Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting held in Lagos on Tuesday, approved a final dividend payment of N4 per share, bringing the total dividend for the 2024 financial year to N5.00 per share, with a total value of N195.67 billion.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, thanked the shareholders for their unflinching support and commitment, which he said have been responsible for the bank’s stellar performance over the years.
He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.
The Group Managing Director/Chief Executive Officer, Adaora Umeoji, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward.
She stated: “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today.”
She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come.”
Talking specifically about dividend, she said, “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds.
“Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”
Faruk Umar, President of the Association of the Rights of Nigerian Shareholders, applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices.
He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable.’
Speaking on the dividend payout, Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable.”
Ambassador Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout.
In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost.”
Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders.
He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise.”