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THE EVOLUTION OF NIGERIAN BANK OVER THE LAST FEW YEARS,A SERIES OF REFORMS HAVE REVITALISED THE BAKING INDUSTRY IN NIGERIA.JIM OVIA, CHAIRMAN OF ZENITH BANK

EXPLAINS HOW HIS ORGANIZATION IS CONTRIBUTINGTO ECONOMIC PROGRESS
NIGERIAS MODERNISED ECONOMY
For more than 10 years now, Nigeria economy has benefited greatly from sustained levels of growth
with annual real GDP rising to 6.3 percent in 2014 , and it is expected to continue on this positive trajectory into 2015 and beyond. Overall , the Nigerian economy is becoming more modern, resembling western developed economies, with the services industry providing the bulk of its economic output. It is responsible for more than 50 percent of total economic growth, while manufacturing and agriculture contributed around nine and 21 percent respectively, according to data complied by African economic outlook, the country has managed to diversify its economy away from oil-which is no simple feat. Other industry sectors-including the service industry-have grown to become the main drivers of growth in the country. Its population of around 178 million (see side bar) means that the retail consumer market is enormous and crammed with stirring opportunities. In Africa, the country is at the forefront of utilizing electronic banking products, with its huge telecommunications backbone, world-class banking applications and burgeoning biometric projects.
The past year has been good for Nigeria so far, but its growth has suffered, slowing slightly as consequence of reduced economic recovery in other parts of the world, and the price of oil is yet to bounce back from its current lows. Cheap oil has made a considerable dent in fiscal revenues, but due to the success of economic diversification, the country has managed to weather the storm rather effectively and helped mitigate the impact of the commodity’s low price. In order to combat the dip in revenue, the government has chosen to cut spending so that it doesn’t take on excessive levels of debt. It has also embarked on a strategy that involves shoring up non-oil revenues in a bid to compensate for declining oil revenues.
Boosting business
In a recent report by the world bank, which attempts to measure how effectively government regulation has assisted business activity in various countries, the international organization ranked Nigerians overall performance favourably, increasing its rank from 175 out of 189 to 170. The positive ranking by the world bank was due to the Nigerian government making it easier for individuals to do two things: set up a business and receive credit from financial institutions. Overall, the government has worked hard to increase the efficiency of its business environment and legal institutions in an effort to improve the performance of its economy.
The all progressives congress (APC) has continued to ease restraints on businesses, focusing on long-term judicial reforms that aim to bolster legal entities for contract enforcement.it is also eager to address issues like corruption and national security, both of which dramatically impact investor confidence and have the capablility of reducing foreign direct investment into the country. But these issues are not serious enough to dissuade all investors.
I don’t find it surprising that investors want to take part in Nigeria’s economy when you consider the exciting potential of our economy, our very high population which means we have very substantial consumer markets and our excellent infrastructures that make investment easy and ensure a good flow of information to investors themselves; said Peter Amangbo, CEO of Zenith Bank.
At zenith bank, helping domestic and foreign investors is one our strongest areas of activity. We think our devotion to customer service, our passionate enthusiasm for making sure that the service we offer are exactly what customers want and our ability to bring new services and new facilities to customers make us the bank of choice for investors both within Nigeria and beyond our borders who want to maximize their knowledge of the investment potential of Nigeria and also maximize their returns; In order to make credit more readily available for those looking to start a business, the government has had to implement a number of financial reforms. These have helped alter the financial reforms. These have helped financial environment, creating a stronger banking institutions that possess an efficient payments system. It has also helped to greatly improve the financial infrastructure of the country too.
The enormous success of e-banking in Nigeria, and the fact that it is not only seen in African.
But globally as a successful economy, is partly explained by the Central Bank Nigeria (CBN) encouraging cashless transactions in other to engender flexibility, speed and accountability. E-banking in Nigeria is also partly explained by the hurtling transformation of the economy which is increasing demands for banking services in general, and e-banking in particular.
Yet there is another key factor too: the success of e-banking in Africa’s most populous nation is also due to the sheer energy Nigeria’s most influential and far-sighted bankers, who ultimately know that the people who must want e-banking and all its associated advantages of banking services from their desktops, laptops, tablets and mobile phones, are the customers.
