour, regulatory violations, and breaches of trust had tainted the reputation of the industry and weakened public confidence.

He said high-profile cases of misconduct and infractions had resulted in financial losses and injured the reputation of financial institutions and professionals.

“In response to this challenge, the Institute has implemented a mandatory annual Ethics Compliance Certification Programme, which is being deployed through the CIBN e-Learning Platform for staff of banks.

“The purpose of this certification is not only to address specific cases of misconduct but also to ensure that the practice of banking in Nigeria aligns with global standards as prescribed by the Global Banking Education Standards Board (GBESB).

“By fostering a culture of ethical conduct and continuous learning, we can uphold the integrity of our profession and enhance trust and confidence in the financial services sector.

“Another critical initiative of the institute which will help drive this crusade is the human capital development project.

“This will culminate in the establishment of a banking school which will among other things harp on entrenching ethics and professionalism among practitioners.

“The Governing Council will in the days ahead constitute the Board of that banking school to superintend on the project,” he said.

Opara said the theme of the programme, “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions” aligned with the core values of the institute and the banking profession.

He said ethics and professionalism were important in retaining trust, credibility, and sustainability of the banking industry in an era of technological advancements, evolving regulatory landscapes, and dynamic market conditions.

The CIBN boss also reeled out benefits of professionalism, adding that, it required continuous learning and self development for career progression and gaining public trust.

“Today, we shall be inducting a total of 485 graduates, comprising eighteen (18) from the CBMBA route, four (4) from the MSc/ACIB route, 33 from the collaboration with Lagos Business School on Chartered Bankers route, 281 from the regular examination route, and149 candidates as Microfinance Certified Bankers,” he said.

He congratulated inductees, reassured them of CIBN’s commitment and expressed confidence that their knowledge, skills, and ethical values will contribute to growth, development, and sustainability of the financial services in Nigeria and globally.

The Lagos State Commissioner for Finance, Mr Oluyomi Abayomi, commended the capacity building tenacity of the CIBN  having impact across Africa.

Abayomi thanked the institute for supporting the monetary policy of the government and urged the inductees to shun any form of enticement or inducement that could make them engage in corruption.

The Guest Speaker, Mr Abubakar Suleiman, stressed the need to make integrity and credibility the best reasons for entering the banking profession.

He said some people join the profession to earn a living, some for the prestige, entrepreneurship;  and the miscreants who come with intentions to steal or dupe customers.

Suleiman, Managing Director/CEO, Sterling Bank Plc, said while some join banking profession with different motives, “some bankers see themselves as nation builders and they use banking as a platform”.

He urged bankers to use the profession as a platform for transitioning into other higher national responsibilities while maintaining ethical standards.

“Your personal ethics is going to be defined by your intentions,” he said.

He urged the inductees “to have clarity of purpose”, hold the institute in high esteem and uphold public trust. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

Mr Bolaji Lawal, Managing Director/Regional Executive of Ecobank Nigeria, has highlighted the pivotal role of the creative sector in Nigeria’s economic revival.

Lawal said this at the introduction of the +234art fair organised by Ecobank, AFC & Soto Gallery at the bank’s headquarters to newsmen on Thursday in Lagos.

He said that the banking industry four years ago, in collaboration with the Bankers’ Committee, recognised the potential of the creative industry as a catalyst for economic transformation.

Lawal said that banks collectively agreed that the creative sector could serve as a springboard for revitalising the Nigerian economy because of its significant contributions to national development.

According to him, Nigerian banks, through the Bankers’ Committee, invested in revamping the National Art Theatre, recognising the power of empowering individuals within the sector to drive economic growth.

Lawal emphasised that the vast potential within Nigeria’s population, said over 100 million individuals and out of which approximately 60 million reside in urban areas and a significant portion engaged in informal businesses.

He stressed the need to support and empower these entrepreneurs to harness their skills to foster economic sustainability and provide decent livelihoods.

Drawing attention to the success stories of artists like Wizkid and Burna Boy, Lawal underscored the potential for exponential growth if similar opportunities were extended to more people in the sector.

He noted that behind every successful artist, there exists a network of individuals, including managers, publicists, and assistants, whose livelihoods also depend on the success of the creative industry.

“We believe that if we give artists and creatives across the spectrum, they can turn around the economy. We have another population of over 100 million and within the urban area, about 60 million. For those who formerly employed, they’re less than 20 million. So, you have about 40 million people in business with an economic cycle of 24 hours. They just run their own business.

“Now, if we don’t take care of that sector and grow it, we don’t have an economy. The people with this type, they’re not really the core Nigerians. There are so many more people outside.

“But, how can we empower them to work? It’s just their skills. And to earn a livelihood that is decent. So, if we can instigate, empower and drive that, then the economy becomes a lot more viable. Look at Wizkid and Burna Boy. Just with their voices, they are earning millions.

“Now, imagine if we have 5,000 or 10,000 or 20,000. Look, for every successful artist, there are about 50 people working behind them. Supporting them. You have the manager, you have the publicist, and you have the PA.

“So, if we bring out more successful creatives, then we need to solve some of the problems that we have in the country. And we would also earn further currency,” he said.

Responding to inquiries about plans to expand support to other creatives such as content creation and digital art, Lawal expressed optimism, saying, “We are taking significant strides, and the market will ultimately determine the success of our endeavours.

“By embracing digital art and exploring various creative avenues, we can unlock further economic opportunities and address pressing challenges facing our nation.”

Lawal along said that the initiative was spearheaded by collaborative efforts between the local community and financial institutions like AFC, AAP, Chase, and Chida.

According to him, AFC became part of the initiative as a sponsor because it has the same values and aspirations with other involved partners.

Meanwhile, Mrs Tola Akerele, founder Soto Gallery and Curator, +234 Art Fair, also spoke on the transformative potential of the creative sector in driving economic revitalisation.

With a focus on empowering emerging artists to become international earners, Akerele said that the initiative aimed to bolster the arts economy and uplift communities.

She said that within the past eight years, the platform, supporting emerging artists, had catalysed remarkable growth, with many participants transitioning to global exhibitions.

She said that this underscored the impact of providing resources and opportunities for artistic development.

“And now, they’re exhibiting globally. So, it may look like a small beginning, but actually, with all the tools we’re giving them, they can really become very empowered and contribute to the arts economy, which is actually quite a huge one globally,” she noted.

On how the emerging artists were selected, she explained that they were picked not because they were young or old but because they were never showcased internationally.

She said that the process for selection was through their subscription to a podcast across several social media in January.

“So, it’s all being curated. We selected the artists. Because we’re a gallery, we know the quality of the work and the potential of the artists.

“So, there was a call that was done initially back in January. And then from that call, we looked at all the works that were submitted and then made a selection from there, ” she added.

The 10-day fair, which begins on Friday, March 23, curates a diverse selection of artists, including digital art.

With 232 artists exhibiting works ranging from affordable to high-value pieces, the initiative aims to democratise access to art.

Organisers emphasised that while perfection may not be the immediate goal, the initiative represents a crucial step towards realising the transformative potential of the creative economy.

Curated by Soto Gallery, the collaborative approach by Ecobank and AFC will help to catalyse the creative sector by enabling emerging artists to achieve recognition and livelihoods through art sales locally and internationally.

Alongside showcasing artwork, +234Art Fair will focus on enhancing the creative skills of participating artists through workshops with established local and international artists.

The exhibition’s title, ‘+234Art’, combines Nigeria’s country dialing code with the concept of art to signpost a thorough exposition of regional art and how it interacts with the larger art community across the continent and beyond. (NAN)

Edited by Olawunmi Ashafa