Ebenezer Onyeagwu: Propelling Zenith Bank through Inspirational Leadership

Oluchi Chibuzor writes on the leadership qualities of the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, which has contributed significantly to the success story of the financial institution

True leaders are gifted with exceptional influencing and charismatic qualities which can drive others towards delivering their best. Inspirational leaders play crucial role in inspiring their teams and motivating them towards achieving superior performance. They are also passionate about their environment and keep communicating the vision of the organisation in a way as to excite and encourage others towards delivering their best performances. 

Such leaders are also experts in presenting the big picture before the teams and in making people understand their role in the realisation of the goals or the organisational vision.
These are the qualities that the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu embodies. He is unassuming and committed to his job. Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance. He makes today’s Zenith Bank ticks, illustrated by the bank’s financial performance, agile organisation, enduring conducive corporate culture and cordial stakeholders’ relations.
Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities. He does not waver. Onyeagwu always wins for the good of humanity, corporate sustainability, and the profitability that ensures prosperity.

Little wonder, he was recently adjudged the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, saw Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa.
Expressing gratitude over the recognition, Onyeagwu, in a statement commended Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award.

He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution.”
He dedicated the award to the Founder and Chairman, Jim Ovia, CFR, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.

Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.
As Group Managing Director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability.

These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.

On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.
In his acceptance speech, Onyeagwu expressed his gratitude to UNN for finding him a worthy recipient of the honorary doctoral degree in Business Administration of one of the leading universities in Nigeria, considering the rigorous selection process of awardees by the institution.
He said, “For me to have been considered and to have passed through the meticulous selection process makes it more dignifying because I have no connection with the university.”

Noting that the award represented a validation of the outstanding corporate governance, ethical leadership, and overall outstanding performance that Zenith Bank was recording, Onyeagwu dedicated the award to the board and management of Zenith, especially the founder and chairman, Jim Ovia, “who has remained a mentor, a leader and a source of inspiration to everyone at the bank and beyond; the staff, for being the shoulder and proverbial base of the pyramid upon which his achievements and success as CEO of the leading financial institution in Nigeria rest; the bank’s customers for their unflinching loyalty to the brand; and to his family for their unceasing love and support.”

Presenting the citation of Onyeagwu to the assemblage at the 50th convocation for the conferment of the doctorate in Business Administration, the orator of the university, Dr Ikenna Onwuegbuna, noted that the Zenith Bank CEO “is an alumnus of Auchi Polytechnic, the University of Oxford, England and Salford Business School, University of Salford, Manchester, United Kingdom, Delta State University, Abraka.”
He added, “Also, he is an alumnus of Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University in the United States.”

Just as has been the trend since Onyeagwu assumed the position of GMD/CEO, the financial institution recently announced an impressive unaudited results for the first quarter (Q1) ending 31st March 2023.
The results came in with an exceptional double-digit growth of 41 per cent in gross earnings, increasing from N191.5 billion in Q1 2022, to N270 billion in Q1 2023.

Also, the unaudited statement of account submitted to the Nigerian Exchange (NGX) had indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27 per cent year-on-year (YoY) increase in Profit Before Tax (PBT), which rose from N68 billion in Q1 2022, to N86.6 billion in Q1 2023.
It also showed that Zenith Bank’s Profit After Tax (PAT) also grew by 13 per cent, from N58.2 billion to N66 billion during the same period.
“In 2023, the Group will maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers,” the bank explained.

Zenith Bank blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.
Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.
With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels.

Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance.
He makes today’s Zenith Bank thick, illustrated by the bank’s  agile organisation, enduring conducive corporate culture and cordial stakeholders’ relations.
Futuristic in thought and approach, Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and innovation.
Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN).

Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers, Nigeria and Chairman of Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the Board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF). Onyeagwu is a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa Export-Import Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). He also served on the board of Zenith Bank Ghana Limited, Zenith General Insurance, Zenith Securities Limited, Zenith Assets Management Company, Zenith Medicare Limited, and Africa Finance Corporation (AFC).
It is expected that with his inspirational leadership, Zenith Bank will continue to maintain its industry leadership position and continuously meet the expectations of its stakeholders and customers.