Business
For Three Years In A Row, Zenith Bank Maintains Position As Nigeria’s Best Commercial Bank, Also Retains Best Corporate Governance Bank Award At World Finance 2023 Awards
For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023.
The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.
These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently.
The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.
Commenting on the awards, Dr Onyeagwu said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions.
It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”
Dr Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution.
He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.
World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy.
Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
Business
Emirates Airlines return to Nigeria October 1
Emirates Airlines has confirmed its return to operations in Nigeria starting October 1, 2024.
The airline disclosed this via its official X handle Thursday.
“We’re back, Nigeria! We’ll be resuming services to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities,” the tweet read.
The airline will be operating a daily service between Lagos State and Dubai, and will offer customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.
Business
Naira appreciates at official window, depreciates at parallel market
The naira depreciated to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.
The current FX rate signifies a decline of 1.95 percent from the N1,520/$ reported on May 13.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,510/$ and the selling rate at N1,550/$ — leaving a profit margin of N40.
At the official window, the local currency appreciated by 4.21 percent against the dollar from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.
According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,593 and at a low rate of N1,401 during trading hours.
The daily foreign exchange market turnover was $289.14 million.
On May 14, the Economic and Financial Crimes Commission (EFCC) said foreign missions based in Nigeria use third parties to transact in foreign currencies.
Speaking during an interview, Wilson Uwujaren, EFCC’s acting director of public affairs, said the commission has a task force whose duty is to fight the abuse of the naira and discourage transactions in dollars within Nigeria — which is against the law.
Business
To spur liquidity’ — CBN grants approval in principle to 14 new IMTOs
The Central Bank of Nigeria (CBN) has granted approval in principle (AIP) to 14 new international money transfer operators (IMTOs).
IMTOs carry out cross-border fund transfer services for individuals and entities residing abroad to recipients in Nigeria.
Approval in principle is a conditional acceptance of a proposal subject to meeting other requirements for final approval.
CBN granted the AIP amid plans to double foreign currency remittance flows through formal channels.
Hakama Sidi Ali, CBN’s acting director of corporate communications, spoke in Abuja on Wednesday.
Ali said the approval will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation among IMTOs to lower the cost of remittance transactions and boost financial inclusion.
“This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira,” she said.
Ali also said the move by the apex bank is a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
On April 20, Olayemi Cardoso, CBN governor, said the financial regulator collaborated with IMTOs to collectively commit to doubling remittance flows through formal channels into Nigeria.
“We’ve had very productive discussions with leading IMTOs where we collectively committed to doubling remittance flows through formal channels into Nigeria in the immediate short to medium term,” Cardoso said.
He said CBN has also set up a task force to address bottlenecks hindering flows through formal channels.
-
Entertainment7 days ago
Tems announces release date for her debut album ‘Born In The Wild’
-
Business1 week ago
Five levies Nigerians pay for electronic transactions
-
Entertainment1 week ago
Portable acquires luxury house in Lekki (Video)
-
Religion2 days ago
Allow RCCG members attend your schools for free, Lege Miami tells pastor Adeboye
-
Entertainment6 days ago
Esther Ogbu narrates how she once slept on the floor for seven days to avoid being sexually molested
-
News1 week ago
Lagos state government introduces electronic system for 10-minute approval of building permits
-
Business2 days ago
SMEDAN begins disbursement of N5bn loans to SMEs
-
Entertainment1 week ago
Ibrahim Yekini, Layi Wasabi, Tana Adelana… here are first-time AMVCA nominees