Zenith Bank

From Wikipedia, the free encyclopedia
Zenith Bank Plc.
Type Public limited company
Industry Finance
Founded May 1990
Headquarters Victoria Island, Lagos, Nigeria
Area served Ghana, Nigeria, Sierra Leone, South Africa, UK
Key people Macaulay Pepple, Chairman
Jim Ovia, CEO
Services Banking
Revenue Increase ₦89.2 billion[1]
Net income Increase ₦17.2 billion
Total assets ₦1.2 trillion
Employees 3,911
Subsidiaries Zenith Insurance, Zenith Pension Custodian, Zenith Securities, Zenith Bank Ghana, Zenith Bank UK, Zenith Trust Company, CyberSpace Networks
Website Homepage

Zenith Bank Plc. (LSE: ZETB)[2] is a Nigerian bank based in Victoria Island, Lagos. As of December 2010, it is the second largest company in the country. In addition to Nigeria, the bank has branches in the Gambia, Ghana, Sierra Leone, South Africa, and the United Kingdom.[3]

Employees

Jim Ovia is the company's pioneer chief executive officer, Godwin Emefiele is current Managing Director, and Peter Amangbo, Apollos lkpobe, Elias Igbin-Akenzua, and Udom Emmanuel are Executive Directors.[4] Macaulay Pepple is chairman of the board.[5][6] The company has a total of 3,911 employees.[7] In January 2010 the Board of Directors of the Bank announced a change. The Board of Zenith Bank Plc announced the appointment of Godwin Emefiele as Managing Director/Chief Executive Officer designate of the Zenith Bank.

History

Zenith Bank was established in May 1990. It became a public limited company in July 2004, and had an initial public offering on the Nigerian Stock Exchange (NSE) on October 21 of that year. Also in 2004, credit rating agency Fitch Ratings identified its credit as AA- on their long-term scale.[8]

The Bank has been in a series of controversies lately as regards its labor practices. The bank has developed a penchant for mass terminations of staff employment without regard to due process. A series of court cases instigated against the bank by ex-employees adds credence to this view. In 2010, the Bank was defrauded of about N7.5 Billion by a staff and was made to make provisions for it by Nigeria's reserve bank.

Awards won

  • 2007 African Bank of the Year (awarded by African Investor magazine)[3][9]
  • 2007 Quoted Company of the Year (awarded by Nigerian Stock Exchange)[3]
  • 2007 Socially Responsible Bank of the Year (awarded by African Banker magazine)[10]
  • 2005 Most Respected Bank in Nigeria (awarded by PricewaterhouseCoopers)[3]
  • 2005 Bank of the Year (awarded by The Banker magazine)[3]

References

  1. ↑ http://zenithbank.com/financialgraph.cfm
  2. ↑ "Nigerian Zenith bank shares suspended before offer". Reuters Africa (Reuters). Retrieved 2007-11-12.  Unknown parameter |datemn.njknl= ignored (help)
  3. ↑ 3.0 3.1 3.2 3.3 3.4 Eroke, Linda (2007-11-08). "Zenith Emerges African Bank of the Year". Thisday online (Leaders & Company). Retrieved 2007-11-12. 
  4. ↑ "Management Team". Zenith Bank Plc. Retrieved 2007-11-12. 
  5. ↑ Anumihe, Isaac (2007-08-23). "Zenith Bank declares N18bn profit". The Sun News On-line (The Sun Publishing). Retrieved 2007-11-12. 
  6. ↑ "Chairman's Statement". Zenith Bank Plc. Retrieved 2007-11-12. 
  7. ↑ "Zenith Bank Plc". BusinessWeek online. McGraw-Hill. Retrieved 2007-11-12. 
  8. ↑ "Awards & Achievements". Zenith Bank Plc. Retrieved 2007-11-12. 
  9. ↑ Oladele, Ayeleso (2007-11-09). "Zenith Bank wins African Bank of the Year award". Nigerian Tribune (African Newspapers of Nigeria). Archived from the original on 2007-11-11. Retrieved 2007-11-12. 
  10. ↑ Ogidan, Ade (2007-10-22). "Nigerian banks emerge Africa's best". The Guardian (National Association of Seadogs). Retrieved 2007-11-12. 

External links

This article is issued from Wikipedia. The text is available under the Creative Commons Attribution/Share Alike; additional terms may apply for the media files.