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THE EVOLUTION OF NIGERIAN BANK OVER THE LAST FEW YEARS,A SERIES OF REFORMS HAVE REVITALISED THE BAKING INDUSTRY IN NIGERIA.JIM OVIA, CHAIRMAN OF ZENITH BANK
EXPLAINS HOW HIS ORGANIZATION IS CONTRIBUTINGTO ECONOMIC PROGRESS
NIGERIAS MODERNISED ECONOMY
For more than 10 years now, Nigeria economy has benefited greatly from sustained levels of growth
with annual real GDP rising to 6.3 percent in 2014 , and it is expected to continue on this positive trajectory into 2015 and beyond. Overall , the Nigerian economy is becoming more modern, resembling western developed economies, with the services industry providing the bulk of its economic output. It is responsible for more than 50 percent of total economic growth, while manufacturing and agriculture contributed around nine and 21 percent respectively, according to data complied by African economic outlook, the country has managed to diversify its economy away from oil-which is no simple feat. Other industry sectors-including the service industry-have grown to become the main drivers of growth in the country. Its population of around 178 million (see side bar) means that the retail consumer market is enormous and crammed with stirring opportunities. In Africa, the country is at the forefront of utilizing electronic banking products, with its huge telecommunications backbone, world-class banking applications and burgeoning biometric projects.
The past year has been good for Nigeria so far, but its growth has suffered, slowing slightly as consequence of reduced economic recovery in other parts of the world, and the price of oil is yet to bounce back from its current lows. Cheap oil has made a considerable dent in fiscal revenues, but due to the success of economic diversification, the country has managed to weather the storm rather effectively and helped mitigate the impact of the commodity’s low price. In order to combat the dip in revenue, the government has chosen to cut spending so that it doesn’t take on excessive levels of debt. It has also embarked on a strategy that involves shoring up non-oil revenues in a bid to compensate for declining oil revenues.
Boosting business
In a recent report by the world bank, which attempts to measure how effectively government regulation has assisted business activity in various countries, the international organization ranked Nigerians overall performance favourably, increasing its rank from 175 out of 189 to 170. The positive ranking by the world bank was due to the Nigerian government making it easier for individuals to do two things: set up a business and receive credit from financial institutions. Overall, the government has worked hard to increase the efficiency of its business environment and legal institutions in an effort to improve the performance of its economy.
The all progressives congress (APC) has continued to ease restraints on businesses, focusing on long-term judicial reforms that aim to bolster legal entities for contract enforcement.it is also eager to address issues like corruption and national security, both of which dramatically impact investor confidence and have the capablility of reducing foreign direct investment into the country. But these issues are not serious enough to dissuade all investors.
I don’t find it surprising that investors want to take part in Nigeria’s economy when you consider the exciting potential of our economy, our very high population which means we have very substantial consumer markets and our excellent infrastructures that make investment easy and ensure a good flow of information to investors themselves; said Peter Amangbo, CEO of Zenith Bank.
At zenith bank, helping domestic and foreign investors is one our strongest areas of activity. We think our devotion to customer service, our passionate enthusiasm for making sure that the service we offer are exactly what customers want and our ability to bring new services and new facilities to customers make us the bank of choice for investors both within Nigeria and beyond our borders who want to maximize their knowledge of the investment potential of Nigeria and also maximize their returns; In order to make credit more readily available for those looking to start a business, the government has had to implement a number of financial reforms. These have helped alter the financial reforms. These have helped financial environment, creating a stronger banking institutions that possess an efficient payments system. It has also helped to greatly improve the financial infrastructure of the country too.
The enormous success of e-banking in Nigeria, and the fact that it is not only seen in African.
But globally as a successful economy, is partly explained by the Central Bank Nigeria (CBN) encouraging cashless transactions in other to engender flexibility, speed and accountability. E-banking in Nigeria is also partly explained by the hurtling transformation of the economy which is increasing demands for banking services in general, and e-banking in particular.
Yet there is another key factor too: the success of e-banking in Africa’s most populous nation is also due to the sheer energy Nigeria’s most influential and far-sighted bankers, who ultimately know that the people who must want e-banking and all its associated advantages of banking services from their desktops, laptops, tablets and mobile phones, are the customers.
This makes banking easier with no need to find time to visit a physical branch, and its makes banking available on the move. A lot has changed for Nigeria’s banking industry over the years, and so World Finance spoke to Jim Ovia, Founder and Chairman of Zenith Bank, to discuss Nigeria’s economic history, and how the bank has diversified with the country’s changing economy.
From the humble beginnings
Ovia came into the industry to make a difference. He begun his career banking in Nigeria as an operator, redefining the way banking was done. He brought forward innovations in management, service delivery, customer service and the deployment of technology in banking operations.
With its head office based in Nigeria and franchises in major financial centres around the world, Zenith Bank provides an assortment of services and products in areas that include corporate and investment banking, commercial and consumer banking, personal banking, private banking and trade services.
