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Zenith Bank Shareholders Approve N11.3 Billion Dividend, Lauds Ovia

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Shareholders of Zenith Bank have lauded Jim Ovia, its outgoing chief executive, who midwifed it from inception 20 years ago to today’s enviable height, and is scheduled to leave office at the end of June this year.
The gathering also approved the bank’s proposal to distribute N11.3 billion as dividend, translating to 45 kobo per share for the 15-month to December 31, 2009, from earnings per share 82 kobo, which they considered impressive. This is particularly so, according to them, at a time some of its peers are offering as little as 10 kobo per share. The bank, they noted, has also offered a bonus of one-for-four for the same period.
Gross earnings income for the period rose by N65.661 billion or 31.025 per cent to N277.3 billion from N211.639 billion in the previous full year, out which interest and similar income stood at N193.545 billion, compared with N138.737 billion previously, while net interest expenses grew to N83.957 billion, up from N53.294 billion. This brought net interest income to N109.588 billion, as against the previous N85.443 billion, just as there was “other income” of about N78.65 billion, up from N68.799 billion.
Profit before tax was however depressed N35.085 billion, representing a decline of about N21.027 billion or 37.47 per cent, while profit attributable to shareholders stood at N20.603 billion, from the previous N51.993 billion. This translates to earnings per share of 82 kobo
Ovia, used the occasion to restate his faith in the ability of Godwin Emefiele, his successor and pioneer staff of the bank and his deputy for the past nine years to guide, the Zenith Group to even greater heights.
“Godwin is a seasoned banker of high integrity with a clear strategic focus and enduring commitment to Zenith Bank,” he assured the meeting in what is his last annual CEO Letter to shareholders, while expressing confidence that the in-coming chief executive “will offer excellent leadership and guide the Group successfully to greater heights.”
“I am confident that under the leadership of Godwin Emefiele, the bank will continue to draw upon its superior people, excellent service culture and continuous deployment of state of the art technology to elevate the Group to greater heights,” he added
The meeting also noted the fact that the bank could offer much more at the end of current year, judging from the equally remarkable first quarter result, indicating a N55.03 billion gross earnings. The result also showed a 12 per cent increase in profit before tax from N11.8bn in March 2009 to 13.2 billion in March 2010, and N9.509 billion net profit.
Reacting to the un-audited first quarter result submitted to the NSE on Monday, market watchers noted that it is a good start for the group and an opportunity to sustain investor confidence.
A breakdown of the first quarter result showed 9 per cent growth in total asset to N1.8 trillion, over the December 2009 level, while capital adequacy stood at 28 per cent (while the bank had 34 per cent), representing almost three times more than the 10 per cent regulatory minimum requirement. Liquidity ratio for the period stood at 48 per cent (while the bank had 59 per cent), almost two times the 25 per cent minimum required by regulation.
Analysts believe that Zenith’s balance sheet is strong enough to propel its planned expansionary activities and also to withstand any adverse event.

 

 


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Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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