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ZENITH BANK DELIGHTS SHAREHOLDERS WITH DIVIDEND PAYOUT OF N3 PER SHARE

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Zenith Bank’s shareholders, on Tuesday at the 30th Annual General Meeting of the Bank held at
the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend of
N2.70 per share, bringing the total dividend payment for the 2020 financial year to N3.00 per share
with a total value of N94.19 billion. This followed the recent release of the Bank’s audited financial
results for the 2020 financial year.
From the audited financial results, the Group recorded a year-on-year growth of 10% in profit after
tax (PAT) from N208.8 billion recorded in 2019 to N230.7 billion. This is despite a challenging
macroeconomic environment exacerbated by the COVID 19 pandemic.
The Group also recorded a growth in gross earnings of 5% from N662.3 billion in the previous year
to N696.5 billion. The Group also recorded 8% growth in non-interest income from NGN232.1
billion in 2019 to NGN251.7 billion in 2020 and a 1% increase in interest income from NGN415.6
billion in 2019 to NGN420.8 billion in 2020.
Profit before tax (PBT) equally increased by 5%, growing from N243.3 billion in 2019 to N255.9
billion in the current year. The increase arose from a combination of growth in the topline and a
significant reduction in interest expense. Interest expense reduced from N148.5 billion in 2019 to
N121.1 billion in 2020, significantly increasing the net interest income from NGN267.0 billion in
2019 to NGN299.7 billion in 2020.
The Group’s increased retail activities translated to a corresponding increase in retail deposits and
loans. Thus, retail deposits grew by NGN612.7 billion from NGN1.11 trillion to NGN1.72 trillion
year-on-year (YoY), while savings balances significantly grew by 88% YoY and closed at NGN1.16
trillion. This retail drive, coupled with the low-interest yield environment, helped reduce the cost of
funding from 3.0% to 2.1% and reduced interest expense. However, the low-interest environment
also affected the net interest margin, which declined from 8.2% to 7.9% in the current year due to
the re-pricing of interest-bearing assets. Operating costs grew by 10% YoY but are still tracking
well below inflation which at the end of the year stood at 15.75%. Although returns on equity and

assets also reduced from 23.8% to 22.4% and from 3.4% to 3.1%, respectively, the Group still
delivered improved Earnings per Share (EPS), which grew 10% from NGN6.65 to NGN7.34 in the
current year.
The Group also increased corporate customer deposits, which alongside the growth in retail
deposits, delivered total deposit growth of 25%, to close at N5.34 trillion, driving growth in market
share. Total assets also increased significantly by 34%, from N6.35 trillion to N8.48 trillion. Despite
the COVID-19 pandemic and its associated challenges, the Group created new viable risk assets
as gross loans grew by 19%, from N2.46 trillion to N2.92 trillion. This was achieved while
maintaining a stable and low overall NPL ratio of 4.29% (2019: 4.3%) across the entire portfolio
and an increase in the cost of risk from 1.1% to 1.5%, reflecting the elevated risk environment in
2020. The Group recorded impressive liquidity and capital adequacy ratios of 66.2% and 23.0%
and remained above regulatory thresholds of 30% and 15%, respectively.
As a testament to this superlative performance and in recognition of its track record of excellent
performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the
Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020
and Best Corporate Governance ‘Financial Services’ Africa 2020 by the Ethical Boardroom. Also,
the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year,
in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-
1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine.
Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay
Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial
Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as
well as Best Company in Promotion of Gender Equality and Women Empowerment at the
Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.
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ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

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Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of
Directors.Theappointment,whichtakesimmediateeffect,hasbeenapprovedbytheCentralBankof
Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.
Engr.Bello’sappointmentrepresentsastrategicsteptoensurethecontinuity,stability,andsustained
effectivenessoftheBoard,whilereinforcingthehighstandardsofcorporategovernance,regulatory
compliance,andstrategicoversightforwhichZenithBankiswidelyrespected.HejoinedtheBoardof
Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board
Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as
Chairman of theBoard RiskManagementCommitteeuntilhisappointmentasChairmanof theBoardof
Directors.
He has extensive leadership experience at Board and executive levels, a strong understanding of corporate
governanceprinciplesandregulatoryexpectations,andaproventrackrecordinstrategicoversightand
organisationalgrowth.Hehasconsistentlydemonstratedintegrity,independenceandsoundjudgement,
qualities that distinguished him as the natural choice to lead the Board into its next chapter.
Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more
than four decades across the public and private sectors of the Nigerian economy. He served as Minister of
CommerceoftheFederalRepublicofNigeriafrom1999to2002underPresidentOlusegunObasanjo,
GCFR,whereheledthedevelopmentofNigeria’sWTO-consistentTradePolicy.Healsooversawthe
CorporateAffairsCommission(CAC)onlineprojectof2002,whichmodernisedthewaybusinesses
registerandoperateinthecountry.FromNovember2003toFebruary2014,heservedasExecutive
Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where
hewasinstrumentalinattractingforeigndirectinvestmentintoNigeria,buildingmultilateralandbilateral
partnerships, and representing the Federal Government at international conferences and missions.
HegraduatedfromAhmaduBelloUniversity(ABU),Zaria,in1978withaB.Engr.inCivilEngineering
(SecondClassUpperDivision),winningtheShellPrizeforthebestprojectandthesisintheFacultyof
Engineering.HebeganhiscareerwiththeNigerianArmy’sDirectorateofQuarteringandEngineering
Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer
from 1980 to 1983.
HeiscurrentlytheChairmanofInvest-in-NorthernNigeriaLimited,aspecialpurposevehicleforthe
economic and social transformation of the Northern Nigerian economy, and has previously served on the
boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina
WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of
Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as
well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).
Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations
acrossNigeria,theUnitedKingdom,theUnitedArabEmirates,Ghana,SierraLeone,TheGambiaand
Côte d’Ivoire.
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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH

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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.

Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.

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GTCO Food and Drink Festival 2026 Presents “Everything Food and Drink”

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Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference

This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.

Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.

Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”

Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.

Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com

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