Business
Zenith Bank Reports N1 Trillion Profit Before Tax in Q3 2024

Zenith Bank Plc has announced its unaudited financial results for the third quarter ending September 30, 2024, showcasing a remarkable 118% increase in revenue, which surged from N1.33 trillion in Q3 2023 to N2.9 trillion in Q3 2024. This strong performance underscores Zenith Bank’s resilience and leadership in a challenging economic landscape.
The bank’s impressive topline growth led to a 99% year-on-year increase in profit before tax, rising from N505 billion in Q3 2023 to N1 trillion in Q3 2024. Profit after tax also saw a significant boost, climbing by 91% to N827 billion. The results, presented to the Nigerian Exchange (NGX), reflect substantial progress in both interest and non-interest income streams. Interest income skyrocketed by 190% to N1.95 trillion, benefiting from a high-yield environment, while non-interest income increased by 41% to N856 billion, driven by strong performance in fees and commissions that highlight the bank’s retail growth and digital expansion. Earnings per share nearly doubled to N26.34, reinforcing Zenith’s commitment to shareholder value.
Zenith Bank’s balance sheet expanded significantly, with total assets growing by 49% to N30.4 trillion. Customer deposits rose by 42% to N21.6 trillion, indicating deepening customer loyalty across corporate and retail segments. Gross loans increased by 46% to N10.3 trillion, reflecting the bank’s dedication to supporting essential economic sectors. The capital adequacy ratio strengthened to 21.9%, exceeding regulatory requirements, while return on average equity (ROAE) rose to 37.8%, and return on average assets (ROAA) stood at 4.3%, maximizing asset performance. Although the cost of funds increased to 4.3% in line with higher market rates, the cost of risk remained steady at 7.3%, showcasing the bank’s commitment to proactive risk management. Strategic investments in technology and capacity building led to a cost-to-income ratio of 39.5%, signaling Zenith’s forward-looking growth initiatives.
Zenith Bank’s asset quality remains a cornerstone of its stability, with a non-performing loan (NPL) ratio of 4.5% and a coverage ratio of 198.4%, reinforcing disciplined risk management practices.
In response to the Central Bank of Nigeria’s recapitalization directive, Zenith Bank launched a capital raise on August 1, 2024, through a successful Rights Issue and Public Offer, reflecting strong investor confidence. This capital infusion is expected to support the bank’s expansion into new sectors, enhance lending to the real sector, and fuel its broader ambitions across Africa and globally. Additionally, Zenith received regulatory approval in September 2024 for a new branch in Paris, France, further solidifying its international presence.
With a strengthened capital base, Zenith Bank is well-positioned to navigate evolving economic landscapes, maintaining sustainability as a core tenet of its business strategy. The bank remains dedicated to enhancing stakeholder value through sound governance and a robust compliance culture, solidifying its leadership in Nigeria’s financial sector and laying the groundwork for sustained, long-term growth.
Business
CBN expresses commitment to FX Code

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to the Nigerian Foreign Exchange (FX) Code, stating that its operations align with the principles of the code.
In a statement signed by Governor Olayemi Cardoso, Deputy Governor of Economic Policy Mohammad Abdullahi, and Director of the Financial Markets Department Dr. Omolara Duke, the apex bank emphasized that its decision follows a review of the FX Global Code and recognition that the code represents a set of principles widely acknowledged as good practice in the foreign exchange market.
The statement confirmed that the CBN acts as a regulator to market participants as defined by the code and is committed to overseeing FX market activities in a manner consistent with its principles.
“To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore aligns its roles with the principles of the Code,” the statement added.
Business
FG launches electronic asset register to boost investment

The Federal Government has launched a national electronic assets register to provide real-time access to information on government-owned assets, aiming to enhance transparency and attract more investments into the country.
The digital registry was introduced by the Accountant General of the Federation, Dr. Oluwatoyin Madein, during an event that also featured the unveiling of a compendium of FAAC allocations to federal, state, and local governments from 2020 to 2023.
Madein described the initiative as a major milestone in improving public resource management, emphasizing that it is essential for financial sustainability and integrity. She stated that the project aligns with the government’s commitment to transparency and accountability in handling public funds and assets.
She noted that giving citizens access to information about public asset management would increase government accountability. “Whether it is infrastructure, equipment, or other public property, every asset must be accounted for,” she said.
The real-time access provided by the digital register is expected to support policy formulation, budgeting, and planning. Madein explained that by having a clear understanding of the government’s assets and their conditions, policymakers can make more informed decisions on resource allocation, investment management, and potential privatisation or public-private partnerships (PPPs) for underutilized assets.
She added that the initiative also aligns with international best practices, supporting Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). These standards will help strengthen the credibility and integrity of the country’s financial statements.
On the compendium of FAAC allocations, Madein stated that it provides a detailed breakdown of revenue distribution to the three tiers of government and serves as a valuable resource for policymakers, researchers, and the general public.
Minister of State for Finance, Doris Uzoka-Aniete, who officially unveiled the compendium, praised the Accountant General’s efforts in promoting transparency and accountability. She described the electronic asset register as an important tool that will help determine the real value of Nigeria’s assets and create opportunities for local and foreign investment.
Business
Tariff increase will push available power generation to 7,000MW — Minister

Minister of Power, Chief Adebayo Adelabu, has stated that the proposed electricity tariff increase will help boost Nigeria’s available power generation capacity to 7,000 megawatts (MW). This comes after the country recorded its highest-ever available power generation of 6,003MW and a peak evacuation of 5,801.84MW last week.
In a statement issued by his Special Adviser on Strategic Communication, Bolaji Tunji, Adelabu emphasized that tariff regularization is crucial for unlocking the sector’s full potential and sustaining ongoing improvements in power generation and distribution.
“To sustain these improvements, the government would have to pay down the tariff shortfalls of N1.94 trillion for 2024 and address legacy debts of N2 trillion to the GENCOs,” the minister said. He added that continued tariff reforms are necessary to ensure that consumers start paying for the energy they consume.
Adelabu reiterated the government’s intention to raise electricity tariffs for customers in Bands B, C, and D as part of efforts to enhance the sector’s liquidity and reduce subsidy obligations. The planned tariff hike is expected to narrow the gap between Band A customers—who currently pay higher rates—and those in lower bands.
The minister noted that Nigeria recently set another milestone with a daily maximum energy output of 128,370.75 megawatt-hours (MWh), attributing these achievements to ongoing reforms and infrastructural upgrades in the sector.
“We are thrilled to announce these historic milestones in Nigeria’s power sector,” Adelabu stated. “These achievements represent a brighter future where businesses can thrive, households can enjoy uninterrupted power supply, and the economy can grow sustainably.”
According to the minister, recent improvements result from collaborative efforts by the Federal Ministry of Power and key stakeholders to address longstanding challenges in the sector. These include the rehabilitation and upgrading of transmission and distribution networks, implementation of innovative technologies to enhance efficiency, and policy reforms aimed at improving accountability and sustainability.
While celebrating these milestones, Adelabu called for continued support from state governments, private sector stakeholders, and the general public. He stressed the need for collective action to sustain the momentum and build upon the progress made.
With power generation at a record high and tariff reforms on the horizon, stakeholders are hopeful that Nigeria’s electricity supply will see lasting improvements, ensuring stable and reliable power for businesses and households nationwide.
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