Posts in category: By Tayo Are & Ahemed Olasege

Dame Adaora Umeorji, the Group Managing Director and Chief Executive Officer of Zenith Bank Plc is a business leader with a legacy of excellence. As such, those following Nigerian banking industry’s current fortunes don’t need more charming news from the industry than the exploits of Zenith Bank on the watch of Dr Umeorji.

Amazingly, her leadership ties in with the vision the bank’s founder and Chairman, Dr. Jim Ovia, whose vision was to create a global first-in-class financial brand and a professional institution anchored on people, technology, and service, with the core aim of providing premium value to all stakeholders.

She was appointed as the bank’s managing director in June last year. Then she began a journey of “admiration and awe” — praised by many for her effort and sheer grit at driving Zenith Bank’s global agenda, with great people and technology while ensuring discipline and corporate governance

Reports from market watchers and the media about the bank highlight the creative ways of dealing with challenges while also hinting at a path forward. At the public space , under roadside trees, grocery stores, Dame Umeorji’s performance comes up as topic of discussion.

Today, in the world of Nigerian banking, few leaders have made as significant an impact within a short time interval as Dame Umeoji, as the Managing director of a bank. Umeoji resumed on June 1, 2024 , making her the first female GMD and CEO of the company in its 34-year history. She took over from the former GMD, Ebenezer Onyeagwu, whose time in office expired on May 31. She brought nearly 30 years of banking experience to the post, with 26 of those years spent at Zenith Bank, where she had served as the Deputy Managing Director since October 28, 2016

Umeoji’s journey to the top of Zenith Bank has been marked by her unwavering commitment to excellence and customer satisfaction. She has fostered a culture of innovation, leveraging technology to enhance customer experience and drive business growth. Under her visionary leadership, the bank has achieved unprecedented success, reaching a milestone N500 billion capitalization and expanding its global footprint. This came to the fore sometimes last year.

In August 2024, Dame Umeoji, was at the Nigerian Stock Exchange (NGX) where she shed light on how Zenith Bank’s expansion of its customer base from 5 million to 33 million in just five years.

She made that revelation during the “Facts Behind the Offer” meeting at the Nigerian Stock Exchange. She highlighted the bank’s unwavering commitment to three core pillars: investing in people, leveraging cutting-edge technology, and delivering exceptional service.

According to her, this strategic focus is what distinguishes Zenith Bank from others in the Nigerian banking landscape, transforming it into a preferred choice for millions of enthusiastic depositors across the nation. Umeoji attributed the bank’s remarkable growth and success to its relentless pursuit of excellence in these areas, which has not only enhanced customer satisfaction but also solidified its reputation as a leading financial institution in Nigeria. “Our Initial Public Offer in 2024 was massively oversubscribed by 524 per cent. This was closely followed by a Public Offer in 2006 which was equally oversubscribed. We then had a Combined Offer in 2007 which was oversubscribed by 496 per cent.

“As a result of these successes, the bank was able to raise $1billion Eurobond in two tranches, which was successfully redeemed in 2022 . It is also pertinent to note that during these series of capital raise, our riginal colour, red, did not change, our logo did not change, our Culture did not change, our name did not change, the brand did not change and we remained undiluted and we grew exponentially emerging the strongest among our peers.” Dame Umeoji drummed.

She attributed this to the solid foundation and strong corporate governance culture laid by Dr. Jim Ovia. And Zenith will continue to ride on this legacy as it runs a professional organization that will outlive generations to come. She disclosed that as at December 31, 2023, Zenith Bank’s Tier-1 capital was N1.9 trillion, the highest in the Nigerian banking industry.

As Dame Umeoji is firing on all cylinders, her strong presence is helping to push Zenith Bank’s global ambitions. With a strong presence in Africa and a growing international footprint, Zenith Bank is poised for global dominance under Umeoji’s leadership. Her strategic vision has enabled the bank to navigate complex regulatory landscapes and capitalize on emerging opportunities.

Customer-Centric Approach and shareholder value are improving under Umeoji. Her focus on customer satisfaction has been a key driver of Zenith Bank’s success. She has implemented initiatives to improve service delivery, enhance digital banking capabilities, and provide tailored solutions to meet the evolving needs of customers.

Her leadership at Zenith Bank has consistently delivered value to its shareholders. The bank’s strong financial performance, coupled with its commitment to transparency and good governance, has earned it the trust of investors and stakeholders alike.

Only Zenith Bank, and one other Tier 1 bank, have so far met and surpassed the N500 billion share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, according to report by Proshare .

