Zenith Bank Plc has declared a total dividend payout of ₦195.68 billion for the financial year ended 31 December 2024, following the approval of shareholders at its 34th Annual General Meeting (AGM) held on 29 April 2025 in Lagos.
The meeting took place at the Civic Centre, Victoria Island, where shareholders passed all resolutions presented by the Board, as confirmed in an official statement by the Company Secretary, Michael Otu.
Final Dividend of ₦4.00 Per Share
Shareholders approved a final dividend of ₦4.00 per share, amounting to ₦164.28 billion. This is payable to those holding fully paid ordinary shares as at 15 April 2025. Combined with the interim dividend of ₦1.00 already paid, the total dividend for the year stands at ₦5.00 per share—equivalent to ₦195.68 billion.
Board Appointments and Re-elections
In line with Section 274(2) of the Companies and Allied Matters Act (CAMA) 2020, three directors were appointed to the Board: Pamela Mimi Yough – Non-Executive Director, Adamu Saliu Lawani – Executive Director, Louis Odom – Executive Director
Additionally, four directors were re-elected following retirement by rotation: Chuks Emma Okoh, Dr Peter Olatunde Bamkole, Dr (Mrs) Adobi Nwapa, Akindele Ogunranti
Remuneration and Governance Updates
Shareholders authorised the Board to determine the auditors’ remuneration and noted the management compensation as disclosed in the annual report.
The directors’ fee for the 2025 financial year was set at ₦50 million per director.
Approval of Related-Party Transactions
A general mandate was granted to the company and its subsidiaries to continue entering into recurrent transactions with related parties, provided such dealings are trading or revenue in nature and essential to daily operations. This mandate will remain valid until the next AGM.
Amendments to Memorandum and Articles of Association
Following a recent capital restructuring, Clause 6 of the bank’s Memorandum of Association was amended to reflect the new share capital structure:
– Old: ₦31.4 billion (62.79 billion ordinary shares of 50k each)
– New: ₦20.53 billion (41.07 billion ordinary shares of 50k each)
Further changes include:
– Board Composition: Minimum number of directors revised from 5 to 7, and maximum reduced from 20 to 15.
– Legislative Reference: “The Act” now refers to Companies and Allied Matters Act No. 3 of 2020 (as amended).
Audit Committee Composition
The following shareholders were elected to the Audit Committee: Mrs Adebimpe Balogun, Mr Michael Olusoji Ajayi, Prof. Leonard Fidelis O. Obika
They are joined by directors Dr Al-Mujtaba Abubakar and Engr. Mustafa Bello, nominated by the Board.
Strong Leadership Continues
Zenith Bank’s Board is chaired by Jim Ovia, CFR, with Dame (Dr) Adaora Umeoji, OON serving as the Group Managing Director/CEO. The bank maintains a strong executive team and board of professionals committed to upholding corporate governance and maximising shareholder value.
About Zenith Bank Plc
Zenith Bank is one of Nigeria’s leading financial institutions, offering a wide range of banking and financial services. Known for its innovation and strong financial performance, the bank continues to set benchmarks in customer satisfaction and corporate responsibility.
Get a premium automobile insurance coverage for your vehicle for as low as #15000 only and claim up to #3,000,000 in damages @Zenith Insurance To signup: WhatsApp/Call: +2349028313757