It has over 500 branches and offices, spread across all states of the federation and the Federal Capital Territory (FCT), Abuja. Coupled with a presence in London, Ghana, Sierra Leone, The Gambia and representative offices in South Africa, Dubai and Beijing. Zenith Bank leverages its robust ICT infrastructure to provide secure and fast electronic channels and solutions to meet the dynamic needs of customers.
The extremely low turnover rate of the bank’s highest administration allows for consistency, continuity, focus and authorship. CEO Amangbo, along with the other executive directors, have been influential propelling Zenith Bank to its current market leading position. Working with Jim Ovia has put Amangbo in good stead to continue delivering the bank’s growth trajectory, of which he has been a prominent contributor.
What values have helped Zenith Bank achieve its success to date?
Zenith Bank is simply built on three core values: people, technology and service. These values have been the backbone of Zenith from inception to date. The bank thrives by putting the right people in the right places. The staff receive the best training available, which has helped build a strong corporate culture of goal oriented activities. Our people are empowered to be creative, innovative and at the same time, execute the highest level of efficiency. All these have contributed to a stable and highly motivated work force in Zenith. As a result of the training and exposure we give to our staff, we have been able to innovate, create and lead the banking revolution in Nigeria through the power of cutting-edge technology. Our practice in Zenith is to continually seek ways of improving existing banking practices, using top global bank as our yardstick.
The combination of highly motivated staff and state-of-the-art technology has led to excellent customer service, which has been our distinction within the Nigerian banking industry.
Our ability to meet and exceed the expectations of our customers over the years has made Zenith attractive to major businesses home and abroad.
How do you think the new administration can sustain economic growth?
As a bank that believe in putting the right people in the right place, Zenith has attracted and retained seasoned professionals in the area of risk management, compliance and legal services
This has helped it to build a reputation of compliance conscious bank, which has made it easier for us to work with government at all tiers and the several regulatory agencies in Nigeria and other countries. With such an international foot-print, we have and will continue to support the programmes and policies of the government in jurisdictions we operate.
As a reward to our conscious efforts on compliance with laws and regulations-and the support of government programmes-we have received significant support from the government of Nigeria, and beyond. We will continue to work cordially for more support.
After the government consolidation, larger Nigerian banks have been able to compete comfortably with other banks in the world. As players in the banking industry, we expect the new administration to continue to support the growth of Nigerian banks, as this helps to create jobs, wealth and expansion into other countries.
What is your strategy for expansion?
Zenith is continually seeking opportunities to expand and tap into profitable business ventures at home and abroad. It has a UK subsidiary, and this year opened a branch in Dubai. Despite the global economic growth downturn, there are numerous untapped business opportunities, especially in Africa and Asia, which the bank is watching closely.
How do you plan to integrate payment systems into the Zenith’s model?
As a technology driven bank, Zenith have been in the forefront of processing automation, and championed several projects that resulted to adoption of electronic banking. Zenith has deployed several platforms that have made banking services seamless and more efficient for customers. Using technology to facilitate payment has always been an integral part of Zenith’s banking model, and with the CBN’s drive for a cashless Nigeria, Zenith will continue to work with other stakeholders for a more efficient and secured payment system. The CBN has tightened monetary policy in 2015 by imposing forex restrictions on certain imports.
How have new environment conditions affected Zenith’s business, and what is need to stabilize the market? The Nigerian economy is overly import-dependent, and this today has led to a significant loss of foreign exchange. Therefore, the position of foreign exchange restrictions on certain imports would in fact not only help in foreign exchange management by saving the country a forex haemorrhage, but it would also help to promote the local industries with its attendant spill-over effect on creating jobs and increasing wealth.
The current monetary condition is a fallout of dwindling oil prices and drop in government receipts. The implication is that the CBN is not able to meet all the forex needs of every customer. However, Zenith is coping very well with the current situation by forex rationing to meet the needs of its customers, while ensuring compliance with relevant laws and regulations.
The banking system is a key piece of Nigeria’s future, but SMEs have difficulty finding capital.
How has access to financial services throughout the Nigerian economy changed?
Access to finance is no doubt challenging but improving, especially for SMEs because of high interest rates due to high cost of sourcing deposits.
However, that circumstance is gradually changing since the introduction of various intervention schemes, particularly the Micro Small and Medium Enterprise Development Fund (MSMEDF) with single digit interest rate by the CBN. It is expected that funding for SMEs will be more accessible than it used to be.
Technology features greatly at Zenith Bank. How has this being implemented?
Technology is integral to the bank’s business strategy. We deploy cutting-edge technology platforms to enable seamless transaction for our customers.
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ZENITH BANK REINFORCES COMMITMENT TO AFRICA’S CREATIVE ECONOMY THROUGH CONTINUED SPONSORSHIP OF ART X LAGOS 2026
Building on its support for ART X Lagos’ landmark tenth anniversary, the Bank continues its partnership with the fair, championing African artistic excellence, cultural heritage and emerging creative talent.
