Tag: Zenith Bank Plc

Zenith Bank obtains Mareva Injunction restraining Orjiako from Seplat Energy’s accounts and assets.

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A Federal High Court sitting in Lagos has issued a Mareva Injunction that temporarily restrains the co-founder of Seplat Energy Plc, Dr Ambrose Bryant Chukwuemeka Orjiako, popularly known as ABC Orjiako, and other firms linked to him, from accessing the accounts and assets of Seplat Energy Plc.

This is according to a statement signed by the Secretary of Seplat Energy Plc, Mrs Edith Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX).

Seplat Energy Plc in the recent press release disclosed that the order has no impact on its operations. It linked the injunction to a court action instituted by Zenith Bank Plc against the aforementioned parties.

Recall that Zenith Bank Plc through its counsel, Mr Kemi Balogun (SAN) had dragged Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and about six others before the Federal High Court, over an alleged debt of about $78,426,578.64.

Having accessed the merit of the case, Justice Yellin Bogoro of the Federal High Court in Lagos, issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc, pending the hearing and determination of the bank’s motion on notice.

What they are saying: A press release issued by the energy giant on the matter reads: ‘’ Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

‘’The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.’’

Recall that similar issue played out between the firm and Access Bank Plc in the early parts of this year, after the Bank obtained an initial ex parte order to seal the assets of the energy firm, over the debt of a third party- Cardinal Services Limited.

Shebah Exploration & Production Company is owned by Dr. Orjiako. The company co-founded Seplat Energy Plc, in collaboration with Platform Petroleum Limited.

Zenith Bank Plc records decline of 3.13% in Interest income for the nine-months period ended 30 September, 2021

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Zenith Bank Plc has released its nine-months unaudited financial statement for the period ended 30th of September, 2021.

  • Interest income during the period was N308.84 billion. (-3.13% YoY)
  • Interest expense for the period was N74.10 billion. (-20.87% YoY)
  • Net interest income for the period was N234.75 billion
  • Net Fee and commission income during the period was N78.30 billion. (+32.43% YoY)
  • Other income of N23.81 billion was recorded.
  • Profit before tax was reported as N179.81 billion. (+1.43% YoY)
  • Profit after tax for the period was N160.59 billion. (+0.80% YoY)
  • Total assets during the period was N8.75 trillion. (+270.32 bn YtD)
  • Earnings per share of N5.11 Vs N5.07.

See full result here

Zenith Bank announces board meeting, closed period ahead of Q3 2021 results.

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Zenith Bank Plc has announced that it will be hosting a Board of Directors meeting on Thursday, October 28, 2021 to discuss the group’s unaudited financial statements for the third quarter of the year ended September 30, 2021.

This was confirmed by the financial giant through a statement signed by its secretary, Michael Otu, and made available on the website of the Nigerian Exchange Limited (NGX).

Excepts of the notice read: ‘’In line with listing regulations of the Nigerian Exchange Limited (NGX or the Exchange) for quoted companies, Zenith Bank Plc (the Bank) hereby informs its shareholders, NGX and the investing public that the Board of Directors of the Bank is scheduled to meet on Thursday, October 28, 2021 to consider the Group’s Unaudited Financial Statements for the third quarter ended September 30, 2021.’’

Consequently, in line with provisions of Rule 17.18(a) Close Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the tier-1 bank commenced a Closed Period from Friday, 1 October 2021. The closed period will run until 24 hours after the unaudited accounts is released to the public.

Accordingly, directors, employees, advisers, consultants and their connected persons and any other person(s) with insider information are prohibited from trading in the shares of the company during the closed period.

To access the disclosure, click HERE.

Zenith Bank holds HY 2021 Investors Presentation. 

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Zenith Bank Plc held its Half Year (HY) 2021 results presentation to investors and analysts. Below are the facts to the figures; 