Despite the situation in the economy, Zenith Bank is doing very well. It posted a net profit growth of 52.6 per cent last year, taking its bottom line to a record N1 trillion, according to the newly issued audited earnings report of the big lender.

The corporate result of the financial institution came out strong amid sharp hikes in Nigeria’s monetary policy rate last year, which beefed up the benchmark borrowing rate by as much as 8.75 per cent, in turn allowing banks to charge much more for loans.

Interest income for Zenith Bank accelerated more than twofold to N2.7 trillion, alone accounting for 68.5 per cent of its revenue for the year. Gross earnings climbed to N4 trillion from N2.1 trillion.

Net interest income, a gauge of the difference between the interest earned by a bank and what it pays to savers, advanced by 134.8 per cent.

The bank made a provision of N658.8 billion to cover loans whose chances of repayment have been hampered by repeated defaults. It underscores the impact of debt service burden on borrowers, whose income was considerably strained by elevated inflation in the country during the year.

Strengthening profit, trading gains jumped 94 per cent to N1.1 trillion, while fees & other commission rose to N206.9 billion from N109.3 billion a year ago.

Operating expenses for the period under review surged to N586.6 billion from N291.7 billion, driven by the spending on fuel and maintenance, which more than doubled.Profit before tax was up by 66.7 per cent, while post-tax profit grew to N1 trillion from N676.9 billion.

Total assets climbed to N30 trillion from N20.4 trillion. The bank has announced a final dividend of N4 per share, taking its total for the year to N5 (compared to N4 for 2023) and its potential payout to N205.3 billion.

All these are happening on the watch of Adaora Umeoji. Why is she so vibrant? Her background, training and education. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class honours degree in Law from Baze University, Abuja. This is in addition to a Master’s of Law degree from the University of Salford; a Master in Business Administration from the University of Calabar, and a Doctorate in Business Administration from Apollos University, USA.

She has also attended various management programmes in renowned institutions around the world, including the Strategic Thinking and Management programme at Wharton Business School, USA. She also attended an executive programme in Strategic Management programme, and holds another certificate in Leading Global Business; both from Harvard Business School, USA.

She is a Fellow of notable professional bodies including the Chartered Bankers Institute, UK; Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria, among others.

In 2022, the Federal Government honoured her with the Officer of the Order of the Niger in recognition of her contributions to nation building. She is also a Peace Advocate of the United Nations.

Through her philanthropic and humanitarian activities, Umeorji has also impacted so many lives. Her Pink Breathe Cancer Foundation and the Adorable Foundation, educates and caters for cancer patients and indigent children education, especially females.

As Adaora Umeoji continues to lead Zenith Bank, her legacy of excellence is already being felt. Her leadership has inspired a new generation of bankers, and her vision for the future is shaping the direction of the industry.

With her sights set on continued growth and innovation, Adaora Umeoji is cementing her place as one of the most influential figures in Nigerian banking. As Zenith Bank continues to thrive under her leadership, one thing is clear: the future is bright, and Adaora Umeoji is at the helm.

Rider to the story

As the dust settles on the recently concluded gubernatorial elections in Edo State, all eyes are now on Monday Okpebholo, the Governor-elect who promises to lead the state into a prosperous future. Okpebholo’s journey to this significant political milestone is not only a testament to his resilience and dedication but also to the trust the people of Edo State have in his vision. With the campaign slogan, “A New Dawn for Edo,” Monday Okpebholo has ignited hope among Edo indigenes and residents, marking the beginning of a new chapter for the state.

This feature explores Monday Okpebholo’s rise to prominence, his background, leadership style, the policies he intends to implement, and the expectations from various sectors of the society. It also delves into the challenges facing Edo State and how Okpebholo plans to tackle them.

STORY

Senator Monday Okpebholo (aka Akpakomiza), Edo State Governor-elect is a man with forward-thinking approach issues and unwavering commitment to vision and how to translate that vision into reality. He is a man of thought and action who believes in limitless possibilities. Not only has he expanded his footprint across Edo state, but he has also set new standards in industry, innovation and social responsibility. He has cultivated a diverse portfolio, encompassing ventures in hospitality, construction, oil and gas, and agriculture. A grassroots champion of collaborative approach, Akpakomiza is known as a man of effort and relentless dedication to transforming the society.

Born into a modest family in the heart of Edo State, Monday Okpebholo’s early life was one of hard work, perseverance, and community service. Growing up in the rural areas, he developed a strong connection to the land and people of Edo, which shaped his worldview and leadership philosophy. His parents, both traders, instilled in him the value of hard work and the importance of education, laying the foundation for his future success.