Zenith Bank Plc has reaffirmed its commitment to advancing Nigeria’s creative and cultural landscape through its continued sponsorship of ART X Lagos 2026, taking place from November 5-8, 2026, at Federal Palace, Lagos.
Building on its support for the fair’s landmark tenth-anniversary edition in 2025, the Bank returns as a Silver Sponsor for the 11th edition, reinforcing its commitment to platforms that celebrate African artistic excellence, preserve cultural heritage and create opportunities for emerging creative talent.
Founded by Tokini Peterside-Schwebig in 2016, ART X Lagos is a leading international cultural platform dedicated to showcasing contemporary art from Africa and its diaspora. Through its multidisciplinary programming, the fair has become an important platform for connecting artists, galleries, collectors and cultural institutions while promoting African creativity on the global stage. Since its inception, ART X Lagos has brought together artists and galleries from over 70 countries, welcoming participants from 170 nations worldwide.
The 11th edition of ART X Lagos will hold under the theme: A New Chapter, A New Decade, reflecting on the artists, architects, educators and thinkers who shaped modernism in Nigeria. The theme explores how cultural inheritance can inspire new forms of artistic expression and possibilities for the future.
Through its sponsorship, Zenith Bank supports the continued growth of ART X Lagos as an international platform for artistic exchange, cultural preservation and creative enterprise, strengthening connections across Africa’s creative ecosystem and fostering opportunities for growth and collaboration.
As part of its broader sponsorship of ART X Lagos 2026, Zenith Bank will support two key programmes: ART X ICON and The Masterclass. While ART X ICON celebrates the achievements and enduring contributions of Nigeria’s artistic pioneers, The Masterclass creates opportunities for emerging creatives to learn, engage and develop their practice.
In this 11th edition, the focus of ART X ICON is turned to pioneering Nigerian potter Ladi Dosei Kwali (1925–1984) with Ladi Kwali: Beyond the Vessel, conceived and developed by curator Dr Jareh Das.
Widely recognised as the face on Nigeria’s 20-naira note, Ladi Kwali is celebrated for her extraordinary contribution to Nigerian ceramics and her role in bringing traditional Nigerian pottery to international prominence. Drawing on generations of indigenous pottery knowledge, she developed a distinctive artistic practice that earned her international recognition.
Bringing together ceramics and archival materials from the National Museum in Lagos, alongside works from private lenders, Ladi Kwali: Beyond the Vessel offers a deeper exploration of the artist’s life, practice and enduring influence.
The exhibition will also feature works by women potters who worked alongside and after Kwali, including Kande Ushafa and Asibi Ido, as well as traditional pottery by Gbari, Nupe and Bida potters. Together, these works illuminate the artistic traditions Kwali inherited, the innovations she introduced, and the knowledge carried forward by subsequent generations.
Complementing ART X ICON, The Masterclass will place emerging artists in dialogue with Ladi Kwali’s legacy, creating an opportunity to explore the relationship between traditional artistic knowledge and contemporary creative practice.
The programme will select 10 emerging artists from across disciplines including painting, sculpture, photography, film, textiles, digital practice, performance and ceramics, providing opportunities for intimate conversations and meaningful engagement with established creative practitioners.
Speaking on the partnership, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, Zenith Bank Plc, commented:
“At Zenith Bank, we recognise that the growth of the creative economy requires both the preservation of our cultural heritage and sustained investment in the talents shaping its future. Our continued partnership with ART X Lagos reflects our belief in the importance of supporting platforms that celebrate African artistic excellence, strengthen cultural institutions and create opportunities for emerging creatives. We remain committed to supporting initiatives that unlock the economic and cultural value of Nigeria’s creative industry and enable African creativity to gain even greater recognition on the global stage.”
Tokini Peterside-Schwebig, Founder and Director of ART X Lagos, said:
“As ART X Lagos enters its second decade, we are immensely grateful for the continued partnership of sponsors such as Zenith Bank, whose support reflects a shared commitment to advancing Nigeria’s creative and cultural landscape. Partnerships like this are instrumental in sustaining our vision, deepening our impact and creating lasting opportunities for African creativity to thrive on a global scale.”
Beyond ART X ICON and The Masterclass, ART X Lagos 2026 will feature 15 exhibitors across its Main and Spotlight sections, alongside a diverse programme of Special Projects, including Ndidi Dike’s Residues of Past Encounters: 2024–2026, The ART X Library and Speakers’ Corner.
The fair’s wider multidisciplinary programme will also feature ART X Cinema, ART X Live!, ART X Talks, Art Across Borders and the Schools’ Programme, celebrating the breadth and diversity of contemporary creativity from Africa and its diaspora.
ART X Lagos 2026 takes place from 5–8 November 2026 at Federal Palace, Victoria Island, Lagos.
Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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