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Corporate Press Releases

Zenith Bank ranks Nigeria’s Number One Bank according to Tier-1 Capital

Zenith Bank extended its lead over the second-placed bank in Nigeria.

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Zenith Bank GMD Ebenezer Onyeagwu, Central Bank of Nigeria, CBN's loan-to-deposit ratio policy, Nigerian Stock Exchange NSE stocks, Banks in Nigeria, Deposit Money Banks in Nigeria, Zenith Bank collaborates with fintechs, but insists it is not scared to compete with them, Zenith Bank sets withdrawal limit for customers, as dollar sells for N400, NIGERIA| ZENITH BANK: Revaluation gains support marginal profit growth

Zenith Bank Plc has ranked in the position of the Number One Bank in Nigeria.

The ranking was done by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.

The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.

READ MORE: GTBank Releases Q1 2020 Unaudited Results, Reports Profit Before Tax of ₦58.2 Billion

According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.

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Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology.”

Recent awards received by the bank include; The Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. It was voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards.

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Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

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Corporate Press Releases

Old Mutual supports LASG’s remote learning drive in vulnerable communities

The programme is targeted at students with limited or zero access to internet-based virtual learnings.

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In response to the Covid-19 inspired shutdown of schools in Lagos State, the Nigerian subsidiary of the pan-African
insurance firm and global financial services provider, Old Mutual Limited, has partnered the Lagos State Ministry of Education to drive remote learning for students in vulnerable communities.

Senior representatives from Old Mutual and the Lagos State Ministry of Education kicked off the presentation of free 10,000 radio units to students at St. Francis Jnr Grammar School in Iwaya Lagos on Monday, July 27, 2020

The programme, which involves the broadcast of curriculum-based education through radio, is targeted at students in vulnerable communities with limited or zero access to internet-based virtual learnings. Old Mutual is ensuring that the remote learning initiative reaches 10,000 homes by donating free radio units to be distributed to schoolchildren across these underprivileged districts in Lagos State.

In her remark, the Executive Head, Marketing & Customer Experience, Old Mutual, Alero Ladipo said, “we understand that despite the impressive growth in internet connectivity and access in Nigeria, there are low-income families who cannot afford to access internet-based virtual learnings, which is fast becoming the conduit of
remote education.

“As an organisation, we believe that no one should be left behind in the provision of quality education. So, we are proud to partner the Lagos State Government, who shares the same ethos and have evolved a low-tech and affordable strategy to drive remote education through radio broadcasting. Our support is to enable children from
10,000 low-income families, who cannot afford a radio set, to be able to tune in to this remote education during this pandemic.”

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The Lagos State Commissioner for Education, Mrs. Folashade Adefisayo, who was represented at the event by the Director, Public-Private Partnerships, Lagos State Ministry of Education, Dr. Olufunke Oyetola stated that the support from Old Mutual would help the state in its quest to broaden the scope of education in the state. “The Old Mutual support is coming at a critical time when we need more hands to help build the future of our children. This exemplary gesture will help us to accelerate the adoption of virtual and remote learning as education and schooling would never remain the same post-COVID-19,” she said.

“As a government and promoters of quality education in the state, we have put in place adequate measures to track the development and usage of the devices by the children for educative purposes. We believe the children would put the materials to good use,” she added.

ABOUT OLD MUTUAL

Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company are part of the globally acclaimed Old Mutual brand, which has over 175 years of experience in providing life assurance and wealth, personal finance, savings, and general insurance services.

Old Mutual, since its entry into the Nigerian market, had leveraged its heritage and expertise, launching a wide range of insurance solutions tailored to meet the unique needs of Nigerian’s insurable population and corporate clients.

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Appointments

Heirs Holdings Appoints Dan Okeke as Group Executive Director

Mr Okeke joins Heirs Holdings following a distinguished three-decade career at the UBA.

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Pan-African investment company, Heirs Holdings this week announced the appointment of Dan Okeke as Group Executive Director.  The appointment took effect from August 01, 2020.

Mr Okeke joins following a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he most recently served as an Executive Director, responsible for leading consumer, commercial and public-sector businesses.  At HH, he will be responsible for business coordination and growth across Heirs Holdings’ portfolio of pan-African investments in the power, financial services, oil and gas, hospitality, real estate, healthcare, and financial technology sectors.

Heirs Holdings is a family-owned investment company committed to improving lives and transforming Africa.  Our portfolio spans the power, oil and gas, financial services, hospitality, real estate, and healthcare sectors, operating in twenty-three countries worldwide.  Driven by the Africapitalism philosophy of the Group’s founder, Tony Elumelu, which positions the private sector as the catalyst of African growth and seeks both social and economic returns on investment, Heirs Holdings invests for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround accomplishment and operational excellence to companies within its investment portfolio. Celebrating its tenth anniversary this year, Heirs Holdings has recorded consistent business success across its portfolio of investments.

Commenting on the appointment, Chairman, Heirs Holdings, Tony Elumelu, stated: “As we continue to grow in scale and complexity, Dan’s appointment demonstrates our ongoing commitment to institutionalisation.  We have always recognised the need to invest in human capital.  This announcement is a clear demonstration of our intent and determination to create sustainable value in all our business operations.”

