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Companies

Zenith Bank launches high interest-yielding savings account

One of Nigeria’s leading financial institutions, @ZenithBank, has introduced a high interest-yielding target savings account named “SAVE4ME”, which enables customers plan and save towards their aspirations and needs conveniently.

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Zenith Bank GMD and CEO Mr. Ebenezer Onyeagwu

One of Nigeria’s leading financial institutions, Zenith Bank Plc, has introduced a high interest-yielding target savings account named “SAVE4ME”, which enables customers plan and save towards their aspirations and needs conveniently.

The new product is designed to support flexible savings for predetermined purposes such as asset acquisition or even marriage, and offers a higher interest rate than a regular savings account. Customers can operate multiple “SAVE4ME” accounts for the different things they want to achieve at the same time.

Commenting on the new savings product, the Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu said: “the bank is focused on providing its customers with premium financial solutions that meet their lifestyle needs and ‘SAVE4ME’ is just one in a plethora of retail banking offerings it would be introducing over the next few months.”

Zenith Bank Plc, First Bank Plc

Zenith Bank Plc

He further explained that the product is very important because Nigerians have a lot of aspirations, but most times these are truncated by the absence of a suitable savings plan that allows accumulating funds for their actualization.

Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS). The bank’s commitment to world-class service standards has led to several product innovations over the last few weeks including the “Zenith Timeless Account”, which allows Nigerians aged 55 years and above bank for free and the “Dubai Visa Service” on the Zenith Bank internet banking platform, which allows convenient application and payment for visa to Dubai.

Interested persons can get more information about opening a “SAVE4ME” target savings account by engaging with the bank on social media or calling Zenith Direct on +234-1-2787000.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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    Appointments

    Airtel Nigeria announces appointment of Surendran as new Chief Executive Officer

    Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new MD/CEO with effect from August 1, 2021.

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    Like MTN, is Airtel Nigeria considering listing?

    Telecommunications giant, Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new Managing Director and Chief Executive Officer with effect from August 1, 2021.

    Surendran would be replacing the outgoing Managing Director and Chief Executive of Airtel Nigeria, Olusegun Ogunsanya, who has been elevated to the position of Chief Executive Officer of Airtel Africa Plc with effect from October 1, 2021.

    According to a report from the News Agency of Nigeria, this disclosure is contained in a statement issued by Airtel on Wednesday, May 5, 2021, in Lagos.

    READ: Airtel Africa signs new $500 million loan with Bank of America, HSBC, others

    The statement says that Surendran would also be appointed to the Executive Committee (ExCo) as Regional Operating Director, reporting to the CEO of Airtel Africa plc, and onto the Board of Airtel Networks (Nigeria) Limited.

    Airtel in its statement said, “Surendran has been with Bharti Airtel since 2003 and has contributed immensely in various roles across customer experience, sales and business operations.

    He was the Chief Executive Officer of Karnataka, which is the largest circle in Airtel India, with over one billion dollars in revenue.

    Surendran delivered an exceptional performance with significant movement in Revenue Market Share (RMS) over the last few years, currently at 54 percent. He has over 30 years of business experience, including 15 years at Xerox.’’

    Hotflex

    Airtel said that Surendran would transition into his new role from June 1, 2021, and spend the time onboarding into the business until July 31, 2021.

    READ: Meet the latest billionaires on the Nigerian Stock Exchange

    In case you missed it

    It can be recalled that a few days ago, Airtel Africa Plc, a leading provider of telecommunications and mobile money services in Nigeria and 13 other countries, announced the appointment of Mr Olusegun Ogunsanya as the new Chief Executive Officer, following the notice of retirement given by the current Managing Director/Chief Executive Officer, Raghunath Mandava, to the Board.

    In the notification sent by Airtel Africa to the Nigerian Exchange, Ogunsanya is expected to join the board of Airtel Africa with effect from October 1, 2021.

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    Companies

    Our First Bank loan is being serviced, reduced by 30% in 2 years – Honeywell Group

    The credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.

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    Billionaire watch: Oba Otudeko’s stakes in Firstbank and Honeywell are worth N10.3 billion

    The Honeywell Group has said that its loan with First Bank is being serviced as the conglomerate had reduced the facility by 30% in the last two and half years.

    This was disclosed by the Group via a statement issued on Sunday and seen by Nairametrics.

    According to the statement, the company and the bank have had a professional business relationship since 1975, which preceded the group’s investment in the bank over a decade later.

    According to the Honeywell Group, the credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.

    The Group further explained that following agreed terms, its facilities are adequately secured with First Bank with collaterals in place at over 170% of forced sales value and 230% at open market value.

    It stated, “In 2015, First Bank under the directive of the Central Bank of Nigeria, drew our attention to a 2004 circular (BSD/9/2004) which requires that insider related facilities must not exceed 10% of paid-up share capital.

    Based on this directive we subsequently entered negotiations with the bank to agree on an appropriate repayment structure and the final negotiated position was duly approved by the CBN.

    In addition to the above, First Bank, on the directive of CBN, requested additional security in the form of FBN Holdings Plc shares held by the Chairman of Honeywell Group, Dr Oba Otudeko citing a 2001 circular. This was duly provided through an authorisation to place a lien on the shares.”

    Honeywell Group has continued to meet all its obligations on its facilities with the bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rate and the bank continues to earn significant interest therefrom.”

    What you should know

    • Nairametrics had reported when the Central Bank of Nigeria directed Honeywell to fully repay its obligations to First Bank within 48 hours, warning that failure to do so would cause the CBN to take regulatory measures against the insider borrower and the bank.
    • The Chairman of Honeywell Group, Oba Otudeko, also served as Chairman of FBN Holdings Plc until he was asked by the apex bank to go along with other directors on Thursday.
    • The apex bank had noted in a letter last Wednesday that First Bank had yet to comply with regulatory directives on divesting its interest in Honeywell despite several reminders.
    • Also, the CBN asked First Bank to forward evidence involving the divestment of interest in Honeywell Flour Mills and Bharti Airtel Nigeria Ltd within 90 days.

    Download (PDF, 525KB)

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