Business

JUST IN: Zenith Bank Appoints First Female GMD

Published

2 years ago

March 19, 2024

Zenith Bank Plc has appointed Dr. Adaora Umeoji as its new Group Managing Director, effective June 1, 2024.

This was disclosed in a statement signed by the Company Secretary, Michael Otu, which was filed with the Nigerian Exchange Limited on Tuesday.

Umeoji will take over from the current GMD, Dr. Ebenezer Onyeagwu, whose time in office expires May 31.

“Dame (Dr.) Adaora Umeoji is the first female GMDCEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” part of the statement read.

Before this appointment, Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years of banking experience of which 26 years has been with Zenith Bank.

According to her profile, Umeoji is an alumnus of Harvard Business School, where she attended the Advanced Management Programme, and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. 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.

She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA. She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA.

With this appointment, Umeoji will join the ranks of female bank MDs in Nigeria and make her the first female MD of the bank.

Zenith Bank is one of the banks in Nigeria that has large asset banks and belongs to the elite club of banks with a market value of over N1tn.

At the close of trading on Tuesday, Zenith Bank was worth N 1.19tn, and its shares were priced at N38.1 per unit.

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

3 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

3 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.