AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday, April 26, 2024.

The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Right) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Left) during a court-ordered Extraordinary General Meeting (EGM) held virtually from the Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday.

in accordance with the Scheme of Arrangement dated March 28 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc (the HoldCo) in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the Bank. Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR.

The shareholders also approved that all of the shares held by the nominees of the Bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo. The Board of Directors were also authorised to delist the shares of the Bank and the Existing GDRs from the official list of the Nigerian Exchange and the London Stock Exchange respectively as well as re-register the Bank as a private limited company under CAMA Act 2020.

In his remarks during the EGM, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unwavering commitment, which has been instrumental in the Bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

Also speaking during the EGM, Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive, lauded the Founder and Chairman, Jim Ovia, CFR, for his pivotal role in creating an institution that has consistently been a trailblazer in the nation’s financial services industry. Dr. Onyeagwu expressed his optimism about the Bank’s growth trajectory in the coming years as it transitions into a holding company structure.

According to him, “The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking. The first part is Fintech, where we have already received the approval and the license from the Central Bank of Nigeria (CBN), which we are launching soon. It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have. So, it presents a big opportunity for us to have a wider lens and scope in terms of what we can do. It will also position us to think of opportunities beyond Africa. We will be looking at key business verticals that have the potential to enable us to create value for shareholders.”

On the recapitalisation plan of the Bank, Dr. Onyeagwu stated that the Bank is on course to receive the needed shareholder’s approval in the forthcoming Annual General Meeting (AGM) slated for May 8, 2024, which will kickstart its capital raising effort in line with the CBN directive. He expressed confidence in the Bank’s ability to raise the stipulated capital, stating that amongst its peers in the industry, Zenith was expected to raise the least amount due to its already robust capital base.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Limited, delivered an enlightening discourse on leadership during the prestigious Lagos Leadership Summit 2024, powered by the Lateef Jakande Leadership Academy, shedding light on the profound essence of effective leadership and its transformative impact on society. 

At the heart of Suleiman’s message was the concept of leadership as a catalyst for change—a force that propels individuals and organizations towards a shared vision of progress and prosperity. He eloquently articulated that leadership transcends mere management; it is about inspiring others to embrace a compelling vision of the future and empowering them to contribute meaningfully toward its realization.

Drawing from his wealth of experience, Suleiman emphasized the importance of purpose-driven leadership—a leadership style rooted in a deep sense of mission and conviction. He underscored that true leaders are not just managers of the status quo; they are visionaries who dare to imagine a better world and possess the courage to pursue that vision relentlessly.

Throughout his address, Suleiman explored the multifaceted nature of purpose, examining its manifestations in various spheres of life. He delved into the dynamics of family leadership, highlighting the timeless principles of sacrifice, dedication, and unconditional love that characterize effective parental leadership. Similarly, he underscored the profound influence of religion, emphasizing the role of faith in inspiring individuals to strive for a higher purpose and contribute to the common good.

Furthermore, Suleiman introduced the Japanese concept of Ikigai—a philosophy that encapsulates the intersection of passion, vocation, mission, and profession. He elucidated how identifying one’s Ikigai is a compass for navigating life’s complexities, guiding individuals to a fulfilling existence driven by purpose and meaning.

To addressing the pervasive issue of entitlement versus gratitude, Suleiman offered profound insights into the corrosive effects of entitlement on leadership effectiveness. He challenged the prevailing culture of entitlement, urging individuals to cultivate a spirit of gratitude and humility. According to Suleiman, true leaders are not defined by what they expect to receive but by what they are willing to give. They embody a spirit of selflessness, service, and sacrifice—a willingness to put the needs of others above their own.

In conclusion, Suleiman’s discourse brought to the fore timeless principles of purpose-driven leadership, gratitude, and sacrifice as essential attributes of effective leadership. His compelling insights serve as a clarion call to aspiring leaders everywhere, urging them to embrace their innate potential to lead with vision, integrity, and compassion.

About Sterling Bank
Sterling Bank is a leading financial institution committed to driving economic growth through innovative financial solutions. With a focus on empowering businesses and individuals, Sterling Bank has consistently played a pivotal role in the development of the Nigerian economy.

Plans Webinar to Foster Sustainable Growth in African Businesses
AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

L-R: Obinna Ojekwe, Head, Brand and Marketing, Hydrogen; Emeka Awagu, Chief Technology Officer at Hydrogen; Miracle Ezechi, Digital Marketing Lead, Hydrogen, and Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo, at the training session organised by Hydrogen in partnership with CcHub for tech startups in Lagos… recently.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.
Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.
Chief Technology Officer, Hydrogen, Mr. Emeka Awagu, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth. He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.
“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better. Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.
With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.
“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio. It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.
On his part, the Group Director, Digital Transformation, ARM HOLDCO, Ina Alogwu, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.
“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes. Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.
Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs. Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar. Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.