Shareholders of Zenith Bank Plc, at its yearly general meeting yesterday, approved the proposed final dividend payment of N8.75 per share, bringing the total dividend for the 2025 financial year to N10.00 per share, with a total value of N410.69 billion. The meeting also marked the formal retirement of Founder, Jim Ovia, as Chairman of Zenith Bank Plc, following the expiration of his tenure in line with regulatory requirements.
Leadership Transition
As disclosed in a corporate notice issued yesterday, Ovia completed the mandatory 12-year tenure stipulated under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria. Subsequently, the former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, Mustafa Bello, was appointed as the new Chairman of the Bank.
Jim Ovia's Farewell Remarks
In his remark, Jim Ovia stated: "Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN's corporate governance provision, I am expected to serve for 12 years. Having served for that term, I'll be retiring at this AGM. For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman. Engineer Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank. I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank."
CEO's Commitment
The Group Managing Director/Chief Executive Officer, Dr Adaora Umeoji, who is serving as the Bank's fifth internally appointed CEO, expressed appreciation to shareholders for their continued commitment and support, highlighting Zenith Bank's delivery on its 2025 promises and reaffirming its commitment to sustained growth and enhanced shareholder returns. She stated: "Thank you very much for your continued interest in Zenith Bank, and your confidence. During our AGM of 2025, we made a commitment and promised to deliver exceptional results to our shareholders, and today, I am pleased to announce that we have fulfilled our promise. We promised shareholders a quantum leap in dividends, and we have delivered that mandate with a 100% increase in our dividend payment. We are very determined to ensure we continue to work on shareholders' value."
Shareholder Reactions
Responding, the shareholders commended the Bank's performance, particularly its ability to sustain strong profitability, having become the first and only Nigerian bank to record Profit Before Tax (PBT) and Profit After Tax (PAT) above the N1 trillion mark in two consecutive years. The Bank posted a Profit Before Tax of N1.26 trillion and a Profit After Tax of N1.04 trillion for the 2025 financial year, reflecting the strength of its core banking operations and resilience in an evolving macroeconomic environment.
Speaking on the dividend payout, Mrs Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed satisfaction with the Bank's performance and confidence in future returns. She noted: "As shareholders of Zenith Bank Plc, we are very happy because what we are after every year is return on our investments, and today we are getting a N10 dividend, and I believe by year-end 2026, they are going to pay more. We believe that the new Chairman will continue from where Jim Ovia stopped, and come next year, we are going to be paid nothing less than 50 naira or more per share."
President of the Shareholders Solidarity Association of Nigeria, Timothy Adesiyan, also commended the Board and Management of Zenith Bank for their consistent performance, improving shareholder returns, and strong succession planning, expressing confidence in the Bank's continued stability and growth. He noted: "Today we thank the Board, Management and Staff for their performance, innovation and the dividends which keep improving year on year. We received N10 total dividend this year and we are expecting much better returns in the years to come. We are not worried that Jim Ovia is retiring because he has laid a very good foundation for the success of the bank."
