Dr Ebenezer Onyeagwu’s appointment as the group managing director/CEO of Zenith Bank Plc., in June 1, 2019, through his tenure that ends in June 1, 2024, coincided with significant global disruptions that vanquished traditional business playbooks.
The unprecedented economic conditions wrought by the global pandemic, seismic shifts on the global scene mirrored by European and North America’s new nationalism, Sino-America tensions and ongoing Russo-Ukranian conflict which continue to impact diverse planetary business eco-systems can easily be recalled.
Through the enervating storm, Zenith Bank-led Onyeagwu remained a focused turf player and a powerful financial services sector entity which has indeed earned its glittering stripes. Onyeagwu clearly brought to his job astute strategic thinking, inspirational leadership, energetic and consummate entrepreneurial skills.
His unique traits are anchored on fetching humility, notable consistency, stern discipline, deep ethics, unrelenting hard work and outstanding professionalism. He is indeed an inspirational leader with impeccable track records of excellence. A leader with all the attributes that corporate Nigeria needs at a time like this. Here is a man who took Zenith Bank to the zenith. All the performance indicators tell the story of an achiever like no other.
Zenith Bank’s share price appreciated significantly from N18.60 per share when he took over as GMD/CEO of the bank to N38.65 per share as at the end of 2023. Also, Zenith Bank’s market capitalisation which was N584 billion when he took over in 2019, rose significantly to N1.213 trillion as at the end of 2023.
A comparison of the performance of Zenith Bank’s market capitalisation with that of its peers in the tier-1 banking category since Onyeagwu assumed leadership position showed that, that of Guaranty Trust Bank which was N874 billion as at 2019, stood at N1.213 trillion as at the end of 2023; Access Bank’s market capitalisation which was N289 billion as at 2019, ended the year 2023 at N777 billion; the United Bank for Africa (UBA) Plc which was N245 billion as at N245 billion stood at N877 billion as at the end of 2023, while FBN Holdings’ market increased from N221 billion as at 2019, to N845 billion at the end of 2023.
Furthermore, under the leadership of Onyeagwu, the bank’s gross earnings climbed significantly from N2.462 trillion in 2019, to N6.101 trillion as at the third quarter (Q3) of 2023; customer deposits increased to N13.383 trillion as at Q3 2023, higher than the N4.262 trillion it was in 2019; total assets also leapt to N18.160 trillion as at Q3 of 2023, up from the N6.347 trillion it was in 2019; Zenith Bank’s cash and short-term funds which was N2.635 trillion in 2019, also jumped to N8.513 trillion as at Q3 2023, while its shareholders’ fund stood at N1.919 trillion as at Q3 2023, from N942 billion in 2019.
A further review of its financial performance also revealed that while its gross earnings which was N662 billion in 2019, jumped to N1.329 trillion as at Q3; profit before tax also rose from N243 billion when Onyeagwu took over, to N505 billion as at Q3 2023; non-interest income climbed from N232 billion in 2019, to N607 billion as at Q3 2023, even as its earnings per share has risen from N6.65 to N13.82.
As at 2019, retail banking in Zenith Bank was at about N9 billion, which the Onyeagwu-led management drove to about N39 billion in 2023.
Onyeagwu, also ensured the growth of Zenith Bank’s non-financial performance indicators from all ramification, to support the financial indices.
For instance, while Zenith Bank’s customer base rose from 9,575,733 in 2019, to 33,069,875 in 2023; the number of cards issued by the bank also increased significantly from 7,880,411 in 2019, to 25,653,330; the number of its Point of Service (PoS) terminals increased to 41,536 to 413,183; the number of its banking agents increased from nothing as at 2019, to 105,810; ATM Terminals from 2,009 in 2019, to 2,012, and its bank branches also grew from 430 as at 2019, to 447, and cash centres rose which was 178 in 2019, was 166 as at the end of 2023.
The review also revealed the number of male staff at Zenith Bank which was 3,776 as at 2019, increased to 4,049 and that of female staff rose from 3,441 in same period to 3,993.
Bristling with about 35 years of industry experience, Onyeagwu has led Africa’s top flight financial institution on a positive trajectory. This has seen Zenith Bank surpass its peers in all metrics with the bank deservedly winning numerous awards to boot.
He has unquestionably demonstrated that a powerful vision indeed pulls in ideas, people and other resources, despite the tough challenges. It creates the energy and will to make change happen. It inspires individuals, diverse stakeholders, complementary organisations and institutions to commit, to persist and to give their best. It is then little wonder that this focused energy hugely paid off.
It is a given that no organisation can live without its dreamers and achievers. “The future belongs to those who believe in the beauty of their dreams,” former US First Lady Eleanor Roosevelt aptly noted. No less a sublime dreamer and great achiever, Dr. Ebenezer Onyeagwu, must have logged into this philosophy to define his compelling professional trajectory.
Founded by Jim Ovia, CON, Zenith Bank Plc was established in May 1990 and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) now Nigerian Exchange (NGX), on October 21, 2004, following a highly successful Initial Public Offering (IPO).
Onyeagwu, joined the Bank in 2002, as a senior manager, in the Internal Control and Audit Group of the bank. His professionalism, capacity, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as assistant general manager, then deputy general manager, and eventually as general manager of the bank.
In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.
He was named executive director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc.
He was named deputy managing director of the bank in 2016. In this position he oversighted the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.
He is the brain behind the superlative financial performances that Zenith Bank continues to churn out, to the pleasure of its shareholders. His myriad exploits deservedly solidified his sterling leadership qualities.
Perhaps a natural consequence of his achievements is corporate recognition He was recently named the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. Expressing gratitude over the recognition, Onyeagwu, in a statement commended Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award.
He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution.”
He dedicated the award to the founder and chairman, Jim Ovia, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.
Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.
As group managing director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability.
These efforts culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.
On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.
Also, Zenith Bank was recently named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023. Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries.
Indisputably, Zenith Bank laid the foundation for digital banking in Nigeria and has remained a leader in offering alternative banking channels, under Onyeagwu. The bank is demonstrably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.
Built upon the three principles of people, technology and service, the optimisation of experience and satisfaction across its vast customer base inspires Zenith Bank’s digitalisation strategy, which delivers innovative solutions that are consistently ahead of the local competition.
The bank proudly boasts of having deployed several firsts in cutting-edge offerings that continuously satisfy evolving customer preferences and are thus pioneering the digital-banking revolution transpiring across the country – and, indeed, the continent – currently.
While Zenith Bank’s full year 2023 financial performance is being awaited, its unaudited results for the third quarter (Q3) ended September 30, 2023, showed that it recorded a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023.
The performance again demonstrated the Group’s resilience and strong market share despite a very challenging macroeconomic environment. It also reflected the leadership direction Zenith Bank has been enjoying under Onyeagwu.
According to the bank’s unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.
Under Onyeagwu, Zenith Bank’s profit after tax also grew remarkably by 149 per cent from N174.3 billion to N434.2 billion in the same period. The growth in the top-line arose from both interest income and non-interest income.
Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion.
The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.
A transformational leader, Onyeagwu demonstrated compelling commitment to Zenith Bank’s vision that promotes re-engineering and innovation. This scenario is expected to continue to rub off positively on all aspects of the financial institution, according to the emerging corporate consensus.
As Zenith Bank’s Onyeagwu hands over the baton in the June I transition date, it is certainly not in doubt that he has indeed changed the industry’s story
(Opera)