Before venturing fully into the political landscape, Monday Okpebholo built a solid professional career that spanned public administration, business management, and consultancy. He worked with various state and national government agencies, focusing on economic development projects, agricultural reforms, and infrastructure improvements. This gave him firsthand experience in understanding the intricate workings of government and the needs of the people.

In addition to his work in the public sector, Okpebholo successfully ran a private business, which he used as a platform to mentor young professionals and contribute to community development. His business acumen and experience in managing large-scale projects earned him a reputation as a problem solver, capable of delivering results under pressure. These experiences would later prove invaluable as he began to contemplate a career in politics.

His journey to becoming governor-elect of Edo State was neither sudden nor accidental. His political career was built on a foundation of grassroots involvement, strategic alliances, and a deep understanding of the issues affecting Edo citizens. His entry into politics was marked by his role as a local government chairman, where he demonstrated his capacity for leadership, accountability, and service to the people.

Okpebholo’s time as chairman was transformative for his community. Under his administration, he prioritized education, healthcare, and infrastructure development. He spearheaded several initiatives that improved the quality of life for the local populace, including the renovation of dilapidated schools, the provision of basic healthcare facilities, and the construction of accessible roads. His efforts did not go unnoticed, and he gained widespread recognition for his effective leadership.

Okpebholo’s next major political move came when he contested for the Edo State House of Assembly, where he served for two terms. His tenure in the House was characterized by his advocacy for youth empowerment, rural development, and transparency in governance. He was instrumental in pushing for policies that promoted small and medium-sized enterprises (SMEs), which had a significant impact on the state’s economy.

During his time in the House of Assembly, Okpebholo built strong political relationships and alliances with key figures both within and outside his party. His diplomatic skills, combined with his pragmatic approach to governance, made him a well-respected figure in Edo State politics.

Monday Okpebholo’s gubernatorial campaign was nothing short of inspiring. His campaign was total and a solid message of change and renewal. His message resonated with a broad spectrum of the Edo electorate—from the urban youth eager for employment opportunities to rural farmers seeking better access to markets and support for agriculture. His campaign focused on five key pillars: economic development, education, healthcare, infrastructure, and security.

His slogan, “A New Dawn for Edo,” encapsulated the hope and aspiration of the people. Okpebholo promised to address long-standing issues that had hindered the state’s progress, including unemployment, poor infrastructure, and inadequate healthcare services. Throughout his campaign, he emphasized the need for inclusive governance, where every Edo citizen, regardless of their background, would have a stake in the state’s future.

What set Okpebholo apart from his competitors was his ability to connect with ordinary people. His town hall meetings were packed with vibrant discussions, where he listened to the concerns of the people and presented practical solutions. His approachable nature and clear articulation of his vision earned him the trust of the electorate. Unlike many political figures who relied solely on grand promises, Okpebholo’s campaign was grounded in achievable goals backed by well-researched policies.

As governor-elect, Monday Okpebholo has outlined an ambitious but realistic roadmap for Edo State’s development. His policy priorities span across multiple sectors, each designed to address the most pressing needs of the state while laying the foundation for long-term growth and prosperity.

At the core of Okpebholo’s agenda is economic revitalization, with a specific focus on job creation. Edo State, like many other states in Nigeria, has struggled with high unemployment rates, especially among the youth. Okpebholo plans to tackle this issue by promoting investment in key sectors such as agriculture, technology, and manufacturing.

He aims to attract both local and international investors by creating a business-friendly environment that includes tax incentives, streamlined regulatory processes, and improved infrastructure. His administration is also committed to fostering entrepreneurship by providing start-up grants and soft loans to small businesses.

Agriculture will play a significant role in Okpebholo’s economic plan. Given the fertile land and agricultural potential of Edo State, he plans to launch large-scale agricultural projects that will create jobs, boost food production, and reduce dependency on imported goods. Additionally, Okpebholo envisions the establishment of agro-industrial parks where local farmers can process and package their produce for both domestic and international markets.

Monday Okpebholo recognizes that the future of Edo State lies in the hands of its young people. Education Reform and Empowering the Next Generation is critical to him. To this end, he has promised to implement comprehensive education reforms that will improve the quality of education across all levels. His administration plans to invest in the training and retraining of teachers, provide modern learning facilities, and ensure that every child in Edo State has access to quality education.

