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Announcement of a new core investor in Polaris Bank

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…A​ new Board and Management team appointed
Lagos, October 22, 2022: Polaris Bank is pleased to announce that it has been notified of the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank (‘Polaris’ or ‘the Bank’) by Strategic Capital Investment Limited (‘SCIL’). As part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.

The incoming board are:

Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)

Commenting on the acquisition and board transition, Chairman of Polaris Bank Alhaji M K Ahmad said: “I would like to thank the outgoing board members profusely for their hard work and dedication over the last four years as we have established a strong governance structure and stabilised the bank. I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors we are confident can lead Polaris Bank into a new era of sustainable growth. This is an exciting time for the Nigerian financial services industry and we are committed to building on the strong foundations that have been established by the departing board. We would like to express our thanks for their service and wish them well.​

We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

Board Profiles
Alhaji M K Ahmad OON (Chairman)
With more than 37 years of experience leading and working across the private and public sectors, MK has extensive knowledge of the financial services, telecoms and FMCG sectors. He has been the Chairman of Polaris Bank since 2018, overseeing the stabilisation of the bank and the introduction of best-practice corporate governance. MK currently serves as the Chairman of the Interim Management Board of International Energy Assurance as well as Chairman of the Technical Committee of the National Council on Privatisation. He is also a Board Director of Flour Mills of Nigeria Plc, MTN Nigeria Communications Plc and FBN Holdco. Prior to this MK served as the pioneer Director General of PENCOM.

Mr Abubakar Danlami Suleiman (Non-Executive)
Mr Suleiman has more than 30 years of experience in the banking sector, having worked at the Central Bank of Nigeria, GT Bank, Continental Trust Bank, UBA Plc, NAL Bank Plc, Intercontinental Bank Plc (Executive Director), Sterling Bank Plc (Executive Director), Standard Chartered Bank (Managing Principal) and most recently as Deputy Managing Director/Acting Group Managing Director of Keystone Bank between 2017 and 2019. He has vast technical experience in the Financial Service sector, and very strong management and leadership qualities.​

He is an alumnus of the Wharton Business School (Pennsylvania, USA) and the INSEAD (France).

Ms Salma Mohammed (Non-Executive)
Ms. Mohammed has over 25 years of experience as a Banker and a Human Resource Management professional having worked in operational and strategic human resource leadership positions across a range of financial institutions. She is Co-Founder/Chief Operating Officer of New Frontier Development Limited, an investment company focused on financial advisory, hospitality, real estate and proprietary investments in start-ups and challenged companies in the SME space.

She was previously the MD/CEO of Centrum Finance Company Limited, a CBN-licensed finance company and brings a strong combination of sector expertise and human capital management experience to the Polaris Bank board.

Mr Adeleke Alex Adedipe (Non-Executive)
Mr Adedipe is the Managing Partner at Duale, Ovia and Alex-Adedipe, where he leads the technology, media and communications practice as well as the M&A and Banking and Finance practice areas. His combination of expertise brings an important perspective to the board as a new strategy focused on innovation is developed and implemented.

Mr Ahmed Almustapha OFR (Non-Executive)
Mr Almustapha is a lawyer and experienced technocrat who served as the Registrar General of the Corporate Affairs Commission (CAC) from 2001 to 2009 during which he is widely acknowledged to have transformed the CAC into a modern IT-driven organisation. He has also served on the board of the Federal Inland Revenue Service (FIRS) and is respected as one of Nigeria’s leading authorities on corporate governance.

Mr Francesco Cuzzocrea (Non-Executive)
Mr Cuzzocrea is a banker with more than 35 years of experience in the international financial services sector. He has extensive board level, including in Nigeria where he served on the boards of Heritage Bank (until August 2016) and Oando Plc (until February 2016).

Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mrs Odunowo has more than 25 years of experience in the Nigerian banking sector having held operations leadership positions across a range of financial institutions including Coronation Merchant Bank, Stanbic IBTC Bank and Guaranty Trust Bank. She currently applies her extensive operational and customer service experience by advising and capacitating small and medium-sized businesses across a range of industries.

Mr Adekunle Sonola (Executive – MD/CEO)
Mr Sonola has more than 33 years of experience in the African financial services sector, most recently as Executive Director of Commercial Banking at Union Bank Plc, prior to which he was the pioneer Regional Managing Director of Guaranty Trust Bank East Africa and the Director of Investment Banking at Standard Bank in South Africa. Adekunle has also served on the boards of First Bank of Nigeria Plc where he chaired the Board’s Risk Management Committee and Airtel Nigeria Plc.

