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FG okays MTN’s N202.8bn tax for completion of Enugu-Onitsha Expressway

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The Federal Executive Council (FEC) has endorsed the completion of the ongoing Enugu-Onitsha expressway by MTN Nigeria PLC, telecommunication company, at the cost of N202.8billion via the Tax Credit Scheme of the Federal Government.

Minister of Works and Housing, Babatunde Fashola, revealed this when he along with Minister of Police Affairs, Maigari Dingiyadi as well as the President’s media aide, Malam Garba Shehu, briefed the State House correspondents on the outcome of the Council meeting.

The meeting was presided over by President Muhammadu Buhari at the Council Chamber of the Presidential Villa Abuja on Wednesday.

Fashola said: ”Today, we have two more. So, the first that was approved today was the one by MTN Nigeria PLC, the telecommunication company to take over and complete the ongoing Enugu -Onitsha expressway.

”That road is a 110km, which is being dualized. So, you have 110km times two. The outstanding works aggregate to about 91 point something kilometres on both sides, if you accumulate it for those who use the road.

”You will see that the Enugu bound section has been largely completed but there’s a lot of work to be done on the Onitsha section.

”So this policy is going to allow a steady and sustained stream of funding to completion by MTN and the amount approved is N202,887,436,672,11 billion to complete the outstanding works of an aggregate of 91.9km on both sides.”

The minister also disclosed that the Council approved the reconstruction of Umuchi -Ususu-Umueme GZ Industries Road in Abia by a company known as GZ Industries, at the cost of N4.2billion through similar tax credit scheme.

He said: ”The second memo also was under the Tax Credit Scheme and while the first one was related to the road linking Anambra and Enugu states, this one is with respect to a road in Abia.

”Now the road is called Umuchi -Ususu-Umueme GZ Industries Road in Abia.

”The private sector beneficiary of the approval is a company called GZ Industries.

”GZ Industries manufactures aluminium cans for bottling drinks. They have a factory in Agbara in Ogun and they have another one in Abia in this area. So, it’s a link road to their factory.

”The approval was for N4.205,454,855billion. The road is a 3.7km road. So it’s an access road to their Industry. Council approved both memoranda.”

The Minister of Police Affairs, Maigari Dingyadi also disclosed that the Council approved N4.5billion for the procurement of utility vehicles for the Police Trust Fund.

According to him, the money approved will cover the cost of procuring the vehicles and that of insurance for the vehicles.

”I’m happy to announce that the Federal Executive Council has today approved the award of contract for the Nigeria Police Trust Fund for the supply of vehicles and insurance cover for several other vehicles at a total cost of N4, 541,829.17.

“The vehicles consist of land cruisers, Toyota Prado 2021 model and Toyota Camry. The land cruisers are about eight in number while the Prado are eight in number also, and then the Toyota Camry vehicles are about 44 in number.

“The Vehicles will be supplied at the cost of N1, 200,400,000.24 , The cost of fueling of the vehicles has also been approved at the total cost of about 5,093,770 litres at the cost of N1, 039,169,880 respectively.“

According to him, the affected vehicles are to be used for patrols and tactical operations to tackle security challenges across the country.

“The insurance cover is intended to cover all the vehicles purchased by the police Trust Fund between 2020 and 2022, involving about 450 vehicles, assorted vehicles for that matter, also at the cost of N812, 309,823.93.

”This is what has been approved for the police Trust Fund at the just concluded Federal Executive Council,” he said.

On his part, Shehu disclosed that the Council ratified the International Labour Organization’s convention 181.

According to him, the convention guarantees the rights and dignity of low cadre employees, who serve as house helps.

He said: ”The council ratified the International Labour Organization’s convention 181.

”Essentially, it seeks to permit the operations of private employment agencies in countries. If this is carried through, Nigeria will be the 3rd African Country after Ethiopia and Morocco to approve such.

“This is about the protection of the rights of persons employed by individuals as house helps with some of them being treated as slaves.

”Government is interested in their being treated with decency, respect and dignity,” he said.

Shehu also revealed that the Council approved a second memo for the adoption of the revised National Policy on labour migration.

According to the media aide, this also protects the rights of Nigerians employed in other countries as foreign employees serving in Nigeria.

He said: “The second memo by the Labour Ministry; which has been approved is for the adoption of the revised National Policy on labour migration and its action plan.

“This is also about the protection of the dignity of Nigerians and it is a two-way thing. Nigerian government is interested in protecting migrant workers who are here with us and our people who work out there.

”They shouldn’t be treated as slave or discriminated anyhow in so many respects.

“Certainly the policy seeks to confront the challenges of illegal migration and employment, exploitative tendencies, forced labour, smuggling and human trafficking in our society and entrenching general obligation to respect human rights of human beings.”

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ZENITH BANK PROMISES QUANTUM LEAP IN DIVIDENDS, PAYS N195.67 BILLION FOR 2024 FINANCIAL YEARS

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L-R: Executive Director, Mr. Adamu Lawani; Executive Director, Mr. Akin Ogunranti; Group Managing Director/Chief Executive, Dame (Dr.) Adaora Umeoji, OON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Executive Director, Mrs. Adobi Nwapa; Executive Director, Mr. Henry Oroh; and Executive Director, Mr. Louis Odom during the 34th Annual General Meeting of Zenith Bank Plc held at The Civic Centre, Victoria Island, Lagos, yesterday.

Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years. He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward. According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”. She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”. Talking specifically about dividend, she emphasized that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices. He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have. They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.”Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank. We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion
threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible. I am very happy to be a shareholder of this bank.Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”The bank’s robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024. This 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. Customer Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognized 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 of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years. He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward. According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”. She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”. Talking specifically about dividend, she emphasized that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices. He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have. They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.”Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank. We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion
threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible. I am very happy to be a shareholder of this bank.Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”The bank’s robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024. This 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. Customer Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognized 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

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Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

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Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. 

The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.

Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”

The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.

According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom. 

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

 

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Access Holdings Records 88% Growth in Gross Earnings to N4.878 Trillion

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Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024. The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction
standards.In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.The Group is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.Access Bank posted significant gains across all performance metrics, with interest income growing by 110% and fees and commissions rising by 81%. International subsidiaries contributed 48.5% to the banking segment’s PBT, demonstrating strong execution across key markets.In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising 351 billion through a rights issue. The₦ proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering delivering value not just to shareholders, but to society and the environment at large.

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