Business

Zenith Bank Expands Global Footprints With Paris Branch Launch

Published

2 hours ago

November 29, 2024 12:44 pm

BodexNG

Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix, Paris, France was performed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

Dignitaries at the ceremony include Governor, Kwara State & Chairman, Nigeria Governors’ Forum (NGF), His Excellency, AbdulRahman AbdulRazaq; Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-olu; Governor, Ogun State, His Excellency, Adedapo Abiodun, CON; Governor, Enugu State, His Excellency, Dr. Peter Mbah; Chairman, BUA Group, Abdul Samad Rabiu, GCON; Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC) Nonye Ayeni, who joined Zenith Bank Executives in celebrating this significant milestone. The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.

In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, thanked the Founder & Chairman, Dr. Jim ovia, CFR, for his inspiration and vision in setting up an award-winning and record-breaking brand. She also highlighted the rationale for the bank’s strategic move to Paris.

According to her, “The opening of this Paris branch is part of the broad strategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses.

Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries. Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon. This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”

Speaking at the ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris.

The presence of Zenith here can only but help to engender trust of the French business community.

They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitatedWe are happy and we are glad that we are all here to participate in this historic occasion.”

President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said, “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris.

I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector.”

Director General of the Treasury, France, Bertrand Dumont, commented, “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents.

So, I would like to wish you the best in this endeavor, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”

The Chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, CFR, during his remark said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK.

15 years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership and collaboration speaks to the nature of endeavor that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith – Bonne Arrivee!”

The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations. Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France.

The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.

Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa.

The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market.

The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.

Business

Okonjo-Iweala Reappointed WTO Director-General

Published

46 mins ago

November 29, 2024 1:35 pm

BodexNG

The General Council of the World Trade Organisation has reappointed Ngozi Okonjo-Iweala for a second term as its Director-General.

Her new four-year tenure is set to commence on September 1, 2025.

In a statement issued on Friday, Okonjo-Iweala thanked the WTO’s 166 member nations for their continued trust and support.

Business

UBA to begin full banking operations in France

Published

4 hours ago

November 29, 2024 9:53 am

BodexNG

United Bank for Africa has signed a deal to commence full banking operations in France.

In a statement late Thursday, the banking group said the landmark business cooperation agreement with the French Finance Minister, Antoine Armand, was part of President Bola Tinubu’s state visit to France.

During the visit, the Chairman of UBA Group, Tony Elumelu, in the presence of Tinubu and the President of France, Emmanuel Macron, signed the agreement indicative of support by the French Government for the development of UBA’s full banking operations in France.

Speaking at the signing ceremony, Elumelu said, “This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole and French and European customers transacting with Africa.

“Expanding into France is a natural progression, with Paris serving as our European Union hub as we continue to bring Africa and the world together through innovative financial solutions. Paris will join London, New York, and Dubai as a critical component of our unique global network.”

With this agreement, UBA joins tier-1 banks in Nigeria, running with a banking presence in France.

Tinubu arrived in France on Thursday for a two-day state visit, with both sides looking to deepen their economic and diplomatic ties.

It is the first official state visit to Paris by a Nigerian leader in over two decades.

Macron welcomed his counterpart with a warm greeting in Nigerian Pidgin English, stressing the cultural connection between the two leaders.

“Na big honour for France to welcome you for dis state visit,” he wrote on social media.

Business

Tinubu’s tax bills pass second reading at senate

Published

24 hours ago

November 28, 2024 2:28 pm

BodexNG

The senate has passed four tax reform bills proposed by President Bola Tinubu for second reading.

The bills passed second reading after Opeyemi Bamidele, majority leader of the senate, led a debate on them on Thursday.

While leading a debate on them, Bamidele said the bills would simplify the tax landscape, reduce the burden on small businesses, and streamline how taxes are collected.

“It will eliminate double taxation. In the area of tax exemption of the salaries below the minimum wage,” the senate leader said.

“It is proposed that the state governments share 55 percent of VAT from 15 percent. There is a reasonable effort to establish core tax statutes in the bill.”

Seriake Dickson, senator representing Bayelsa west, said the discovery of oil in Nigeria did not allow the country have a good taxation system as a means of revenue.

“I am aware that some issues have been raised and that is legitimate,” he said.

“There is nothing wrong in saying that phone calls are made in Sokoto are calculated are paid to those states. We should ensure that this is transparent.”

Also speaking, Ali Ndume, senator representing Borno south, said the bills should be stood down for further legislative work.

“Reforms are necessary if we have to move forward. My problem is number one is timing. Number two, the issue of derivation and VAT,” he said.

“The constitution has to be amended for some of these provisions to be effected.”

Countering Ndume’s position, Tahir Monguno, chief whip, said the bills should not be withdrawn and that changes could be made during the public hearing on them.

“These bills will reduce the tax burden on Nigerians,” he said.

The bill were passed after Senate President Godswill Akpabio put them to a vote.

Tinubu asked the national assembly to consider and pass the bills in October.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others