Zenith Bank Plc recorded a 15% growth in its workforce in 2024 as its headcount increased from 6,681 in 2023 to 7,704.
The financial institution provided these figures in its financial report for the year ending December 31, 2024.
According to the report, women account for 53% of the workforce, while men make up the remaining 47%.
The bank’s 2024 gender analysis shows that out of its total workforce, 4,090 employees are female, while 3,614 are male while in 2023, the bank had 3,330 male employees and 3,351 female employees, indicating an almost even gender distribution.
Women now make up a slightly higher percentage (53%) of the workforce compared to an almost equal split in 2023.
Board and top management composition
The board had 14 members in 2023, with 10 males (71%) and 4 females (29%). In 2024, the total number of board members remained 14, but the male-to-female ratio shifted to 9 males (64%) and 5 females (36%).
This marks a 7% increase in female representation on the board, reflecting improved gender diversity at the highest level.
The financial report also detailed the composition of board members and top management staff, showing a male-dominated leadership structure.
The total number of board members stood at 14 in both years, with nine males representing 64% and five females making up 36% in 2024 and 10 males and 4 females in 2023. This marks a 7% increase in female representation on the board.
At the top management level, comprising Assistant General Managers to General Managers, the bank recorded a total of 92 executives in 2024, which is an increase of one from the 2023 report, with 63 males and 30 females, while in 2024, with 63 males and 29 females. This indicates that female representation saw a slight decrease of one position.
Top management positions dominated by male
Despite a higher percentage of female employees at the bank, top management roles remain predominantly male, with men holding 68% of leadership positions.
- Assistant General Managers: The number of male executives decreased from 42 in 2023 to 31 in 2024, while female representation increased from 21 to 16. This resulted in a shift from 67% male and 33% female in 2023 to 66% male and 34% female in 2024.
- Deputy General Managers saw a decline in female numbers from 8 in 2023 to 6 in 2024, while male representation increased from 14 to 15. This shifted the gender distribution from 64% male and 36% female in 2023 to 71% male and 29% female in 2024.
- General Managers showed an increase in female representation, with female executives rising from 1 in 2023 to 4 in 2024, while male numbers dropped from 7 to 10. This led to a change from 87% male and 13% female in 2023 to 71% male and 29% female in 2024.
- Board members (Non-Executive Directors) improved in gender balance, as female numbers increased from 2 in 2023 to 3 in 2024, while male numbers declined from 6 to 5. This resulted in a shift from 75% male and 25% female in 2023 to 63% male and 38% female in 2024.
- Executive Directors (excluding the Managing Director) saw a decline in female numbers from 1 in 2023 to an addition of 1 in 2024, while male numbers remained at 4, adjusting the gender ratio from 75% male and 25% female in 2023 to 80% male and 20% female in 2024.
However, the Managing Director/CEO position is currently held by a woman.