Mr Abdullahi S Mohammed (Executive Director)
Mr Mohammed has worked in the Nigerian Financial Services and public sectors for more than 20 years, having begun his financial services career with Century Merchant Bank and Kakawa Discount House before being appointed as the Commissioner for Works, Housing and Transport in Kano State. He returned to Kakawa Discount House in 2003, before joining First Bank and ultimately moving to his current position at Polaris Bank.

Mr Segun Opeke (Executive Director)
Mr Opeke has more than 26 years of experience in the Nigerian financial services sector with more than 15 years spent in Senior and Executive Management positions. Segun began his career with Chartered Bank before joining FSB Merchant Bank and then Prudent Bank before joining the then Skye Bank in 2006, rising to become Executive Director of the now Polaris Bank, with more than 15 years experience in the institution.​

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GTCO Plc Releases 2024 Full Year Audited Results …Pays Shareholders Record Dividend of N8.03k for 2024 Financial Year

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of 1.266trilion, representing an increase of 107.8% over₦ 609.3billion recorded in the corresponding year ended December 2023₦ . This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management. The Group recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet. The Group’s loan book (net) increased by 12.3% from 2.48trillion in December 2023 to 2.79trillion in December 2024, while deposit liabilities grew by₦ ₦ 37.8% from 7.55trillion to 10.40trillion during the same period. Total assets and shareholders’ funds₦ ₦ closed at 14.8trillion and 2.7trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust₦ ₦ and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive. Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.He further added; “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability. We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3% and Cost to Income ratio of 24.1%.Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banki .5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3% and Cost to Income ratio of 24.1%.Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and
non-banking services, including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.Corporate Communications

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ZENITHz BANK MAINTAINS SUPERLATIVE PERFORMANCE WITH PBT OF N1.3 TRILLION IN FULL YEAR 2024

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Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators. The Bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry.According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.Commenting on the results, Dame Dr Adaora Umeoji OON, Group Managing Director/CEO, stated “This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management. Net interest income increased by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the Bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds. Non-interest income also grew by 20% from N919 billion to N1.1 trillion. The Bank’s total assets grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a strong liquidity position and effective balance sheet management. Customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits. The increase in retail deposits was driven by customer acquisition and the Bank’s strategic focus on low-cost funding.Return on Average Equity (ROAE) declined to 32.5% on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1%. The Bank’s cost-to-income increased slightly from 36.1% to 38.9%, despite inflationary pressures. Its Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring the Bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in the Bank’s operations.Given the good earnings performance, the Bank has proposed a final dividend of N4.00 per share, which brings the total dividend for the year to N5.00 per ordinary share. In a significant milestone, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from this capital raise will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets, unlocking new growth opportunities. The bank remains focused on delivering sustainable growth, enhancing shareholder value, and driving financial inclusion through innovative banking solutions. With its solid capital base and innovative product offerings, the Bank is well-positioned to navigate evolving market conditions while continuing to strengthen its leadership in the Nigerian financial landscape.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom. The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametric

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Fidelity Bank Equips Entrepreneurs for Global Trade Success with EMP 18

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L-R: Prof Frank Ojadi, Director, Export Management Program, Lagos Business School; Stella Nwuke, Team Member, Export & Agriculture Division, Fidelity Bank Plc; Emem Bassy, Managing Partner, Peony Dynamic Resource Limited; and Emmanuel Nwalor, Team Lead, Export & Agriculture Division, Fidelity Bank Plc; at the closing ceremony of the 18th edition of the Fidelity Bank Export Management Programme (EMP 18) held at the Lagos Business School recently.

Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise.

Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.

“At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.

“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-caliber participants and a 150% oversubscription. This indicates a promising future for Nigeria’s non-oil exports,” explained Isaiah Ndukwe, Divisional Head of Export and Agriculture at Fidelity Bank Plc.

Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, Accessibility of Export Markets, amongst others.

A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos state. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.

One of the program participants, Patrick Ulayi Awu-Patricks, Managing Director/Chief Executive Officer, Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector. In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business noting that, “There are lots of non-oil exports opportunities and entrepreneurs must be able to identify and capitalize on these to be able to play effectively in the international trade space. This course has given me insights into the power of data which is essential for strategic decision-making.”

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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