Zenith Bank Sets Sights on Future Growth, Pays N195.67 Billion Dividend
Shareholders of Zenith Bank Plc gathered at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, and approved a final dividend of NGN4.00 per share. This brings the total dividend for the 2024 financial year to NGN5.00 per share, amounting to NGN195.67 billion.
In his address, founder and Chairman Jim Ovia, CFR, expressed gratitude to shareholders for their unwavering support, which has underpinned the bank’s sustained stellar performance. Despite global challenges in 2024, Zenith Bank leveraged opportunities within its subsidiaries to deliver impressive results, reaffirming its resilience and leadership in the Nigerian banking sector.
Group Managing Director/CEO Dame Dr. Adaora Umeoji, OON, also thanked shareholders for their continued loyalty and pledged a “quantum leap” in dividend payments in the future. Addressing the AGM as the first female GMD/CEO of Zenith Bank, she emphasized the bank’s commitment to exceeding expectations. She highlighted the bank’s successful recapitalization, which achieved 160% subscription, ensuring ample capital buffers without the need for further fund-raising. Umeoji assured shareholders that Zenith Bank remains dedicated to organic growth, operational efficiency, and maintaining robust corporate governance.
Industry stakeholders and shareholder representatives lauded the bank’s impressive performance. Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), praised the GMD/CEO’s leadership, noting the significant increase in profit and other financial indices, which have soared into trillions of Naira—an unprecedented feat. He also commended the bank’s numerous awards and its surpassing of the Central Bank of Nigeria’s capitalization threshold by 160%.
Alhaji Otunba Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria, lauded Zenith’s consistent dividend payout history and its ability to cross the N1 trillion profit threshold, highlighting the bank’s reliability and commitment to shareholder value.
Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile-Igbon, expressed confidence in Zenith’s investment appeal, praising the bank’s dividend policy and the exemplary leadership of Dame Dr. Umeoji. He encouraged more Nigerians to invest, citing Zenith Bank as the optimal choice for reliable returns.
Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, commended the management for fulfilling their promise of dividend payments, emphasizing the bank’s reputation for stability and trustworthiness.
In 2024, Zenith Bank achieved remarkable financial results, with gross earnings soaring by 86% from NGN2.13 trillion to NGN3.97 trillion. The growth was driven by a 138% increase in interest income, supported by investments in high-yield government securities and expansion of the loan portfolio. Customer deposits increased by 45%, reinforcing the bank’s market leadership, while total assets grew by 47%, reflecting strong liquidity and effective balance sheet management.
Zenith Bank’s outstanding performance continues to earn it numerous accolades, including being ranked as Nigeria’s Number One Bank by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks list by The Banker Magazine. The bank has also been recognized as the Bank of the Year in Nigeria in 2020, 2022, and 2024, and has secured the Best Bank in Nigeria award four times in five years from 2020 to 2024.