Zenith Bank: As Ebenezer Onyeagwu Passes Baton of Excellence, Legacy of Growth

Donatus Eleko

The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, will today step down from his position as he passes the baton of excellent service delivery, group synergy, transformation and innovation recorded by the bank in his five-year reign to Dr. Adaora Umeoji.
Under his leadershio, Onyeagwu was instrumental in taking Zenith Bank to the zenith as the financial institution recorded a lot of transformation. Additionally, his tenure was marked by excellence, integrity, and grace, despite the humongous challenges among which was that posed by the COVID-19.
Onyeagwu an unassuming and committed leader, is inspiring in silence and action and was a sure-footed leader of men with a sense of corporate clairvoyance.

The outgoing Chairman of the Body of Banks’ Chief Executive Officers in Nigeria, is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987, he qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post-graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.
He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

Onyeagwu, joined Zenith Bank Plc in 2002, as a Senior Manager, in the Internal Control and Audit Group of the bank.  His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank.  In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.
As Deputy Managing Director, Onyeagwu had oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

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.
Beside several other laurels and awards, Onyeagwu capped his five-year leadership at the bank with his recognition this week, as the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, even as he retained the title for the second consecutive year.

Speaking on receiving the award, Onyeagwu expressed gratitude to publishers of International Banker for the honour.
“It is indeed an honour to be recognised as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation, growth, and delivering value to our customers and stakeholders.
“It also reflects our dedication to sustainability and high ethical standards, which are integral to our overall strategy. I am immensely proud of our accomplishments and look forward to future opportunities for the bank as I hand over the baton to my successor and begin the mandatory regulatory cooling-off period,” the outgoing CEO whose myriad exploits solidified his sterling leadership qualities.

As expected, Onyeagwu, dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, for his mentorship, which was crucial to his success as Group Managing Director/CEO; to the bank’s management team and staff for their unwavering commitment over the past five years; and to the bank’s customers for their loyalty.
Throughout his distinguished tenure, Onyeagwu received multiple awards and led the bank to achieve significant milestones in financial performance, financial inclusion, corporate governance, and sustainability.
Under his leadership, Zenith Bank as an institution won more than 52 awards in the last five years. A breakdown of the awards showed that in 2019 alone, Zenith Bank was adjudged Best Commercial Bank, Nigeria by the World Finance; Biggest Bank in Nigeria by Tier-1 capital by the The Banker; Most Valuable Banking Brand in Nigeria by the The Banker; Best Digital Bank in Nigeria 2019, by Augusto & Co.; Best Company in Promotion of Good Health and Well-Being by SERAS Awards;  Bank of the Year by BusinessDay Newspaper; Retail Bank of the Year by BusinessDay Newspaper, and Most Innovative Bank of the Year by Tribune Newspaper

This continued in 2020, where the financial institution was named Bank of the Year, Nigeria by The Banker; Best Bank in Nigeria by Global Finance; Biggest Bank in Nigeria by Tier-1 capital by The Banker; Most Valuable Banking Brand in Nigeria, by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Best Company in Promotion of Good Health and Well-Being by SERAS Awards; Best Company in Promotion of Gender Equality and Women Empowerment by SERAS Awards; Bank of the Decade (People’s Choice) by Thisday Newspaper; Bank of the Year by Independent Newspaper, and Retail Bank of the Year by BusinessDay Newspaper.

Furthermore, in 2021, Zenith Bank was also named Best Bank in Nigeria by Global Finance; Best Commercial Bank, Nigeria by World Finance; Biggest Bank in Nigeria by Tier-1 Capital from The Banker; Most Valuable Banking Brand in Nigeria by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Most Responsible Organisation in Africa by SERAS Awards; Best Company in Infrastructure Development- SERAS Awards; Best Company in Reporting and Transparency-SERAS Awards; Best Company in Gender Equality and Women Empowerment- SERAS Awards; Bank of the Year- Champion Newspaper, and Retail Bank of the Year- BusinessDay Newspaper

In 2022, it was named Bank of the Year, Nigeria- The Banker; Best Bank in Nigeria -Global Finance; Biggest Bank in Nigeria by Tier-1 Capital -The Banker; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria- World Finance; Best Commercial Bank, Nigeria -International Banker; Best Innovation in Retail Banking, Nigeria -International Banker; Best Corporate Governance ‘Financial Services’ Africa – Ethical Boardroom; Bank of the Year- New Telegraph Newspaper; Retail Bank of the Year- BusinessDay Newspaper; Best Company in Technology for Development – SERAS Awards, and Best Company in Work Place Practice- SERAS Awards.