“I am delighted to take on this new challenge and look forward to contributing towards the fulfillment of Heirs Holdings’ objective of improving lives and transforming the Continent,” Mr Okeke stated on his appointment.

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Corporate Press Releases

Rating agencies, Agusto and GCR affirm ‘AAA’ long term credit rating of Infracredit, with stable outlook

InfraCredit’s “AAA” rating, with a stable outlook reflects its operational uniqueness as a guarantee provider.

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Rating agencies, Agusto and GCR affirm 'AAA' long term credit rating of Infracredit, with stable outlook

Reflecting the strong fundamentals and credibility of Infrastructure Credit Guarantee Company Limited (“InfraCredit”), foremost rating agencies, Agusto & Co (“Agusto”) and Global Credit Ratings (GCR) simultaneously reaffirmed the “AAA” credit rating of the premier infrastructure guarantee company. Notwithstanding the unprecedented impact of the COVID-19 pandemic, which continues to weaken global and domestic macroeconomic outlook, InfraCredit sustained its strong risk capital and broader balance sheet, with significant headroom to underwrite further guarantees in pursuit of its mission of unlocking long term local currency infrastructure finance in Nigeria’s real sector.

READ MORE: InfraCredit secures $15m credit facility from AfDB

Notably, InfraCredit’s “AAA” National Scale Rating, which is at par with the Nigerian Sovereign and reinforce the unparalleled credibility of its unconditional irrevocable guarantees, partly reflects the support of its shareholders and capital providers, which include the Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation, GuarantCo (a Private Infrastructure Development Group company), and reputed multilateral institutions, including KfW Development Bank, who are committed capital providers. In addition, InfraCredit’s balance sheet and guarantee programmes are further supported under risk-sharing arrangements with the United States Agency for International Development (USAID), amongst other development finance institutions.

In arriving at its rating decision, Agusto reiterated that “the rating assigned to InfraCredit recognises its strategic importance and developmental role in the provision of local currency guarantees to enhance the credit quality of debt instruments issued to finance creditworthy infrastructure assets in Nigeria”. The foremost rating agency further noted that “the assigned rating reflects InfraCredit’s quality guarantee and investment portfolios, backed by an acceptable risk management framework, good return on investments and an experienced management team”.

READ MORE: AFC to ink $100 million investment deal in Nigeria’s mining sector

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Similarly, GCR emphasized, “InfraCredit’s “AAA” rating, with a stable outlook reflects its operational uniqueness as a guarantee provider, strong ownership and management profile, demonstrated financial flexibility, strong liquidity position, and profitability track record so far”. “The asset quality (in terms of issued guarantees) is sound, with nil non-performing exposure recorded from inception till date”, GCR analysts added.

Noteworthy, InfraCredit maintains the highest national scale rating accorded to any financial institution by Agusto and GCR, having recorded nil recourse on all its guarantee exposures since inception, reinforcing the quality of its obligors, ingenuity of the financing structures and strong governance oversight. Credited for its innovative approach to infrastructure financing, InfraCredit is creating capital access for infrastructure corporates in the real sector of the Nigerian economy whilst unlocking investable assets for pension funds, insurance firms and asset managers. As the premier infrastructure credit guarantee company, InfraCredit is committed to its vision of playing a catalytic role in engendering market confidence and stimulating financial inclusion for real sector-induced growth and the sustainable development of Nigeria’s economy.

READ: AFC grants Waltersmith Refinery $35 million debt facility

Speaking on the ratings actions, InfraCredit’s Managing Director/CEO, Chinua Azubike said, “we are pleased with the simultaneous affirmations of InfraCredit’s “AAA” rating, with stable outlook, by the duo foremost credit rating agencies, Agusto and GCR. This assertion, which follows the thorough independent assessments by these reputed institutions, is a testament of our balance sheet capacity, impeccable quality of our guarantees and sound risk management practice. We would continue to adhere to global best practice in transaction structuring, governance, and market development, as we continuously strengthen our capitalization and broader capacity in pursuit of our vision to catalyze real sector growth through innovative infrastructure financing. Notwithstanding the challenges presented by the current COVID-19 pandemic, we continue to preserve our strong fundamentals, as we are committed to unlocking domestic credit to the private sector for infrastructure development that will create jobs and promote local economic growth.’’


 

About InfraCredit

InfraCredit is a ‘AAA’ rated specialised infrastructure credit guarantee institution backed by the Nigeria Sovereign Investment Authority, GuarantCo (a Private Infrastructure Development Group company), KfW Development Bank and Africa Finance Corporation to provide local currency guarantees and mobilize long term debt financing for infrastructure in Nigeria. InfraCredit’s guarantees act as a catalyst to attract domestic credit from pension funds, insurance firms and other long-term investors into credit-worthy infrastructure projects, thereby deepening the Nigerian debt capital markets. InfraCredit operates on a commercial basis with a developmental role and benefits from private sector governance.

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InfraCredit maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co. and Global Credit Ratings Co., two of the major domestic credit rating agencies.

For more information please visit www.infracredit.ng

InfraCredit Media & Guarantee Enquiries
Guarantee Enquiries : [email protected]
Media Enquiries: [email protected]
+234 (0) 1 631 2300
www.infracredit.ng

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