  • Interest income declined by 6% YoY due to the prevailing low yield environment which affected yields on some marketable securities. 
  • On the other hand, Interest expense declined by 26% YoY due to rebalancing of deposit mix and the declining yield environment. 
  • Contribution of non-interest income to total revenue increased from 37.3% to 41.0% YoY. This was driven by the growth recorded in fees on electronic products (91%), account maintenance fee (51%) and agency& collection fees (50%). 
  • ROAE declined from 21.5% to 18.8% YoY due to the 15.6% YoY increase in capital base and the slow recovery of the economy. 
  • Cost-to-income ratio increased from 54.4% to 56.1% YoY due to inflationary pressure and regulatory costs. 
  • Capital adequacy and liquidity ratios during the period stood at 22.0% and 69.9% respectively. 
  • Customers’ deposits grew by 8.1% YoY due to increasing confidence in the Zenith brand. The breakdown of the deposit mix showed that demand account contributed the highest (55.2%), followed by Savings (20.4%), Domiciliary (17.5%) and Term (7%) 
  • Gross loans as at the period stood at N2.99trillion. The top four sectors it lent out to are; Upstream Oil and Gas (18.4%), Government (15.9%), General Commerce (13.2%), Other Manufacturing (10.5%).  
  • On the other hand, the sectors that got the least allocation in terms of the disbursement of the gross loans are; Finance and Insurance (0.3%), Education (0.4%), Beverages and Tobacco (2%). 
  • Total customers during the period stood at 13.71 million. (+24.1% YoY). 
  • A total number of 135,463 active POS terminals, 62,341 agents and 2,051 ATM terminals were recorded during the period under review. 
  • In terms of diversity, out of its 7,848 employees, 3936 are female while 3,912 are male employees. 

For more information about the Investors presentation, click HERE. 

Zenith Bank proposes interim dividend of N9.42 billion for 2021 half year.

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Zenith Bank Plc, one of Nigeria’s most capitalized financial institutions, has proposed to pay the total sum of N9.42 billion as interim dividends to its shareholders for the half year period ended 30th of June, 2021.

The company is expected to pay an interim dividend of 30 kobo per share on all the outstanding 31,396,493,786 ordinary shares of the company, amounting to N9.42 billion

This is according to a notice uploaded on the website of the Nigerian Exchange Limited (NGX) today, and signed by the company’s secretary, Michael Osilama Etu.

According to the disclosure, the interim dividend will be paid electronically to shareholders on the 20th of September, 2021, subject to appropriate withholding tax. Other pre-requisite conditions for payment are;

  • Only shareholders, whose names appear in the registrar of members as at the close of business on 10th of September, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Veritas Registrar Limited) to pay their dividends directly into their bank accounts.

To facilitate the payment, the financial giant noted that its register of shareholders will be closed on 13th of September, 2021.

What you should know:

  • Zenith Bank had earlier declared a half year profit of N106.12 billion in HY 2021, indicating a slight increase of about 2.2% YoY. Other key financial metrics like its net interest income, EPS, etc., all recorded an increase during the period under review.
  • The Bank officially closed trading today 27th of August, 2021 with a share price of N24.40.

 

 

Zenith Bank post profit after tax of N106.12 billion in HY 2021

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Zenith Bank Plc released its interim financial statements for the six months period ended 30 June, 2021.

  • Net interest income for the period was N159.94 billion. (+1.6% YoY)
  • Net income on fees and commission of N47.66 billion. (+42.3% YoY)
  • Operating expenses totalled N97.6 billion. (+17.9% YoY)
  • Deposits from customers stood at N5.77 trillion.
  • Profit after tax for the period was N106.12 billion. (+2.2% YoY)
  • Earnings per share of N3.38 Vs N3.30 YoY.

See link to results.

 

 

Zenith Bank appoints Omobola Ibidapo-Obe Ogunfowora as Director.

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Zenith Bank Plc has appointed Dr. Omobola Ibidapo-Obe Ogunfowora into its Board as an Independent Non-Executive Director, following a confirmation from the Central Bank of Nigeria

This is according to a notification sent to the Nigerian Exchange Group Limited (NGX) platform, dated 30th of June, 2021, as seen by Nairametrics.

Dr. Ogunfowora’s profile

Dr. Omobola Ibidapo-Obe Ogunfowora is a legal and corporate governance practitioner with enviable experience in the private and public sector. She gained valuable experience in the academia, having worked as a commercial and industrial law lecturer at the University of Lagos. She also had a long spell as a Dispute Resolution Compliance Specialist with the Ombudsman Services in the U.K.

Dr. Ogunfowora is an alumna of the prestigious Cardiff Law School where she obtained a LLB (Hons) and LLM degrees. She further proceeded to Queen Mary University and Middlesex University, where she obtained MRes and PhD degrees respectively.

For more information about the recent disclosure, click HERE.