This continued in 2023, in which it was adjudged the Biggest Bank in Nigeria by Tier-1 Capital -The Banker; World Finance 100- World Finance; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria – World Finance; Best Corporate Governance ‘Financial Services’ Africa- Ethical Boardroom; Most Sustainable Bank, Nigeria – International Banker; Best Bank for Digital Solutions, Nigeria – Euromoney; Bank of the Year- BusinessDay Newspaper, and Most Sustainable Bank of the Year -New Telegraph Newspaper.

Also, in the five-year period, Onyeagwu was severally rewarded for being consistently humble, disciplined, ethical, hardworking, an outstanding professional and inspirational corporate leader with impeccable track records of excellence.  In 2019, he was named Bank CEO of the Year by Champion Newspaper; in 2020, again he was recognised as Bank CEO of the Year by BusinessDay Newspaper and SERAS Awards respectively. Also, in 2021, BusinessDay and SERAS Awards awarded him Bank CEO of the Year respectively; In 2022, he was adjudged as Bank CEO of the Year by BusinessDay Newspaper and Leadership Newspaper respectively and in 2023, he emerged as Best Banking CEO of the Year, Africa, an award bestowed on him by International Banker, Bank CEO of the Year by BusinessDay Newspaper, and Bank CEO of the Year by New Telegraph Newspaper.
No doubt, Onyeagwu displayed an unquenchable taste for success in his five-year leadership at this bank and this reflected on the overall performance of the financial institution.

For instance, Zenith Bank’s share price appreciated significantly from N18.60 per share when he took over as GMD/CEO of the bank to N38.65 per share as at the end of 2023. Also, Zenith Bank’s market capitalisation which was N584 billion when he took over in 2019, rose significantly to N1.213 trillion as at the end of 2023.
A comparison of the performance of Zenith Bank’s market capitalisation with that of its peers in the tier-1 banking category since Onyeagwu assumed leadership position showed that, that of Guaranty Trust Bank which was N874 billion as at 2019, stood at N1.213 trillion as at the end of 2023; Access Bank’s market capitalisation which was N289 billion as at 2019, ended the year 2023 at N777 billion; the United Bank for Africa (UBA) Plc which was N245 billion as at N245 billion stood at N877 billion as at the end of 2023, while FBN Holdings’ market increased from N221 billion as at 2019, to N845 billion at the end of 2023.

Furthermore, under the leadership of Onyeagwu, the bank’s gross earnings climbed significantly from N2.462 trillion in 2019, to N6.101 trillion as at the third quarter (Q3) of 2023; customer deposits increased to N13.383 trillion as at Q3 2023, higher than the N4.262 trillion it was in 2019; total assets also leapt to N18.160 trillion as at Q3 of 2023, up from the N6.347 trillion it was in 2019; Zenith Bank’s cash and short-term funds which was  N2.635 trillion in 2019, also jumped to N8.513 trillion as at Q3 2023, while its shareholders’ fund stood at N1.919 trillion as at Q3 2023, from N942 billion in 2019.

A further review of its financial performance also revealed that while its gross earnings which was N662 billion in 2019, jumped to N1.329 trillion as at Q3; profit before tax also rose from N243 billion when Onyeagwu took over, to N505 billion as at Q3 2023; non-interest income climbed from N232 billion in 2019, to N607 billion as at Q3 2023, even as its earnings per share has risen from N6.65 to N13.82.

As at 2019, retail banking in Zenith Bank was at about N9 billion, which the Onyeagwu-led management drove to about N39 billion in 2023.
Onyeagwu, also ensured the growth of Zenith Bank’s non-financial performance indicators from all ramification, to support the financial indices.
For instance, while Zenith Bank’s customer base rose from 9,575,733 in 2019, to 33,069,875 in 2023; the number of cards issued by the bank also increased significantly from 7,880,411 in 2019, to 25,653,330; the number of its Point of Service (PoS) terminals increased to 41,536 to 413,183; the number of its banking agents increased from nothing as at 2019, to 105,810; ATM Terminals from 2,009 in 2019, to 2,012, and its bank branches also grew from 430 as at 2019, to 447, and cash centres rose which was 178 in 2019, was 166 as at the end of 2023.
The review also revealed the number of male staff at Zenith Bank which was 3,776 as at 2019, increased to 4,049 and that of female staff rose from 3,441 in same period to 3,993.

Today, 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, Zenith Bank under Onyeagwu 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.
As he steps into his new role at the Zenith Bank Group, we wish Ebenezer Onyeagwu all the best and pray that he sustains the energy and commitment to continue to contribute to the group’s growth and advancement.