Ebenezer Onyeagwu: A King Crowned By His Performance

By Ray Echebiri

He ascended the exalted position of Group Managing Director/Chief Executive of the wave-making Zenith Bank Plc without pomp and ceremony. No drums were rolled out nor trumpet sounded to herald his assumption of duty; only a terse press statement which was tucked into obscure corners by newspapers sufficed. He was like a king that ascended the throne without the crown.

Apparently, he was expected to earn the crown by his performance. But he was equal to the task.

He did not waste a wink before he zoomed off to take Zenith Bank to greater heights. Building on the rock-solid foundation established by his predecessors in office, especially the legendary Mr. Jim Ovia, with quiet efficiency, palpable dedication and fulsome application to duty, he has taken Zenith Bank to the zenith of African, nay, global banking.

Due totally to his stellar performance, Dr. Ebenezer Onyeagwu who signs off as Group Managing Director/Chief Executive of Zenith Bank Plc on May 31, 2024, is getting all the accolades that he did not receive on assumption of office. Literally, the drums have been rolled out and the drummers who are enthralled in sheer euphoria are beating the drums with palpable joy in celebration of a great achiever. Or how else does one interpret the naming of Dr. Onyeagwu as the Best Banking CEO of the Year in Africa at the International Banker 2024 Banking Awards, and his conferment on Thursday, May 23, 2024 with the Chartered Risk Management Institute of Nigeria’s fellowship in recognition of Zenith Bank’s outstanding risk management practices and contributions to the broader financial community? Five years later, Dr. Onyeagwu, a king who ascended the throne without even a silver-plated crown on his head now adorns a golden crown by virtue of his fantastic performance.

It was indeed a harvest of accolades, awards and recognitions for Zenith Bank throughout Dr. Onyeagwu’s tenure as the Group Managing Director/Chief Executive of Zenith Bank Plc. The accolades, awards and recognitions which came from reputable local and international organisations are all well-deserved because under his watch, the bank has made giant strides in financial performance, financial inclusion, corporate governance, and sustainability, crowning it all with service delivery that has become a point of reference in the Nigerian banking industry. Zenith Bank was named Best Bank in Nigeria in 2020, 2021, 2022 and 2024 by Global Finance. It was also named Best Bank for Digital Solutions in Nigeria by Euromoney in 2023, and listed in the World Finance Top 100 Global Companies in 2023. The bank was also 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.

Other accolades received by the bank in recognition of its brilliant outing under Dr. Onyeagwu are: Best Commercial Bank in Nigeria for three consecutive years from 2021 to 2023 by the World Finance Banking Awards; Best Corporate Governance Bank in Nigeria by the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) by The Banker’s Bank of the Year Awards in 2020 and 2022; Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by Ethical Boardroom; Most Sustainable Bank in Nigeria at the International Banker 2023 Banking Awards; Best Commercial Bank in Nigeria, and Best Innovation in Retail Banking in Nigeria at the International Banker 2022 Banking Awards.

Zenith Bank’s financial performance under Dr. Onyeagwu has been extraordinarily outstanding. In 2019 when he was appointed as Group Managing Director/Chief Executive of Zenith Bank, the tier-1 bank’s balance sheet read N6,346.88 billion. Five years later, Dr. Onyeagwu has moved it by 220.90 per cent to N20,368.46 billion. In the same vein, the bank’s gross earnings has grown under Dr. Ebenezer’s watch from N662.65 billion in 2019 to N2,131.75 billion in 2023, representing a jump of 221.70 per cent, while profit after tax has increased by 224.13 per cent from N208.84 billion in 2019 to N676.91 billion in 2023. During Dr. Onyeagwu’s tenure, Zenith Bank had the “Most Profitable Bank” record in the country for keeps as no other bank was able to snatch it from it even for once. Posting N1,213.47 billion at the end of the 2023 accounting year, Zenith Bank towered above other banks in the country in market capitalisation. As a good corporate citizen, Zenith Bank paid a princely N119.05 billion as corporate income tax to the Federal Government of Nigeria for the 2023 reporting year. This is the highest tax ever paid by any bank in Nigeria, and it represents a badge of honour and spectacular performance Dr. Onyeagwu proudly wears as he bows out as the Group Managing Director/Chief Executive of Zenith Bank Plc.

The achievements recorded by Dr. Onyeagwu did not come by chance, but by clear strategies to make Zenith Bank a standout. In the area of financial inclusion, he prioritised financial inclusion, ensuring that Zenith Bank played a pivotal role in providing accessible banking services to a wider population. For Dr. Onyeagwu, sustainability and ethical standards were no mere buzz concepts. Zenith Bank’s dedication to sustainability and adherence to high ethical standards were integral to its overall strategy during his tenure. What more, his leadership fostered a culture of excellence and responsible banking practices.

Dr. Onyeagwu’s exceptional performance as Group Managing Director/Chief Executive of Zenith Bank Plc is a shining example of brilliance, excellence, innovation, and sustainable growth in the banking industry. Surely, future industry leaders will be motivated by his legacy.

. Dr. Echebiri is the Founder/CEO of Centre for Financial Journalism and Editor-in-Chief of NextMoney magazine.