Ebenezer Onyeagwu’s Unquenchable Drive for Success

Donatus Eleko writes on the leadership qualities of Ebenezer Onyeagwu

Jokonor F. Michael in his, ‘The Mission Statement of a Leader: To empower Potential Leaders, to Reach their Peak,’ notes that leadership  is a concept that is learned by an individual who has positioned himself to breast the tape.
Just as the book points out, it takes a small spirit of determination fired by unquenchable taste that resists every power of laxity to succeed, it also notes true leaders are gifted with exceptional influencing and charismatic qualities which can drive others towards delivering their best. 
That determination and focused leadership is why Zenith Bank Plc has continued to flourish under  its Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu.
Onyeagwu has an unquenchable taste for success and this reflects on the overall performance of the financial institution he leads as well as the level of human capital at the bank.

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, the Zenith Bank under Onyeagwu 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.

Presently, 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). 
He 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.
Indeed, Onyeagwu is unassuming and committed to his job.

Inspiring in silence and action, he is a sure-footed leader of men with a sense of corporate clairvoyance.  Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities. 
For instance, Zenith Bank recently announced its audited results for the half-year ended 30 June 2023, recording an astounding triple-digit growth of 139 per cent in gross earnings from N404.8 billion reported in H1 2022 to N967.3 billion in H1 2023.  

The result was a clear reflection of the quality of its leadership considering the very challenging macroeconomic environment and persistent headwinds.
According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) , the triple-digit growth in the top line also spurred the bottom line as the Group recorded a 169 per cent Year on Year (YoY) increase in profit before tax, growing from N130 billion in H1 2022 to N350.4 billion in H1 2023.  Profit after tax also grew by triple digits, growing by 162 per cent from N111.4 billion to N291.7 billion in the same period. The growth in gross earnings arose from both interest income and non-interest income. 
Interest income grew by 72 per cent from N241.7 billion in H1 2022 to N415.4 billion in H1 2023, while non-interest income grew by 246 per cent from N149 billion to N515.7 billion. In terms of efficiency, Zenith Bank’s cost-to-income ratio improved from 58 per cent to 38.5 per cent in the current period on the back of an enhanced income line.  

Zenith Bank’s total assets also grew by 31 per cent from N12.3 trillion to N16.0 trillion in December 2022, while loans and advances also grew by 32 per cent  from N4.12 trillion in December 2022 to N5.38 trillion in June 2023.
Presently, the bank’s reorganisation into a holding company structure has advanced, as the Group adds new verticals to its businesses and expands into new frontiers.  

Also, 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.

In July this year,  it was double honours for Zenith Bank at the London Stock Exchange as the bank was named the Best Commercial Bank in Nigeria for the third year running and Best Corporate Governance Bank, Nigeria, for a second consecutive year at the World Finance Awards 2023.
These awards were presented to Onyeagwu, at the London Stock Exchange recently. The recognitions celebrated the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.

Commenting on the awards, Onyeagwu had said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.
Also, 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 had 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.”

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.”

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 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 in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

All these are testament to the fact that leading with a drive for results is the ability to be persistent and tenacious in ensuring that the overall organisational goals are achieved. Onyeagwu has continued to demonstrate that he is a problem solver with a deep sense of urgency whose satisfaction comes whenever the entire organisation wins.