This makes banking easier with no need to find time to visit a physical branch, and its makes banking available on the move. A lot has changed for Nigeria’s banking industry over the years, and so World Finance spoke to Jim Ovia, Founder and Chairman of Zenith Bank, to discuss Nigeria’s economic history, and how the bank has diversified with the country’s changing economy.
From the humble beginnings
Ovia came into the industry to make a difference. He begun his career banking in Nigeria as an operator, redefining the way banking was done. He brought forward innovations in management, service delivery, customer service and the deployment of technology in banking operations.
With its head office based in Nigeria and franchises in major financial centres around the world, Zenith Bank provides an assortment of services and products in areas that include corporate and investment banking, commercial and consumer banking, personal banking, private banking and trade services.
It has over 500 branches and offices, spread across all states of the federation and the Federal Capital Territory (FCT), Abuja. Coupled with a presence in London, Ghana, Sierra Leone, The Gambia and representative offices in South Africa, Dubai and Beijing. Zenith Bank leverages its robust ICT infrastructure to provide secure and fast electronic channels and solutions to meet the dynamic needs of customers.
The extremely low turnover rate of the bank’s highest administration allows for consistency, continuity, focus and authorship. CEO Amangbo, along with the other executive directors, have been influential propelling Zenith Bank to its current market leading position. Working with Jim Ovia has put Amangbo in good stead to continue delivering the bank’s growth trajectory, of which he has been a prominent contributor.
What values have helped Zenith Bank achieve its success to date?
Zenith Bank is simply built on three core values: people, technology and service. These values have been the backbone of Zenith from inception to date. The bank thrives by putting the right people in the right places. The staff receive the best training available, which has helped build a strong corporate culture of goal oriented activities. Our people are empowered to be creative, innovative and at the same time, execute the highest level of efficiency. All these have contributed to a stable and highly motivated work force in Zenith. As a result of the training and exposure we give to our staff, we have been able to innovate, create and lead the banking revolution in Nigeria through the power of cutting-edge technology. Our practice in Zenith is to continually seek ways of improving existing banking practices, using top global bank as our yardstick.
The combination of highly motivated staff and state-of-the-art technology has led to excellent customer service, which has been our distinction within the Nigerian banking industry.
Our ability to meet and exceed the expectations of our customers over the years has made Zenith attractive to major businesses home and abroad.
How do you think the new administration can sustain economic growth?
As a bank that believe in putting the right people in the right place, Zenith has attracted and retained seasoned professionals in the area of risk management, compliance and legal services
This has helped it to build a reputation of compliance conscious bank, which has made it easier for us to work with government at all tiers and the several regulatory agencies in Nigeria and other countries. With such an international foot-print, we have and will continue to support the programmes and policies of the government in jurisdictions we operate.
As a reward to our conscious efforts on compliance with laws and regulations-and the support of government programmes-we have received significant support from the government of Nigeria, and beyond. We will continue to work cordially for more support.
After the government consolidation, larger Nigerian banks have been able to compete comfortably with other banks in the world. As players in the banking industry, we expect the new administration to continue to support the growth of Nigerian banks, as this helps to create jobs, wealth and expansion into other countries.
What is your strategy for expansion?
Zenith is continually seeking opportunities to expand and tap into profitable business ventures at home and abroad. It has a UK subsidiary, and this year opened a branch in Dubai. Despite the global economic growth downturn, there are numerous untapped business opportunities, especially in Africa and Asia, which the bank is watching closely.
How do you plan to integrate payment systems into the Zenith’s model?
As a technology driven bank, Zenith have been in the forefront of processing automation, and championed several projects that resulted to adoption of electronic banking. Zenith has deployed several platforms that have made banking services seamless and more efficient for customers. Using technology to facilitate payment has always been an integral part of Zenith’s banking model, and with the CBN’s drive for a cashless Nigeria, Zenith will continue to work with other stakeholders for a more efficient and secured payment system. The CBN has tightened monetary policy in 2015 by imposing forex restrictions on certain imports.
How have new environment conditions affected Zenith’s business, and what is need to stabilize the market? The Nigerian economy is overly import-dependent, and this today has led to a significant loss of foreign exchange. Therefore, the position of foreign exchange restrictions on certain imports would in fact not only help in foreign exchange management by saving the country a forex haemorrhage, but it would also help to promote the local industries with its attendant spill-over effect on creating jobs and increasing wealth.
