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Q1, 2020 – Ecobank Records significant increase in customers adoption of digital channels

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….  Reports Profit Before Tax of $90 million on net revenues of $393 million

Business Highlights

  • Recorded significant increases in customer adoption rates on our digital/online channels across our businesses. Adoption rates are expected to accelerate as COVID-19 induced lockdowns changes consumer behavior.
  • The number and value of transactions grew by 8% and 15% to 4m and $6.1bn, respectively, on Ecobank Omni+, Corporate and Investment Bank’s corporate clients’ online banking platform in the first quarter of 2020.
  • OmniLite, Commercial Bank’s online banking platform designed specifically to meet the unique financial needs of SMEs increased number of transactions by 40,000 to 126,000, which amounted to $435m.
  • Ecobank Pay, our payments platform saw a 61% increase in merchant acquisition numbers to 195,000 merchants.
  • Transaction numbers and value on Ecobank Mobile increased 72% and 32% to 9m and $613m, respectively.
  • Registered customers increased by 3,000 to 9,000 year-on-year on our Africa RapidTransfer App, which facilitates low-cost money transfer across 33 African countries.
  • The number of XpressPoints (our physical agency network) grew by approximately 4,000 agents to 43,700, with the value of transactions reaching $445m.

Three months ended 31 March 2020 – Earnings Results

  • PBT of $90m, down 12% on a reported basis, but up 27% in constant currency, driven by positive operating leverage
  • Operating income (net revenue) of $393m, up 1% on a reported basis and 14% in constant currency
  • Operating expenses of $259m, up 1% on a reported basis and 6% in constant currency
  • Pre-impairment profit of $133m, up 2% on a reported basis and 34% in constant currency, on positive operating leverage
  • Customer deposits of $16,103m, up 6% on a reported basis and 11% in constant currency
  • Loans and advances to customers (net) of $8,788m, up 2% on a reported basis and 7% in constant currency

Ade Ayeyemi, Group CEO said: “Quarter 1, 2020 was the beginning of an unprecedented, uncharted and disturbing period for businesses, governments and individuals globally, owing to the rapid spread of the coronavirus pandemic. For us, as a bank, our focus is on making sure that we can meet the needs of our customers despite the pandemic, while also ensuring their wellbeing and safety as well as those of our employees.

All our countries have successfully activated our business continuity plan in line with the needs of each local environment. Through our investment in technology over the years, working from home has been seamless and indeed a pretext to a possible new normal post COVID-19.”

“As the leading pan-African bank, Ecobank embraced the call to duty with a sense of urgency. With our knowledge of Africa and its intricacies in the fight against the spread of COVID-19, we have contributed about $3 million in the form of cash, healthcare equipment and supplies, in addition to mounting sustained and robust awareness campaigns, while we are also using our digital banking platforms to provide money to some of the most vulnerable members in our communities.”

In recognition of the effects of the pandemic on a significant sector of African businesses, MSMEs, we are further co-leading, with the African Union-NEPAD, and are actively committed to an initiative to support MSMEs with technical knowledge, mentoring, knowledge sharing and financial support, thus playing a vital role in helping their businesses survive the pandemic.

“For the safety of our customers, we continue to adhere strictly to guidance from the WHO, governments, and health agencies in operating our physical locations, where they have to remain open. We have made it safer to visit our physical locations by providing temperature checks, crowd control, hand sanitisers and social distancing, among other measures.

Our ATMs and call centres remain open 24/7, and the full range of our banking services are available via our digital platforms. Ecobank Mobile and Ecobank Online are available to our consumer customers, and Ecobank Omni Lite and Ecobank Omni meet the needs of SMEs and large businesses. To further help alleviate the adverse impact of the pandemic on our customers, we have waived some of the fees on our digital channels and we are closely monitoring events to anticipate situations that may require our support to customers as circumstances evolve,” Ayeyemi added.

“That said, our quarterly performance was resilient, again reflecting the strength of our diversified business model. We delivered $90 million in pre-tax profits, an increase of 27% if adjusted for currency translation effects, and a return on tangible shareholders’ equity of 17.1%. We are managing impairment losses prudently, and as a result, our cost-of-risk increased to 1.5%, versus 0.5% in the prior-year quarter.”
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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order

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Mr. Lewis Tung and his brother Robert Tung

The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).

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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

 

 

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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE

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Caption: (L-R) Founder, Aruwa Capital Management, Adesuwa Okunbo-Rhodes; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; The Queen Consort of Warri Kingdom, Her Majesty, Olori Atuwatse III ; and Executive Director, Zenith Bank Plc, Mrs. Adobi Nwapa, with girls from selected schools in Lagos during the maiden edition of the Zenith Bank Girl-Child Empowerment Programme held at the Civic Centre, Victoria Island, Lagos, on Monday.


Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment
Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.

Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.

The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.

In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.

“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.

The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.

“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.

Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.

Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.

“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.

The programme featured interactive sessions led by accomplished professionals and personalities:

Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.

Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.

Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.

While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.

The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.

The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.

Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.

“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.

Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.

The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.

Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.

 

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