TUESDAY MARCH 17TH 2020

Page 1

Zenith Bank Fetes Shareholders with N87.9bn Dividend Payout James Emejo in Abuja Shareholders of Zenith Bank Plc at the 29th Annual General Meeting of the bank held in Abuja, yesterday, unanimously approved the proposed final dividend of N2.50 per share, bringing the total dividend

payment for the 2019 financial year to N2.80 per share, with a total value of N87.9 billion. This followed the recent release of the bank’s audited financial results for 2019 financial year. According to the audited financial results for the 2019

financial year, Zenith Bank recorded a profit after tax (PAT) of N208.8 billion, an increase of eight per cent from the N193 billion recorded in the previous year, thus achieving the feat as the first Nigerian Bank to cross the N200 billion mark.

The group also recorded a growth in gross earnings of five per cent, rising to N662.3 billion from N630.3 billion reported in the previous year. This growth was driven by the 29 per cent increase in non-interest income from N179.9 billion in 2018 to

N231.1 billion in 2019. According to the results, fees on electronic products continued to grow significantly with a 108 per cent year-onyear (Y-o-Y) growth from N20.4 billion in 2018, to N42.5 billion in the current year. This was a validation of the

bank’s retail transformation strategy, which continues to deliver impressive results. The bank’s profit before tax also increased by five per cent, growing from N232 billion to N243 billion in the current year, Continued on page 8

FG Extends Travel Caution to Germany, France, Spain...

Page 5

Tuesday 17 March, 2020 Vol 25. No 9108. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

CBN Unveils Measures to Cushion COVID-19 Impact on Economy Cuts intervention loans rate to 5% Directs banks to restructure tenor Creates N50bn credit support for healthcare, other industries James Emejo in Abuja and Nume Ekeghe in Lagos The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday unveiled a number of policy initiatives aimed at reducing the adverse impacts of

COVID-19 pandemic on the economy. Analysts yesterday hailed the timely intervention by the apex bank. The CBN’s interventions include an extension of the moratorium on the apex bank’s interventions programmes,

interest rate reduction, creation of a N50 billion targeted credit facility and credit support for the healthcare industry. Others are strengthening the CBN’s Loan to Deposit Ratio (LDR) policy and regulatory forbearance. The CBN governor

announced a moratorium of one year on all principal repayments, effective March 1, 2020, as well as interest rate reduction on all applicable CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020.

He said the total CBN intervention facilities through the Commercial Agricultural Credit Loan Scheme, the Anchor Borrowers’ Programme (ABP) and the Agric, Small and Medium Enterprise Scheme (AGSMEIS) among others are currently worth

about N3 trillion and the new rate cut will apply to all facilities. Speaking at a media briefing, the apex bank boss further announced the creation of a N50 billion Continued on page 8

Comfort for Obaseki Postponed, Oshiomhole Survives as A’Court Freezes Suspension Order Buhari, APC govs suspend NEC meeting NWC meets today Omololu Ogunmade, Alex Enumah and Adedayo Akinwale in Abuja Relief came yesterday for the embattled National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole, as the Court of Appeal granted his application for stay of execution of the ruling of a Federal Capital Territory (FCT) High Court, which earlier this month suspended him from office. The judicial relief came moments after President Muhammadu Buhari and APC governors agreed at a meeting in the Presidential Villa, Abuja to suspend the National Executive Committee (NEC) meeting scheduled for

today, effectively putting in abeyance the push to oust Oshiomhole. For Oshiomhole’s chief adversary, Edo State Governor, Mr. Godwin Obaseki, the two developments disrupted his desire to ease the national chairman out of office in the hope that it would smoothen his way back to the governorship of his state. The national chairman’s current travails arose from his protracted quarrel with his erstwhile ally and state governor over the control of the state branch of the party, with the latter insisting that the former should bow to him. With the governorship Continued on page 8

Pressure on NNPC Pipeline Caused Lagos Explosion, Says NEMA... Page 6

NAIRA RAIN AT ZENITH... L-R: Group Managing Director/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu; Chairman, Mr. Jim Ovia; and Deputy Managing Director, Dr. Adaora Umeoji, at the 29th Annual General Meeting of the bank in Abuja... yesterday


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.