Renaissance Capital Africa (Rencap) has named Zenith Bank Plc its top conviction pick among Nigerian banks, ahead of GTCO and AccessCorp, in a fresh research report highlighting the lender’s robust balance sheet and dividend potential despite sector headwinds.

Zenith Bank

The comprehensive review of the Nigerian banking industry notes that Zenith’s current market valuation lags its improving fundamentals, even as the NGX Banking Index posts strong gains recently.

Rencap upgraded Zenith from HOLD to BUY, lifting its target price by 96 per cent based on a lower risk-free rate from falling government bond yields, refined beta estimates, and expectations of cleaner assets post-forybearance resolutions.

Balance Sheet Strength Drives Outlook

Analysts project challenges to earnings growth from anticipated Central Bank of Nigeria (CBN) rate cuts but foresee higher dividend payouts from resolved forbearance and single obligor loan (SOL) exposures alongside rising cash profits.

“Although we expect banks to face challenges in growing earnings… the balance sheet clean-up… will support higher dividend payouts relative to prior years,” the report states, ranking Zenith first, followed by GTCO and AccessCorp.

Key positives include loan write-offs that bolstered asset quality, enabling sustainable growth amid financial system reforms.

Dividend Recovery in Focus

Sector profitability from 2023-2024 was inflated by unrealised foreign exchange gains, which regulations barred from cash dividends, capping payouts despite headline profits.

Zenith historically led payout ratios in 2021-2022 via strong cash generation and capital discipline; Rencap expects a rebound as pressures ease, attracting income-focused investors.

Tier-1 Leadership Reinforced

Zenith Bank recently topped Nigeria’s tier-1 capital rankings for the 16th straight year, per The Banker magazine (Financial Times), affirming its resilience and positioning for long-term value creation.

CBN

• Access Bank Plc
• Fidelity Bank Plc
• First Bank of Nigeria Ltd
• Guaranty Trust Bank (GTBank)
• United Bank for Africa (UBA)
• Zenith Bank Plc

• FCMB (First City Monument Bank) – currently pushing to raise additional capital to secure its international licence.
• Wema Bank
• Standard Chartered Bank (Nigeria)
• Citibank Nigeria
• Stanbic IBTC Bank
• Sterling Bank
• Globus Bank
• Premium Trust Bank

Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed a criminal charge against Chief Mike Ozekhome, SAN, alleging his involvement in a corruption scheme connected to a London property.

Chief Ozekhome

The ICPC filed a three-count charge before the Abuja High Court through its Head of High Profile Prosecution Department, Osuobeni Akponimisingha. The charge, marked FCT/HC/CR/010/26 and dated 16 January, names Ozekhome as the sole defendant in the case.

In the first count, the commission alleged that Ozekhome, aged 68 and residing at No. 53 Nile Street, Maitama, Abuja, received a property described as House 79, Randall Avenue, London NW2 7SX, around August 2021. The ICPC stated that the property was purportedly given to him by one Mr. Shani Tali and that the act amounted to a felony contrary to Section 13 and punishable under Section 24 of the Corrupt Practices and Other Related Offences Act 2000.

In the second count, the senior lawyer was accused of making a false document with a Nigerian passport bearing the name “Mr. Shani Tali” around the same period. The commission alleged that the passport, marked A07535463, was intended to support a fraudulent claim of ownership of the London property. The alleged offence contravenes Section 363 and is punishable under Section 364 of the Penal Code CAP 532 Laws of the Federal Capital Territory (FCT), Abuja, 2006.

The third count alleged that Ozekhome dishonestly used the same passport to support claims over the property despite allegedly knowing the document was false, an offence said to violate Section 366 and punishable under Section 364 of the Penal Code.

Supporting documents attached to the charge include an extra-judicial statement allegedly made by the defendant on 12 January 2026, a judgment referenced as REF/2023/0155 dated 11 September 2025, interim forfeiture proceedings relating to the London house, a data page for “Shani Tali,” a letter dated 18 December 2025, and other expected materials.

The ICPC also listed several individuals expected to testify, including investigators Wakili Musa and Tosin Olayiwola, a representative of the Nigerian Immigration Service, and investigators Ebenezer Nduo and Blessing Monokpo, alongside any additional witnesses the commission may call. As of the time of reporting, the case had not yet been assigned to a judge.

The development follows an earlier investigation by the ICPC sparked by a petition from Olanrewaju Suraj, head of the Human and Environmental Development Agenda (HEDA), citing a judgment from a London property tribunal.

The tribunal’s ruling had linked Ozekhome and others to alleged forgery and fraudulent claims of ownership of the North London building. The petition accused several individuals of conspiring with corrupt Nigerian officials to procure forged identity documents for the purpose of “fraudulently claim[ing] ownership” of the property.