The current monetary condition is a fallout of dwindling oil prices and drop in government receipts. The implication is that the CBN is not able to meet all the forex needs of every customer. However, Zenith is coping very well with the current situation by forex rationing to meet the needs of its customers, while ensuring compliance with relevant laws and regulations.
The banking system is a key piece of Nigeria’s future, but SMEs have difficulty finding capital.
How has access to financial services throughout the Nigerian economy changed?
Access to finance is no doubt challenging but improving, especially for SMEs because of high interest rates due to high cost of sourcing deposits.
However, that circumstance is gradually changing since the introduction of various intervention schemes, particularly the Micro Small and Medium Enterprise Development Fund (MSMEDF) with single digit interest rate by the CBN. It is expected that funding for SMEs will be more accessible than it used to be.
Technology features greatly at Zenith Bank. How has this being implemented?
Technology is integral to the bank’s business strategy. We deploy cutting-edge technology platforms to enable seamless transaction for our customers.
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Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

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

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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JIM OVIA ADMITTED TO THE FREEDOM OF THE CITY OF LONDON

L-R: Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR; His Eminence John Cardinal Onaiyekan; President of Dangote Group, Alhaji Aliko Dangote, GCON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Governor of Lagos State, Mr. Babajide Sanwo-Olu; and Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori, during the admission of Jim Ovia to the Freedom of the City of London in the United Kingdom, on Monday.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, has been admitted to the prestigious Freedom of the City of London in a distinguished ceremony which held at the Mansion House, City of London on Monday, April 7, 2025. This prestigious accolade is a testament to Mr. Ovia’s exceptional contributions to the global financial landscape, unwavering commitment to fostering economic development, and dedication to philanthropic endeavours that have positively impacted countless lives.The Freedom of the City of London, a time-honoured tradition dating back to the 13th century, is one of the oldest surviving ceremonies in the United Kingdom. Historically, it granted freemen certain rights and privileges within the city. Today, it stands as a symbolic recognition of individuals who have made outstanding contributions to London or the wider society. This honour places Mr. Ovia among a distinguished group of recipients, which includes notable figures from various fields such as Nelson Mandela, Bill Gates, Sir Winston Churchill, Desmond Tutu, Harry Kane, Morgan Freeman and Ian Wright.Commenting on his new status as a Freeman of the City of London, the distinguished honoree, Jim Ovia, CFR said “It is indeed a great honour to be admitted to the prestigious Freedom of the City of London. This is not just a recognition of my personal achievements, but also a testament to the tireless efforts of the entire Zenith team who have worked diligently to establish our institution as a leading force in global finance. I am proud to be part of a legacy that celebrates innovation, excellence and the spirit of entrepreneurship. I dedicate this to the people of Nigeria and Africa who continue to inspire me with their resilience and determination. I look forward to continuing to play a role in shaping the economic landscape of our great continent and beyond.”Joining the nation in congratulating Mr. Ovia, President Bola Tinubu, through a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, commended Mr. Ovia for being a distinguished ambassador of the nation’s private sector. He described the honour as a fitting recognition of his exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world. According to him, “This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations. As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”.Dignitaries at the ceremony include Former President of Nigeria, Chief Olusegun Obasanjo, GCFR; Governor of Lagos State, Mr. Babajide Sanwo-olu; Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori; Governor of Enugu State, Dr. Peter Mbah; President of Dangote Group, Alhaji Aliko Dangote, GCON; Minister of State for Finance, Dr. Doris Uzoka-Anite; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR; Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Oba of Oniru, Oba Abdulwasiu Lawal; Group Managing Director, TGI Group of Companies, Rahul Savara; Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, CFR, and His Eminence John Cardinal Onaiyekan, who joined Zenith Bank Executives in celebrating this significant milestone.This well-deserved recognition rides on the back of many other prestigious awards that Mr. Ovia has received for his outstanding contributions to banking, education and philanthropy including conferment of Commander of the Federal Republic (CFR) & National Productivity Order of Merit (NPOM) Award in 2022 by the Federal Government of Nigeria. He was also named the Banker of the Year in 2007 and Titan of the year in 2024 by ThisDay Newspaper, and received the African Business Leader Award from the Africa-America Institute. He received honorary degrees from the University of Lagos as well as from the University of Nigeria, Nsukka and was recognized by Forbes Africa as one of the most influential figures in banking.
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