One of the key aspects of his education plan is the introduction of vocational training programs that will equip young people with practical skills needed in today’s job market. Okpebholo believes that education should go beyond theory and focus on empowering the youth with the skills necessary to contribute to the state’s economic growth.

He also intends to work closely with universities and other higher institutions to promote research and innovation. By fostering collaboration between academia and industry, Okpebholo aims to create a knowledge-driven economy that will propel Edo State forward.

The healthcare sector in Edo State has been plagued by a lack of funding, outdated facilities, and inadequate personnel. Okpebholo has promised to address these issues by revamping the healthcare system to ensure that all Edo citizens have access to affordable and quality healthcare services.

His administration plans to increase healthcare funding, upgrade medical facilities, and ensure the provision of essential drugs and equipment. He also intends to improve maternal and child healthcare services, with the aim of reducing the state’s high maternal and infant mortality rates.

In addition, Okpebholo is committed to expanding the state’s health insurance scheme to cover more vulnerable populations, ensuring that no one is left behind. He has also pledged to invest in the training and recruitment of healthcare workers, particularly in rural areas where medical services are often scarce.

Infrastructure development is another key priority for Monday Okpebholo. He understands that without adequate infrastructure, economic growth and social development cannot be sustained. As governor, he plans to embark on a massive infrastructure renewal program that will focus on roads, bridges, electricity, and water supply.

Okpebholo’s administration aims to rehabilitate and expand the state’s road network, particularly in rural areas, to ensure that farmers and traders can easily transport their goods to market. He also intends to improve urban infrastructure, including drainage systems, to prevent flooding and improve living conditions in Edo’s cities.

Electricity generation and distribution are high on his agenda. Okpebholo plans to work with the federal government and private investors to increase the state’s power supply, which will in turn attract more businesses and create jobs.

Security is a major concern in Edo State, particularly with the rise in kidnappings, armed robbery, and other forms of criminal activity. Monday Okpebholo has outlined a comprehensive security strategy that involves both preventive and reactive measures. His administration will invest in modern security technology, such as surveillance cameras and drone monitoring, to track criminal activities and respond swiftly to threats.

Opebholo also believes in community policing as a way to strengthen local security networks. He plans to work closely with traditional rulers, local vigilante groups, and law enforcement agencies to ensure that every part of Edo State is safe for residents and businesses.

In addition to improving security infrastructure, Okpebholo is committed to addressing the root causes of insecurity, such as unemployment and poverty. By providing economic opportunities and social support, he hopes to reduce the appeal of crime for vulnerable populations.

But who really is  this man fondly called ‘Akpakomiza’ ?

Senator Okpebholo  was born on 29th August 1970, to the family of late Chief and Mrs. Peter Okpebholo of Udomi Community in Uwesan-Irrua, Esan Central Local Government Area.

His father hailed from Udomi Community in Uwesan-Irrua, Esan Central LGA, while the mother, was a native of Ikekiala Community in Eguare-Uromi, Esan North East LGA.

Senator Monday Okpebholo was nicknamed ‘Akpakomiza’ immediately after his birth. From the very minute he touched the mother earth, his facial countenance and unperturbed manner, despite being birthed into a new environment, which is entirely different from the mother’s womb, wherein, he has lived for nine months, was a clear case of a man on a destined mission, hence the powerful and strong wording nickname: AKPAKOMIZA!

As a child, Akpakomiza as he his popularly known, attended Udomi Community Primary School and Ujabhole Community Secondary School respectively, both in Uwesan-Irrua, Esan Central LGA.

Unfortunately, the untimely death of his younger and only sister, as a result from complication from unhygienic water supply, fetched from the stream, cut short his dream of finishing his secondary school in Ujabhole Community Secondary School in Uwessan.

Indeed, the terrible impact of the loss of his close and only sister made him to leave his beloved community and relocate to Jos, Plateau State in tears, to live with his elder brother, where he eventually completed his secondary school education.

Amidst his sense of irrecoverable loss and righteous anger, he made a vow to God, that, if he blesses him financially, he will fix the problem of lack of hygiene public water menace in his community. Indeed, God answered his prayer and the first millions God blessed him with, was committed towards the fixing of the water problem in his community years ago.

After his Senior School Certificate Exam in Jos, Senator Akpakomiza got a job with a small firm that deals in books and computers with a paltry sum as salary. However, his smartness in salesmanship quickly endeared him to many big individuals, corporate organizations, government agencies and European missionaries in Jos and beyond.

One of such big company was Nasco. He became exceptionally successful in the sales of computers, such that many people encouraged him into setting up his own firm, which he heeded with every sense of determination to succeed.

