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In just over 30 years, Zenith Bank has grown to become Nigeria’s largest – and one of Africa’s largest – financial institutions by tier-1 capital, with shareholders’ funds in excess of NGN1trn ($2.6bn) as of December 31, 2020. A clear leader in the Nigerian financial space, with several firsts in the deployment of innovative products and solutions that ensure convenience, speed and safety of transactions, Zenith Bank has shaped development in Nigeria, setting the pace in several sectors of the economy.
The bank has demonstrated rare resilience and doggedness that has translated to exponential growth in virtually all areas, and today, Zenith is undoubtedly Nigeria’s most profitable financial institution, recording an impressive result for the year ending December 31, 2020, with a year-on-year growth of 10 percent in profit after tax (PAT) from NGN208.8bn ($547m) recorded in 2019 to NGN230.7bn ($607m). This is in spite of a very challenging macroeconomic environment exacerbated by the COVID-19 pandemic.
LagosNigeriaGambiaUnited-kingdomLagos-stateGhanaFederal-capital-territoryAbuja-federal-capital-territoryChinaVictoria-islandAbujaLondonThe banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.
Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
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