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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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NRS Debunks Viral Claim of New Tax on Vehicle

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Nigeria Revenue Service (NRS) has denied reports that the federal government has introduced a new tax on vehicles.

NRS Debunks Viral Claim of New Tax on Vehicle

The clarification follows the circulation of a viral message online claiming that all vehicle owners would be required to start paying a new tax from July 1, 2026.

In a statement released on Sunday, the NRS said the information in the message is false and did not come from the agency or any official government institution.Nigeria Travel Guides

According to Dare Adekanmbi, spokesperson for the NRS, the viral message was designed to mislead the public. He explained that it was made to look genuine by using official government logos and formatting.

The message reportedly instructed owners of private, commercial, and corporate vehicles to pay an unspecified fee either online or through approved banks and agencies. It also included a website that was wrongly presented as an official government platform.

Adekanmbi stressed that the website mentioned is not connected to the government and warned Nigerians not to make any payments based on such information.

He said the NRS has not introduced any new vehicle tax and that any official policy or tax change would be properly announced through verified government channels.

The agency urged citizens to ignore the fake message and avoid falling victim to possible fraud. It also advised Nigerians to always confirm such information through trusted and official sources before taking any action.

The NRS further encouraged the public to follow its official communication platforms to stay informed about genuine tax policies, updates, and government directives.

 


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NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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National Copyright Commission (NCC) has reaffirmed that piracy remains a major threat to the nation’s creative economy, vowing to intensify its nationwide crackdown on illicit networks to protect intellectual property.

NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

Pic credit…soundcloud.com

Dr. John Asein, director-general of the NCC, disclosed this in a statement to mark the 2026 World Book and Copyright Day.

The commission noted that piracy remains a major threat, undermining legitimate enterprise and eroding the economic value of creative works.

Asein lamented that inadequate distribution systems and limited access to books also constrain the growth of readership.

He described the event as an important occasion, which showcased the enduring value of books as foundations of knowledge, instruments of cultural preservation, and drivers of national development.

He described the theme for this year’s celebration, ‘Read Books, Respect Copyright,’ as a call on Nigerians to embrace reading as a lifelong habit, while recognising that respect for copyright is essential to sustaining creativity and rewarding authors.

The commission noted that Nigeria’s book industry has evolved significantly, from the post-independence emergence of indigenous publishing to today’s digitally driven ecosystem.

“Nigerian authors continue to gain global recognition, while publishers are expanding capacity. However, challenges persist,” he said.

The commission commended the National Intellectual Property Policy and Strategy, describing it as a bold step toward repositioning intellectual property as a driver of economic transformation.

The policy, according to him, provides a roadmap for revamping the book sector for the benefit of authors and publishers, and is accessible at ippolicy.ng.

The NCC also reaffirmed its commitment to inclusive access through the Marrakesh Treaty, as reflected in the Copyright Act, 2022, enabling accessible formats such as Braille and audio texts.

It urged Nigerians to respect copyright and purchase books only from authorised sources.


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Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

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Fusewall Holdings, founded by Azeez Amida, has announced the acquisition of a 100 percent equity stake in Coloplus Worldwide Service Limited, in a move aimed at strengthening its position in Nigeria’s telecommunications infrastructure space.

Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

Fusewall Holdings

The deal marks a significant milestone in Fusewall’s broader strategy to build an integrated and future-ready platform across key sectors, particularly within the country’s fast-evolving digital economy.

The transaction was led by Amida, whose role in structuring and executing the deal was described as pivotal. According to the company, his leadership helped align stakeholders and navigate complex negotiations to ensure a successful close while positioning the business for long-term growth.

A spokesperson for Fusewall Holdings said the acquisition represents “a deliberate step forward” in the company’s expansion strategy, noting that the focus remains on building platforms that combine operational efficiency, resilience, and scale.

Coloplus brings a substantial operational footprint to the deal, including access to about 900 partner locations and roughly 20 owned sites. This combination of reach and infrastructure control is expected to give Fusewall a strategic advantage as it scales operations nationwide.

Fusewall said it plans to deploy capital, strengthen governance structures, and enhance operational execution as part of the integration process. The move is expected to improve service delivery, boost infrastructure reliability, and support expansion into underserved and high-demand areas.

The acquisition also aligns with the company’s broader ambition to help bridge Nigeria’s telecommunications infrastructure gap by expanding connectivity, improving network resilience, and advancing digital inclusion.

Fusewall Holdings said the deal reflects its commitment to disciplined execution and long-term value creation as it continues to grow its footprint in Nigeria’s digital ecosystem.


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