Thus, at a time, many businessmen were still peddling in analogue enterprise, Senator Akpakomiza saw the future in computers and quickly keyed into the business by floating Chapman Computers Limited. The company soon became a household name in Plateau State.

Senator Akpakomiza foray into the ICT sector paid so well that he later established the Interweb Satcom Limited, a giant industry player in broadband sales and development. The young man soon found himself dealing with foreign entrepreneurs as Interweb Satcom Limited so began to be very famous in digital hardware.

Both Chapman Computers Limited and Interweb Satcom Limited became mega companies in trading, importing and competing with global industry players from Europe and America.

Senator Akpakomiza however did not stop the pursuit of knowledge even when he was already successful as a businessman. He went back to school and obtained a degree in Business Administration from the University of Abuja. He is currently pursuing his Masters’ degree in Policy and Leadership Studies in the same University of Abuja.

Thus, the public acknowledgement and recognition of his skills and competencies by eminent Nigerians from various fields of endeavor, who were friends and associates of Late Chief Tony Anenih of blessed memory, endeared him to the late Iyasele of Esanland and the black race (Chief Tony Anenih).

Senator Akpakomiza’s valuable relationship with Chief Tony Anenih opened up vistas of political engagements between him and political heavyweights across the length and breadth of Nigeria, and therefore, on his own, developed the idea of politics of development and service to humanity. As someone who places value on friendship, he took Late Chief Anenih as his mentor, hero and ‘father.’

Senator Akpakomiza’s philosophy for playing politics is woven around human and infrastructural development. It was this factor that pushed him to contest for the Senate in Edo Central Senatorial District, under the All Progressives Congress (APC).

His giant strides in infrastructural development and human capital building amongst other public service delivery in Edo Central precipated his overwhelmingly electoral victory on February 25th, 2023, thereby smashing the 24 years rule of PDP in Edo Central Senatorial District.

On June 13th, 2023, he was inaugurated as the Senator of the Federal Republic of Nigeria, representing Edo Central Senatorial District, Edo State, in the 10th National Assembly, and he chairs the Senate Committee on Public Procurement.    

He is recognized for his charitable work through the Monday Okpebholo Foundation, which offers scholarships, healthcare services, and vocational training to underprivileged communities. He contested for the Senate Seat in Edo Central senatorial district, under the All Progressives Congress (APC) and was elected on February 25 2023.

Challenges Ahead: The Roadblocks to Progress

While Monday Okpebholo’s vision for Edo State is promising, there are significant challenges that he must navigate. One of the primary obstacles is the state’s financial situation. Like many states in Nigeria, Edo faces issues of budget deficits and limited revenue generation. Opebholo will need to find creative ways to finance his ambitious projects, including securing partnerships with private investors and leveraging federal government support.

Another challenge is managing the expectations of the electorate. Having campaigned on a platform of change, there will be pressure on Opebholo to deliver tangible results within a short period. Balancing immediate needs with long-term development goals will require careful planning and execution.

Political opposition may also pose challenges for the governor-elect. Opebholo will need to navigate the complex dynamics of Edo State politics, where rival factions and vested interests may attempt to undermine his administration’s efforts. However, his proven diplomatic skills and ability to build consensus may serve him well in this regard.

As Okpebholo prepares to take the helm as Edo State’s new governor, there is a palpable sense of optimism in the air. His vision for economic revitalization, education reform, healthcare improvement, infrastructure development, and enhanced security offers a blueprint for a brighter future for Edo citizens. His pragmatic approach to governance, combined with his deep understanding of the challenges facing the state, makes him well-positioned to lead Edo into a new era of prosperity.

Edo State’s journey under Okpebholo is just beginning, and while the road ahead may be fraught with challenges, the promise of a “New Dawn” inspires hope. As he steps into office, the people of Edo are watching with great anticipation, eager to see how his leadership will shape the future of the state.

Monday Okpebholo’s rise from humble beginnings to becoming the governor-elect of Edo State is a story of resilience, vision, and dedication. His deep-rooted connection to the people, combined with his professional experience and political acumen, has positioned him as a leader capable of driving positive change. With his commitment to service, transparency, and inclusivity, Okpebholo represents the hope of a better future for Edo State.

As the state prepares for his inauguration, the people’s hopes rest on his shoulders. If his past achievements and clear vision are anything to go by, Monday Okpebholo is poised to make history as a transformative governor who will leave an indelible mark on Edo State. The “New Dawn” he promises may indeed be the beginning of a brighter, more prosperous era for Edo.