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Zenith Bank Reports Astonishing 125% Growth, Achieves N2.132trn Gross Earnings in 2023

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In their latest audited report for the fiscal year concluding in 2023, Zenith Bank Plc reveals an extraordinary triple-digit growth of 125%, surging from an initial gross earning of NGN 5.6 billion in 2022 to an impressive NGN 2.132 trillion.

Presented to the Nigerian Exchange (NGX), the financial report showcases a remarkable Year-on-Year (YoY) surge of 180% in Profit Before Tax (PBT), soaring from NGN 284.7 billion in 2022 to NGN 796 billion in 2023.

Moreover, Profit After Tax (PAT) mirrors this exceptional growth trajectory, registering a triple-digit surge of 202% from NGN 223.9 billion to NGN 676.9 billion by the end of December 31, 2023.

This remarkable escalation in gross earnings is primarily attributed to the expansion in both interest and non-interest income streams. Interest income witnesses a staggering 112% increase from NGN 540 billion in 2022 to NGN 1.1 trillion in 2023. Concurrently, non-interest income experiences a robust growth of 141%, ascending from NGN 381 billion to NGN 918.9 billion within the same period.

The surge in interest income is credited to the expansion in the size of risk assets and their effective repricing, complemented by the rise in the yield of other interest-bearing instruments throughout the year. Additionally, the growth in non-interest income is propelled by substantial trading gains and an uptick in gains from the revaluation of foreign currencies.

While the cost of funds escalates from 1.9% in 2022 to 3.0% in 2023 due to the prevailing high interest rate environment, interest expense swells by 135% from NGN 173.5 billion in 2022 to NGN 408.5 billion in 2023.

Despite a 32% surge in operating expenses during 2023, the Group’s cost-to-income ratio witnesses a significant improvement from 54.4% in 2022 to 36.1% in 2023, buoyed by enhanced top-line performance. Return on Average Equity (ROAE) leaps by 118% from 16.8% in 2022 to 36.6% in 2023, driven by augmented gross earnings, as the Group strives to deliver superior shareholder returns. Simultaneously, Return on Average Assets (ROAA) experiences a robust growth of 95%, ascending from 2.1% to 4.1% during the same period.

Zenith Bank solidifies its market leadership in pivotal corporate and retail deposit segments, witnessing a substantial 69% surge in customer deposits from NGN 9.0 trillion to NGN 15.2 trillion in 2023.

The bank’s relentless focus on retail banking continues to yield dividends, with retail deposits now constituting 46% of total deposits (as compared to 44% in 2022) and growing by 77% from NGN 3.97 trillion in 2022 to NGN 7.04 trillion in 2023, further reinforcing increased customer trust in the Zenith brand.

Total assets witness a commendable 66% increase from NGN 12.3 trillion in 2022 to NGN 20.4 trillion in 2023, primarily propelled by the expansion in total deposits and the revaluation of foreign currency deposits.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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